AUSTIN, Texas, Sept. 11, 2024 /PRNewswire/ -- Aviat Networks,
Inc. (NASDAQ: AVNW), ("Aviat" or the "Company") the leading expert
in wireless transport and access solutions, announced today that it
has filed a Notification of Late Filing on Form 12b-25 with respect
to the Annual Report on Form 10-K for the fiscal year ended
June 28, 2024.
Aviat has determined that it is unable to file, without
unreasonable effort or expense, its Annual Report on Form 10-K for
the fiscal year ended June 28, 2024
by the prescribed filing due date because the Company requires
additional time to finalize its assessment of internal control over
financial reporting and to complete certain closing processes and
procedures. The Company is working diligently and expects to file
the Form 10-K on or before the expiration of the fifteen calendar
day extension period.
Management has identified certain material weaknesses in its
preliminary assessment of internal control over financial reporting
for the fiscal year ended June 28,
2024. The Company has initiated and will continue to
implement measures designed to improve its internal control over
financial reporting to remediate these material weaknesses with
oversight from the Audit Committee of the Board of Directors and
assistance from its external advisors.
In connection with the preparation of the Company's annual
financial statements for the fiscal year ended June 28, 2024, the Company identified certain
errors impacting previously reported financial information for the
fiscal years 2024 and 2023. While the Company currently believes
the effects are not material to the previously issued consolidated
financial statements for any of its prior reporting periods, it
continues to evaluate to determine whether revision or restatement
of prior periods is required.
The Company estimates the following results for the fiscal year
ended June 28, 2024:
Revenues
- The Company estimates revenues for the year ended June 28, 2024 between $400
million and $409 million,
compared to revenues of $347 million
reported in the prior year ended June 30,
2023.
Operating income
- The Company estimates operating income for the year ended
June 28, 2024 between $15 million and $20
million, compared to operating income of $26 million reported in the prior year ended
June 30, 2023.
Net income
- The Company estimates net income for the year ended
June 28, 2024 between $8 million and $12
million, compared to net income of $12 million reported in the prior year ended
June 30, 2023.
Cash and cash equivalents
- The Company estimates cash and cash equivalents for the year
ended June 28, 2024 of approximately
$65 million compared to cash and cash
equivalents of $22 million reported
in the prior year ended June 30,
2023.
Debt
- The Company estimates total outstanding debt for the year ended
June 28, 2024 of approximately
$48 million. The company had no debt
outstanding in the prior year ended June 30,
2023.
These figures are preliminary, unaudited and subject to change
pending the filing of the 2024 Form 10-K.
Forward-Looking Statements
Certain matters discussed
constitute forward-looking statements within the meaning of the
federal securities laws. All statements contained in this
notification that do not relate to matters of historical fact
should be considered forward-looking statements, including, without
limitation, statements regarding the potential revision or
restatement of certain historical financial statements, the
material weaknesses in the Company's internal control over
financial reporting as of June 28,
2024, and the Company's expectations regarding the timing of
the filing of the Form 10-K. These forward-looking statements are
based on management's current expectations.
These statements are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Important factors that could cause
actual results to differ materially from expectations include, but
are not limited to the effectiveness of the Company's internal
control over financial reporting and disclosure controls and
procedures; the potential for additional material weaknesses in the
Company's internal controls over financial reporting or other
potential control deficiencies of which the Company is not
currently aware or which have not been detected; the risk that the
completion and filing of the Form 10-K will take longer than
expected; additional information that may arise during the
finalization of the Form 10-K; and the risks discussed in detail in
"Item 1A. Risk Factors" of the Company's most recent Annual Report
on Form 10-K, as updated by its other filings with the SEC. The
Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of future events,
new information or otherwise, except as required by law.
About Aviat Networks, Inc.
Aviat Networks, Inc. is the
leading expert in wireless transport and access solutions and works
to provide dependable products, services and support to its
customers. With more than one million systems sold into 170
countries worldwide, communications service providers and private
network operators including state/local government, utility,
federal government and defense organizations trust Aviat with their
critical applications. Coupled with a long history of microwave
innovations, Aviat provides a comprehensive suite of localized
professional and support services enabling customers to drastically
simplify both their networks and their lives. For more than 70
years, the experts at Aviat have delivered high performance
products, simplified operations, and the best overall customer
experience. Aviat is headquartered in Austin, Texas. For more information, visit
www.aviatnetworks.com or connect with Aviat Networks on Facebook
and LinkedIn.
Investor Contact
Andrew
Fredrickson
Corporate Development and Investor Relations
(512) 582-4626
andrew.fredrickson@aviatnet.com
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SOURCE Aviat Networks, Inc.