Aviat Networks Sets Date for Its Fiscal 2019 Fourth Quarter and Fiscal 2019 Financial Results Announcement and Conference Call
Aviat Networks Sets Date for Its Fiscal 2019 Fourth Quarter and Fiscal 2019 Financial Results Announcement and Conference Call Company Provides Preliminary Fiscal 2019 Fourth Quarter and Year-end Selected Results; Strong Performance in North America Bodes Well for Fiscal 2020 |
[15-August-2019] |
MILPITAS, Calif., Aug. 15, 2019 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), ("Aviat Networks" or the "Company"), the leading expert in wireless transport solutions, today announced that it will be reporting its fiscal 2019 fourth quarter and year-end results for the period ended June 28, 2019, on Tuesday, August 27, 2019 after-market close. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results and outlook later that afternoon (Tuesday, August 27, 2019) at 4:30 p.m. Eastern / 1:30 p.m. Pacific. Speaking from management will be Michael Pangia, President and Chief Executive Officer, and Stan Gallagher, Senior Vice President and Chief Operating Officer. Following management's remarks, there will be a question and answer period. To listen to the live conference call, please dial toll-free (US/CAN) 866-562-9910 or toll-free (INTL) 661-378-9805, conference ID: 1197914. We ask that you dial-in approximately 10 minutes prior to the start time. Additionally, participants are invited to listen via webcast, which will be broadcasted live and via replay approximately two hours after the call is completed at http://investors.aviatnetworks.com/events-and-presentations/events. The Company expects its fiscal 2019 fourth quarter revenue to be in the range of $63 to $65 million, resulting in fiscal 2019 revenue of $243 to $245 million, representing modest growth over the comparable prior year periods. Consistent with prior guidance, gross margin for fiscal 2019 is expected to be approximately 33%. As a result of the Company's fourth quarter revenue being below prior guidance and due to the effect of additional variable compensation expense due to exceptionally strong bookings, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") is expected to be lower than anticipated and slightly below the prior year. The estimates above are based on management's preliminary analysis and subject to change. No further financial information for the 2019 fiscal year will be provided prior to the Company's planned release on August 27, 2019. Michael Pangia, President and Chief Executive Officer of Aviat Networks stated, "The slowdown in spending in Africa is well documented and continued to impact our business relative to our expectations. With that said, our fiscal 2019 fourth quarter performance in North America was exceptional, with North America revenue expected to be up over 25% and our bookings more than double both on a year-over-year basis. Further, on a consolidated basis, we had the best bookings year since fiscal 2014." Mr. Pangia continued, "As investors will see from our fiscal 2020 first half outlook, which will be disclosed in the Company's conference call, we are expecting significant bottom-line improvements, with non-GAAP operating income expected to be approximately $6 million compared to $3 million in the first half of fiscal 2019. We are confident in our ability to achieve these results given our backlog, bookings and projects underway, and our results could improve based on various efficiency and growth-related programs underway." Mr. Pangia concluded, "While results fell short of our expectations, we have significant momentum moving into fiscal 2020. We look forward to reporting our results, discussing our highlights and the steps we are taking to enhance profitability and shareholder value." About Aviat Networks Forward-Looking Statements
For more information regarding the risks and uncertainties for our business, see "Risk Factors" in our Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on August 28, 2018 as well as other reports filed by Aviat Networks, Inc. with the SEC from time to time. Aviat Networks undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future. Investor Relations:
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Company Codes: NASDAQ-NMS:AVNW |
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