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Aviat Networks Announces Fiscal 2020 Fourth Quarter and Twelve Months Financial Results
Exceeded Top End of Annual Adjusted EBITDA Guidance AUSTIN, Texas, Aug. 27, 2020 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), ("Aviat Networks,"
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Exceeded Top End of Annual Adjusted EBITDA Guidance\n\n\nAUSTIN, Texas, Aug. 27, 2020 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), (\"Aviat Networks,\" \"Aviat,\" or the \"Company\"), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2020 fourth quarter and twelve months ended July 3, 2020.\n\n \n \n \n \n \n \n\n \nPete Smith, Aviat Networks' President and Chief Executive Officer stated, \"Despite COVID-19, we achieved an annual Adjusted EBITDA of $13.5 million, which exceeded the top end of our Adjusted EBITDA guidance of $11-$12 million, and increased over 50% from $8.8 million for fiscal 2019. I want to extend my appreciation to our customers, suppliers and employees who helped us achieved such strong financial results during this challenging time.\"\nIn the fiscal 2020 fourth quarter, Aviat announced the addition of partners to expand our reach, new customer wins, the launch of an important new software offering, frequency assurance software (FAS) to improve network reliability, and we continued to execute on our previously announced restructuring. This progress sets the stage for the future. \nSmith continued, \"As we look forward to fiscal 2021, we are expecting both Adjusted EBITDA and revenue to grow compared to fiscal 2020. We also expect to see the benefits from our strategic focus including new products such as FAS, our focus on improved reach and adding new customers and our previously announced cost-savings initiatives. We are well-positioned for demand from 5G mobile, mission critical networks and rural broadband.\" \nFiscal 2020 Fourth Quarter and Twelve-Month ComparisonsThe Company reported total revenues of $62.7 million for its fiscal 2020 fourth quarter, compared to $64.2 million in the comparable fiscal 2019 period, a decrease of $(1.6) million or (2.5)%. North America revenue of $38.2 million decreased by $(1.0) million or (2.6)%, compared to $39.2 million in the comparable fiscal 2019 period. International revenue of $24.4 million declined by $(0.6) million or (2.3)%, compared to $25.0 million in the comparable fiscal 2019 period. The decline in international revenue was anticipated given the current lower spending environment in Africa, as well as high order volumes in the APAC region in the prior fiscal year period. \nFor the twelve months ended J...