SANTA CLARA, Calif.,
July 9 /PRNewswire-FirstCall/ --
Aviat Networks, Inc. (Nasdaq: AVNW), a wireless expert in advanced
IP network migration, today updated its revenue guidance for the
fiscal fourth quarter ending July 2,
2010.
The Company expects revenue to be in the range of $115 - $120 million. The revenue shortfall
from previous expectations is primarily due to component shortages
and unexpected delays during the transition from in-house to
contract manufacturing, both of which affected our ability to make
shipments at the end of the quarter. Aviat Networks' fourth
quarter results are subject to completion of the Company's closing
process and preparation of its financial statements. Final fourth
quarter and year-end results are planned to be announced in late
August.
Chuck Kissner, Chairman and CEO
of Aviat Networks, commented, "The Board of Directors and I are not
satisfied with the Company's operational and financial performance
in recent quarters. Since being appointed as CEO two weeks
ago, I have initiated a comprehensive review of our business in
order to develop a focused strategic and operational plan.
With this in place, we plan to move promptly and decisively
to put Aviat Networks on track to restore profitability and
establish a platform to drive sustainable revenue growth."
Mr. Kissner continued, "Our Board has been focused for some time
on actions to reduce costs, refocus the product portfolio and
optimize our business model. We expect to announce a number
of key actions on or before our next earnings call. In
addition, management is moving forward to complete our
comprehensive strategic plan, and commence taking the necessary
actions to drive sustainable, profitable growth."
About Aviat Networks, Inc.
Aviat Networks, Inc. (NASDAQ: AVNW), previously known as Harris
Stratex Networks, Inc. is a leading wireless expert in advanced IP
network migration, building the foundation for the 4G/LTE broadband
future. We offer best-of-breed transformational wireless solutions,
including LTE-ready microwave backhaul, WiMAX access and a complete
portfolio of essential service options that enable wireless public
and private telecommunications operators to deliver advanced data,
voice and video and mobility services around the world. Aviat
Networks is agile and adaptive to anticipate what's coming to help
our customers make the right choices, and our products and services
are designed for flexible evolution, no matter what the future
brings. With global reach and local presence on the ground we work
by the side of our customers, allowing them to quickly and cost
effectively seize new market and service opportunities, while
managing migration toward an all- IP future. For more
information, please visit www.aviatnetworks.com or join the
dialogue at www.twitter.com/aviatnetworks.
Forward-Looking Statements
The information contained in this document includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 21E of the
Securities Exchange Act and Section 27A of the Securities Act. All
statements, trend analyses and other information contained herein
about the markets for the services and products of Aviat Networks
and trends in revenue, as well as other statements identified by
the use of forward-looking terminology, including "anticipated",
"believe", "plan", "estimate", "expect", "goal", "will", "see",
"continues", "delivering", "view", and "intend", or the
negative of these terms or other similar expressions, constitute
forward-looking statements. These forward-looking statements are
based on estimates reflecting the current beliefs of the senior
management of Aviat Networks. These forward-looking statements
involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the
forward-looking statements. Forward-looking statements should
therefore be considered in light of various important factors,
including those set forth in this document. Important factors that
could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements include the
following:
- continued weakness in the global economy affecting customer
spending;
- continued price erosion as a result of increased competition
in the microwave transmission industry;
- the volume, timing and customer, product and geographic mix
of our product orders may have an impact on our operating
results;
- the ability to maintain projected product rollouts, product
functionality, anticipated cost reductions or market acceptance of
planned products;
- the ability to retain key personnel;
- the ability to achieve business plans for Aviat
Networks;
- the ability to manage and maintain key customer
relationships;
- uncertain economic conditions in the telecommunications
sector combined with operator and supplier consolidation which
makes it difficult to estimate growth;
- future costs or expenses related to litigation;
- the ability of our subcontractors to perform or our key
suppliers to manufacture or deliver material;
- customers may not pay for products or services in a timely
manner, or at all;
- the failure of Aviat Networks to protect its intellectual
property rights and its ability to defend itself against
intellectual property infringement claims by others;
- currency and interest rate risks;
- the impact of political, economic and geographic risks on
international sales.
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 September 4, 2009 as well as other reports filed
by Aviat Networks, Inc., previously known as Harris Stratex
Networks, Inc., with the SEC from time to time. Aviat
Networks undertakes no obligation to update publicly any
forward-looking statement for any reason, except as required by
law, even as new information becomes available or other events
occur in the future.
SOURCE Aviat Networks, Inc.