Business
Aviat Networks Announces Fiscal 2021 First Quarter Financial Results
Total Revenue of $66.3 million, up 13.1% Year-Over-Year Adjusted EBITDA of $8.4 million; Up 103% Year-Over-Year AUSTIN, Texas, Nov. 5, 2020 /PRNewswire/ --
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Total Revenue of $66.3 million, up 13.1% Year-Over-Year\n Adjusted EBITDA of $8.4 million; Up 103% Year-Over-Year\n\n\nAUSTIN, Texas, Nov. 5, 2020 /PRNewswire/ -- Aviat Networks, Inc. (\"Aviat Networks,\" \"Aviat,\" or the \"Company\"), (NASDAQ: AVNW), the leading expert in wireless transport solutions, reported today financial results for its fiscal 2021 first quarter ended October 2, 2020.\n\n \n \n \n \n \n \n\n \nFirst Quarter Highlights\nThe Company continues to execute across all key long-term focus areas driving improving sales, operational efficiencies, cost reductions and improved product mix and record profitability. Recognized benefits from cost savings and restructuring initiatives; GAAP operating expenses decreased by 15.9% and non-GAAP operating expenses decreased by 11.9% year-over-year.First Quarter Financial Highlights\nTotal Revenues: $66.3 million, +13.1% from same quarter last year North America: $45.5 million +14.4%; Driven by private network business International: $20.8 million, +10.3%; Returns to growth, primarily driven by Latin America/Asia PacificGAAP Results: Gross Margin 36.6%; Operating Expenses $17.7 million; Operating Income $6.6 million, Net Income $5.9 million; Net Income per diluted share $1.07 Non-GAAP Results: Adjusted EBITDA $8.4 million; Gross Margin 36.7%; Operating Expenses $17.2 million; Operating Income $7.1 million; Net Income $6.9 million; Net Income per diluted share $1.24 Net Cash: $36.2 million, +$3.6 million from prior sequential quarter; No loan or other debt outstanding at quarter end Introduces Fiscal 2021 Guidance: Currently expects Full Year Fiscal 2021 Revenue of $245 million to $255 million and Adjusted EBITDA Guidance of $18 million to $22 million.\"This was a very strong quarter for Aviat, a quarter where our continued execution across our key long-term focus areas yielded positive results across the business, including record profitability,\" said Peter Smith, President and Chief Executive Officer of Aviat. \"We saw improved sales driven by 5G rollouts with wins for our multi-band transport solution for 5G, the industry's simplest multi-band offering which lowers a customer's total cost of ownership by reducing microwave spectrum costs, as well as continued demand for mission critical networks and rural broadband connectivity. We benefited from increased software sales, ...