Business
Aviat Networks Announces Fiscal 2020 Third Quarter and Nine Months Financial Results
Company Reaffirms Prior Guidance and Remains on Track to Deliver $11 - $12 Million of Adjusted EBITDA in FY20 AUSTIN, Texas, May 12, 2020 /PRNewswire/ --
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Company Reaffirms Prior Guidance and Remains on Track to Deliver $11 - $12 Million of Adjusted EBITDA in FY20\n\n\nAUSTIN, Texas, May 12, 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 third quarter and nine months ended April 3, 2020.\n\n \n \n \n \n \n \n\n \nPete Smith, Aviat Networks' President and Chief Executive Officer stated, \"The COVID-19 pandemic has been unlike anything we have experienced before on a global basis. All of us at Aviat want to extend our appreciation to the first responders, healthcare professionals and all who have been on the frontline protecting our safety. I also want to extend my personal appreciation to the Aviat team, our suppliers and customers. As part of the Critical Workforce Infrastructure, it has been essential that we maintain our operations and deliver for customers; and we have.\"\nSmith continued, \"Third quarter revenue was up 13.6%, gross margins grew by 570 basis points and Adjusted EBITDA improved by $4 million compared to the fiscal 2019 third quarter. We continue to drive meaningful growth in North America, which was up 30% and while our International revenue declined in the third quarter, the Latin America and APAC regions were up, and the declines in other reported regions lessened. Our balance sheet remains strong and our cash position improved over $1 million sequentially and by $7.3 million since the fiscal year began. Overall, when you look at our progress throughout the full fiscal year, with everything we have faced including contractor/manufacturer issues, management changes and the COVID-19 pandemic, we are pleased with our results and market position. We remain on track to meet our guidance and deliver between $11 and $12 million of Adjusted EBITDA this fiscal year, with our eyes set on both top- and bottom-line growth next fiscal year. There are a lot of changes underway now and more to come that should open up new revenue streams and drive profitability which in turn, should lead to increased shareholder value.\"\nFiscal 2020 Third Quarter and Nine-Month Comparisons\nThe Company reported total revenues of $61.4 million for its fiscal 2020 third quarter, compared to $54.0 million in the comparable fisc...