Mon, Jan. 12, 1:50 PM
- As part of a deal with activists Steel Partners and Lone Star Value Management, Aviat (NASDAQ:AVNW) has agreed to appoint four new directors - James R. Henderson, John Mutch, Robert Pearse, and John Quicke. Four existing directors - Clifford Higgerson, Raghavendra Rau, Mohsen Sohi, and Edward F. Thompson - are leaving.
- In addition, Chuck Kissner will be stepping down as chairman following Aviat's Feb. 24 annual meeting, but will remain on the board. Mutch, the CEO of security software vendor BeyondTrust, will take his place.
- Steel Partners/Lone Star will back Aviat's annual meeting board slate, and have "agreed to certain other customary standstill provisions." Lone Star has previously said its board nominees will "seek to ensure all actions are taken to realign the business to its core markets and customers in order to return Aviat to profitability."
Dec. 22, 2014, 12:43 PM
Dec. 11, 2014, 10:43 AM
- Though it posted an FQ1 miss and offered below-consensus FQ2 guidance yesterday afternoon, Aviat (NASDAQ:AVNW) has rallied towards $1.50.
- On the CC (transcript), CEO Mike Pangia stated Aviat expects bookings to "improve and continue improving for the remainder of [FY15], driven by strength in the Americas, Asia-Pacific and Africa." Regarding Africa, he insisted Aviat is "confident regarding our position as a strategic partner to [major regional carrier] MTN," whose orders have come under pressure recently.
Dec. 10, 2014, 2:05 PM
- Aviat (NASDAQ:AVNW) is up sharply ahead of this afternoon's FQ1 report. Volume is pretty light (95K shares thus far vs. a 3-month average of 330K).
- The RF backhaul hardware provider's shares are 6% below where they traded before it provided mixed FQ4 results and light FQ1 guidance in early September.
Nov. 10, 2014, 10:12 AM| Comment!
Sep. 2, 2014, 6:55 PM
- Aviat (NASDAQ:AVNW) is guiding for FQ1 revenue of $84M-$89M, below a 2-analyst $93M consensus. Opex is expected to drop to $26M-$27M from FQ4's $28.8M.
- The RF transmission hardware vendor saw North American revenue fall 21% Y/Y in FQ4 to $37.7M, and international revenue fall 22% to $48.2M. However, book-to-bill was above 1.
- Gross margin fell to 25% from 31% a year ago. R&D spend dropped to 9.2% of revenue from 9.4%, while sales/admin spend rose to 24.3% from 20.6%.
- FQ4 results, PR
Aug. 5, 2014, 9:12 AM
Jul. 25, 2014, 2:35 PM| Comment!
May. 7, 2014, 12:48 PM
May. 7, 2014, 12:30 PM
- Aviat (AVNW -25.5%) badly missed FQ3 estimates and (citing poor visibility) declined to provide FQ4 guidance. The company also stated its cash balance fell by $17.2M Q/Q to $47.5M, and that it's addressing liquidity issues by "taking steps" to improve its cost structure and working capital management.
- On the CC (transcript), Aviat noted African sales fell 42% Y/Y, something it blames on weak carrier spending. Nonetheless, the company's overall book-to-bill was "substantially above 1."
- Other providers of microwave/backhaul hardware for carriers are also selling off on yet another rough day for high-beta tech stocks. UBNT -3.3%. CRNT -4.5%. DRWI -5.1%.
- Ubiquiti and Ceragon report tomorrow, and DragonWave on May 14.
Jan. 14, 2014, 12:50 PM
- Aviat (AVNW -14.8%) warns it expects FQ2 (Dec. quarter) revenue of $83M-$87M, well below prior guidance of $100M-$107M and a $104M consensus. $5M of the shortfall is attributed to revenue deferrals stemming from the shift to a managed services agreement (from a typical equipment supply agreement) with a key customer. (PR)
- The mobile backhaul equipment vendor also says it's forming a cost-cutting plan that will yield $12M-$14M/year in cost savings by the start of FY15 (begins in mid-2014), and will lower its quarterly opex to $28M by the end of FQ4 2014.
- Aviat ended FQ2 with $63M in cash, down from $79.3M at the end of FQ1.
- While Aviat tumbles, rival DragonWave (DRWI +2%) is up after posting mixed FQ3 results. CC remarks (transcript) about margin improvement and diminished cash burn in FQ4 could be helping the company out.
- Ceragon (CRNT +5.1%), meanwhile, is adding to the gains it saw yesterday after announcing backhaul equipment deals with major North American and Indian carriers.
Jan. 14, 2014, 12:47 PM
Jan. 14, 2014, 9:10 AM
May. 2, 2013, 12:59 PM
Jan. 14, 2013, 9:40 AMAviat Networks (AVNW +8.1%) jumps out of the gate after raising its FQ2 (Dec. quarter) revenue guidance to $123M-$126M from $115M-$120M - the consensus stands at $117M. The mobile backhaul equipment firm also expects orders to be higher than revenue. The pre-announcement comes shortly after rival DragonWave (DRWI -0.8%) missed Nov. quarter estimates and issued soft Feb. quarter guidance. (PR) | Comment!
Jan. 14, 2013, 9:09 AM
AVNW vs. ETF Alternatives
Aviat Networks Inc manufactures wireless networking products, solutions and services to mobile & fixed operators, private network operators, government agencies, transportation & utility companies, public safety agencies & broadcast network operators.
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