----

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| [      X ] | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF  1934 |
|------------|-----------------------------------------------------------------------------------------------------------|
|       | For      the fiscal year ended   March 28, 2009                                                 |

| [    ] | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|----------------------------|----------------------------------------------------------------------------------------------------|
|                       | For      the transition period from      _____________  to  _____________.     |

|   | Commission      File No. 0-12719 |
|--------|----------------------------------|

| GIGA-TRONICS      INCORPORATED                             |
|------------------------------------------------------------|
| (Exact      name of registrant as specified in itscharter) |

| California                                                          |   | 94-2656341                                |
|---------------------------------------------------------------------|--------|-------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (I.R.S.      Employer Identification No.) |
|                                                                |   |                                      |
| 4650      Norris Canyon Road, San Ramon, CA                         |   | 94583                                     |
| (Address      of principal executive offices)                       |   | (Zip      Code)                           |

|   | Registrant’s      telephone number, including area code:  (925)      328-4650 |
|--------|-----------------------------------------------------------------------------------------------|

|   | Securities      registered pursuant to Section 12(b) of theAct: |
|--------|-----------------------------------------------------------------|

| Title      of each class        |   | Name      of each exchange on which registered |
|---------------------------------|--------|------------------------------------------------|
| Common      Stock, No par value |   | The      NASDAQ Stock Market LLC               |

----

| Large      accelerated filer                       | [  ] |   | Accelerated      filer         | [  ] |
|----------------------------------------------------|----------------|--------|--------------------------------|----------------|
|                                               |           |   |                           |           |
| Non-accelerated      filer                         | [  ] |   | Smaller      reporting company | [ X      ]     |
| (Do      not check if a smaller reporting company) |           |   |                           |

| PART      OF FORM 10-K |   | DOCUMENT                                                                                                                                                                                  |
|------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| PART      III          |   | Registrant’s      PROXY STATEMENT for its 2009 Annual Meeting of Shareholders to be filed no      later than 120 days after the close of the fiscal year ended March 28,      2009. |

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| PART      I   |                                                                             | Page                                                                                                 |
|---------------|----------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|
|          | Item 1.                                                                          | Business                                                                                             | 4 |
|          | Item 1A                                                                          | Risk      Factors                                                                                    | 8 |
|          | Item 1B.                                                                         | Unresolved      Staff Comments                                                                       | 9 |
|          | Item 2.                                                                          | Properties                                                                                           | 10 |
|          | Item 3.                                                                          | Legal      Proceedings                                                                               | 10 |
|          | Item 4.                                                                          | Submission      Of Matters To A Vote Of Security Holders                                             | 10 |
| PART      II  |                                                                             |
|          | Item 5.                                                                          | Market      For Common Equity, Related Shareholder Matters and Issuer Repurchases of      Equity     |   |
|          |                                                                             |      Securities                                                             | 11 |
|          | Item 6.                                                                          | Selected      Financial Data                                                                         | 11 |
|          | Item 7.                                                                          | Management’s      Discussion and Analysis Of Financial Condition and Results Of      Operation | 15 |
|          | Item      7A.                                                                    | Quantitative      and Qualitative Disclosures About Market Risk                                      | 20 |
|          | Item 8.                                                                          | Financial      Statements and Supplementary Data                                                     | 21 |
|          |                                                                             |                                                                                                 | Consolidated Balance Sheets as of March 28, 2009 and      March 29, 2008 | 22 |
|          |                                                                             |                                                                                                 | Consolidated Statements of Operations for the years      ended March 28, 2009 and March      29, 2008 | 23 |
|          |                                                                             |                                                                                                 | Consolidated Statements of Shareholders’ Equity for      the years ended March 28, 2009 and      March 29, 2008 | 24 |
|          |                                                                             |                                                                                                 | Consolidated Statements of Cash Flows for the years      ended March 28, 2009 and March      29, 2008 | 25 |
|          |                                                                             |                                                                                                 | Notes to Consolidated Financial      Statements | 26 |
|          |                                                                             |                                                                                                 | Report of Independent Registered Public Accounting      Firm | 35 |
|          | Item 9.                                                                          | Changes      In and Disagreements With Accountants On Accounting and Financial      Disclosure       | 36 |
|          | Item      9A.                                                                    | Controls      and Procedures                                                                         | 36 |
|          | Item      9B.                                                                    | Other      Information                                                                               | 36 |
| PART      III |                                                                             |
|          | Item 10.                                                                         | Directors,      Executive Officers, and Corporate Governance                                         | 37 |
|          | Item 11.                                                                         | Executive      Compensation                                                                          | 38 |
|          | Item      12.                                                                    | Security      Ownership Of Certain Beneficial Owners and Management and      Related                 |   |
|          |                                                                             |      Shareholder      Matters                                               | 38 |
|          | Item      13.                                                                    | Certain      Relationships and Related Transactions, and Director      Independence                  | 38 |
|          | Item      14.                                                                    | Principal      Accountant Fees and Services                                                          | 38 |
| PART      IV  |                                                                             |
|          | Item 15.                                                                         | Exhibits      And Financial Statements Schedules                                                     | 39 |
| SIGNATURES    |                                                                             | 41                                                                                                   |
| Exhibit 21    | Significant      Subsidiaries                                                    | 42                                                                                                   |
| Exhibit 23.1  | Consent      of Independent Registered Public Accounting Firm                    | 43                                                                                                   |
| Exhibit 31.1  | CEO      Certifications Under Section 302 of the Sarbanes-Oxley Act of      2002 | 44                                                                                                   |
| Exhibit 31.2  | CFO      Certifications Under Section 302 of the Sarbanes-Oxley Act of      2002 | 45                                                                                                   |
| Exhibit 32.1  | CEO      Certifications Under Section 906 of the Sarbanes-Oxley Act of      2002 | 46                                                                                                   |
| Exhibit 32.2  | CFO      Certifications Under Section 906 of the Sarbanes-Oxley Act of      2002 | 47                                                                                                   |

----

ITEM

----

----

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| Geographic      Distribution of Net Sales |   |   |               % of total |   |
|-------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
| (Dollars      in thousands)               |   | 2009   |                                                             |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Domestic                                  |   | $      | 13,490                                                           |   |   | $ | 11,348 |   |   |   | 77.0 | % |   |   | 62.0 | % |
| International                             |   |   | 3,931                                                            |   |   |   | 6,983 |   |   |   | 23.0 | % |   |   | 38.0 | % |
|      Total       |   | $      | 17,421                                                           |   |   | $ | 18,331 |   |   |   |   |   |   |   |   |   |

ITEM

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ITEM

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ITEM

ITEM

ITEM

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ITEM

|                | 2009                |   | High   |   |   | Low    |   | 2008 |   | High                |   |   | Low  |   |
|---------------------|---------------------|--------|--------|--------|--------|--------|--------|------|--------|---------------------|--------|--------|------|--------|
| First      Quarter  | (3/30      - 6/28)  |   | $      | 1.80   |   |   | $      | 1.26 |   | (4/1      - 6/30)   |   | $      | 2.22 |   |   | $ | 1.61 |   |
| Second      Quarter | (6/29      - 9/27)  |   |   | 1.25   |   |   |   | 0.80 |   | (7/1      - 9/29)   |   |   | 2.36 |   |   |   | 1.62 |   |
| Third      Quarter  | (9/28      - 12/27) |   |   | 1.00   |   |   |   | 0.50 |   | (9/30      - 12/29) |   |   | 3.85 |   |   |   | 1.71 |   |
| Fourth      Quarter | (12/28      - 3/28) |   |   | 1.21   |   |   |   | 0.55 |   | (12/30      - 3/29) |   |   | 1.87 |   |   |   | 1.27 |   |

| Equity      Compensation Plan Information   |   |
|---------------------------------------------|--------|
|                                        |   | No.      of securities to be issued upon exercise of outstanding option, warrants      and rights |   |   | Weighted      average exercise price of outstanding option, warrants and      rights |   |   | No.      of securities remaining available for future issuance under equity      compensation plans (excluding securities reflected in column      (a)) |   |
| Plan      Category                          |   | (a) |   |   | (b) |   |   | (c) |   |
| Equity      compensation plans approved     |   |   |   |   |   |   |   |   |   |
| by      security holders                    |   |  770,900 |   |   | $1.9015 |   |   |  529,975 |   |
| Equity      compensation plans not approved |   |   |   |   |   |   |   |   |   |
| by      security holders                    |   |  n/a |   |   |  n/a |   |   |  n/a |   |
|      Total         |   |  770,900 |   |   | $1.9015 |   |   |  529,975 |   |

ITEM

----

| SELECTED CONSOLIDATED FINANCIAL      DATA      |   |
|------------------------------------------------|--------|
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Summary      of Operations:                    |   | Years      Ended |   |
| (In      thousands except per share data)      |   | March      28, 2009 |   |   | March      29, 2008 |   |   | March      31, 2007 |   |   | March      25, 2006 |   |   | March      26, 2005 |   |
| Net      sales                                 |   | $ | 17,421 |   |   | $ | 18,331 |   |   | $ | 18,048 |   |   | $ | 20,620 |   |   | $ | 21,477 |   |
| Gross      profit                              |   |   | 7,504 |   |   |   | 7,748 |   |   |   | 7,546 |   |   |   | 8,300 |   |   |   | 9,598 |   |
| Operating      expenses                        |   |   | 7,914 |   |   |   | 7,939 |   |   |   | 9,548 |   |   |   | 9,316 |   |   |   | 8,760 |   |
| Interest      income, net                      |   |   | 7 |   |   |   | 36 |   |   |   | 108 |   |   |   | 32 |   |   |   | - |   |
| Per-tax      (loss) income from continuing     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operations                                     |   |   | (403 | ) |   |   | (201 | ) |   |   | (1,894 | ) |   |   | (984 | ) |   |   | 849 |   |
| Provision      for income taxes                |   |   | 2 |   |   |   | 2 |   |   |   | 1 |   |   |   | 4 |   |   |   | 4 |   |
| (Loss)      income from continuing operations  |   |   | (405 | ) |   |   | (203 | ) |   |   | (1,895 | ) |   |   | (988 | ) |   |   | 845 |   |
| Income      (loss) on discontinued operations, |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| net      of income taxes                       |   |   | 75 |   |   |   | (31 | ) |   |   | 28 |   |   |   | 27 |   |   |   | (233 | ) |
|  Net      (loss) income                   |   | $ | (330 | ) |   | $ | (234 | ) |   | $ | (1,867 | ) |   | $ | (961 | ) |   | $ | 612 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      (loss) earnings per share:          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From      continuing operations                |   | $ | (0.08 | ) |   | $ | (0.04 | ) |   | $ | (0.40 | ) |   | $ | (0.21 | ) |   | $ | 0.18 |   |
| On      discontinued operations                |   |   | 0.01 |   |   |   | (0.01 | ) |   |   | 0.01 |   |   |   | 0.01 |   |   |   | (0.05 | ) |
| Net      (loss) earnings per share - basic     |   | $ | (0.07 | ) |   | $ | (0.05 | ) |   | $ | (0.39 | ) |   | $ | (0.20 | ) |   | $ | 0.13 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      (loss) earnings per share:        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From      continuing operations                |   | $ | (0.08 | ) |   | $ | (0.04 | ) |   | $ | (0.40 | ) |   | $ | (0.21 | ) |   | $ | 0.18 |   |
| On      discontinued operations                |   |   | 0.01 |   |   |   | (0.01 | ) |   |   | 0.01 |   |   |   | 0.01 |   |   |   | (0.05 | ) |
| Net      (loss) earnings per share - diluted   |   | $ | (0.07 | ) |   | $ | (0.05 | ) |   | $ | (0.39 | ) |   | $ | (0.20 | ) |   | $ | 0.13 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares      of common stock - basic            |   |   | 4,824 |   |   |   | 4,813 |   |   |   | 4,809 |   |   |   | 4,782 |   |   |   | 4,725 |   |
| Shares      of common stock - diluted          |   |   | 4,824 |   |   |   | 4,813 |   |   |   | 4,809 |   |   |   | 4,782 |   |   |   | 4,741 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial      Position:                       |   | Years      Ended |   |
| (In      thousands except per share data)      |   | March      28, 2009 |   |   | March      29, 2008 |   |   | March      31, 2007 |   |   | March      25, 2006 |   |   | March      26, 2005 |   |
| Current      ratio                             |   |   | 3.14 |   |   |   | 3.68 |   |   |   | 3.09 |   |   |   | 3.93 |   |   |   | 4.29 |   |
| Working      Capital                           |   | $ | 7,131 |   |   | $ | 7,231 |   |   | $ | 7,280 |   |   | $ | 8,856 |   |   | $ | 9,337 |   |
| Total      assets                              |   | $ | 10,467 |   |   | $ | 10,361 |   |   | $ | 11,161 |   |   | $ | 12,346 |   |   | $ | 12,961 |   |
| Shareholders'      equity                      |   | $ | 7,332 |   |   | $ | 7,392 |   |   | $ | 7,393 |   |   | $ | 9,098 |   |   | $ | 9,812 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Percentage      Data:                          |   | Years      Ended |   |
| (Percentage      of net sales)                 |   | March      28, 2009 |   |   | March      29, 2008 |   |   | March      21, 2007 |   |   | March      25, 2006 |   |   | March      26, 2005 |   |
| Gross      profit                              |   |   | 43.1 | % |   |   | 42.3 | % |   |   | 41.8 | % |   |   | 40.3 | % |   |   | 44.7 | % |
| Operating      expenses                        |   |   | 45.4 | % |   |   | 43.3 | % |   |   | 52.9 | % |   |   | 45.2 | % |   |   | 40.8 | % |
| Interest      income, net                      |   |   | 0.0 | % |   |   | 0.2 | % |   |   | 0.6 | % |   |   | 0.1 | % |   |   | 0.0 | % |
| Per-tax      (loss) income from continuing     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operations                                     |   |   | (2.3 | %) |   |   | (1.1 | %) |   |   | (10.5 | %) |   |   | (4.8 | %) |   |   | 4.0 | % |
| Income      (loss) on discontinued operations, |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| net      of income taxes                       |   |   | 0.4 | % |   |   | (0.2 | %) |   |   | 0.2 | % |   |   | 0.1 | % |   |   | (1.1 | %) |
|  Net      (loss) income                   |   |   | (1.9 | %) |   |   | (1.3 | %) |   |   | (10.3 | %) |   |   | (4.7 | %) |   |   | 2.8 | % |

----

| SELECTED CONSOLIDATED FINANCIAL      DATA                                                                                             |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of unaudited results of operations for the fiscal      years ended March 28, 2009 and March 29, 2008. |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Quarterly      Financial Information (Unaudited)                                                                                      |   | 2009 |   |
| (In      thousands except per share data)                                                                                             |   | First |   |   | Second |   |   | Third |   |   | Fourth |   |   | Year |   |
| Net      sales                                                                                                                        |   | $ | 3,488 |   |   | $ | 3,689 |   |   | $ | 5,099 |   |   | $ | 5,145 |   |   | $ | 17,421 |   |
| Gross      profit                                                                                                                     |   |   | 1,397 |   |   |   | 1,338 |   |   |   | 2,420 |   |   |   | 2,349 |   |   |   | 7,504 |   |
| Operating      expenses                                                                                                               |   |   | 1,920 |   |   |   | 1,959 |   |   |   | 2,069 |   |   |   | 1,966 |   |   |   | 7,914 |   |
| Interest      income, net                                                                                                             |   |   | 3 |   |   |   | 6 |   |   |   | (2 | ) |   |   | - |   |   |   | 7 |   |
| Per-tax      (loss) income from continuing operations                                                                                 |   |   | (520 | ) |   |   | (615 | ) |   |   | 349 |   |   |   | 383 |   |   |   | (403 | ) |
| Provision      for income taxes                                                                                                       |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2 |   |
| (Loss)      income from continuing operations                                                                                         |   |   | (522 | ) |   |   | (615 | ) |   |   | 349 |   |   |   | 383 |   |   |   | (405 | ) |
| Income      on discontinued operations,                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| net      of income taxes                                                                                                              |   |   | - |   |   |   | 75 |   |   |   | - |   |   |   | - |   |   |   | 75 |   |
| Net      (loss) income                                                                                                                |   | $ | (522 | ) |   | $ | (540 | ) |   | $ | 349 |   |   | $ | 383 |   |   | $ | (330 | ) |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      (loss) earnings per share:                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From      continuing operations                                                                                                       |   | $ | (0.11 | ) |   | $ | (0.13 | ) |   | $ | 0.07 |   |   | $ | 0.08 |   |   | $ | (0.08 | ) |
| On      discontinued operations                                                                                                       |   |   | - |   |   |   | 0.02 |   |   |   | - |   |   |   | - |   |   |   | 0.01 |   |
| Net      (loss) earnings per share - basic                                                                                            |   | $ | (0.11 | ) |   | $ | (0.11 | ) |   | $ | 0.07 |   |   | $ | 0.08 |   |   | $ | (0.07 | ) |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      (loss) earnings per share:                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From      continuing operations                                                                                                       |   | $ | (0.11 | ) |   | $ | (0.13 | ) |   | $ | 0.07 |   |   | $ | 0.08 |   |   | $ | (0.08 | ) |
| On      discontinued operations                                                                                                       |   |   | - |   |   |   | 0.02 |   |   |   | - |   |   |   | - |   |   |   | 0.01 |   |
| Net      (loss) earnings per share - basic                                                                                            |   | $ | (0.11 | ) |   | $ | (0.11 | ) |   | $ | 0.07 |   |   | $ | 0.08 |   |   | $ | (0.07 | ) |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares      of common stock - basic                                                                                                   |   |   | 4,824 |   |   |   | 4,824 |   |   |   | 4,824 |   |   |   | 4,824 |   |   |   | 4,824 |   |
| Shares      of common stock - diluted                                                                                                 |   |   | 4,824 |   |   |   | 4,824 |   |   |   | 4,824 |   |   |   | 4,824 |   |   |   | 4,824 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Quarterly      Financial Information (Unaudited)      |   | 2008   |   |
|-------------------------------------------------------|--------|--------|--------|
| (In      thousands except per share data)             |   | First  |   |   | Second |   |   | Third |   |   | Fourth |   |   | Year |   |
| Net      sales                                        |   | $      | 4,628  |   |   | $ | 4,651 |   |   | $ | 4,953 |   |   | $ | 4,009 |   |   | $ | 18,331 |   |
| Gross      profit                                     |   |   | 1,944  |   |   |   | 2,081 |   |   |   | 2,049 |   |   |   | 1,674 |   |   |   | 7,748 |   |
| Operating      expenses                               |   |   | 1,941  |   |   |   | 1,879 |   |   |   | 1,974 |   |   |   | 2,145 |   |   |   | 7,939 |   |
| Interest      income, net                             |   |   | 14     |   |   |   | 9 |   |   |   | 6 |   |   |   | 7 |   |   |   | 36 |   |
| Pre-tax      income (loss) from continuing operations |   |   | 30     |   |   |   | 198 |   |   |   | 51 |   |   |   | (480 | ) |   |   | (201 | ) |
| Provision      for income taxes                       |   |   | 2      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2 |   |
| Income      (loss) from continuing operations         |   |   | 28     |   |   |   | 198 |   |   |   | 51 |   |   |   | (480 | ) |   |   | (203 | ) |
| Income      (loss) on discontinued operations,        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| net      of income taxes                              |   |   | 64     |   |   |   | (10 | ) |   |   | (20 | ) |   |   | (65 | ) |   |   | (31 | ) |
| Net      income (loss)                                |   | $      | 92     |   |   | $ | 188 |   |   |   | 31 |   |   | $ | (545 | ) |   | $ | (234 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings (loss) per share:                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From      continuing operations                       |   | $      | 0.01   |   |   | $ | 0.04 |   |   | $ | 0.01 |   |   | $ | (0.10 | ) |   | $ | (0.04 | ) |
| On      discontinued operations                       |   |   | 0.01   |   |   |   | (0.00 | ) |   |   | (0.00 | ) |   |   | (0.01 | ) |   |   | (0.01 | ) |
| Net      earnings (loss) per share - basic            |   | $      | 0.02   |   |   | $ | 0.04 |   |   | $ | 0.01 |   |   | $ | (0.11 | ) |   | $ | (0.05 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      earnings (loss) per share:               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From      continuing operations                       |   | $      | 0.01   |   |   | $ | 0.04 |   |   | $ | 0.01 |   |   | $ | (0.10 | ) |   | $ | (0.04 | ) |
| On      discontinued operations                       |   |   | 0.01   |   |   |   | (0.00 | ) |   |   | (0.00 | ) |   |   | (0.01 | ) |   |   | (0.01 | ) |
| Net      earnings (loss) per share - diluted          |   | $      | 0.02   |   |   | $ | 0.04 |   |   | $ | 0.01 |   |   | $ | (0.11 | ) |   | $ | (0.05 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares      of common stock - basic                   |   |   | 4,809  |   |   |   | 4,810 |   |   |   | 4,814 |   |   |   | 4,818 |   |   |   | 4,813 |   |
| Shares      of common stock - diluted                 |   |   | 4,863  |   |   |   | 4,880 |   |   |   | 4,913 |   |   |   | 4,818 |   |   |   | 4,813 |   |

----

ITEM

| New      Orders             |   |   |   |   |   |   |   |   |   |   |             % change |   |
|-----------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------------------------------------------------|--------|
|                        |   |   |   |   |   |   |   |   |   |   | 2009                                               |   |   | 2008 |   |
|                        |   |   |   |   |   |   |   |   |   |   | vs.                                                |   |   | vs. |   |
| (Dollars      in thousands) |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2008                                               |   |   | 2007 |   |
| Giga-tronics                |   | $      | 11,599 |   |   | $      | 13,795 |   |   | $      | 13,067                                             |   |   |   | (16 | %) |   |   | 6 | % |
| Microsource                 |   |   | 7,399  |   |   |   | 3,625  |   |   |   | 3,091                                              |   |   |   | 104 | % |   |   | 17 | % |
| Total                       |   | $      | 18,998 |   |   | $      | 17,420 |   |   | $      | 16,158                                             |   |   |   | 9 | % |   |   | 8 | % |

----

| Backlog                                                    |   |   |   |   |   |   |   |   |   |   |                  % change |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------------------------------------------------------------------------------|--------|
|                                                       |   |   |   |   |   |   |   |   |   |   | 2009                                                                             |   |   | 2008 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   | vs.                                                                              |   |   | vs. |   |
| (Dollars      in thousands)                                |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2008                                                                             |   |   | 2007 |   |
| Backlog      of unfilled orders                            |   | $      | 9,105  |   |   | $      | 7,528  |   |   | $      | 8,439                                                                            |   |   |   | 21 | % |   |   | (11 | %) |
| Backlog      of unfilled orders shippable within one year  |   |   | 6,810  |   |   |   | 4,604  |   |   |   | 5,294                                                                            |   |   |   | 48 | % |   |   | (13 | %) |
| Previous      fiscal year end (FYE) long term backlog      |   |   |   |   |   |   |   |   |   |   |                                                                             |   |   |   |   |   |   |   |   |   |
| reclassified      during year as shippable within one year |   |   | 1,640  |   |   |   | 425    |   |   |   | 303                                                                              |   |   |   | 286 | % |   |   | 40 | % |
| Net      cancellations during year of previous FYE         |   |   |   |   |   |   |   |   |   |   |                                                                             |   |   |   |   |   |   |   |   |   |
| one-year      backlog                                      |   |   | -      |   |   |   | -      |   |   |   | 904                                                                              |   |   |   | - |   |   |   | - |   |

| Allocation      of Net Sales        |   |   |   |   |   |   |   |   |   |   |                   % change |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------------------------------------------------------------------------------------|--------|
|                                |   |   |   |   |   |   |   |   |   |   | 2009                                                                                   |   |   | 2008 |   |
|                                |   |   |   |   |   |   |   |   |   |   | vs.                                                                                    |   |   | vs. |   |
| (Dollars      in thousands)         |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2008                                                                                   |   |   | 2007 |   |
| Commercial                          |   | $      | 6,303  |   |   | $      | 7,020  |   |   | $      | 7,054                                                                                  |   |   |   | (10 | %) |   |   | 0 | % |
| Government      / Defense           |   |   | 11,118 |   |   |   | 11,311 |   |   |   | 10,994                                                                                 |   |   |   | (2 | %) |   |   | 3 | % |
|      Total |   | $      | 17,421 |   |   | $      | 18,331 |   |   | $      | 18,048                                                                                 |   |   |   | (5 | %) |   |   | 2 | % |

| Allocation      of Net Sales by Segment |   |   |   |   |   |   |   |   |                     % change |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------|--------|
|                                    |   |   |   |   |   |   |   |   |                                                                                               |   | 2009 |   |   | 2008 |   |
|                                    |   |   |   |   |   |   |   |   |                                                                                               |   | vs. |   |   | vs. |   |
| (Dollars      in thousands)             |   | 2009   |   |   | 2008   |   |   | 2007   |                                                                                               |   | 2008 |   |   | 2007 |   |
| Giga-tronics Division                   |   |   |   |   |   |   |   |   |                                                                                               |   |   |   |   |   |   |
| Commercial                              |   | $      | 4,694  |   |   | $      | 5,282  |   |                                                                                               | $      | 5,355 |   |   |   | (11 | %) |   |   | (1 | %) |
| Government      / Defense               |   |   | 6,989  |   |   |   | 9,264  |   |                                                                                               |   | 7,183 |   |   |   | (25 | %) |   |   | 29 | % |
|      Total     |   | $      | 11,683 |   |   | $      | 14,546 |   |                                                                                               | $      | 12,538 |   |   |   | (20 | %) |   |   | 16 | % |
|                                    |   |   |   |   |   |   |   |   |                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Microsource                             |   |   |   |   |   |   |   |   |                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                              |   | $      | 1,609  |   |   | $      | 1,738  |   |                                                                                               | $      | 1,699 |   |   |   | (7 | %) |   |   | 2 | % |
| Government      / Defense               |   |   | 4,129  |   |   |   | 2,047  |   |                                                                                               |   | 3,811 |   |   |   | 102 | % |   |   | (46 | %) |
|      Total     |   | $      | 5,738  |   |   | $      | 3,785  |   |                                                                                               | $      | 5,510 |   |   |   | 52 | % |   |   | (31 | %) |

----

| Cost      of Sales          |   |   |   |   |   |   |   |   |   |   |                  % change |   |
|-----------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------------------------------------------------------------------------------|--------|
|                        |   |   |   |   |   |   |   |   |   |   | 2009                                                                             |   |   | 2008 |   |
|                        |   |   |   |   |   |   |   |   |   |   | vs.                                                                              |   |   | vs. |   |
| (Dollars      in thousands) |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2008                                                                             |   |   | 2007 |   |
| Cost      of sales          |   | $      | 9,917  |   |   | $      | 10,583 |   |   | $      | 10,502                                                                           |   |   |   | (6 | %) |   |   | 1 | % |

| Operating      Expenses                  |   |   |   |   |   |   |   |   |   |   |                        % change |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------|--------|
|                                     |   |   |   |   |   |   |   |   |   |   | 2009                                                                                                                 |   |   | 2008 |   |
|                                     |   |   |   |   |   |   |   |   |   |   | vs.                                                                                                                  |   |   | vs. |   |
| (Dollars      in thousands)              |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2008                                                                                                                 |   |   | 2007 |   |
| Engineering                              |   | $      | 1,975  |   |   | $      | 2,248  |   |   | $      | 3,731                                                                                                                |   |   |   | (12 | %) |   |   | (40 | %) |
| Selling,      general and administrative |   |   | 5,939  |   |   |   | 5,538  |   |   |   | 5,456                                                                                                                |   |   |   | 7 | % |   |   | 2 | % |
| Restructuring                            |   |   | -      |   |   |   | 153    |   |   |   | 361                                                                                                                  |   |   |   | (100 | %) |   |   | (58 | %) |
| Total                                    |   | $      | 7,914  |   |   | $      | 7,939  |   |   | $      | 9,548                                                                                                                |   |   |   | 0 | % |   |   | (17 | %) |

----

| Net      Inventories         |   |   |   |   |   |   |   | %      change |   |
|------------------------------|--------|--------|--------|--------|--------|--------|--------|---------------|--------|
|                         |   |   |   |   |   |   |   | 2009          |   |
|                         |   |   |   |   |   |   |   | vs.           |   |
| (Dollars      in thousands)  |   | 2009   |   |   | 2008   |   |   | 2008          |   |
| Raw      materials           |   | $      | 3,263  |   |   | $      | 2,767  |          |   |   | 18 | % |
| Work-in-progress             |   |   | 1,127  |   |   |   | 1,501  |          |   |   | (25 | %) |
| Finished      goods          |   |   | 559    |   |   |   | 369    |          |   |   | 51 | % |
| Demonstration      inventory |   |   | 460    |   |   |   | 371    |          |   |   | 24 | % |
| Total                        |   | $      | 5,409  |   |   | $      | 5,008  |          |   |   | 8 | % |

----

| (Dollars      in thousands) |   | Under      one year |   |   | One      to three years |   |   | Three      to five years |   |   | More      than five years |   |
|-----------------------------|--------|---------------------|--------|--------|-------------------------|--------|--------|--------------------------|--------|--------|---------------------------|--------|
| Operating      leases       |   | $                   | 1,067  |   |                    | $      | 1,458  |                     |   | $      | 962                       |   |   | $ | 0 |   |
| Capital      lease          |   |                | 18     |   |                    |   | 18     |                     |   |   | 9                         |   |   |   | - |   |
| Purchase      obligations   |   |                | 1,152  |   |                    |   | 202    |                     |   |   | -                         |   |   |   | - |   |
| Total                       |   | $                   | 2,237  |   |                    | $      | 1,678  |                     |   | $      | 971                       |   |   | $ | 0 |   |

----

----

ITEM

| Index  To      Financial Statements And Schedules  |
|--------------------------------------------------------------|
|                                                         |   |   |
| Financial Statements                                         |   | Page No. |
|                                                         |   |   |
| Consolidated      Balance Sheets -                           | 22 |
|                                                         | As      of March 28, 2009 and March 29, 2008 |   |
|                                                         |   |   |
| Consolidated      Statements of Operations -                 | 23 |
|                                                         | Years      ended March 28, 2009 and March 29, 2008 |   |
|                                                         |   |   |
| Consolidated      Statements of Shareholders’ Equity - | 24 |
|                                                         | Years      ended March 28, 2009 and March 29, 2008 |   |
|                                                         |   |   |
| Consolidated      Statements of Cash Flows -                 | 25 |
|                                                         | Years      ended March 28, 2009 and March 29, 2008 |   |
|                                                         |   |   |
| Notes      to Consolidated Financial Statements              | 26      - 34 |
|                                                         |   |   |
| Report      of Independent Registered Public Accounting Firm | 35 |

----

| CONSOLIDATED BALANCE      SHEETS                                                                                                        |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                    |   |   |   |   |   |   |
|  (In      thousands except share data)                                                                                             |   | March      28, 2009 |   |   | March      29, 2008 |   |
| Assets                                                                                                                                  |   |   |   |   |   |   |
| Current      Assets                                                                                                                     |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                          |   | $ | 1,518 |   |   | $ | 1,845 |   |
| Trade      accounts receivable, net of allowance                                                                                        |   |   |   |   |   |   |   |   |
|        of      $102 and $93, respectively                                                            |   |   | 3,110 |   |   |   | 2,693 |   |
| Inventories,      net                                                                                                                   |   |   | 5,409 |   |   |   | 5,008 |   |
| Prepaid      expenses and other current assets                                                                                          |   |   | 430 |   |   |   | 383 |   |
| Total      current assets                                                                                                               |   |   | 10,467 |   |   |   | 9,929 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |
| Property      and equipment                                                                                                             |   |   |   |   |   |   |   |   |
| Leasehold      improvements                                                                                                             |   |   | 373 |   |   |   | 373 |   |
| Machinery      and equipment                                                                                                            |   |   | 15,462 |   |   |   | 15,468 |   |
| Office      furniture and fixtures                                                                                                      |   |   | 788 |   |   |   | 723 |   |
|               Total      property and equipment                   |   |   | 16,623 |   |   |   | 16,564 |   |
|               Less      accumulated depreciation and amortization |   |   | 16,317 |   |   |   | 16,164 |   |
| Property      and equipment, net                                                                                                        |   |   | 306 |   |   |   | 400 |   |
| Other      assets                                                                                                                       |   |   | 16 |   |   |   | 32 |   |
| Total      assets                                                                                                                       |   | $ | 10,789 |   |   | $ | 10,361 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |
| Liabilities      and shareholders' equity                                                                                               |   |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                                   |   | $ | 1,219 |   |   | $ | 649 |   |
| Accrued      commission                                                                                                                 |   |   | 144 |   |   |   | 181 |   |
| Accrued      payroll and benefits                                                                                                       |   |   | 397 |   |   |   | 526 |   |
| Accrued      warranty                                                                                                                   |   |   | 177 |   |   |   | 190 |   |
| Deferred      revenue                                                                                                                   |   |   | 959 |   |   |   | 646 |   |
| Deferred      rent                                                                                                                      |   |   | 118 |   |   |   | 286 |   |
| Capital      lease obligations                                                                                                          |   |   | 16 |   |   |   | - |   |
| Other      current liabilities                                                                                                          |   |   | 306 |   |   |   | 220 |   |
| Total      current liabilities                                                                                                          |   |   | 3,336 |   |   |   | 2,698 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |
| Long      term obligation - Deferred rent                                                                                               |   |   | 96 |   |   |   | 271 |   |
| Long      term obligation - Capital lease                                                                                               |   |   | 25 |   |   |   | - |   |
| Total      liabilities                                                                                                                  |   |   | 3,457 |   |   |   | 2,969 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |
| Commitments      and contingencies                                                                                                      |   |   | - |   |   |   | - |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |
| Shareholders'      equity                                                                                                               |   |   |   |   |   |   |   |   |
| Preferred      stock of no par value;  Authorized 1,000,000 shares; no      shares                                            |   |   |   |   |   |   |   |   |
| outstanding      at March 28, 2009 and March 29, 2008                                                                                   |   |   | - |   |   |   | - |   |
| Common      stock of no par value;  Authorized 40,000,000 shares;      4,824,021                                              |   |   |   |   |   |   |   |   |
| shares      at March 28, 2009 and March 29, 2008 issued andoutstanding                                                                  |   |   | 13,668 |   |   |   | 13,398 |   |
| Accumulated      deficit                                                                                                                |   |   | (6,336 | ) |   |   | (6,006 | ) |
| Total      shareholders' equity                                                                                                         |   |   | 7,332 |   |   |   | 7,392 |   |
| Total      liabilities and shareholders' equity                                                                                         |   | $ | 10,789 |   |   | $ | 10,361 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |
| See      Accompanying Notes to Consolidated Financial Statements                                                                        |   |

----

| CONSOLIDATED STATEMENTS OF      OPERATIONS                       |                                                  |
|------------------------------------------------------------------|-------------------------------------------------------|
|                                                             |                                                  |   |   |   |   |   |
|                                                             |             Years Ended |   |
| (In      thousands except share data)                            |                                                  | March      28, 2009 |   |   | March      29, 2008 |   |
| Net      sales                                                   |                                                  | $ | 17,421 |   |   | $ | 18,331 |   |
| Cost      of sales                                               |                                                  |   | 9,917 |   |   |   | 10,583 |   |
| Gross      profit                                                |                                                  |   | 7,504 |   |   |   | 7,748 |   |
|                                                             |                                                  |   |   |   |   |   |   |   |
| Engineering                                                      |                                                  |   | 1,975 |   |   |   | 2,248 |   |
| Selling,      general and administrative                         |                                                  |   | 5,939 |   |   |   | 5,538 |   |
| Restructuring                                                    |                                                  |   | - |   |   |   | 153 |   |
| Total      operating expenses                                    |                                                  |   | 7,914 |   |   |   | 7,939 |   |
|                                                             |                                                  |   |   |   |   |   |   |   |
| Operating      loss from continuing operations                   |                                                  |   | (410 | ) |   |   | (191 | ) |
|                                                             |                                                  |   |   |   |   |   |   |   |
| Other      expense                                               |                                                  |   | - |   |   |   | 46 |   |
| Interest      income, net                                        |                                                  |   | 7 |   |   |   | 36 |   |
| Loss      from continuing operations before income taxes         |                                                  |   | (403 | ) |   |   | (201 | ) |
| Provision      for income taxes                                  |                                                  |   | 2 |   |   |   | 2 |   |
| Loss      from continuing operations                             |                                                  |   | (405 | ) |   |   | (203 | ) |
| Income      (loss) on discontinued operations, net of income     |                                                  |   |   |   |   |   |   |   |
| taxes      of nil for 2009 and 2008                              |                                                  |   | 75 |   |   |   | (31 | ) |
| Net      loss                                                    |                                                  | $ | (330 | ) |   | $ | (234 | ) |
|                                                             |                                                  |   |   |   |   |   |   |   |
| Basic      and diluted (loss) earnings per share:                |                                                  |   |   |   |   |   |   |   |
| From      continuing operations                                  |                                                  | $ | (0.08 | ) |   | $ | (0.04 | ) |
| On      discontinued operations                                  |                                                  |   | 0.01 |   |   |   | (0.01 | ) |
| Basic      and diluted loss per share                            |                                                  | $ | (0.07 | ) |   | $ | (0.05 | ) |
|                                                             |                                                  |   |   |   |   |   |   |   |
| Shares      used in per share calculation:                       |                                                  |   |   |   |   |   |   |   |
| Basic                                                            |                                                  |   | 4,824 |   |   |   | 4,813 |   |
| Diluted                                                          |                                                  |   | 4,824 |   |   |   | 4,813 |   |
|                                                             |                                                  |   |   |   |   |   |   |   |
| See      Accompanying Notes to Consolidated Financial Statements |                                                  |

----

| CONSOLIDATED STATEMENTS OF      CHANGES INSHAREHOLDERS' EQUITY   |   |
|------------------------------------------------------------------|--------|
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   | Accumulated |   |   |   |   |
|  (In      thousands except share data)                      |   | Shares |   |   | Amount |   |   | Deficit |   |   | Total |   |
| Balance      at March 31, 2007                                   |   |   | 4,809,021 |   |   | $ | 13,165 |   |   | $ | (5,772 | ) |   | $ | 7,393 |   |
| Net      loss                                                    |   |   |   |   |   |   |   |   |   |   | (234 | ) |   |   | (234 | ) |
| Share      based compensation                                    |   |   | - |   |   |   | 211 |   |   |   | - |   |   |   | 211 |   |
| Stock      issuance under stock options plans                    |   |   | 15,000 |   |   |   | 22 |   |   |   | - |   |   |   | 22 |   |
| Balance      at March 29, 2008                                   |   |   | 4,824,021 |   |   |   | 13,398 |   |   |   | (6,006 | ) |   |   | 7,392 |   |
| Net      loss                                                    |   |   |   |   |   |   |   |   |   |   | (330 | ) |   |   | (330 | ) |
| Share      based compensation                                    |   |   | - |   |   |   | 270 |   |   |   | - |   |   |   | 270 |   |
| Stock      issuance under stock options plans                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance      at March 28, 2009                                   |   |   | 4,824,021 |   |   | $ | 13,668 |   |   | $ | (6,336 | ) |   | $ | 7,332 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See      Accompanying Notes to Consolidated Financial Statements |   |

----

| CONSOLIDATED STATEMENTS OF      CASH FLOWS                       |                                             |
|------------------------------------------------------------------|--------------------------------------------------|
|                                                             |                                             |   |   |   |   |
|                                                             |           Fiscal Years Ended |   |
|  (In      thousands)                                        |                                             | March      28, 2009 |   |   | March      29, 2008 |   |
| Cash      flows from operations:                                 |                                             |   |   |   |   |   |
| Net      loss                                                    |                                             | $ | (330 | ) |   | $ | (234 | ) |
| Adjustments      to reconcile net loss to net cash               |                                             |   |   |   |   |   |   |   |
| (used      in) provided by operations:                           |                                             |   |   |   |   |   |   |   |
| Net      provision for doubtful accounts                         |                                             |   | 9 |   |   |   | 31 |   |
| Depreciation      and amortization                               |                                             |   | 162 |   |   |   | 128 |   |
| Gain      on sale of fixed asset                                 |                                             |   | - |   |   |   | (3 | ) |
| Share      based compensation                                    |                                             |   | 270 |   |   |   | 211 |   |
| Deferred      rent                                               |                                             |   | (343 | ) |   |   | (83 | ) |
| Changes      in operating assets and liabilities:                |                                             |   |   |   |   |   |   |   |
| Trade      accounts receivable                                   |                                             |   | (426 | ) |   |   | 26 |   |
| Inventories                                                      |                                             |   | (401 | ) |   |   | 833 |   |
| Prepaid      expenses and other assets                           |                                             |   | (47 | ) |   |   | (23 | ) |
| Accounts      payable                                            |                                             |   | 570 |   |   |   | (457 | ) |
| Accrued      commissions                                         |                                             |   | (37 | ) |   |   | (11 | ) |
| Accrued      payroll and benefits                                |                                             |   | (129 | ) |   |   | (140 | ) |
| Accrued      warranty                                            |                                             |   | (13 | ) |   |   | (17 | ) |
| Deferred      revenue                                            |                                             |   | 313 |   |   |   | (35 | ) |
| Other      current liabilities                                   |                                             |   | 102 |   |   |   | (6 | ) |
| Net      cash (used in) provided by operations                   |                                             |   | (300 | ) |   |   | 220 |   |
|                                                             |                                             |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                       |                                             |   |   |   |   |   |   |   |
| Proceeds      from sales of equipment                            |                                             |   | 1 |   |   |   | 5 |   |
| Purchases      of property and equipment                         |                                             |   | (69 | ) |   |   | (206 | ) |
| Net      cash used in investing activities                       |                                             |   | (68 | ) |   |   | (201 | ) |
|                                                             |                                             |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                       |                                             |   |   |   |   |   |   |   |
| Proceeds      from capital lease                                 |                                             |   | 41 |   |   |   | - |   |
| Issuance      of common stock                                    |                                             |   | - |   |   |   | 22 |   |
| Net      cash provided by financing activities                   |                                             |   | 41 |   |   |   | 22 |   |
|                                                             |                                             |   |   |   |   |   |   |   |
| (Decrease)      increase in cash and cash equivalents            |                                             |   | (327 | ) |   |   | 41 |   |
|                                                             |                                             |   |   |   |   |   |   |   |
| Beginning      cash and cash equivalents                         |                                             |   | 1,845 |   |   |   | 1,804 |   |
| Ending      cash and cash equivalents                            |                                             | $ | 1,518 |   |   | $ | 1,845 |   |
|                                                             |                                             |   |   |   |   |   |   |   |
| Supplementary      disclosure of cash flow information:          |                                             |   |   |   |   |   |   |   |
| Cash      paid for income taxes                                  |                                             | $ | 2 |   |   | $ | 2 |   |
| Cash      paid for interest                                      |                                             |   | - |   |   |   | - |   |
|                                                             |                                             |   |   |   |   |   |   |   |
| See      Accompanying Notes to Consolidated Financial Statements |                                             |

----

NOTES

| (Dollars      in thousands)          |   | March      28, 2009 |   |   | March      29, 2008 |   |
|--------------------------------------|--------|---------------------|--------|--------|---------------------|--------|
| Beginning      balance               |   | $                   | 93     |   |                | $      | 62 |   |
| Provision      for doubtful accounts |   |                | 9      |   |                |   | 31 |   |
| Recoveries      of doubtful accounts |   |                | -      |   |                |   | - |   |
| Write-off      of doubtful accounts  |   |                | -      |   |                |   | - |   |
| Ending      balance                  |   | $                   | 102    |   |                | $      | 93 |   |

----

----

| Years      Ended             |   | March      28, 2009 |   |   | March      29, 2008                                                                            |               |
|------------------------------|--------|---------------------|--------|--------|------------------------------------------------------------------------------------------------|--------------------|
| Dividend      yield          |   | Zero                |   |   |                     Zero |               |
| Expected      volatility     |   |                | 90     | %      |                                                                                           | 80%      to 112    |  % |
| Risk-free      interest rate |   |                | 2.67   | %      |                                                                                           | 2.21%      to 3.59 |  % |
| Expected      term (years)   |   |                | 3.86   |   |                                                                                           |               |                   3.75 |   |

----

| (Dollars      in thousands)  |   | March      28, 2009 |   |   | March      29, 2008 |   |
|------------------------------|--------|---------------------|--------|--------|---------------------|--------|
| Raw      materials           |   | $                   | 3,263  |   |                | $      | 2,767 |   |
| Work-in-progress             |   |                | 1,127  |   |                |   | 1,501 |   |
| Finished      goods          |   |                | 559    |   |                |   | 369 |   |
| Demonstration      inventory |   |                | 460    |   |                |   | 371 |   |
| Total                        |   | $                   | 5,409  |   |                | $      | 5,008 |   |

----

| March 28,      2009  (Dollars in      thousands) |   | Giga-tronics      Division |   |   | Microsource |   |   | Total  |   |
|------------------------------------------------------------|--------|----------------------------|--------|--------|-------------|--------|--------|--------|--------|
| Revenue                                                    |   | $                          | 11,683 |   |        | $      | 5,738  |   |   | $ | 17,421 |   |
| Interest      income, net                                  |   |                       | 7      |   |        |   | -      |   |   |   | 7 |   |
| Depreciation      and amortization                         |   |                       | 137    |   |        |   | 25     |   |   |   | 162 |   |
| (Loss)      income from continuing operations              |   |                       |   |   |        |   |   |   |   |   |   |   |
| before      income taxes                                   |   |                       | (1,451 | )      |        |   | 1,048  |   |   |   | (403 | ) |
| Assets                                                     |   |                       | 6,420  |   |        |   | 4,369  |   |   |   | 10,789 |   |
|                                                       |   |                       |   |   |        |   |   |   |   |   |   |   |
|                                                       |   |                       |   |   |        |   |   |   |   |   |   |   |
| March      29, 2008  (Dollars in      thousands) |   | Giga-tronics      Division |   |   | Microsource |   |   | Total  |   |
| Revenue                                                    |   | $                          | 14,546 |   |        | $      | 3,785  |   |   | $ | 18,331 |   |
| Interest      income, net                                  |   |                       | 11     |   |        |   | 25     |   |   |   | 36 |   |
| Depreciation      and amortization                         |   |                       | 103    |   |        |   | 25     |   |   |   | 128 |   |
| (Loss)      income from continuing operations              |   |                       |   |   |        |   |   |   |   |   |   |   |
| before      income taxes                                   |   |                       | (265   | )      |        |   | 64     |   |   |   | (201 | ) |
| Assets                                                     |   |                       | 7,193  |   |        |   | 3,168  |   |   |   | 10,361 |   |

| (Dollars      in thousands) |   | March      28, 2009 |   |   | March      29, 2008 |   |
|-----------------------------|--------|---------------------|--------|--------|---------------------|--------|
| Americas                    |   | $                   | 236    |   |                | $      | 1,250 |   |
| Europe                      |   |                | 1,783  |   |                |   | 2,778 |   |
| Asia                        |   |                | 1,456  |   |                |   | 1,087 |   |
| Rest      of world          |   |                | 456    |   |                |   | 1,868 |   |
| Total                       |   | $                   | 3,931  |   |                | $      | 6,983 |   |

| (In      thousands except per share data)                 |   | March      28, 2009 |   |   | March      29, 2008 |   |
|-----------------------------------------------------------|--------|---------------------|--------|--------|---------------------|--------|
| Net      loss                                             |   | $                   | (330   | )      |                | $      | (234 | ) |
|                                                      |   |                |   |   |                |   |   |   |
| Weighted      average:                                    |   |                |   |   |                |   |   |   |
| Common      shares outstanding                            |   |                | 4,824  |   |                |   | 4,813 |   |
| Potential      common shares                              |   |                | -      |   |                |   | - |   |
| Common      shares assuming dilution                      |   |                | 4,824  |   |                |   | 4,813 |   |
|                                                      |   |                |   |   |                |   |   |   |
| Net      loss per share of common stock                   |   | $                   | (0.07  | )      |                | $      | (0.05 | ) |
| Net      loss per share of common stock assuming dilution |   | $                   | (0.07  | )      |                | $      | (0.05 | ) |
| Stock      options not included in computation            |   |                | 771    |   |                |   | 856 |   |

----

| Years      Ended (In thousands)    |   | March      28, 2009 |   |   | March      29, 2008 |   |
|------------------------------------|--------|---------------------|--------|--------|---------------------|--------|
| Current                            |   |                |   |   |                |   |
|    Federal          |   | $                   | -      |   |                | $      | - |   |
|    State            |   |                | 2      |   |                |   | 2 |   |
| Total      current                 |   |                | 2      |   |                |   | 2 |   |
| Deferred                           |   |                |   |   |                |   |   |   |
|    Federal          |   |                | 1,182  |   |                |   | 39 |   |
|    State            |   |                | 423    |   |                |   | 14 |   |
| Total      deferred                |   |                | 1,605  |   |                |   | 53 |   |
| Change      in valuation allowance |   |                | (1,605 | )      |                |   | (53 | ) |
| Provision      for income taxes    |   | $                   | 2      |   |                | $      | 2 |   |

| Year      Ended (In thousands)                                     |   | March      28, 2009 |    |   | March      29, 2008 |   |
|--------------------------------------------------------------------|--------|---------------------|---------|--------|---------------------|--------|
| Net      operating loss carryforwards                              |   | $                   | 12,056  |   |                | $      | 13,667 |   |
| Income      tax credits                                            |   |                | 2,076   |   |                |   | 1,969 |   |
| Inventory      reserves and additional costs capitalized           |   |                | 2,345   |   |                |   | 2,273 |   |
| Fixed      assets depreciation                                     |   |                | 149     |   |                |   | 153 |   |
| Accrued      vacation                                              |   |                | 112     |   |                |   | 110 |   |
| Accrued      warranty                                              |   |                | 76      |   |                |   | 82 |   |
| Deferred      rent                                                 |   |                | 74      |   |                |   | 50 |   |
| Other      accrued liabilities                                     |   |                | 1       |   |                |   | 201 |   |
| Future      state tax effect                                       |   |                | (196    | )      |                |   |  (203 | ) |
| Allowance      for doubtful accounts                               |   |                | 45      |   |                |   | 41 |   |
|       Total      deferred tax assets |   |                | 16,738  |   |                |   |   18,343 |   |
| Valuation      allowances                                          |   |                | (16,738 | )      |                |   |   (18,343 | ) |
|                                                               |   | $                   | 0       |   |                | $      | 0 |   |

| Years      Ended (In thousands except percentages) |   |                  March 28, 2009 |             |   |              March 29, 2008 |   |
|----------------------------------------------------|--------|----------------------------------------------------------------------------------------|------------------|--------|----------------------------------------------------------------|--------|
| Statutory      federal income tax                  |   | $                                                                                      | (112             | )      |                                                           |   |  34.0 | % |   | $ | (79 | ) |   |   | 34.0 | % |
| Valuation      allowance                           |   |                                                                                   | (1,605           | )      |                                                           |   |  489.4 |   |   |   | (53 | ) |   |   | 22.9 |   |
| Expiration      of net operating losses            |   |                                                                                   | 1,758            |   |                                                           |   | (536.0 | ) |   |   | 178 |   |   |   | (76.8 | ) |
| State      income tax, net of federal benefit      |   |                                                                                   |    (19 | )      |                                                           |   | 5.8 |   |   |   | (14 | ) |   |   | 6.0 |   |
| Non-tax      deductible expenses                   |   |                                                                                   | 82               |   |                                                           |   | (25.0 | ) |   |   | 99 |   |   |   | (42.7 | ) |
| Liability      for uncertain tax positions         |   |                                                                                   | (107             | )      |                                                           |   | 32.6 |   |   |   | (127 | ) |   |   | 54.9 |   |
| Other                                              |   |                                                                                   | 5                |   |                                                           |   | (1.5 | ) |   |   | (2 | ) |   |   | 0.7 |   |
| Effective      income tax                          |   | $                                                                                      | 2                |   |                                                           |   | (0.7 | %) |   | $ | 2 |   |   |   | (1.0 | %) |

----

| (In      thousands)                                                              |   | Fiscal      Year 2009 |     |
|----------------------------------------------------------------------------------|--------|-----------------------|----------|
| Balance      as of March 29, 2008                                                |   | $                     | 297,000  |   |
| Additions      based on current year tax positions                               |   |                  | 70,000   |   |
| Reductions      for prior year tax positions and lapses of applicable    statute |   |                  | (177,000 | ) |
| Balance      as of March 28, 2009                                                |   | $                     | 190,000  |   |

|                               |   |   |    |   |                  |   |                                  |                                        |   |   |                         |   |
|------------------------------------|--------|--------|---------|--------|-----------------------|--------|---------------------------------------|---------------------------------------------|--------|--------|------------------------------|--------|
|                               |   |   |    |   | Weighted      Average |   |                                  | Weighted      Average Remaining Contractual |   |   |  Average      Intrinsic |   |
|                               |   | Shares |    |   | Exercise      Price   |   |                                  | Terms      (Years)                          |   |   | Value                        |   |
| Outstanding      at March 31, 2007 |   |   | 840,900 |   |                  | $      | 2.06                                  |                                        |   |   | 3.6                          |   |   | $ | 149,624 |   |
| Granted                            |   |   | 157,000 |   |                  |   | 1.84                                  |                                        |   |   |                         |   |   |   |   |   |
| Excercised                         |   |   | 15,000  |   |                  |   | 1.47                                  |                                        |   |   |                         |   |   |   |   |   |
| Forfeited      / Expired           |   |   | 131,250 |   |                  |   | 1.95                                  |                                        |   |   |                         |   |   |   |   |   |
| Outstanding      at March 29, 2008 |   |   | 851,650 |   |                  | $      |  2.04                            |                                        |   |   | 3.1                          |   |   | $ | - |   |
| Granted                            |   |   | 146,500 |   |                  |   | 1.17                                  |                                        |   |   |                         |   |   |   |   |   |
| Excercised                         |   |   | -       |   |                  |   |            - |                                        |   |   |                         |   |   |   |   |   |
| Forfeited      / Expired           |   |   | 227,250 |   |                  |   | 1.96                                  |                                        |   |   |                         |   |   |   |   |   |
| Outstanding      at March 28, 2009 |   |   | 770,900 |   |                  | $      | 1.90                                  |                                        |   |   | 2.7                          |   |   | $ | - |   |
|                               |   |   |    |   |                  |   |                                  |                                        |   |   |                         |   |   |   |   |   |
| Exercisable      at March 28, 2009 |   |   | 369,577 |   |                  | $      | 2.15                                  |                                        |   |   | 2.0                          |   |   | $ | - |   |

----

|                               |   | Options     |    |   | Options     |   |     | Weighted      Average |   |
|------------------------------------|--------|-------------|---------|--------|-------------|--------|----------|-----------------------|--------|
|                               |   | Exercisable |    |   | Outstanding |   |     | Fair      Value       |   |
| Outstanding      at March 31, 2007 |   |        | 214,750 |   |        |   | 840,900  |                  |   | $ | 2.06 |   |
| Excercised                         |   |        |    |   |        |   | (15,000  | )                     |   |   | 1.47 |   |
| Forfeited                          |   |        |    |   |        |   | (131,250 | )                     |   |   | 1.95 |   |
| Granted                            |   |        |    |   |        |   | 157,000  |                  |   |   | 1.84 |   |
| Outstanding      at March 29, 2008 |   |        | 338,726 |   |        |   | 851,650  |                  |   | $ | 2.04 |   |
| Excercised                         |   |        |    |   |        |   | -        |                  |   |   | - |   |
| Forfeited                          |   |        |    |   |        |   | (227,250 | )                     |   |   | 1.96 |   |
| Granted                            |   |        |    |   |        |   | 146,500  |                  |   |   | 1.17 |   |
| Outstanding      at March 28, 2009 |   |        | 369,577 |   |        |   | 770,900  |                  |   | $ | 1.90 |   |

| Fiscal      year  (Dollars in thousands) |   |   |   |
|----------------------------------------------------|--------|--------|--------|
| 2010                                               |   | $      | 1,067  |   |
| 2011                                               |   |   | 1,066  |   |
| 2012                                               |   |   | 898    |   |
| 2013                                               |   |   | 391    |   |
| 2014                                               |   |   | 65     |   |
| Thereafter                                         |   |   | -      |   |
|                                               |   | $      | 3,487  |   |

----

| (Dollars      in thousands)         |   | March      28, 2009 |   |   | March      29, 2008 |   |
|-------------------------------------|--------|---------------------|--------|--------|---------------------|--------|
| Balance      at beginning of period |   | $                   | 190    |   |                | $      | 207 |   |
| Provision,      net                 |   |                | 179    |   |                |   | 160 |   |
| Warranty      costs incurred        |   |                | (192   | )      |                |   | (177 | ) |
| Balance      at end of period       |   | $                   | 177    |   |                | $      | 190 |   |

----

REPORT

----

ITEM

| ·   | pertain      to the maintenance of records that in reasonable detail accurately and      fairly reflect the transactions and dispositions of the assets of the      Company; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | provide      reasonable assurance that transactions are recorded as necessary to permit      preparation of financial statements in accordance with generally accepted      accounting principles, and that receipts and expenditures of the Company      are being made only in accordance with authorizations of management and      directors of the Company; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | provide      reasonable assurance regarding prevention or timely detection of      unauthorized acquisition, use or disposition of the Company's assets that      could have a material effect on the financial  statements. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

ITEM

| Name                             | Age    | Position                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| John      R. Regazzi        | 54     | Chief      Executive Officer and a Director of the Company since April      2006.  Mr. Regazzi had been President and General Manager of      Instrument Division since September 2005, and prior to that, was Vice      President of Operations for Instrument Division from October 2004 through      September 2005.  Prior to that, he was Vice President of      Engineering for Instrument Division from June 2001 through October 2004.      Previous experience includes 22 years at Hewlett Packard and Agilent      Technologies in various design and management positions associated with      their microwave sweeper and synthesizer product lines. His final position      at Agilent Technologies was as a senior engineering manager.                                 |
| Patrick      J. Lawlor           | 58     | Vice      President, Finance, Chief Financial Officer and Secretary of Giga-tronics,      Inc. since February 2007.  Mr. Lawlor was previously a      Consultant to PDL BioPharma, Inc, and before that was the Vice President,      Chief Financial Officer at SaRonix, LLC, a $90 million private company      with international facilities.  Prior to that he was the Chief      Financial Officer with Aerojet Fine Chemicals, LLC, a $65 million      subsidiary of GenCorp, and Vice President of Finance with Systems      Chemistry, Inc.  Mr. Lawlor spent 23 years with Westinghouse      Electric Corporation, where he rose through numerous positions among      various divisions, with his final position as Vice President of Finance      and Controller.  |
| Jeffrey      T. Lum              | 63     | President      and a Director of the Board of ASCOR (now a division of the Company) since      November 1987.  Mr. Lum founded ASCOR in 1987 and has been      President since inception.  He was a founder and Vice President      of Autek Systems Corporation, a manufacturer of precision waveform      analyzers.  Mr. Lum serves as Treasurer and a member of the      Board of Directors for the Santa Clara Aquamaids, a non-profit      organization dedicated to advancing athletes in synchronized swimming to      the Olympics games.                                                                                                                                                                                                                           |
| Malcolm      E. Levy   | 59     | Mr.      Levy has over 25 years of Sales and Marketing experience in the Test &      Measurement industry. His career started in sales with Racal Instruments      in the U.K. A background in RF and Communications made him an ideal      candidate to move to the U.S. and become the sales and marketing manager      for all UK manufactured instruments, including low noise fast switching      synthesizers. His final position at Racal Instruments after 20 years of      service was Executive Vice President, Sales and Marketing. Since leaving      Racal in 2001 he has helped wireless test companies grow their      international sales business.                                                                                                                                    |

----

ITEM

----

ITEM

|   | (a)      The following consolidated financial statements of Giga-tronics      Incorporated and subsidiaries and the related independent registered      public accounting firm are filedherewith: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Index      To Financial Statements And Schedules                                                               |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                           |   |   |
| Consolidated Financial      Statements:                                                                        | Page |   |
|                                                                                                           |   |   |
| Consolidated      Balance Sheets as of March 28, 2009 and March 29, 2008                                       | 22 |   |
|                                                                                                           |   |   |
| Consolidated      Statements of Operations for the years ended March 28, 2009 and March 29,      2008          | 23 |   |
|                                                                                                           |   |   |
| Consolidated      Statements of Stockholders Equity for the years ended March 28, 2009 and      March 29, 2008 | 24 |   |
|                                                                                                           |   |   |
| Consolidated      Statements of Cash Flows for the years ended March 28, 2009 and March 29,      2008          | 25 |   |
|                                                                                                           |   |   |
| Notes      to Consolidated Financial Statements                                                                | 26      – 34 |   |
|                                                                                                           |   |   |
| Report      of Independent Registered Public Accounting Firm                                                   | 35 |   |
|                                                                                                           |   |   |

----

| Index      To Exhibits |
|------------------------|
|                   |   |   |
|   3.1        |   | Articles      of Incorporation of the Registrant, as amended, previously filed as      Exhibit 3.1 to Form 10-KSB for the fiscal year ended March 27, 1999 and      incorporated herein by reference. |
|                   |   |   |
|   3.2        |   | Amended      and Restated Bylaws of Giga-tronics Incorporated, as amended on March 7,      2008, previously filed as Exhibit 3.2 to Form 10-K for the fiscal year      ended March 29, 2008, and incorporated herein by  reference. |
|                   |   |   |
| 10.1                   |   | Standard      form Indemnification Agreement for Directors and Officers, previously      filed on June 21, 1999, as Exhibit 10.2 to Form 10-KSB for the fiscal year      ended March 27, 1999 and incorporated herein by reference.    * |
|                   |   |   |
| 10.2                   |   | Lease      between Giga-tronics Incorporated and Calfront Associates for 4650 Norris      Canyon Road, San Ramon, CA, dated December 6, 1993, previously filed as      Exhibit 10.12 to Form 10-KSB for the fiscal year ended March 26, 1994 and      incorporated herein by reference. |
|                   |   |   |
| 10.3                   |   | 2000      Stock Option Plan and form of Incentive Stock Option Agreement, previously      filed on September 8, 2000 as Exhibit 99.1 to Form S-8 (33-45476) and      incorporated herein by reference. * |
|                   |   |   |
| 10.4                   |   | 2005      Equity Incentive Plan incorporated herein by reference to Attachment A of      the Registrant’s Proxy Statement filed July 21, 2005. * |
|                   |   |   |
| 21                     |   | Significant      Subsidiaries.  (See page 42 of this Annual Report of Form      10-K.) |
|                   |   |   |
| 23.1                   |   | Consent      of Independent Registered Public Accounting Firm, Perry-Smith      LLP.  (See page 43 of this Annual Report on Form      10-K.) |
|                   |   |   |
| 31.1                   |   | Certification      of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of      2002.  (See page 44 of this Annual Report on Form      10-K.) |
|                   |   |   |
| 31.2                   |   | Certification      of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of      2002.  (See page 45 of this Annual Report on Form      10-K.) |
|                   |   |   |
| 32.1                   |   | Certification      of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  (See      page 46 of this Annual Report on Form 10-K.) |
|                   |   |   |
| 32.2                   |   | Certification      of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  (See      page 47 of this Annual Report on Form 10-K.) |
|                   |   |   |
|                   |   |   |
|                   | * | Management      contract or compensatory plan orarrangement. |

----

SIGN

|   | GIGA-TRONICS      INCORPORATED |
|--------|--------------------------------|
|   |                           |
|   | /s/      JOHN R. REGAZZI       |
|   | Chief      Executive Officer   |

| /s/      GARRETT A. GARRETTSON |   | Chairman      of the Board                   |   | 5/14/2009 |
|--------------------------------|--------|----------------------------------------------|--------|-----------|
| Garrett      A. Garrettson     |   | of      Directors                            |   | Date      |
|                           |   |                                         |   |      |
|                           |   |                                         |   |      |
| /s/      JOHN R. REGAZZI       |   | Chief      Executive Officer                 |   | 5/14/2009 |
| John      R. Regazzi           |   | (Principal      Executive Officer)           |   | Date      |
|                           |   | and      Director                            |   |      |
|                           |   |                                         |   |      |
| /s/      PATRICK J. LAWLOR     |   | Vice      President, Finance/                |   | 5/14/2009 |
| Patrick      J. Lawlor         |   | Chief      Financial Officer & Secretary |   | Date      |
|                           |   | (Principal      Financial Officer)           |   |      |
|                           |   |                                         |   |      |
| /s/      GEORGE H. BRUNS, JR.  |   | Director                                     |   | 5/14/2009 |
| George      H. Bruns, Jr.      |   |                                         |   | Date      |
|                           |   |                                         |   |      |
|                           |   |                                         |   |      |
| /s/      JAMES A. COLE         |   | Director                                     |   | 5/12/2009 |
| James      A. Cole             |   |                                         |   | Date      |
|                           |   |                                         |   |      |
|                           |   |                                         |   |      |
| /s/      KENNETH A. HARVEY     |   | Director                                     |   | 5/13/2009 |
| Kenneth      A. Harvey         |   |                                         |   | Date      |
|                           |   |                                         |   |      |
|                           |   |                                         |   |      |
| /s/      ROBERT C. WILSON      |   | Director                                     |   | 5/12/2009 |
| Robert      C. Wilson          |   |                                         |   | Date      |

----

----