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April 11, 2006 Stock Pick: Giga-Tronics, Inc. (GIGA)

Stock Price: $2.90

Giga-tronics produces instruments, subsystems and sophisticated microwave components that have broad applications in both defense electronics and wireless telecommunications.

GIGA is emerging from a period of restructuring. The company recently consolidated its sales and marketing functions improving operating efficiency and eliminating duplication of effort. The current CEO, Mr. Bruns, retired on April 1st and is succeeded by John Regazzi, a person the former CEO considers committed and dedicated. Mr. Bruns retired at 87.

We believe John Regazzi will bring new energy to the company and create a new wave of growth.

Giga-tronics reported revenue of $5.53 million last quarter with a net profit of $30,000. Cash and cash equivalents were $2.53 million. Right now, GIGA is sitting at a market cap of only $13.95 million.

GIGA is undervalued and moving off of a strong support level at $2.50. GIGA could trade up above $3.50 in the short-term, but should trade up even higher in the long-term.

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