Aviat Networks Releases First-Quarter 2022 Financial Results
Thursday, November 04, 2021 | Comments

Aviat Networks reported financial results for its fiscal 2022 first quarter ended October 1.

The company reported total revenues of $73.2 million for its fiscal 2022 first quarter, compared to $66.3 million in the comparable fiscal 2021 period, an increase of $6.9 million or 10.4%. North America revenue of $50.9 million increased by $5.4 million or 12.0%, compared to $45.5 million in the comparable fiscal 2021 period. International revenue was $22.2 million and returned to growth from $20.8 million in the comparable fiscal 2021 period.

In the fiscal 2022 first quarter, the company reported generally accepted accounting principles (GAAP) gross margin of 35.7% and non-GAAP gross margin of 35.7%. This compares to GAAP gross margin of 36.6% and non-GAAP gross margin of 36.7% in the comparable fiscal 2021 period, both declining 100 basis points, respectively. The gross margin in the current quarter was negatively impacted by inflationary pressures incurred to overcome supply chain and logistical bottlenecks. These were partially offset by price increases and surcharges.

GAAP total operating expenses for the fiscal 2022 first quarter were $19.3 million, compared to $17.7 million in the comparable fiscal 2021 period, representing an increase of $1.6 million or 9.0% primarily due to investment in research and development and restructuring charges. Non-GAAP total operating expenses, excluding the impact of share-based compensation, for the fiscal 2022 first quarter were $17.8 million, compared to $17.2 million in the comparable fiscal 2021 period.

The company reported GAAP operating income of $6.8 million for the fiscal 2022 first quarter, compared to $6.6 million in the comparable fiscal 2021 period. On a non-GAAP basis, the company reported operating income of $8.3 million for the fiscal 2022 first quarter, compared to $7.1 million in the comparable fiscal 2021 period.

Aviat reported GAAP income tax expense of $2.2 million in the fiscal 2022 first quarter, compared to $700,000 in the comparable fiscal 2021 period. The $1.5 million increase was primarily due to a higher estimated annual effective tax rate for the current fiscal year subsequent to release of the $92.2 million U.S. valuation allowance as reported in the fiscal 2021 third quarter.

The company reported GAAP net income of $4.7 million in the fiscal 2022 first quarter or GAAP net income per share of $0.39. This compared to GAAP net income of $5.9 million or GAAP net income per share of $0.54 in the comparable fiscal 2021 period. On a non-GAAP basis, the company reported net income of $8.1 million or a non-GAAP net income per share of $0.67 in the fiscal 2022 first quarter, compared to a non-GAAP net income of $6.9 million or non-GAAP net income per share of $0.62 in the comparable fiscal 2021 period.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) and other non-GAAP items for the fiscal 2022 first quarter was $9.6 million, compared to $8.4 million in the comparable fiscal 2021 period, totaling a year-over-year improvement of $1.2 million.

"This was another successful quarter for Aviat," said Peter Smith, president and CEO of Aviat. "We continued to execute on our key long-term focus areas of sales growth, margin expansion, and meaningful bottom-line improvements. We continue to demonstrate Aviat's differentiation."

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