SANTA CLARA, Calif.,
July 18, 2011 /PRNewswire/ -- Aviat
Networks, Inc. (NASDAQ: AVNW), a leading provider of wireless
transmission solutions, announced that effective today Michael Pangia, who was Aviat Networks' SVP and
Chief Sales Officer, has been appointed President & CEO and a
member of the Board of Directors. Chuck
Kissner will continue as Chairman of the Board of
Directors.
Kissner became CEO on June 28,
2010 to lead a transformation of Aviat's business. Pangia
has led the Sales and Services operations of the company since he
joined in March 2009 and was part of
the management team that led the restructuring and turnaround
efforts over the past year.
During that time, the company has reduced costs, refocused its
business, introduced new products, stabilized its top line, and
streamlined operations.
"I'm delighted that the Board has expressed their confidence in
me and the management team going forward," said Pangia. "We
made tremendous progress over the last year on many fronts, and
believe we are now well-positioned to move Aviat to the next stage.
We now have a company with better operating leverage, a
strong pipeline of new products, and an enthusiastic customer base.
I expect the transition to be a smooth one, and look forward
to reporting our Q4 FY11 and full year results in August."
"The Aviat Networks team accomplished its goals over the past
year," said Kissner. "As expected, we essentially completed
our fiscal 2011 restructuring program to reduce operating costs,
continued to roll out innovative new products, and saw the
resumption of strong demand for our products and services. We
now have a strong roadmap for the future."
Prior to joining Aviat Networks, Pangia held a number of
executive positions at Nortel Networks in Sales, Operations, and
Finance. As President of the Asia Region, he had P&L
responsibility for $1.8 billion in
sales.
Fourth Fiscal Quarter 2011 Outlook
On May 5, 2011, the Company
provided revenue guidance of $105 million to
$120 million for the fourth quarter FY2011, based on
backlog, business trends and operational changes, and some supply
risks specific to Japan.
Although we have not yet finalized and completed all reviews
of the financial results for the fourth quarter, we now believe
revenue for the fourth quarter FY2011 will be in the range of
$115 million to $120 million.
In addition, we expect to report that the orders book-to-bill
ratio was greater than 1 and that the company's cash balance
increased from end of the previous quarter. As the company is
still assessing revenue as part of its year end close, this
guidance is subject to change until fourth quarter and full year
fiscal 2011 results are announced in August. Also, given the need
to complete the year end audit, this is the only guidance we intend
to provide at this time.
About Aviat Networks
Aviat Networks, Inc. is a leader in wireless transmission
solutions. We apply innovation and IP networking expertise toward
building a carrier class foundation for future mobile and fixed
broadband networks. With more than 750,000 systems installed around
the world, Aviat Networks has built a reputation as a leader in
offering best-of-breed solutions including LTE-ready microwave
backhaul and a complete portfolio of service and support options to
public and private telecommunications operators worldwide.
With a global reach and local presence in more than 46 countries,
Aviat Networks works by the side of its customers allowing them to
quickly and cost effectively seize new market and service
opportunities. Aviat Networks, formerly Harris Stratex Networks
Inc., is headquartered in Santa Clara,
California and is listed on NASDAQ (AVNW). 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,
Inc. and trends in revenue, as well as other statements identified
by the use of forward-looking terminology, including "anticipates",
"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 price 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 suppliers' inability to perform and deliver on time as a
result of their financial condition, component shortages or other
supply chain constraints, such as the recent natural disasters in
Japan;
- our ability to meet projected new product development dates or
anticipated cost reductions of new products;
- 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;
- the timing of our receipt of payment for products or services
from our customers;
- our failure to protect our intellectual property rights or
defend against intellectual property infringement claims by
others;
- the effects of currency and interest rate risks; and
- the impact of political turmoil in countries where we have
significant business.
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 9, 2010 as well as other reports filed
by Aviat 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.