Aviat Networks, Inc. (NASDAQ:AVNW)

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Thursday, August 16, 2012

Comments & Business Outlook

Fourth Quarter 2012 Results

Revenue for the quarter was above guidance range at $116.0M
GAAP Gross Margin of 28.3%; Non-GAAP Gross Margin was below guidance range at 28.6% due to unfavorable product mix and negative FX impacts
GAAP Net Loss including discontinued operations of $(1.3)M or $(0.02) per share; Non-GAAP Net Income from continuing operations of $1.2M or $0.02 per share
Generated positive cash flow from operations of $9.2M

"We are now at the inflection point of our business strategy. We have an improved financial model and with restructuring largely behind us, we are seeing the potential to more consistently generate cash and non-GAAP profitability," said Michael Pangia, president and CEO, Aviat Networks. "As we move into our new fiscal year, we will enhance our value proposition with the continued rollout of additional new products and remain focused on increasing shareholder value."

Outlook

Based on current trends, the first quarter of fiscal 2013 revenue outlook range is $111M-$116M. Gross margins in the quarter are expected to be in the range of 29.0%-30.0% and non-GAAP operating expenses are expected to be in the $31.0-$32.0M range. Cash balances are estimated to increase modestly in the quarter.

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