Aviat Networks Reports Financial Results
Thursday, May 16, 2019 | Comments

Aviat Networks reported financial results for its fiscal 2019 third quarter and nine months ended March 29.

The company’s fiscal 2019 third-quarter results were impacted by a component shortage in North America, which has since been corrected, and a slowdown in spending in Africa. The outlook for the fiscal fourth quarter and fiscal year remains strong. North America continues to be an area of growth. Internationally, Aviat adjusted its near-term outlook for Africa and is transitioning its business model accordingly. Asia continues to grow as evidenced by the third quarter and year-to-date results.

The company reported total revenue of $54 million for its fiscal 2019 third quarter as compared to $62.1 million in the comparable fiscal 2018 period. The year-over-year change was due to a $3.2 million decline in North America revenue, with the majority related to a component shortage which has since been corrected, and a $4.9 million decline in international revenue, primarily due to lower spending in Africa, and offset by an increase in revenue primarily in the Asia region.

For the nine-month period in fiscal 2019, the company reported total revenue of $179.6 million, roughly in line with the comparable fiscal 2018 period.

GAAP gross margin for the fiscal 2019 third quarter was 30.1% compared with 29.2% in the comparable fiscal 2018 period, an improvement of 90 basis points. GAAP gross margin for the fiscal 2019 nine-month period was 31.5% as compared to 31.8% in the comparable year-ago period, a decline of 30 basis points.

GAAP total operating expenses for the fiscal 2019 third quarter were $18.8 million compared with $19.5 million in the comparable fiscal 2018 period, an improvement of $700,000 or 3.8%. The year-over-year improvement was primarily related to a reduction in related variable compensation expense, offset by higher research-and-development (R&D) expenses.

GAAP operating loss was $2.5 million for the fiscal 2019 third quarter, as compared to a GAAP operating loss of $1.4 million for the comparable fiscal 2018 period. For the third quarter ended March 29, the company recorded a benefit from income taxes of $6.8 million, as compared to a provision for income taxes of $1 million in the comparable fiscal 2018 period.

For the fiscal 2019 third quarter, the company reported GAAP net income of $4.3 million compared with a GAAP net loss of $2.6 million in the fiscal 2018 third quarter. For the nine-month period in fiscal 2019, the company reported GAAP net income of $5.9 million compared with GAAP net income of $1.8 million.

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