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Aviat Networks Announces Fiscal Second Quarter 2011 Financial Results

SANTA CLARA, Calif. Feb. 3, 2011 Aviat Networks December 31, 2010

$124.2 million $122.6 million $12.5 million $(0.21) $7.9 million $(0.13)

$102.4 million December 31, 2010 $107.8 million

Non-GAAP Financial Results

$0.00 $0.8 million $0.01

$7.2 million

  • $4.0 million
  • $0.5 million
  • $1.3 million
  • $0.8 million

A reconciliation of GAAP to non-GAAP financial measures for the quarter and year-to-date comparison with the year ago periods is provided on Table 4 and Table 5 along with the accompanying notes.

Second Quarter Revenue by Segment

North America $40.4 million $49.4 million $83.8 million $73.2 million

Business Highlights

The Company is progressing through its restructuring and strategic plans previously announced in Q1.  During the quarter, the Company:

  • Reduced headcount consistent with its restructuring plan
  • Announced release of new high capacity Ethernet switching and aggregation for the Eclipse radio platform
  • Announced release of a new ultra-high capacity IP product, the WTM 6000, a 4GB/s trunking system
  • Provided end-of-life notifications for legacy products
  • Significantly resolved supply chain issues from prior quarters

Chuck Kissner

Third Fiscal Quarter 2011 Outlook

$115 million to $125 million

Conference Call Details

4:30 p.m. Eastern Time 4:20 p.m. February 11, 2011 http://investors.aviatnetworks.com/events.cfm

Non-GAAP Measures and Comparative Financial Information

Aviat Networks, Inc. reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Management of Aviat Networks monitors revenues, cost of product sales and services, research and development expenses, selling and administrative expenses, operating income or loss, tax expense or benefit, net income or loss, and net income or loss per share on a non-GAAP basis for planning and forecasting results in future periods, and may use these measures for some management compensation purposes. These measures exclude certain costs, expenses and gains as shown on the attached GAAP reconciliation table. As a result, management is presenting these non-GAAP measures in addition to results reported in accordance with GAAP to better communicate underlying operational and financial performance in each period. Management believes these non-GAAP measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any given period. Management also believes that these non-GAAP measures enhance the ability of an investor to analyze trends in Aviat Networks’ business and to better understand our performance.

Aviat Networks’ management does not, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Aviat Networks presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate the Company’s financial performance. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are included in the tables below.

About Aviat Networks

Santa Clara, California www.aviatnetworks.com www.twitter.com/aviatnetworks

Forward-Looking Statements

The information contained in this document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. All statements, trend analyses and other information contained herein about the markets for the services and products of Aviat Networks, Inc. and trends in revenue, as well as other statements identified by the use of forward-looking terminology, including "anticipates", "believe", "plan", "estimate", "expect", "goal", "will", "see", "continues", "delivering", "view", and "intend", or the negative of these terms or other similar expressions, constitute forward-looking statements. These forward-looking statements are based on estimates reflecting the current beliefs of the senior management of Aviat Networks. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:

  • continued price erosion as a result of increased competition in the microwave transmission industry;
  • the impact of the volume, timing and customer, product and geographic mix of our product orders may have an impact on our operating results;
  • our ability to meet projected new product development dates, customer acceptance  or anticipated cost reductions of new or planned products;
  • the ability of our subcontractors to perform or our key suppliers to manufacture or deliver material;
  • continued weakness in the global economy affecting customer spending;
  • retention of our key personnel;
  • our ability to manage and maintain key customer relationships;
  • uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation;
  • the timing of our receipt of payment for products or services from our customers;
  • our failure to protect our intellectual property rights or defend against intellectual property infringement claims by others;
  • the effects of currency and interest rate risks; and
  • the impact of political, economic and geographic risks on international sales

September 9, 2010

Financial Tables to Follow:

Table 1
AVIAT NETWORKS, INC.

Fiscal Year 2011 Second Quarter and Year-to-Date Summary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Quarter Ended

Two Quarters Ended

December 31, 2010

January 1, 2010

December 31, 2010

January 1, 2010

(In millions, except per share amounts)

Revenue from product sales and services

$                       124.2

$            122.6

$                       233.3

$            242.6

Cost of product sales and services

87.4

78.2

172.1

158.4

Amortization of purchased technology

0.1

2.1

0.3

4.2

Gross margin

36.7

42.3

60.9

80.0

Research and development expenses

12.1

10.1

23.2

20.8

Selling and administrative expenses

26.5

35.4

55.7

66.2

Amortization of intangible assets

0.7

1.5

1.4

3.0

Restructuring charges

3.4

1.5

9.0

2.6

Operating loss

(6.0)

(6.2)

(28.4)

(12.6)

Loss on sale of NetBoss assets

(0.5)

(4.4)

Interest income

0.1

0.1

0.1

Interest expense

(0.7)

(0.4)

(1.3)

(0.9)

Loss before income taxes

(7.2)

(6.5)

(34.0)

(13.4)

Provision for (benefit from) income taxes

5.3

1.4

(0.2)

2.3

Net loss

$                        (12.5)

$               (7.9)

$                        (33.8)

$             (15.7)

Net loss per share of common stock

Basic and diluted

$                        (0.21)

$             (0.13)

$                        (0.58)

$             (0.27)

Basic and diluted weighted average shares
   outstanding

58.4

59.3

58.4

59.1

Table 2
AVIAT NETWORKS, INC.

Fiscal Year 2011 Second Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

December 31, 2010

July 2, 2010(1)

(In millions)

Assets

Cash and cash equivalents

$                   102.4

$           141.7

Receivables

146.4

104.8

Inventories and unbilled costs

103.2

103.7

Other current assets

28.1

22.3

Property, plant and equipment

36.9

37.6

Goodwill

6.2

6.2

Identifiable intangible assets

5.8

7.5

Non-current deferred taxes

21.1

13.1

Other assets

1.8

10.1

$                   451.9

$           447.0

Liabilities and Stockholders’ Equity

Short-term debt

$                       6.0

$               5.0

Accounts payable

73.8

58.6

Accrued expenses and other current liabilities

122.2

103.0

Restructuring and other long-term liabilities

10.5

8.9

Redeemable preference shares

8.3

8.3

   Stockholders’ equity

231.1

263.2

$                   451.9

$           447.0

(1) Derived from audited financial statements.

Table 3
AVIAT NETWORKS, INC.

Fiscal Year 2011 Second Quarter and Year-to-Date Summary
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Quarter Ended

Two Quarters Ended

December 31,

January 1,

December 31,

January 1,

2010

2010

2010

2010

(In millions)

Operating Activities

Net loss

$           (12.5)

$     (7.9)

$           (33.8)

$   (15.7)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Amortization of identifiable intangible assets

0.8

3.5

1.7

7.2

Depreciation and amortization of property, plant and equipment and

capitalized software

2.2

4.8

5.8

10.8

Non-cash stock-based compensation expense

1.3

0.5

2.1

1.5

Deferred income tax expense (benefit)

(5.8)

0.9

(7.5)

1.3

Loss on sale of NetBoss assets

0.5

4.4

Changes in operating assets and liabilities:

Receivables

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