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Aviat Networks Posts Fiscal First Quarter 2013 Financial ResultsNov 08, 2012 (Close-Up Media via COMTEX) -- Aviat Networks, Inc., a provider of microwave networking solutions, reported financial results for the first quarter of fiscal year 2013, which ended September 28. In a release on November 5, the Company noted financial highlights for Q1FY13: -Book to Bill at 1 -Revenue for the quarter was near the top of guidance range at $115.0M -GAAP Gross Margin of 29.3 percent; Non-GAAP Gross Margin was above the mid-point of guidance range at 29.6 percent -GAAP Net Loss including discontinued operations was $(2.2)M or $(0.04) per share; Non-GAAP Net Income from continuing operations of $2.8M or $0.05 per share GAAP Financial Results For the first quarter of fiscal year 2013, revenue was $115.0 million, compared with $111.4 million in the year-ago quarter. Revenue and results of operations from our WiMAX business are classified as discontinued operations for all periods presented. The Company reported a net loss, including discontinued operations, of $(2.2) million or $(0.04) per share, compared with a net loss of $(6.8) million or $(0.12) per share in the year-ago quarter. Loss from continuing operations for the quarter was $(0.8) million or $(0.01) per share, compared with the loss from continuing operations of $(3.7) million or $(0.06) per share in the year-ago quarter. Cash and cash equivalents were $85.1 million as of September 28, compared with $96.0 million as of the end of the prior quarter. The decrease in cash was due to a delay in the timing of a number of large collections that were recovered during the month of October 2012. Non-GAAP Financial Results Non-GAAP income from continuing operations for the quarter was $2.8 million or $0.05 per share, compared with a non-GAAP income from continuing operations of $0.1 million, or $0.00 per share, in the year-ago quarter. Adjusted EBITDA was $4.7 million compared with $1.3 million in the year ago period. The first quarter of fiscal year 2013 non-GAAP results excluded $2.7 million of pre-tax charges composed primarily of the following: -$1.5 million for share-based compensation expense -$0.3 million for amortization of purchased intangibles -$0.6 million for transactional tax assessments -$0.3 million of restructuring charges The first quarter of fiscal year 2013 non-GAAP results also excluded an income tax provision of $0.9 million. Loss from discontinued operations, net of taxes was $(1.4) million for the quarter. First Quarter Revenue by Region Revenue in the North America region was $38.7 million in the first quarter of fiscal 2013, compared with $37.1 million in the year-ago quarter and $40.7 million in the prior quarter. International revenue was $76.3 million, compared with $74.3 million in the year ago quarter and $75.3 million in the prior quarter. "We are very pleased with our first quarter results and now are beginning to get traction with our new products and the resulting total cost of ownership benefits to our customers," said Michael Pangia, president and CEO, Aviat Networks. "I am increasingly confident that we are on the right track to profitably expand our business and create shareholder value." Outlook Based on current trends, the second quarter of fiscal 2013 revenue outlook range is $115M-$120M. Non-GAAP gross margins in the quarter are expected to be in the range of 29.5 percent-30.5 percent and non-GAAP operating expenses are expected to be in the $31.0-$32.0M range Our expectation is that we will restore our cash and equivalents balances in the coming quarters to levels observed at the end of the previous fiscal year. More information: www.aviatnetworks.com ((Comments on this story may be sent to [email protected])) |