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GIGA-TRONICS
INCORPORATED
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Additional proxy material to
be mailed to shareholders on or after July 14, 2008.
Giga-tronics
Incorporated
4650
Norris Canyon Road
San
Ramon, California 94583
(925)
328-4650
To our
Shareholders:
Giga-tronics
made significant progress restructuring your Company during fiscal
2008. We entered the year with the ASCOR and Instrument division
operations collocated at our San Ramon facility for the first
time. Concurrently, the marketing and engineering teams from the
Microsource division moved to San Ramon and began conducting operations
alongside their counterparts from the other divisions. We prepared
the abandoned Fremont facility for sublease and actively pursued a new
tenant. The implementation of our new ERP system was completed at all
three divisions. Overall, our headcount is down 20% from 2007
throughout the organization as we streamlined all aspects of running the
Company.
Following
the physical consolidation of operations, we began the more difficult work of
operating as one company. The executive team rebalanced our
development investments adding several quick-turn projects and cancelling some
programs that were not synergistic with the Company’s portfolio. In
R&D, we integrated all the design tools so that engineers from any of the
divisions can contribute to new development and they now have visibility of all
the Company’s resources through the common ERP system. In
manufacturing, our San Ramon team has been cross-trained to handle both
switching and instrument product lines while the Microsource organization
aligned itself strictly as a component supplier. As a further
consolidation step, we decided to move our San Ramon microelectronic assembly
operation to Santa Rosa and combine it with our assembly operation at
Microsource. In sales and marketing, we added experienced people from
within our industry and trained the combined sales and technical support staff
on all of the Company’s products.
We
recently engaged an outside consulting firm directed at generating plans to meet
our growth objectives. We identified the need to offer more local
technical support and repair services as key to increasing our sales
internationally. Toward this goal, members of the executive team
traveled to China, Japan, Europe and the Middle East to locate partners for
helping Giga-tronics strengthen its presence in these important
regions.
While our
ASCOR switching business performed well and contributed to profitability, we
faced strong price competition in our instrument business. Although
we did not achieve profitability for the year, the Company’s lower cost
structure substantially improved our operating results over the previous
year.
Top line
growth remains our first priority. We have the people and the plans
in place consistent with that goal along with several exciting new products in
our pipeline. Given our streamlined organization and lower cost
structure, we believe Giga-tronics is well positioned to deliver solid financial
results in the year ahead.
Sincerely,
John R.
Regazzi
Chief
Executive Officer