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Giga-tronics swings to loss in fiscal Q3

Giga-tronics Inc. said its normalized net income for the fiscal third quarter ended Dec. 26, 2015, came to a loss of $376,250, compared with income of $41,880 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 8.4% from 0.9% in the year-earlier period.

Total revenue came to $4.5 million, compared with $4.5 million in the prior-year period, and total operating expenses increased 10.3% on an annual basis to $4.9 million from $4.4 million.

Reported net income came to a loss of $583,560, or a loss of 9 cents per share, compared to income of $54,630, or 1 cents per share, in the prior-year period.