GSI Technology Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported net revenues of $14,227,000 against $13,778,000 a year ago. Operating loss was $654,000 against $1,902,000 a year ago. Loss before income taxes was $553,000 against $1,840,000 a year ago. Net income was $148,000 or $0.01 per basic and diluted share against net loss of $734,000 or $0.03 per basic and diluted share a year ago. Net income included interest and other income of $101,000 and a tax benefit of $701,000, compared to $62,000 in interest and other income and a tax benefit of $1.1 million a year ago; in the preceding quarter, net loss included interest and other income of $112,000 and a tax provision of $21,000.

For the nine months, the company reported net revenues of $40,435,000 against $45,732,000 a year ago. Operating loss was $3,164,000 against $2,202,000 a year ago. Loss before income taxes was $2,880,000 against $1,944,000 a year ago. Net loss was $2,248,000 or $0.09 per diluted share against net loss of $789,000 or $0.03 per diluted share a year ago.

For the fourth quarter of 2015, the company currently expected net revenues to be in the range of $12.8 million to $13.8 million, reflecting relatively consistent sales across product lines with the exception of military/defense sales which were unexpectedly high in the third quarter as a result of last time buys on discontinued products. The company expected a gross margin of approximately 44% to 46% in the fourth quarter.

The company currently expected net revenues to again exceed $14.0 million in the first quarter of fiscal 2016.