Aviat Networks Reports Results
Thursday, May 11, 2017 | Comments

Aviat Networks reported financial results for its fiscal 2017 third quarter ended March 31.

The company reported total revenues of $58.7 million for its fiscal 2017 third quarter compared with $60.5 million in the comparable fiscal 2016 period, a decline of $1.8 million or 2.9 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 American revenue.

GAAP gross margins for the fiscal 2017 third quarter were 30.2 percent compared with 23.8 percent in the fiscal 2016 third quarter, an improvement of about 640 basis points. GAAP total operating expenses for the fiscal 2017 third quarter were $17.7 million compared with $22 million reported in the fiscal 2016 third quarter, a reduction of $4.3 million or 19.8 percent.

GAAP operating income was $100,000 for the fiscal 2017 third quarter compared with a GAAP operating loss of $7.6 million for the comparable fiscal 2016 period, an improvement of $7.7 million. The company reported a GAAP net loss from continuing operations of $400,000. This compares to a GAAP loss from continuing operations of $8 million for the comparable year-ago period.

Cash and cash equivalents were $39.9 million as of March 31 compared with $30.5 million as of July 1, an improvement of $9.4 million. Additionally, cash and cash equivalents increased $4.9 million during the quarter compared with $35 million reported at the end of the fiscal 2017 second quarter.

“Generating consistent profitability and building our cash position remain top priorities, and during the quarter, we accomplished both,” said Michael Pangia, president and CEO of Aviat Networks. “While revenue and bookings were lower than initially expected, much of this was due to timing. In fiscal 2018, we anticipate the company will return to top-line growth while further improving profitability.”

For the fiscal 2017 fourth quarter, revenue is expected to be in the range of $57 million to $62 million. The company’s revised outlook is based primarily on the timing of certain projects that were pushed back to early fiscal 2018. Non-GAAP gross margins are still anticipated to be about 30 percent. For the full fiscal year ended June 30, the company expects revenue to be between $242 million and $247 million.

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