Aviat Networks, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 26, 2014; Provides Revenue Guidance for the Fiscal Third Quarter and Full Year 2015
January 30, 2015 at 02:43 am IST
Share
Aviat Networks, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 26, 2014. For the quarter, the company reported revenue from product sales and services was $92.5 million against $85.8 million a year ago. The company's second quarter reported revenue excludes approximately $4.7 million related to the managed services arrangement the company entered into with a key customer. The top line performance was primarily driven by strength in North America. Operating loss was $2.5 million against $10.7 million a year ago. Loss from continuing operations before income taxes was $2.6 million against $10.7 million a year ago. Loss from continuing operations was $10.2 million against $5.0 million a year ago. Net loss was $3.3 million against $9.9 million a year ago. Basic and diluted net loss per common share from continuing operations was $0.17 against $0.08 a year ago. Basic and diluted net loss per common share was $0.05 against $0.16 a year ago. Non-GAAP operating loss was $2.1 million against $9.0 million a year ago. Non-GAAP loss from continuing operations was $2.6 million or $0.04 per basic and diluted share against non-GAAP income from continuing operations of $9.4 million or $0.15 per basic and diluted share a year ago. Capex in the quarter amounted to $1.2 million.
For the six months, the company reported revenue from product sales and services was $174.9 million against $179.2 million a year ago. Operating loss was $8.1 million against $24.1 million a year ago. Loss from continuing operations before income taxes was $8.2 million against $24.2 million a year ago. Loss from continuing operations was $23.9 million against $5.8 million a year ago. Net loss was $9 million against $23.5 million a year ago. Basic and diluted net loss per common share from continuing operations was $0.39 against $0.10 a year ago. Basic and diluted net loss per common share was $0.14 against $0.38 a year ago. Net cash used in operating activities was $9.1 million against $17.6 million a year ago. Additions of property, plant and equipment was $2.4 million against $5.4 million a year ago. Non-GAAP operating loss was $5.5 million against $16.2 million a year ago. Non-GAAP loss from continuing operations was $6.5 million or $0.10 per basic and diluted share against $17.2 million or $0.28 per basic and diluted share a year ago. Adjusted LBITDA was $1.7 million against $12.5 million a year ago.
The company expects to have positive cash flow during the third quarter of fiscal 2015. The company expects revenue for third quarter to be between $75 million to $80 million.
The company provided revenue guidance for the full year of 2015. The company expects revenue in the range of $75 million to $80 million based on lower revenue in North America following higher than anticipated revenue contribution in the second quarter of fiscal 2015, and recovery in Africa not expected until later in fiscal year 2015.
Aviat Networks, Inc., together with its subsidiaries, is a supplier of microwave networking and wireless access networking solutions. It designs, manufactures, and sells a range of wireless networking products, solutions, and services. It also offers routers and a range of premise and hosted private cloud-based software tools and applications to enable deployment, monitoring, network management, and operational assurance of its systems as well as to automate network design and procurement. It also sources, qualifies, supplies, integrates, tests, and supports third party equipment such as antennas, optical transmission equipment and other equipment necessary to build and deploy a complete telecommunications transmission network. It provides a full suite of professional services for planning, deployment, operations, and maintenance of its customersâ networks. It offers a suite of wireless transport and access systems for microwave and millimeter wave networking applications.
Aviat Networks, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 26, 2014; Provides Revenue Guidance for the Fiscal Third Quarter and Full Year 2015