Business
Aviat Networks Announces Fiscal 2019 Fourth Quarter and Year-end Financial Results
MILPITAS, Calif., Aug. 27, 2019 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), ("Aviat Networks" or the "Company"), the leading expert in wireless
About this update from Aviat Networks, Inc.
[{"type":"text","content":"MILPITAS, Calif., Aug. 27, 2019 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), (\"Aviat Networks\" or the \"Company\"), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2019 fourth quarter and the year ended June 28, 2019.\nMichael Pangia, President and Chief Executive Officer of Aviat Networks stated, \"While our fiscal 2019 fourth quarter results came in below prior expectations, much of it was due to the current spending environment in Africa and a few deals in North America that moved into our fiscal 2020 first quarter. Notwithstanding Africa, we had a strong quarter and full year, and executed on our plan. Our business in North America has continued to strengthen, as we have expanded both our client and partner base and are coming off one of the strongest booking quarters in North America in our Company's history. Further, on a consolidated basis and despite weakness in Africa, we had the best bookings year since fiscal 2016 and we are well positioned in fiscal 2020, expecting significant year-over-year improvements in both operating income and Adjusted EBITDA. Additionally, even with softness in Africa, revenue increased year-over-year in both the fiscal fourth quarter and full year, and we continue to generate profitability both on a GAAP and non-GAAP basis.\"\nMr. Pangia continued, \"Internationally on a full year basis, the APAC region was exceptionally strong, and we have other global opportunities on the horizon that could further strengthen our performance in the years ahead. Our position is improving in several of the markets we operate in and we believe this will continue based on new products brought to market and others that are in development. Our confidence moving into fiscal 2020 is strong based on our bookings' performance, new partnerships secured and opportunities to expand with our client base. As investors will see from our fiscal 2020 first half guidance, based on booked business and projects underway, we believe we will generate Adjusted EBITDA of approximately $8.0 million in the first half of fiscal 2020. Enhancing shareholder value remains a key priority and we believe we are on the right path to unlock value and improve our competitive position.\"\nFiscal 2019 Fourth Quarter Comparisons\nThe Company reported total revenues of $64.2 million for...