Aviat Networks, Inc. and Paul A. Kennard, the company's Chief Technology Officer, mutually agreed to the separation of Mr. Kennard's employment with the company effective as of July 1, 2013. Mr. Kennard's separation from the company will be treated as a termination without cause for purposes of his employment agreement, as amended, with the company.

Aviat Networks, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 29, 2013. For the quarter, the company reported revenue from product sales and services of USD 118.3 million compared to USD 111.6 million a year ago. Operating loss was USD 1.0 million compared to USD 0.5 million a year ago. Loss from continuing operations before income taxes were USD 1.0 million compared to USD 0.7 million a year ago. Loss from continuing operations were USD 1.6 million compared to USD 0.8 million a year ago. Net loss was USD 1.7 million compared to USD 3.2 million a year ago. Basic and diluted loss per common share from continuing operations was USD 0.03 compared to USD 0.01 a year ago. Basic and diluted net loss per share were USD 0.03 compared to USD 0.05 a year ago. Non-GAAP operating income was USD 1.8 million compared to USD 2.4 million a year ago. Non-GAAP income from continuing operations was USD 1.2 million compared to USD 2.2 million a year ago. GAAP basic and diluted loss per share from continuing operations were USD 0.03 compared to USD 0.01 a year ago. Non GAAP basic and diluted earnings per share from continuing operations were USD 0.02 compared to USD 0.04 a year ago. Adjusted EBITDA was USD 3.3 million compared to USD 3.2 million a year ago. Cash generated by operating activities was USD 3.2 million. Capex in the quarter was USD 3.5 million reflecting capitalized expenditures on its ERP implementation and test equipment for its new product ramp. For the nine months, the company reported revenue from product sales and services of USD 362.3 million compared to USD 328.0 million a year ago. Operating profit was USD 4.6 million compared to operating loss of USD 11.9 million a year ago. Income from continuing operations before income taxes were USD 4.6 million compared to loss from continuing operations before income taxes of USD 12.6 million a year ago. Loss from continuing operations were USD 7.4 million compared to USD 14.5 million a year ago. Net loss was USD 9.2 million compared to USD 22.8 million a year ago. Basic and diluted loss per common share from continuing operations was USD 0.12 compared to USD 0.25 a year ago. Basic and diluted net loss per share were USD 0.15 compared to USD 0.39 a year ago. Net cash provided by operating activities were USD 6.9 million compared to net cash used in operating activities of USD 0.8 million a year ago. Additions of property, plant and equipment was USD 7.3 million compared to USD 4.4 million a year ago. Non-GAAP operating income was USD 12.3 million compared to USD 3.3 million a year ago. Non-GAAP income from continuing operations was USD 10.4 million compared to USD 2.6 million a year ago. GAAP basic and diluted loss per share from continuing operations were USD 0.12 compared to USD 0.25 a year ago. Non GAAP basic and diluted earnings per share from continuing operations were USD 0.17 compared to USD 0.04 a year ago. Adjusted EBITDA was USD 17.2 million compared to USD 7.1 million a year ago. The fourth quarter of fiscal 2013 revenue outlook range is expected to be between USD 105 million and USD 115 million. Non-GAAP income from continuing operations is expected to be in the range of USD 0.00 to USD 0.03 per diluted share. The company expects fiscal fourth quarter non-GAAP operating expense to decline sequentially from last quarter. Due to the high variability and difficulty in predicting certain items that affect GAAP net income (loss), such as tax rates and stock price, Aviat Networks is unable to provide a complete reconciliation of GAAP net income (loss) per diluted share to non-GAAP income per diluted share on a forward-looking basis without unreasonable efforts. The company expects the revenue range for the 2013 fiscal year is USD 467 million to USD 477 million. This represents a 5% to 7% year-over-year increase in revenue from the USD 444 million reported in fiscal year 2012, despite the overall market reportedly being down. The company expects to earn non-GAAP income from continuing operating in the range of USD 0.17 to USD 0.20 per diluted share for fiscal 2013, up from USD 0.06 per share in the previous fiscal year.

Aviat Networks, Inc., Q3 2013 Earnings Call, May 01, 2013