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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aviat Networks Inc | NASDAQ:AVNW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.39 | 4.65% | 31.30 | 31.03 | 31.50 | 31.45 | 29.98 | 30.20 | 161,692 | 23:58:36 |
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|
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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AVIAT NETWORKS, INC.
(Exact name of registrant as specified in its charter)
|
||
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Delaware
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20-5961564
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(State or other jurisdiction of incorporation or organization)
|
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(I.R.S. Employer Identification No.)
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|
|
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860 N. McCarthy Blvd., Suite 200, Milpitas, California
|
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95035
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
|
o
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Accelerated filer
|
o
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Non-accelerated filer
|
x
(Do not check if a smaller reporting company)
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Smaller reporting company
|
o
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Emerging growth company
|
o
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Page
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Item 1.
|
Financial Statements
|
(In thousands)
|
March 31,
2017 |
|
July 1,
2016 |
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
39,910
|
|
|
$
|
30,479
|
|
Short-term investments
|
240
|
|
|
222
|
|
||
Accounts receivable, net
|
45,177
|
|
|
63,449
|
|
||
Unbilled costs
|
9,777
|
|
|
5,117
|
|
||
Inventories
|
20,338
|
|
|
27,293
|
|
||
Customer service inventories
|
2,178
|
|
|
3,064
|
|
||
Other current assets
|
11,147
|
|
|
10,790
|
|
||
Total current assets
|
128,767
|
|
|
140,414
|
|
||
Property, plant and equipment, net
|
15,713
|
|
|
18,162
|
|
||
Deferred income taxes
|
5,748
|
|
|
6,068
|
|
||
Other assets
|
1,296
|
|
|
1,467
|
|
||
TOTAL ASSETS
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$
|
151,524
|
|
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$
|
166,111
|
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LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Short-term debt
|
$
|
8,000
|
|
|
$
|
9,000
|
|
Accounts payable
|
29,816
|
|
|
33,217
|
|
||
Accrued expenses
|
22,435
|
|
|
23,205
|
|
||
Advance payments and unearned income
|
23,218
|
|
|
30,615
|
|
||
Restructuring liabilities
|
1,691
|
|
|
3,910
|
|
||
Total current liabilities
|
85,160
|
|
|
99,947
|
|
||
Unearned income
|
7,561
|
|
|
8,387
|
|
||
Other long-term liabilities
|
1,047
|
|
|
1,409
|
|
||
Reserve for uncertain tax positions
|
1,411
|
|
|
1,414
|
|
||
Deferred income taxes
|
1,497
|
|
|
1,497
|
|
||
Total liabilities
|
96,676
|
|
|
112,654
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Preferred stock,
$0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock,
$0.01 par value, 300,000,000 shares authorized, 5,314,860 shares issued and outstanding at March 31, 2017; 5,261,041 shares issued and outstanding at July 1, 2016
|
53
|
|
|
53
|
|
||
Additional paid-in-capital
|
813,120
|
|
|
811,601
|
|
||
Accumulated deficit
|
(746,731
|
)
|
|
(747,381
|
)
|
||
Accumulated other comprehensive loss
|
(12,076
|
)
|
|
(11,157
|
)
|
||
Noncontrolling interests
|
482
|
|
|
341
|
|
||
Total equity
|
54,848
|
|
|
53,457
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
151,524
|
|
|
$
|
166,111
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands, except per share amounts)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Revenue from product sales
|
$
|
39,099
|
|
|
$
|
36,241
|
|
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$
|
119,781
|
|
|
$
|
134,602
|
|
Revenue from services
|
19,601
|
|
|
24,226
|
|
|
65,662
|
|
|
75,836
|
|
||||
Total revenues
|
58,700
|
|
|
60,467
|
|
|
185,443
|
|
|
210,438
|
|
||||
Cost of revenues:
|
|
|
|
|
|
|
|
||||||||
Cost of product sales
|
26,911
|
|
|
28,454
|
|
|
82,774
|
|
|
98,962
|
|
||||
Cost of services
|
14,057
|
|
|
17,600
|
|
|
46,456
|
|
|
59,628
|
|
||||
Total cost of revenues
|
40,968
|
|
|
46,054
|
|
|
129,230
|
|
|
158,590
|
|
||||
Gross margin
|
17,732
|
|
|
14,413
|
|
|
56,213
|
|
|
51,848
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
|
4,264
|
|
|
5,063
|
|
|
13,682
|
|
|
15,749
|
|
||||
Selling and administrative expenses
|
13,284
|
|
|
16,140
|
|
|
42,527
|
|
|
49,430
|
|
||||
Restructuring charges
|
111
|
|
|
804
|
|
|
343
|
|
|
859
|
|
||||
Total operating expenses
|
17,659
|
|
|
22,007
|
|
|
56,552
|
|
|
66,038
|
|
||||
Operating income (loss)
|
73
|
|
|
(7,594
|
)
|
|
(339
|
)
|
|
(14,190
|
)
|
||||
Interest income
|
42
|
|
|
58
|
|
|
168
|
|
|
195
|
|
||||
Interest expense
|
(7
|
)
|
|
(5
|
)
|
|
(28
|
)
|
|
(98
|
)
|
||||
Other income
|
341
|
|
|
—
|
|
|
164
|
|
|
—
|
|
||||
Income (loss) from continuing operations before income taxes
|
449
|
|
|
(7,541
|
)
|
|
(35
|
)
|
|
(14,093
|
)
|
||||
Provision for (benefit from) income taxes
|
779
|
|
|
361
|
|
|
(826
|
)
|
|
856
|
|
||||
(Loss) income from continuing operations
|
(330
|
)
|
|
(7,902
|
)
|
|
791
|
|
|
(14,949
|
)
|
||||
Income from discontinued operations, net of tax
|
—
|
|
|
94
|
|
|
—
|
|
|
453
|
|
||||
Net (loss) income
|
(330
|
)
|
|
(7,808
|
)
|
|
791
|
|
|
(14,496
|
)
|
||||
Net income attributable to noncontrolling interests, net of tax
|
69
|
|
|
66
|
|
|
141
|
|
|
260
|
|
||||
Net (loss) income attributable to Aviat Networks
|
$
|
(399
|
)
|
|
$
|
(7,874
|
)
|
|
$
|
650
|
|
|
$
|
(14,756
|
)
|
|
|
|
|
|
|
|
|
||||||||
Amount attributable to Aviat Networks:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income from continuing operations, net of tax
|
$
|
(399
|
)
|
|
$
|
(7,968
|
)
|
|
$
|
650
|
|
|
$
|
(15,209
|
)
|
Net income from discontinued operations, net of tax
|
$
|
—
|
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
453
|
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) income per share attributable to Aviat Networks’ common stockholders:
|
|||||||||||||||
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(1.52
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.91
|
)
|
Discontinued operations
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.09
|
|
||||
Net (loss) income
|
$
|
(0.08
|
)
|
|
$
|
(1.50
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.82
|
)
|
Weighted average shares outstanding, basic
|
5,310
|
|
|
5,255
|
|
|
5,286
|
|
|
5,230
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted (loss) income per share attributable to Aviat Networks’ common stockholders:
|
|||||||||||||||
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(1.52
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.91
|
)
|
Discontinued operations
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.09
|
|
||||
Net (loss) income
|
$
|
(0.08
|
)
|
|
$
|
(1.50
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.82
|
)
|
Weighted average shares outstanding, diluted
|
5,310
|
|
|
5,255
|
|
|
5,392
|
|
|
5,230
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Net (loss) income
|
$
|
(330
|
)
|
|
$
|
(7,808
|
)
|
|
$
|
791
|
|
|
$
|
(14,496
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Reclassification of realized gain
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
||||
Net change in unrealized loss on hedging activities
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
||||
Foreign currency translation:
|
|
|
|
|
|
|
|
||||||||
Gain (loss) arising during period
|
578
|
|
|
380
|
|
|
(570
|
)
|
|
(610
|
)
|
||||
Reclassification of gain on liquidation of subsidiary
|
(349
|
)
|
|
—
|
|
|
(349
|
)
|
|
—
|
|
||||
Net change in cumulative translation adjustments
|
229
|
|
|
380
|
|
|
(919
|
)
|
|
(610
|
)
|
||||
Other comprehensive income (loss)
|
229
|
|
|
380
|
|
|
(919
|
)
|
|
(651
|
)
|
||||
Comprehensive loss
|
(101
|
)
|
|
(7,428
|
)
|
|
(128
|
)
|
|
(15,147
|
)
|
||||
Comprehensive income attributable to noncontrolling interests, net of tax
|
69
|
|
|
66
|
|
|
141
|
|
|
260
|
|
||||
Comprehensive loss attributable to Aviat Networks
|
$
|
(170
|
)
|
|
$
|
(7,494
|
)
|
|
$
|
(269
|
)
|
|
$
|
(15,407
|
)
|
|
Nine Months Ended
|
||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
||||
Operating Activities
|
|
|
|
||||
Net income (loss)
|
$
|
791
|
|
|
$
|
(14,496
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization of property, plant and equipment
|
4,540
|
|
|
5,044
|
|
||
(Recovery) provision for uncollectible receivables
|
(874
|
)
|
|
1,100
|
|
||
Share-based compensation
|
1,511
|
|
|
1,382
|
|
||
Deferred tax assets, net
|
320
|
|
|
498
|
|
||
Charges for inventory and customer service inventory write-downs
|
1,026
|
|
|
3,598
|
|
||
Loss on disposition of property, plant and equipment
|
116
|
|
|
621
|
|
||
Gain on liquidation of subsidiary
|
(349
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
19,220
|
|
|
16,495
|
|
||
Unbilled costs
|
(4,662
|
)
|
|
9,184
|
|
||
Inventories
|
7,632
|
|
|
(4,367
|
)
|
||
Customer service inventories
|
25
|
|
|
1,946
|
|
||
Accounts payable
|
(2,127
|
)
|
|
(12,001
|
)
|
||
Accrued expenses
|
(1,591
|
)
|
|
(696
|
)
|
||
Advance payments and unearned income
|
(9,375
|
)
|
|
(1,999
|
)
|
||
Income taxes payable or receivable
|
1,214
|
|
|
(667
|
)
|
||
Other assets and liabilities
|
(3,467
|
)
|
|
1,431
|
|
||
Net cash provided by operating activities
|
13,950
|
|
|
7,073
|
|
||
Investing Activities
|
|
|
|
||||
Payments for acquisition of property, plant and equipment
|
(3,195
|
)
|
|
(1,297
|
)
|
||
Net cash used in investing activities
|
(3,195
|
)
|
|
(1,297
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from borrowings
|
24,000
|
|
|
27,000
|
|
||
Repayments of borrowings
|
(25,000
|
)
|
|
(27,000
|
)
|
||
Proceeds from issuance of common stock under employee stock plans
|
9
|
|
|
11
|
|
||
Net cash (used in) provided by financing activities
|
(991
|
)
|
|
11
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(333
|
)
|
|
(800
|
)
|
||
Net Increase in Cash and Cash Equivalents
|
9,431
|
|
|
4,987
|
|
||
Cash and Cash Equivalents, Beginning of Period
|
30,479
|
|
|
34,735
|
|
||
Cash and Cash Equivalents, End of Period
|
$
|
39,910
|
|
|
$
|
39,722
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands, except per share amounts)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income from continuing operations, net of tax
|
$
|
(399
|
)
|
|
$
|
(7,968
|
)
|
|
$
|
650
|
|
|
$
|
(15,209
|
)
|
Net income from discontinued operations, net of tax
|
—
|
|
|
94
|
|
|
—
|
|
|
453
|
|
||||
Net (loss) income attributable to Aviat Networks
|
$
|
(399
|
)
|
|
$
|
(7,874
|
)
|
|
$
|
650
|
|
|
$
|
(14,756
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding, basic
|
5,310
|
|
|
5,255
|
|
|
5,286
|
|
|
5,230
|
|
||||
Effect of potentially dilutive equivalent shares
|
—
|
|
|
—
|
|
|
106
|
|
|
—
|
|
||||
Weighted average shares outstanding, diluted
|
5,310
|
|
|
5,255
|
|
|
5,392
|
|
|
5,230
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic (loss) income per share attributable to Aviat Networks’ common stockholders:
|
|||||||||||||||
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(1.52
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.91
|
)
|
Discontinued operations
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.09
|
|
||||
Net (loss) income
|
$
|
(0.08
|
)
|
|
$
|
(1.50
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.82
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted (loss) income per share attributable to Aviat Networks’ common stockholders:
|
|||||||||||||||
Continuing operations
|
$
|
(0.08
|
)
|
|
$
|
(1.52
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.91
|
)
|
Discontinued operations
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.09
|
|
||||
Net (loss) income
|
$
|
(0.08
|
)
|
|
$
|
(1.50
|
)
|
|
$
|
0.12
|
|
|
$
|
(2.82
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||
Stock options
|
398
|
|
|
500
|
|
|
423
|
|
|
567
|
|
Restricted stocks units and performance stock units
|
455
|
|
|
209
|
|
|
13
|
|
|
150
|
|
Total potential shares of common stock excluded
|
853
|
|
|
709
|
|
|
436
|
|
|
717
|
|
(In thousands)
|
March 31,
2017 |
|
July 1,
2016 |
||||
Accounts receivable
|
$
|
51,894
|
|
|
$
|
71,416
|
|
Less allowances for collection losses
|
(6,717
|
)
|
|
(7,967
|
)
|
||
|
$
|
45,177
|
|
|
$
|
63,449
|
|
(In thousands)
|
March 31,
2017 |
|
July 1,
2016 |
||||
Finished products
|
$
|
14,375
|
|
|
$
|
20,044
|
|
Work in process
|
3,277
|
|
|
5,104
|
|
||
Raw materials and supplies
|
2,686
|
|
|
2,145
|
|
||
Total inventories
|
$
|
20,338
|
|
|
$
|
27,293
|
|
Deferred cost of revenue included within finished goods
|
$
|
6,614
|
|
|
$
|
5,984
|
|
Consigned inventories included within raw materials and supplies
|
$
|
1,701
|
|
|
$
|
2,035
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Excess and obsolete inventory (recovery) charges
|
$
|
(399
|
)
|
|
$
|
1,089
|
|
|
$
|
168
|
|
|
$
|
3,046
|
|
Customer service inventory write-downs
|
328
|
|
|
204
|
|
|
858
|
|
|
552
|
|
||||
|
$
|
(71
|
)
|
|
$
|
1,293
|
|
|
$
|
1,026
|
|
|
$
|
3,598
|
|
(In thousands)
|
March 31,
2017 |
|
July 1,
2016 |
||||
Land
|
$
|
710
|
|
|
$
|
710
|
|
Buildings and leasehold improvements
|
11,362
|
|
|
11,714
|
|
||
Software
|
14,375
|
|
|
14,620
|
|
||
Machinery and equipment
|
41,572
|
|
|
42,960
|
|
||
|
68,019
|
|
|
70,004
|
|
||
Less accumulated depreciation and amortization
|
(52,306
|
)
|
|
(51,842
|
)
|
||
|
$
|
15,713
|
|
|
$
|
18,162
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Depreciation and amortization
|
$
|
1,404
|
|
|
$
|
1,668
|
|
|
$
|
4,540
|
|
|
$
|
5,044
|
|
(In thousands)
|
March 31,
2017 |
|
July 1,
2016 |
||||
Accrued compensation and benefits
|
$
|
8,019
|
|
|
$
|
7,161
|
|
Accrued commissions
|
1,839
|
|
|
3,551
|
|
||
Accrued warranties
|
3,500
|
|
|
3,944
|
|
||
Other
|
9,077
|
|
|
8,549
|
|
||
|
$
|
22,435
|
|
|
$
|
23,205
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Balance as of the beginning of the period
|
$
|
3,559
|
|
|
$
|
4,797
|
|
|
$
|
3,944
|
|
|
$
|
4,221
|
|
Warranty provision recorded during the period
|
597
|
|
|
603
|
|
|
1,413
|
|
|
3,016
|
|
||||
Consumption during the period
|
(656
|
)
|
|
(926
|
)
|
|
(1,857
|
)
|
|
(2,763
|
)
|
||||
Balance as of the end of the period
|
$
|
3,500
|
|
|
$
|
4,474
|
|
|
$
|
3,500
|
|
|
$
|
4,474
|
|
(In thousands)
|
March 31,
2017 |
|
July 1,
2016 |
||||
Advanced payments
|
$
|
9,940
|
|
|
$
|
12,124
|
|
Unearned income
|
13,278
|
|
|
18,491
|
|
||
|
$
|
23,218
|
|
|
$
|
30,615
|
|
•
|
Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities;
|
•
|
Level 2 — Observable market-based inputs or observable inputs that are corroborated by market data; and
|
•
|
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
March 31, 2017
|
|
July 1, 2016
|
|
Valuation Inputs
|
||||||||||||
(In thousands)
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
|
|||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
24,759
|
|
|
$
|
24,759
|
|
|
$
|
18,800
|
|
|
$
|
18,800
|
|
|
Level 1
|
Bank certificates of deposit
|
$
|
146
|
|
|
$
|
146
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
Level 2
|
Short term investments:
|
|
|
|
|
|
|
|
|
|
||||||||
Bank certificates of deposit
|
$
|
240
|
|
|
$
|
240
|
|
|
$
|
222
|
|
|
$
|
222
|
|
|
Level 2
|
Other current assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange forward contracts
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
Level 2
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Other accrued expenses:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange forward contracts
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
Level 2
|
|
Severance and Benefits
|
|
Facilities and Other
|
|
Total
|
||||||||||||||||||||||
(In thousands)
|
Fiscal
2016-2017 Plan |
|
Fiscal
2015-2016 Plan |
|
Fiscal
2013-2014 Plan |
|
Fiscal
2015-2016
Plan
|
|
Fiscal
2014-2015
Plan
|
|
Fiscal
2013-2014
Plan
|
|
|||||||||||||||
Accrual balance, July 1, 2016
|
$
|
1,512
|
|
|
$
|
357
|
|
|
$
|
68
|
|
|
$
|
550
|
|
|
$
|
582
|
|
|
$
|
1,746
|
|
|
$
|
4,815
|
|
Charges, net
|
4
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
16
|
|
|
160
|
|
|||||||
Cash payments
|
(811
|
)
|
|
(313
|
)
|
|
(4
|
)
|
|
3
|
|
|
(228
|
)
|
|
(369
|
)
|
|
(1,722
|
)
|
|||||||
Accrual balance, September 30, 2016
|
705
|
|
|
74
|
|
|
64
|
|
|
553
|
|
|
464
|
|
|
1,393
|
|
|
3,253
|
|
|||||||
Charges, net
|
37
|
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
47
|
|
|
13
|
|
|
72
|
|
|||||||
Cash payments
|
(235
|
)
|
|
23
|
|
|
—
|
|
|
(38
|
)
|
|
(145
|
)
|
|
(306
|
)
|
|
(701
|
)
|
|||||||
Accrual balance as of December 30, 2016
|
507
|
|
|
72
|
|
|
64
|
|
|
515
|
|
|
366
|
|
|
1,100
|
|
|
2,624
|
|
|||||||
Charges, net
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
10
|
|
|
111
|
|
|||||||
Cash payments
|
(423
|
)
|
|
(3
|
)
|
|
—
|
|
|
14
|
|
|
(101
|
)
|
|
(306
|
)
|
|
(819
|
)
|
|||||||
Accrual balance as of March 31, 2017
|
$
|
182
|
|
|
$
|
69
|
|
|
$
|
64
|
|
|
$
|
529
|
|
|
$
|
268
|
|
|
$
|
804
|
|
|
$
|
1,916
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
By Expense Category:
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
$
|
48
|
|
|
$
|
44
|
|
|
$
|
151
|
|
|
$
|
125
|
|
Research and development
|
38
|
|
|
28
|
|
|
100
|
|
|
92
|
|
||||
Selling and administrative
|
479
|
|
|
388
|
|
|
1,260
|
|
|
1,165
|
|
||||
Total share-based compensation expense
|
$
|
565
|
|
|
$
|
460
|
|
|
$
|
1,511
|
|
|
$
|
1,382
|
|
By Types of Award:
|
|
|
|
|
|
|
|
||||||||
Options
|
$
|
36
|
|
|
$
|
186
|
|
|
$
|
225
|
|
|
$
|
668
|
|
Restricted and performance stock awards and units
|
529
|
|
|
274
|
|
|
1,286
|
|
|
714
|
|
||||
Total share-based compensation expense
|
$
|
565
|
|
|
$
|
460
|
|
|
$
|
1,511
|
|
|
$
|
1,382
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
North America
|
$
|
29,188
|
|
|
$
|
27,151
|
|
|
$
|
97,125
|
|
|
$
|
94,215
|
|
Africa and Middle East
|
17,335
|
|
|
18,178
|
|
|
48,454
|
|
|
69,169
|
|
||||
Europe and Russia
|
4,012
|
|
|
4,383
|
|
|
11,329
|
|
|
16,442
|
|
||||
Latin America and Asia Pacific
|
8,165
|
|
|
10,755
|
|
|
28,535
|
|
|
30,612
|
|
||||
Total Revenue
|
$
|
58,700
|
|
|
$
|
60,467
|
|
|
$
|
185,443
|
|
|
$
|
210,438
|
|
Fiscal Years Ending in June
|
Amounts
|
||
|
(In thousands)
|
||
2017 (one quarter remaining)
|
$
|
549
|
|
2018
|
1,769
|
|
|
2019
|
1,284
|
|
|
2020
|
885
|
|
|
2021
|
907
|
|
|
Thereafter
|
2,231
|
|
|
Total
|
$
|
7,625
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Rent expense
|
$
|
878
|
|
|
$
|
1,277
|
|
|
$
|
3,130
|
|
|
$
|
4,019
|
|
•
|
continued price and margin 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;
|
•
|
our ability to meet financial covenant requirements which could impact, among other things, our liquidity;
|
•
|
the timing of our receipt of payment for products or services from our customers;
|
•
|
our ability to meet projected new product development dates or anticipated cost reductions of new products;
|
•
|
our suppliers’ inability to perform and deliver on time as a result of their financial condition, component shortages or other supply chain constraints;
|
•
|
customer acceptance of new products;
|
•
|
the ability of our subcontractors to timely perform;
|
•
|
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;
|
•
|
our failure to protect our intellectual property rights or defend against intellectual property infringement claims by others;
|
•
|
the results of our restructuring efforts;
|
•
|
the ability to preserve and use our net operating loss carryforwards;
|
•
|
the effects of currency and interest rate risks;
|
•
|
the conduct of unethical business practices in developing countries; and
|
•
|
the impact of political turmoil in countries where we have significant business.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
North America
|
$
|
29,188
|
|
|
$
|
27,151
|
|
|
$
|
2,037
|
|
|
7.5
|
%
|
|
$
|
97,125
|
|
|
$
|
94,215
|
|
|
$
|
2,910
|
|
|
3.1
|
%
|
Africa and Middle East
|
17,335
|
|
|
18,178
|
|
|
(843
|
)
|
|
(4.6
|
)%
|
|
48,454
|
|
|
69,169
|
|
|
(20,715
|
)
|
|
(29.9
|
)%
|
||||||
Europe and Russia
|
4,012
|
|
|
4,383
|
|
|
(371
|
)
|
|
(8.5
|
)%
|
|
11,329
|
|
|
16,442
|
|
|
(5,113
|
)
|
|
(31.1
|
)%
|
||||||
Latin America and Asia Pacific
|
8,165
|
|
|
10,755
|
|
|
(2,590
|
)
|
|
(24.1
|
)%
|
|
28,535
|
|
|
30,612
|
|
|
(2,077
|
)
|
|
(6.8
|
)%
|
||||||
Total Revenue
|
$
|
58,700
|
|
|
$
|
60,467
|
|
|
$
|
(1,767
|
)
|
|
(2.9
|
)%
|
|
$
|
185,443
|
|
|
$
|
210,438
|
|
|
$
|
(24,995
|
)
|
|
(11.9
|
)%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Product sales
|
$
|
39,099
|
|
|
$
|
36,241
|
|
|
$
|
2,858
|
|
|
7.9
|
%
|
|
$
|
119,781
|
|
|
$
|
134,602
|
|
|
$
|
(14,821
|
)
|
|
(11.0
|
)%
|
Services
|
19,601
|
|
|
24,226
|
|
|
(4,625
|
)
|
|
(19.1
|
)%
|
|
65,662
|
|
|
75,836
|
|
|
(10,174
|
)
|
|
(13.4
|
)%
|
||||||
Total Revenue
|
$
|
58,700
|
|
|
$
|
60,467
|
|
|
$
|
(1,767
|
)
|
|
(2.9
|
)%
|
|
$
|
185,443
|
|
|
$
|
210,438
|
|
|
$
|
(24,995
|
)
|
|
(11.9
|
)%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Revenue
|
$
|
58,700
|
|
|
$
|
60,467
|
|
|
$
|
(1,767
|
)
|
|
(2.9
|
)%
|
|
$
|
185,443
|
|
|
$
|
210,438
|
|
|
$
|
(24,995
|
)
|
|
(11.9
|
)%
|
Cost of revenue
|
40,968
|
|
|
46,054
|
|
|
(5,086
|
)
|
|
(11.0
|
)%
|
|
129,230
|
|
|
158,590
|
|
|
(29,360
|
)
|
|
(18.5
|
)%
|
||||||
Gross margin
|
$
|
17,732
|
|
|
$
|
14,413
|
|
|
$
|
3,319
|
|
|
23.0
|
%
|
|
$
|
56,213
|
|
|
$
|
51,848
|
|
|
$
|
4,365
|
|
|
8.4
|
%
|
% of revenue
|
30.2
|
%
|
|
23.8
|
%
|
|
|
|
|
|
30.3
|
%
|
|
24.6
|
%
|
|
|
|
|
||||||||||
Product margin %
|
31.2
|
%
|
|
21.5
|
%
|
|
|
|
|
|
30.9
|
%
|
|
26.5
|
%
|
|
|
|
|
||||||||||
Service margin %
|
28.3
|
%
|
|
27.4
|
%
|
|
|
|
|
|
29.2
|
%
|
|
21.4
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Research and development
|
$
|
4,264
|
|
|
$
|
5,063
|
|
|
$
|
(799
|
)
|
|
(15.8
|
)%
|
|
$
|
13,682
|
|
|
$
|
15,749
|
|
|
$
|
(2,067
|
)
|
|
(13.1
|
)%
|
% of revenue
|
7.3
|
%
|
|
8.4
|
%
|
|
|
|
|
|
7.4
|
%
|
|
7.5
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Selling and administrative
|
$
|
13,284
|
|
|
$
|
16,140
|
|
|
$
|
(2,856
|
)
|
|
(17.7
|
)%
|
|
$
|
42,527
|
|
|
$
|
49,430
|
|
|
$
|
(6,903
|
)
|
|
(14.0
|
)%
|
% of revenue
|
22.6
|
%
|
|
26.7
|
%
|
|
|
|
|
|
22.9
|
%
|
|
23.5
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Restructuring Charges
|
$
|
111
|
|
|
$
|
804
|
|
|
$
|
(693
|
)
|
|
(86.2
|
)%
|
|
$
|
343
|
|
|
$
|
859
|
|
|
$
|
(516
|
)
|
|
(60.1
|
)%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Interest income
|
$
|
42
|
|
|
$
|
58
|
|
|
$
|
(16
|
)
|
|
(27.6
|
)%
|
|
$
|
168
|
|
|
$
|
195
|
|
|
$
|
(27
|
)
|
|
(13.8
|
)%
|
Interest expense
|
$
|
(7
|
)
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
|
40.0
|
%
|
|
$
|
(28
|
)
|
|
$
|
(98
|
)
|
|
$
|
70
|
|
|
(71.4
|
)%
|
Other income
|
$
|
341
|
|
|
$
|
—
|
|
|
$
|
341
|
|
|
N/A
|
|
|
$
|
164
|
|
|
$
|
—
|
|
|
$
|
164
|
|
|
N/A
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
(In thousands, except percentages)
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
|
March 31, 2017
|
|
April 1, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Income (loss) from continuing operations before income taxes
|
$
|
449
|
|
|
$
|
(7,541
|
)
|
|
$
|
7,990
|
|
|
(106.0
|
)%
|
|
$
|
(35
|
)
|
|
$
|
(14,093
|
)
|
|
$
|
14,058
|
|
|
(99.8
|
)%
|
Provision for (benefit from) income taxes
|
$
|
779
|
|
|
$
|
361
|
|
|
$
|
418
|
|
|
115.8
|
%
|
|
$
|
(826
|
)
|
|
$
|
856
|
|
|
$
|
(1,682
|
)
|
|
(196.5
|
)%
|
Currency
|
|
Notional Contract
Amount
(Local Currency)
|
|
Notional
Contract
Amount
(USD)
|
|||
|
|
(In thousands)
|
|||||
Euro
|
|
1,200
|
|
|
$
|
1,284
|
|
South Africa rand
|
|
6,687
|
|
|
511
|
|
|
New Zealand dollar
|
|
450
|
|
|
315
|
|
|
Total of all currency forward contracts
|
|
|
|
$
|
2,110
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
March 31,
2017 |
|
April 1,
2016 |
|
March 31,
2017 |
|
April 1,
2016 |
||||||||
Amount included in costs of revenues
|
$
|
(322
|
)
|
|
$
|
(127
|
)
|
|
$
|
(602
|
)
|
|
$
|
(300
|
)
|
Amount included in other income
|
$
|
339
|
|
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
—
|
|
|
AVIAT NETWORKS, INC.
(Registrant)
|
|
|
By:
|
/s/ Eric Chang
|
|
Eric Chang
Vice President, Corporate Controller and Principal Accounting Officer
(Principal accounting officer and duly authorized officer)
|
Exhibit Number
|
|
Descriptions
|
3.1
|
|
Amended and Restated Certificate of Incorporation of Aviat Networks, Inc., as amended (incorporate by reference to Exhibit 3.1 to the Current Report on our Form 10-Q filed with the SEC on February 10, 2017, File No. 001-33278)
|
3.2
|
|
Amended and Restated Bylaws of Aviat Networks, Inc. (incorporate by reference to Exhibit 3.2 to the Current Report on Form 8-K filed with the SEC on October 2, 2015, File No. 001-33278)
|
4.1
|
|
Tax Benefit Preservation Plan, dated as of September 6, 2016, by and between Aviat Networks, Inc. and Computershare Inc., as Rights Agent (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on September 7, 2016, File No. 011-33278)
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
32.1
|
|
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year Aviat Networks Chart |
1 Month Aviat Networks Chart |
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