GSI Technology, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported net revenues of $11,484,000 against $12,921,000 a year ago. Operating income was $234,000 against loss of $1,560,000 a year ago. Income before income taxes was $295,000 against loss of $1,471,000 a year ago. Net income was $348,000 or $0.02 per basic and diluted share against loss of $819,000 or $0.04 per basic and diluted share a year ago.

For the nine months, the company reported net revenues of $37,788,000 against $40,523,000 a year ago. Operating income was $1,003,000 against loss of $2,865,000 a year ago. Income before income taxes was $1,298,000 against loss of $2,681,000 a year ago. Net income was $1,234,000 or $0.06 per basic and diluted share against loss of $2,083,000 or $0.09 per basic and diluted share a year ago.

For the fourth quarter of fiscal 2017, the company currently expects net revenues to be in the range of $10.0 million to $10.8 million. The company expects gross margin of approximately 50% to 52% in the fourth quarter.

Based on very preliminary data, the company expects sales to improve substantially in the first quarter of fiscal 2018, with net revenues in the area of $13.0 million. The company expects a substantial rebound in revenues during the first quarter ending June 30, 2017.