9 May 2012

GigOptix grows product revenue for 10th quarter

For first-quarter 2012, GigOptix Inc of San Jose, CA, USA (a fabless supplier of semiconductor and optical components for high-speed information streaming) has reported a tenth consecutive quarter of sequential growth in product revenue, to $9.2m. This is up 7% on $8.6m last quarter and up 30% on $7.1m a year ago (or up 19% on $7.7m a year ago, including government contract revenue of $0.6m, which comprised 8% of total revenue).

On a non-GAAP basis, net loss has been cut further, from $432,000 a year ago and $414,000 last quarter to $409,000. Correspondingly, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) has risen further, from $38,000 a year ago and $279,000 last quarter to $515,000. However, during the quarter, cash and investments fell from $16.2m to $15.8m.

“We are pleased to report strong revenue growth with improved EBITDA, good cash management and closely managed expenses in the first quarter,” says chairman & CEO Dr Avi Katz. “Our continued growth is attributed to the important strategic progress that we are making in each of our three product lines - extending our optical product offerings from telecom to datacom and consumer electronics; further expanding our RF-MMICs product offering into the E-band and wideband markets; and extending our ASIC focus into the development of high-speed CMOS drivers and receivers for the consumer market through the combined efforts of our optical and ASIC engineering lines,” he adds. “We also continued to make progress in productizing our 40G and 100G offerings, specifically through our bundled solutions, and in moving these to production with global tier-1 communication customers,” Katz continues.

“In addition, we have met another major milestone in our 5 year strategic plan for GigOptix that was launched with the inception of the company in 2007: being traded on a national exchange through our recent listing [in late April] on the NYSE Amex,” says Katz. “We expect that our NYSE Amex listing will provide GigOptix with access to new sources of capital and our stockholders with a more efficient market in which to trade. In concert with our listing on NYSE Amex, we announced the extension of the modified 'Dutch auction' tender offer to purchase up to $2m of common stock through 15 May,” he adds.

GigOptix is maintaining its outlook for full-year revenue growth of about 30%, driven by strong demand for its 40G and 100G optical products and datacom parallel devices.

See related items:

GigOptix reports record revenue after 37% growth in 2011

GigOptix grows 10% in Q3 to record $8.4m revenue

GigOptix product revenue rises 8% in Q2 to record $7.6m

GigOptix’s product revenue rises 7% in Q1 to record $7.1m

GigOptix reports fifth quarter of double-digit revenue growth

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