Aviat Networks Reports Fiscal Third-Quarter, Nine-Month Results
Thursday, May 14, 2020 | Comments

Aviat Networks reported financial results for its fiscal 2020 third quarter and nine months ended April 3.

The company reported total revenues of $61.4 million for its fiscal 2020 third quarter compared with $54 million in the comparable fiscal 2019 period, an increase of $7.3 million or 13.6%. North America revenue of $37.3 million increased by $8.7 million or 30.3% compared with $28.6 million in the comparable fiscal 2019 period. International revenue of $24.1 million declined by $1.3 million or 5.2% compared to $25.5 million in the comparable fiscal 2019 period.

The decline in international revenue was anticipated given the current spending environment in Africa, as well as high order volumes in the Asia Pacific region in the prior fiscal year period. However, the company reported a $1.9 million or 17.6% increase in revenue in the Latin America and Asia Pacific regions in the comparable fiscal third quarter period.

"We continue to drive meaningful growth in North America, which was up 30% and while our international revenue declined in the third quarter, the Latin America and APAC (Asia Pacific) regions were up, and the declines in other reported regions lessened,” said Pete Smith, Aviat Networks president and CEO. “Our balance sheet remains strong and our cash position improved over $1 million sequentially and by $7.3 million since the fiscal year began. Overall, when you look at our progress throughout the full fiscal year, with everything we have faced including contractor/manufacturer issues, management changes and the COVID-19 pandemic, we are pleased with our results and market position. There are a lot of changes underway now and more to come that should open up new revenue streams and drive profitability which in turn, should lead to increased shareholder value."

For the nine months ended April 3, the company reported total revenues of $176 million, compared to $179.6 million in the comparable fiscal 2019 period, a decline of $3.6 million or 2%. North America revenue of $113.5 million increased by $19.8 million or 21.2% compared to $93.7 million in the comparable fiscal 2019 period. International revenue of $62.5 million for the fiscal 2020 nine months ended declined by $23.5 million or 27.3% compared to $86 million in the comparable fiscal 2019 period.

In the fiscal 2020 third quarter, Aviat reported GAAP gross margin of 35.8% compared to GAAP gross margin of 30.1% in the comparable fiscal 2019 period. For the nine months ended April 3, the company reported GAAP gross margin of 35.7% compared with GAAP gross margin of 31.5% in the comparable fiscal 2019 period.

GAAP total operating expenses for the fiscal 2020 third quarter were $20.7 million, compared with $18.8 million in the comparable fiscal 2019 period, an increase of $2 million or 10.5%. The company reported GAAP total operating expenses for the fiscal 2020 nine-month period of $61.6 million, compared to $57.8 million in the comparable fiscal 2019 period, an increase of $3.8 million or 6.5%.

The company reported GAAP operating income of $1.2 million for the fiscal 2020 third quarter, compared to a GAAP operating loss of $2.5 million in the comparable fiscal 2019 period, a $3.7 million year-over-year improvement. For the fiscal 2020 nine-month period, the company reported $1.3 million in GAAP operating income compared with a GAAP operating loss of $1.1 million in the comparable fiscal 2019 period, a $2.4 million year-over-year improvement.

Aviat reported GAAP net income of $700,000 in the fiscal 2020 third quarter, which compared to a GAAP net income of $4.3 million in the fiscal 2019 third quarter. The company reported GAAP net loss of $900,000 for the fiscal 2020 nine-month period compared to GAAP net income of $5.9 million in the comparable fiscal 2019 period.

The company reported cash and cash equivalents as of April 3 of $39.2 million compared to $31.9 million as of June 28, 2019, an increase of $7.3 million. Sequentially, cash and cash equivalents increased by about $1.1 million, compared with the fiscal 2020 second quarter ended Dec. 27, 2019.

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