Business
Aviat Networks Announces Fiscal 2021 Third Quarter and Nine Month Financial Results
Total Revenue of $66.4 million; Up 8.2% Year-Over-Year Adjusted EBITDA of $7.3 million; Up $3.8 million Year-Over-Year AUSTIN, Texas, May 5, 2021 /PRNewswire/
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Total Revenue of $66.4 million; Up 8.2% Year-Over-Year\n Adjusted EBITDA of $7.3 million; Up $3.8 million Year-Over-Year\n\n\nAUSTIN, Texas, May 5, 2021 /PRNewswire/ -- Aviat Networks, Inc. (\"Aviat Networks,\" \"Aviat,\" or the \"Company\"), (NASDAQ: AVNW), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2021 third quarter ended April 2, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter Highlights\nCompany continues to execute on key long-term strategic objectives resulting in continued year-over-year increase in quarterly revenues and Adjusted EBITDA. Solid balance sheet and liquidity helps position Company to execute on long-term plans. Company introduced new software on the Aviat WTM4000 radio platform which doubles the capacity of a microwave link without the need for additional equipment for our customers.Third Quarter Financial Highlights\nTotal Revenues: $66.4 million, +8.2% from same quarter last year North America: $42.0 million, +12.8% from same quarter last year International: $24.4 million, +1.1% from same quarter last year GAAP Results: Gross Margin 38.5%; Operating Expenses $21.5 million; Operating Income $4.0 million, Net Income $94.7 million; Net Income per diluted share (\"Net Income per share\") $8.00 Non-GAAP Results: Adjusted EBITDA $7.3 million; Gross Margin 38.7%; Operating Expenses $19.7 million; Operating Income $6.0 million; Net Income $5.8 million; Net Income per share $0.49 Net Cash: $45.8 million, +$2.8 million from prior sequential quarter; No loans outstanding at quarter-end\"This was another successful quarter and the first nine months of fiscal 2021 for Aviat,\" said Peter Smith, President and Chief Executive Officer of Aviat. \"We continued to execute on our key long-term focus areas of sales growth, margin expansion, expense reductions and meaningful bottom-line improvements. We continue to demonstrate Aviat's differentiation in our multi-band transport solution for 5G, Private Networks and Rural Broadband, capturing share of demand and demonstrating the viability of our offering.\"\nMr. Smith continued, \"Our unique, multi-band hardware and software solutions recently led to Aviat being selected by Dish Networks, a U.S.-based Tier 1 5G operator as a key microwave transport vendor. In addition, with recent wins with LTD Broadband and Nextlink Inte...