Aviat Announces Fiscal Second-Quarter Financial Results
Friday, February 09, 2018 | Comments

Aviat Networks reported financial results for its fiscal 2018 second quarter ended Dec. 29.

The company reported total revenues of $61.7 million for its fiscal 2018 second quarter as compared with $68.5 million in the comparable fiscal 2017 period, a decline of $6.8 million or 9.9 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 America revenue. On a sequential basis, total revenues increased $5.5 million or 9.9 percent compared with the prior fiscal 2018 first quarter.

"Our success was primarily driven by continued strength in our private networks business and in North America, which also led to a significant sequential improvement in bookings,” said Michael Pangia, president and CEO of Aviat Networks. “Our balance sheet continues to strengthen, as evidenced by strong performance in cash from operations and increases in our cash position. With our year-to-date results and our expectations in the second half of the year, we remain on track to meet both our top- and bottom-line guidance."

GAAP gross margins for the fiscal 2018 second quarter were 35.5 percent compared with 30.8 percent in the fiscal 2017 second quarter, an improvement of about 470 basis points.

GAAP total operating expenses for the fiscal 2018 second quarter were $19 million as compared with $18.6 million reported in the fiscal 2017 second quarter, an increase of $400,000 or 2.1 percent.

GAAP operating income was $2.9 million for the fiscal 2018 second quarter compared with $2.5 million for the comparable fiscal 2017 period. The company reported a GAAP net income from continuing operations of $5.1 million. This compares to a GAAP income from continuing operations of $1.7 million for the comparable fiscal 2017 period.

Cash, cash equivalents and restricted cash were $42.1 million as of Dec. 29 compared with $36.2 million as of June 30, an improvement of $5.9 million.

The company anticipates revenue to be in the range of $62 million to $65 million in the next quarter. Aviat reaffirmed its previously announced fiscal 2018 full-year outlook. The company still anticipates fiscal 2018 revenue to be in the range of $245 million to $255 million.

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