Aviat Networks Losses Deepen s Revenues Fall
Published on: 12th Nov 2013
Note -- this news article is more than a year old.
Microwave hardware vendor, Aviat Networks has reported a fall in its quarterly revenues and its loss deepened on a weak performance.
For the first quarter of fiscal year 2014, revenue was $93.4 million, compared with $115 million a year-ago. Revenue in the North America region was $33.7 million in the first quarter of fiscal 2014, compared with $38.7 million in the year-ago quarter. International revenue was $59.7 million , compared with $76.3 million in the year-ago quarter.
The Company reported a net loss, including discontinued operations, of $13.6 million, compared with a net loss of $2.2 million a year-ago.
Loss from continuing operations for the quarter was $13.7 million. Revenue and results of operations from the company's WiMAX business are classified as discontinued operations for all periods presented.
"We are disappointed with Aviat's performance in the fiscal first quarter of 2014. While we see an improving pipeline of new business, we are formulating plans to lower the Company's costs with the goal of reducing the Company's revenue breakeven level," says Michael Pangia, president and CEO, Aviat Networks.
Cash and cash equivalents were $79.3 million as of September 27, 2013 compared with $90 million as of the end of the prior quarter. The decrease in cash is primarily due to cash used from operating activities, capital spending for product introduction, and the payback of $2.8 million in debt.
The company warned that it is currently unable to provide an estimate of its loss for the forthcoming quarter.
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