Aviat Networks Reports Fiscal First-Quarter Financial Results
Tuesday, November 14, 2017 | Comments

Aviat Networks reported financial results for its fiscal 2018 first quarter ended Sept. 29.

The company reported total revenues of $56.2 million for its fiscal 2018 first quarter compared with $58.2 million in the comparable fiscal 2017 period, a decline of $2 million or 3.5 percent. The year-over-year decline in revenue is primarily related to a decline in international revenue offset in part by an increase in North American revenue. On a sequential basis, total revenues were flat as compared to the prior fiscal 2017 fourth quarter.

"While revenue was slightly below our prior expectations, we exceeded our gross margin targets and our operating expenses were lower than anticipated,” said Michael Pangia, president and CEO of Aviat Networks. “Additionally, we ended the quarter with $39.1 million in cash and cash equivalents, a $7.4 million increase year-over-year. Our focus remains on profitability and cash generation, and we remain on track to deliver significant year-over-year bottom line improvements, while further strengthening our balance sheet."

GAAP gross margins for the fiscal 2018 first quarter were 30.8 percent compared with 29.8 percent in the fiscal 2017 first quarter, an improvement of about 100 basis points. GAAP total operating expenses for the fiscal 2018 first quarter were $18.5 million compared with $20.3 million reported in the fiscal 2017 first quarter, a reduction of $1.8 million or 8.7 percent.

GAAP operating loss was $1.2 million for the fiscal 2018 first quarter compared with a GAAP operating loss of $2.9 million for the comparable fiscal 2017 period, an improvement of $1.7 million. The company reported a GAAP net loss from continuing operations of $700,000. This compares with a GAAP loss from continuing operations of $600,000 for the comparable year-ago period.

Cash and cash equivalents were $39.1 million as of Sept. 29, compared with $35.7 million as of June 30, an improvement of $3.4 million.

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