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Aviat Networks Announces Fiscal 2017 Fourth Quarter and Year-end Financial Results
[September 06, 2017]

Aviat Networks Announces Fiscal 2017 Fourth Quarter and Year-end Financial Results


MILPITAS, Calif., Sept. 6, 2017 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), ("Aviat Networks" or "the Company"), the leading expert in microwave networking solutions, today reported financial results for its fiscal 2017 fourth quarter and year ended June 30, 2017.

Commenting on the Company's fiscal 2017 results, Michael Pangia, President and Chief Executive Officer of Aviat Networks stated, "Fiscal 2017 was a transformative year for Aviat Networks. We successfully realigned our organizational structure, drove process reforms, and enhanced our solutions portfolio. All of these initiatives helped drive significant year-over-year improvements in gross margins, operating expenses and bottom-line performance. We also strengthened our market-leading positions, particularly in North America and with private network customers. Process reforms also enabled us to strengthen our balance sheet and drive year-over-year improvements across virtually all key working capital metrics. As we move into fiscal 2018, we are confident that we will continue to build our momentum and generate further profitability improvements, with the potential for top-line growth."

Fiscal 2017 vs. Fiscal 2016 Fourth Quarter Results Comparisons

The Company reported total revenues of $56.4 million for its fiscal 2017 fourth quarter as compared to $58.3 million in the comparable fiscal 2016 period, a decline of $1.8 million or 3.1%. The year-over-year decline is primarily related to lower international revenue offset in part by an increase in North America and Latin America revenue. Additionally, the book to bill ratio was above 1 during the fourth quarter ended June 30, 2017, driven by strength in North America.

GAAP gross margins for the fiscal 2017 fourth quarter were 34.1% as compared to 16.9% in the fiscal 2016 fourth quarter, an improvement of approximately 1,720 basis points. Non-GAAP gross margins for the fiscal 2017 fourth quarter were 34.1% as compared to 25.7% in the fiscal 2016 fourth quarter, an increase of 840 basis points. Both GAAP and Non-GAAP gross margin percentage improvements were primarily driven by better efficiencies within the Company's services business combined with process enhancements within supply chain operations. The improvement was also driven by a higher concentration of North America business as a percentage of revenue.

GAAP total operating expenses for the fiscal 2017 fourth quarter were $19.9 million as compared to $23.1 million reported in the fiscal 2016 fourth quarter, a reduction of $3.2 million or 13.9%. Non-GAAP total operating expenses for the fiscal 2017 fourth quarter, excluding the impact of restructuring charges and share-based compensation, were $19.1 million as compared to $21.1 million reported in the fiscal 2016 fourth quarter, a reduction of $2.0 million or 9.4%. The improvements in both GAAP and Non-GAAP operating expenses were driven by operational efficiencies and continued reductions in overhead expenses. Additionally, as it relates to prior guidance, the Company incurred higher engineering costs in support of new product introductions, among other factors.

GAAP operating loss was $0.6 million for the fiscal 2017 fourth quarter as compared to a GAAP operating loss of $13.3 million for the comparable fiscal 2016 period, an improvement of $12.6 million. Non-GAAP operating income was $0.2 million for the fiscal 2017 fourth quarter as compared to a Non-GAAP operating loss of $6.1 million for the comparable fiscal 2016 period, an improvement of $6.3 million. The Company reported a GAAP net loss from continuing operations attributable to Aviat Networks of $1.5 million or a loss of $0.28 per diluted share and a Non-GAAP loss from continuing operations attributable to Aviat Networks of $0.1 million or a loss of $0.03 per diluted share. This compares to a GAAP loss from continuing operations attributable to Aviat Networks of $15.2 million or a loss of $2.90 per diluted share for the comparable year-ago period and a Non-GAAP loss from continuing operations attributable to Aviat Networks of $6.4 million or a loss of $1.22 per diluted share for the comparable fiscal 2016 period.

Adjusted EBITDA for the fiscal 2017 fourth quarter was $1.4 million, compared with an Adjusted EBITDA loss of $4.6 million in the comparable fiscal 2016 period, an improvement of $5.9 million.

Cash and cash equivalents were $35.7 million as of June 30, 2017 as compared to $30.5 million as of July 1, 2016, an improvement of $5.2 million. Cash and cash equivalents, net of a $1.0 million increase in borrowing, declined by approximately $4.3 million when compared against the fiscal 2017 third quarter ended March 31, 2017, which is primarily due to timing associated with payments from two customers.

Fiscal 2017 vs. Fiscal 2016 Full-Year Results Comparisons

  • Total revenues of $241.9 million represent a decline of $26.8 million or 10.0% from fiscal 2016. Within this, international revenues declined as anticipated, while North America revenues increased by $6.6 million or 5.3%. Additionally, the book to bill ratio was above 1 during the fourth quarter ended June 30, 2017, driven by continued strength in North America.
  • GAAP gross margins were 31.2% as compared to 23.0%, an improvement of approximately 820 basis points. Non-GAAP gross margins were 31.4% as compared to 24.9%, an increase of 650 basis points.
  • GAAP total operating expenses were $76.5 million as compared to $89.2 million, a reduction of $12.7 million or 14.3%. Non-GAAP total operating expenses, excluding the impact of share-based compensation, were $74.0 million as compared to $85.0 million in fiscal 2016, a reduction of $11.1 million or 13.0%.
  • GAAP operating loss was $1.0 million as compared to a GAAP operating loss of $27.4 million, an improvement of $26.5 million. Non-GAAP operating income was $1.9 million as compared to a Non-GAAP operating loss of $18.1 million, an improvement of $20.0 million.
  • GAAP net loss from continuing operations attributable to Aviat Networks of $0.8 million or a loss of $0.16 per diluted share. This compares to a 2016 GAAP net loss from continuing operations attributable to Aviat Networks of $30.4 million or a loss of $5.81 per diluted share. GAAP net loss improved by $29.6 million year-over-year.
  • Non-GAAP income from continuing operations attributable to Aviat Networks of $0.7 million or income of $0.14 per diluted share. This compares to a fiscal 2016 Non-GAAP loss from continuing operations attributable to Aviat Networks of $19.4 million or a loss of $3.71 per diluted share. Non-GAAP income improved by $20.2 million year-over-year.
  • Adjusted EBITDA was $7.6 million compared with an Adjusted EBITDA loss of $11.7 million in fiscal year 2016, an improvement of $19.3 million year-over-year.

Mr. Pangia continued, "Approximately a year ago, we embarked on a strategic process to explore avenues that would help us improve our market position and, ultimately, valuation. We have looked at multiple options and over the past quarter, we have narrowed this down further and are now in the later stages of the process. Our goal is to ensure that we structure the best outcome for our Company and our shareholders, both near- and long-term."

Fiscal 2018 First Quarter Outlook

The Company anticipates revenue to be in the range of $57.0 million to $60.0 million for the first quarter of fiscal 2018. Non-GAAP gross margins are anticipated to be between 30.0% and 31.0% for the first quarter of fiscal 2018, and Non-GAAP operating expenses are expected to be in the range of $18.2 million to $18.5 million for the first quarter of fiscal 2018, with the range dependent upon the top-line. This would result in positive Adjusted EBITDA in the range of $0.5 million to $1.0 million for the first quarter of fiscal 2018.

Fiscal 2018 Full Year Outlook

The Company anticipates revenue to be in the range of $245.0 million to $260.0 million, which would equate to a 1.0 % to 8.0% increase year-over-year. For fiscal year 2018, Non-GAAP gross margin is expected to be approximately in the range of 31.5% to 32.5% and Non-GAAP operating expenses are expected to be in the range of $72.0 million to $75.0 million. The Company further anticipates that if revenues come in on the low-end of the range, gross margins and spending will be at the more favorable end of the ranges provided, thus resulting in non-GAAP operating income of approximately $5.0 million to $7.0 million for fiscal year 2018. Similarly, this would result in positive Adjusted EBITDA of approximately $11.0 million to $13.0 million for fiscal year 2018, representing a 45.0% to 71.0% increase year-over-year.

A reconciliation of GAAP to Non-GAAP financial measures for the fourth quarter of fiscal 2017, along with the accompanying notes, is provided in Table 3 below.

Conference Call Details

Aviat Networks will host a conference call at 4:30 p.m. Eastern Time (ET) on September 6, 2017 to discuss its financial results. To listen to the live conference call, please dial toll free (US/CAN) (866) 562-9910, (INTL) (661) 378-9805, conference ID: 74448508. Investors are invited to listen via webcast, which will be broadcasted live and via replay approximately two hours after the call at http://investors.aviatnetworks.com/events.cfm.

Non-GAAP Measures and Comparative Financial Information

Aviat Networks, Inc. reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Management of Aviat Networks monitors gross margin, research and development expenses, selling and administrative expenses, operating loss, income tax provision, loss from continuing operations attributable to Aviat Networks, diluted net loss per share from continuing operations attributable to Aviat Networks, adjusted income (loss) before interest, tax, depreciation and amortization ("Adjusted EBITDA") attributable to Aviat Networks, adjusted to exclude certain costs, charges, gains and losses, on a non-GAAP basis for planning and forecasting results in future periods, and may use these measures for some management compensation purposes. These measures exclude certain costs, expenses, gains and losses as shown on the attached Reconciliation of Non-GAAP Financial Measures table (Table 3). As a result, management is presenting these non-GAAP measures in addition to results reported in accordance with GAAP to better communicate underlying operational and financial performance in each period. Management believes these non-GAAP measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any given period. Management also believes that these non-GAAP measures enhance the ability of an investor to analyze trends in Aviat Networks' business and to better understand its performance. Aviat Networks' management does not, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Aviat Networks presents these non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate its financial performance. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are included in the tables below.

About Aviat Networks

Aviat Networks, Inc. works to provide dependable products, services and support to our customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat Networks with their critical applications. Coupled with a long history of microwave innovations, Aviat Networks provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 50 years, the experts at Aviat Networks have delivered high performance products, simplified operations and the best overall customer experience. Aviat Networks is headquartered in Milpitas, California. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Twitter, Facebook and LinkedIn.

Forward-Looking Statements

The information contained in this document includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 including Aviat Networks' beliefs and expectations regarding business conditions, new product solutions, customer positioning, revenue, future orders, bookings, new contracts, cost structure, operating income, profitability in fiscal 2018, process improvements, realignment plans and review of strategic alternatives. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat Networks and trends in revenue, and other statements identified by the use of forward-looking terminology, including "anticipate," "believe," "plan," "estimate," "expect," "goal," "will," "see," "continue," "delivering," "view," and "intend," or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs expectations and assumptions of the senior management of Aviat Networks regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:

  • continued price and margin erosion as a result of increased competition in the microwave transmission industry;
  • the impact of the volume, timing and customer, product and geographic mix of our product orders;
  • our ability to meet financial covenant requirements which could impact, among other things, our liquidity;
  • the timing of our receipt of payment for products or services from our customers;
  • our ability to meet projected new product development dates or anticipated cost reductions of new products;
  • our suppliers' inability to perform and deliver on time as a result of their financial condition, component shortages or other supply chain constraints;
  • customer acceptance of new products;
  • the ability of our subcontractors to timely perform;
  • continued weakness in the global economy affecting customer spending;
  • retention of our key personnel;
  • our ability to manage and maintain key customer relationships;
  • uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation;
  • our failure to protect our intellectual property rights or defend against intellectual property infringement claims by others;
  • the results of restructuring efforts;
  • the ability to preserve and use our net operating loss carryforwards;
  • the effects of currency and interest rate risks;
  • the conduct of unethical business practices in developing countries; and
  • the impact of political turmoil in countries where we have significant business.

For more information regarding the risks and uncertainties for our business, see "Risk Factors" in our Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on September 6, 2017 as well as other reports filed by Aviat Networks, Inc. with the SEC from time to time. Aviat Networks undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Investor Relations:

Glenn Wiener, GW Communications for Aviat Networks, Inc.,
Tel: 212-786-6011 / Investorinfo@aviatnet.com or GWiener@GWCco.com

Financial Tables to Follow:

 



Table 1

AVIAT NETWORKS, INC.

Fiscal Year 2017 Fourth Quarter Summary

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)






 (In thousands, except per share amounts)


Quarter Ended


Fiscal Year Ended

June 30, 2017


July 1, 2016


June 30, 2017


July 1, 2016

Revenues:









Revenue from product sales


$

33,736



$

33,225



$

153,517



$

167,827


Revenue from services


22,695



25,027



88,357



100,863


Total revenues


56,431



58,252



241,874



268,690


Cost of revenues:









Cost of product sales


22,409



29,765



105,183



128,727


Cost of services


14,763



18,618



61,219



78,246


Total cost of revenues


37,172



48,383



166,402



206,973


Gross margin


19,259



9,869



75,472



61,717


Operating expenses:









Research and development expenses


5,002



5,057



18,684



20,806


Selling and administrative expenses


14,657



16,472



57,184



65,902


Restructuring charges


246



1,596



589



2,455


Total operating expenses


19,905



23,125



76,457



89,163


Operating loss


(646)



(13,256)



(985)



(27,446)


Interest income


93



64



261



252


Interest expense


(22)



(13)



(50)



(104)


Other income (expense)


5



(1,245)



169



(1,245)


Loss from continuing operations before income taxes


(570)



(14,450)



(605)



(28,543)


Provision for income taxes


842



779



16



1,635


Loss from continuing operations


(1,412)



(15,229)



(621)



(30,178)


Income from discontinued operations, net of tax




88





541


Net loss


(1,412)



(15,141)



(621)



(29,637)


Less: Net income attributable to noncontrolling interests, net of tax


61



10



202



270


Net loss attributable to Aviat Networks


$

(1,473)



$

(15,151)



$

(823)



$

(29,907)











Amount attributable to Aviat Networks









Net loss from continuing operations, net of tax


$

(1,473)



$

(15,239)



$

(823)



$

(30,448)


Net income from discontinued operations, net of tax


$



$

88



$



$

541











Basic and diluted loss per share attributable to Aviat Networks' common stockholders:





Continuing operations


$

(0.28)



$

(2.90)



$

(0.16)



$

(5.81)


Discontinued operations


$



$

0.02



$



$

0.10


Net loss


$

(0.28)



$

(2.88)



$

(0.16)



$

(5.71)


Weighted average shares outstanding, basic and diluted


5,314



5,259



5,292



5,238



 

 

Table 2

AVIAT NETWORKS, INC.

Fiscal Year 2017 Fourth Quarter Summary

CONSOLIDATED BALANCE SHEETS

(Unaudited)





(In thousands)

June 30, 2017


July 1, 2016

ASSETS




Current Assets:




Cash and cash equivalents

$

35,658



$

30,479


Restricted cash

541



558


Short-term investments

264



222


Accounts receivable, net

45,945



63,449


Unbilled receivables

12,110



5,117


Inventories

21,794



27,293


Customer service inventories

1,871



3,064


Other current assets

6,402



10,232


Total current assets

124,585



140,414


Property, plant and equipment, net

16,406



18,162


Deferred income taxes

6,178



6,068


Other assets

5,407



1,467


Total long-term assets

27,991



25,697


TOTAL ASSETS

$

152,576



$

166,111


LIABILITIES AND EQUITY




Current Liabilities:




Short-term debt

$

9,000



$

9,000


Accounts payable

33,606



33,217


Accrued expenses

21,933



23,205


Advance payments and unearned income

20,004



30,615


Restructuring liabilities

1,475



3,910


Total current liabilities

86,018



99,947


Unearned income

7,062



8,387


Other long-term liabilities

1,022



1,409


Reserve for uncertain tax positions

2,453



1,414


Deferred income taxes

1,681



1,497


Total liabilities

98,236



112,654


Commitments and contingencies




Equity:




Preferred stock




Common stock

53



53


Additional paid-in-capital

813,733



811,601


Accumulated deficit

(748,204)



(747,381)


Accumulated other comprehensive loss

(11,785)



(11,157)


Total Aviat Networks stockholders' equity

53,797



53,116


Noncontrolling interests

543



341


Total equity

54,340



53,457


TOTAL LIABILITIES AND EQUITY

$

152,576



$

166,111


 

AVIAT NETWORKS, INC.

Quarter Ended June 30, 2017 Summaries

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating loss, income tax provision, loss from continuing operations attributable to Aviat Networks, diluted loss per share from continuing operations attributable to Aviat Networks' stockholders, and adjusted losses before interest, tax, depreciation and amortization ("Adjusted EBITDA") attributable to Aviat Networks, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.

 

Table 3

AVIAT NETWORKS, INC.

Fiscal Year 2017 Fourth Quarter Summary

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

Condensed Consolidated Statements of Operations

(Unaudited)








Quarter Ended


Fiscal Year Ended



June 30, 2017


% of
Revenue


July 1, 2016


% of
Revenue


June 30, 2017


% of
Revenue


July 1, 2016


% of
Revenue



(In thousands, except percentages and per share amounts)

GAAP gross margin


$

19,259



34.1

%


$

9,869



16.9

%


$

75,472



31.2

%


$

61,717



23.0

%

WTM inventory (recovery) write-down


(45)





5,057





(176)





5,057




Performance bond expense










365








Share-based compensation


57





28





208





154




Non-GAAP gross margin


19,271



34.1

%


14,954



25.7

%


75,869



31.4

%


66,928



24.9

%


















GAAP research and development expenses


$

5,002



8.9

%


$

5,057



8.7

%


$

18,684



7.7

%


$

20,806



7.7

%

Share-based compensation


(39)





(19)





(138)





(110)




Non-GAAP research and development expenses


4,963



8.8

%


5,038



8.6

%


18,546



7.7

%


20,696



7.7

%


















GAAP selling and administrative expenses


$

14,657



26.0

%


$

16,472



28.3

%


$

57,184



23.6

%


$

65,902



24.5

%

Share-based compensation


(504)





(407)





(1,765)





(1,572)




Non-GAAP selling and administrative expenses


14,153



25.1

%


16,065



27.6

%


55,419



22.9

%


64,330



23.9

%


















GAAP operating loss


$

(646)



(1.1)%



$

(13,256)



(22.8)%



$

(985)



(0.4)%



$

(27,446)



(10.2)%


WTM inventory (recovery) write-down


(45)





5,057





(176)





5,057




Performance bond expense










365








Share-based compensation


600





454





2,111





1,836




Restructuring charges


246





1,596





589





2,455




Non-GAAP operating income (loss)


155



0.3

%


(6,149)



(10.6)%



1,904



0.8

%


(18,098)



(6.7)%



















GAAP income tax provision


$

842



1.5

%


$

779



1.3

%


$

16



%


$

1,635



0.6

%

Tax refund from Inland Revenue Authority of Singapore










3,741








Adjustment to reflect pro forma tax rate


(542)





(479)





(2,557)





(435)




Non-GAAP income tax provision


300



0.5

%


300



0.5

%


1,200



0.5

%


1,200



0.4

%


















GAAP loss from continuing operations attributable to Aviat Networks


$

(1,473)



(2.6)%



$

(15,239)



(26.2)%



$

(823)



(0.3)%



$

(30,448)



(11.3)%


Share-based compensation


600





454





2,111





1,836




Restructuring charges


246





1,596





589





2,455




Nigeria FX (gain) loss on dividend receivable


(5)





1,245





213





1,245




WTM inventory (recovery) write-down


(45)





5,057





(176)





5,057




Performance bond expense










365








Gain on liquidation of subsidiary










(349)








Tax refund from Inland Revenue Authority of Singapore










(3,741)








Adjustment to reflect pro forma tax rate


542





479





2,557





435




Non-GAAP (loss) income from continuing operations attributable to Aviat Networks


$

(135)



(0.2)%



$

(6,408)



(11.0)%



$

746



0.3

%


$

(19,420)



(7.2)%



















Diluted income (loss) per share from continuing operations attributable to Aviat Networks' stockholders:

GAAP


$

(0.28)





$

(2.90)





$

(0.16)





$

(5.81)




Non-GAAP


$

(0.03)





$

(1.22)





$

0.14





$

(3.71)





















Weighted average shares outstanding, diluted:

GAAP


5,314





5,259





5,292





5,238




Non-GAAP


5,314





5,259





5,450





5,238





















ADJUSTED EBITDA:


































GAAP loss from continuing operations attributable to Aviat Networks


$

(1,473)



(2.6)%



$

(15,239)



(26.2)%



$

(823)



(0.3)%



$

(30,448)



(11.3)%


Depreciation and amortization of property, plant and equipment


1,300





1,604





5,840





6,648




Interest


(71)





(51)





(211)





(148)




Share-based compensation


600





454





2,111





1,836




Restructuring charges


246





1,596





589





2,455




Nigeria FX (gain) loss on dividend receivable


(5)





1,245





213





1,245




WTM inventory (recovery) write-down


(45)





5,057





(176)





5,057




Performance bond expense










365








Gain on liquidation of subsidiary










(349)








Provision for income taxes


842





779





16





1,635




Adjusted EBITDA attributable to Aviat Networks


$

1,394



2.5

%


$

(4,555)



(7.8)%



$

7,575



3.1

%


$

(11,720)



(4.4)%


 

 

_____________________________________________________

(1)       The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP (loss) income from continuing operations attributable to Aviat Networks excluded share-based compensation and other non-recurring charges (recovery). Adjusted EBITDA attributable to Aviat Networks was determined by excluding depreciation and amortization on property, plant and equipment, interest, provision for income taxes, and non-GAAP pre-tax adjustments, as set forth above, from the GAAP loss from continuing operations attributable to Aviat Networks. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures.

Table 4

AVIAT NETWORKS, INC.

Fiscal Year 2017 Fourth Quarter Summary

SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA

(Unaudited)








Quarter Ended


Fiscal Year Ended

(In thousands)


June 30, 2017


July 1, 2016


June 30, 2017


July 1, 2016

North America


$

34,953



$

31,267



$

132,078



$

125,482


International:









Africa and Middle East


11,696



13,573



60,150



82,742


Europe and Russia


2,799



4,097



14,128



20,539


Latin America and Asia Pacific


6,983



9,315



35,518



39,927




21,478



26,985



109,796



143,208


Total Revenue


$

56,431



$

58,252



$

241,874



$

268,690


View original content:http://www.prnewswire.com/news-releases/aviat-networks-announces-fiscal-2017-fourth-quarter-and-year-end-financial-results-300515089.html

SOURCE Aviat Networks


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