2014 Q4 Form 10-Q Financial Statement

#000137778914000087 Filed on December 22, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $90.87M $82.44M $93.40M
YoY Change 5.91% -11.73% -18.78%
Cost Of Revenue $66.90M $60.40M $70.30M
YoY Change 3.72% -14.08% -13.53%
Gross Profit $23.97M $22.04M $23.20M
YoY Change 11.51% -4.99% -31.16%
Gross Profit Margin 26.38% 26.74% 24.84%
Selling, General & Admin $21.20M $19.20M $22.20M
YoY Change -4.5% -13.51% -4.72%
% of Gross Profit 88.43% 87.11% 95.69%
Research & Development $6.400M $6.600M $9.700M
YoY Change -31.91% -31.96% 4.3%
% of Gross Profit 26.7% 29.94% 41.81%
Depreciation & Amortization $1.900M $1.600M $1.400M
YoY Change -9.52% 14.29% -12.5%
% of Gross Profit 7.93% 7.26% 6.03%
Operating Expenses $27.70M $27.40M $36.50M
YoY Change -13.44% -24.93% 10.61%
Operating Profit -$3.748M -$5.379M -$13.30M
YoY Change -64.3% -59.56% -2000.0%
Interest Expense $200.0K $100.0K $100.0K
YoY Change 100.0% 0.0% -66.67%
% of Operating Profit
Other Income/Expense, Net -$200.0K
YoY Change
Pretax Income -$3.800M -$5.400M -$13.50M
YoY Change -64.49% -60.0% -2028.57%
Income Tax $600.0K $300.0K $200.0K
% Of Pretax Income
Net Earnings -$4.549M -$5.466M -$13.50M
YoY Change -53.1% -59.51% 513.64%
Net Earnings / Revenue -5.01% -6.63% -14.45%
Basic Earnings Per Share -$0.07 -$0.09
Diluted Earnings Per Share -$0.07 -$0.09 -$1.333M
COMMON SHARES
Basic Shares Outstanding 62.22M shares 62.38M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.70M $42.40M $79.30M
YoY Change -40.19% -46.53% -6.82%
Cash & Equivalents $38.70M $42.40M $79.30M
Short-Term Investments
Other Short-Term Assets $17.30M $18.20M $18.00M
YoY Change -0.57% 1.11% 25.0%
Inventory $35.50M $43.30M $33.50M
Prepaid Expenses
Receivables $81.00M $84.50M $116.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $209.3M $223.6M $263.8M
YoY Change -15.02% -15.24% -12.68%
LONG-TERM ASSETS
Property, Plant & Equipment $27.50M $28.70M $31.30M
YoY Change -9.24% -8.31% 45.58%
Goodwill
YoY Change
Intangibles $200.0K $300.0K $700.0K
YoY Change -66.67% -57.14% -53.33%
Long-Term Investments
YoY Change
Other Assets $2.100M $1.800M $600.0K
YoY Change 200.0% 200.0% -45.45%
Total Long-Term Assets $33.10M $34.20M $34.00M
YoY Change 0.0% 0.59% 38.78%
TOTAL ASSETS
Total Short-Term Assets $209.3M $223.6M $263.8M
Total Long-Term Assets $33.10M $34.20M $34.00M
Total Assets $242.4M $257.8M $297.8M
YoY Change -13.24% -13.43% -8.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.60M $47.70M $50.00M
YoY Change -0.22% -4.6% -14.97%
Accrued Expenses $43.60M $43.40M $47.80M
YoY Change -15.5% -9.21% 2.8%
Deferred Revenue
YoY Change
Short-Term Debt $9.000M $6.000M $6.000M
YoY Change 50.0% 0.0%
Long-Term Debt Due $9.000M $6.000M $6.000M
YoY Change 50.0% 0.0% 46.34%
Total Short-Term Liabilities $133.2M $141.7M $131.4M
YoY Change -1.84% 7.84% -13.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.100M $5.400M $4.800M
YoY Change -8.89% 12.5% 77.78%
Total Long-Term Liabilities $4.100M $5.400M $4.800M
YoY Change -8.89% 12.5% -53.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.2M $141.7M $131.4M
Total Long-Term Liabilities $4.100M $5.400M $4.800M
Total Liabilities $150.9M $161.5M $159.9M
YoY Change 0.27% 1.0% -5.38%
SHAREHOLDERS EQUITY
Retained Earnings -$711.1M -$707.8M -$664.5M
YoY Change 5.44% 6.52% 4.14%
Common Stock $600.0K $600.0K $600.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $91.50M $96.30M $137.9M
YoY Change
Total Liabilities & Shareholders Equity $242.4M $257.8M $297.8M
YoY Change -13.24% -13.43% -8.82%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$4.549M -$5.466M -$13.50M
YoY Change -53.1% -59.51% 513.64%
Depreciation, Depletion And Amortization $1.900M $1.600M $1.400M
YoY Change -9.52% 14.29% -12.5%
Cash From Operating Activities -$4.400M -$4.700M -$4.600M
YoY Change -66.15% 2.17% -50.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M $1.200M $3.800M
YoY Change -25.0% -68.42% 192.31%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.200M -$1.200M -$3.800M
YoY Change -25.0% -68.42% 171.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $2.800M
YoY Change -100.0% 180.0%
Cash From Financing Activities 3.000M -$100.0K -$2.900M
YoY Change 2900.0% -96.55% 190.0%
NET CHANGE
Cash From Operating Activities -4.400M -$4.700M -$4.600M
Cash From Investing Activities -1.200M -$1.200M -$3.800M
Cash From Financing Activities 3.000M -$100.0K -$2.900M
Net Change In Cash -2.600M -$6.000M -$11.30M
YoY Change -82.07% -46.9% -2.59%
FREE CASH FLOW
Cash From Operating Activities -$4.400M -$4.700M -$4.600M
Capital Expenditures -$1.200M $1.200M $3.800M
Free Cash Flow -$3.200M -$5.900M -$8.400M
YoY Change -71.93% -29.76% -20.0%

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CY2013Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-300000 USD
CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1300000 USD
CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
400000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1200000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
100000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-300000 USD
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
100000 USD
CY2014Q2 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
3200000 USD
CY2014Q3 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
6000000 USD
CY2014Q3 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
5400000 USD
CY2014Q2 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
6600000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5000000 USD
CY2014Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
100000 USD
CY2014Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2014Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5400000 USD
CY2014Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
1400000 USD
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3800000 USD
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1200000 USD
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3500000 USD
CY2013Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3300000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3800000 USD
CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3300000 USD
CY2013Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1400000 USD
CY2014Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1300000 USD
CY2014Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1000000 USD
CY2013Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1400000 USD
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
72300000 USD
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
71300000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29300000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28700000 USD
CY2013Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
100000 USD
CY2014Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
200000 USD
CY2013Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
100000 USD
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
55900000 USD
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
63500000 USD
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
93400000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
82400000 USD
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
29900000 USD
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
26500000 USD
CY2013Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2800000 USD
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6600000 USD
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9700000 USD
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
4500000 USD
CY2014Q3 us-gaap Restructuring Charges
RestructuringCharges
1500000 USD
CY2014Q2 us-gaap Restructuring Reserve
RestructuringReserve
5200000 USD
CY2014Q3 us-gaap Restructuring Reserve
RestructuringReserve
5300000 USD
CY2014Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2500000 USD
CY2014Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2800000 USD
CY2014Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
2800000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-702100000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-707800000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19200000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22200000 USD
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
600000 USD
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1500000 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.545
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.533
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0128
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0135
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.18
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.51
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y5M26D
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y9M22D
CY2014Q3 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.038
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
102600000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
96300000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0 USD
CY2013Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000 USD
CY2014Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
48000000 USD
CY2014Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in accordance with U.S.&#160;GAAP requires us to make estimates, assumptions and judgments affecting the amounts reported and related disclosures. Estimates are based upon historical factors, current circumstances and the experience and judgment of our management. We evaluate our estimates and assumptions on an ongoing basis and may employ outside experts to assist us in making these evaluations. Changes in such estimates, based on more accurate information, or different assumptions or conditions, may affect amounts reported in future periods. Such estimates affect significant items, including revenue recognition, provision for doubtful accounts, inventory valuation, valuation allowances for deferred tax assets, uncertainties in income taxes, restructuring obligations, product warranty obligations, share-based awards, contingencies and useful lives of intangible assets, property, plant and equipment.</font></div></div>
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
60900000 shares
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
62000000 shares
CY2014Q3 avnw Accounts Receivable Customer Letters Of Credit
AccountsReceivableCustomerLettersOfCredit
0 USD
CY2013Q3 avnw Accounts Receivable Customer Letters Of Credit
AccountsReceivableCustomerLettersOfCredit
1800000 USD
CY2013Q3 avnw Customer Service Inventory Write Down
CustomerServiceInventoryWriteDown
400000 USD
CY2014Q3 avnw Customer Service Inventory Write Down
CustomerServiceInventoryWriteDown
600000 USD
CY2014Q3 avnw Excess And Obsolescence Charge As Percentage Of Revenue
ExcessAndObsolescenceChargeAsPercentageOfRevenue
0.025
CY2013Q3 avnw Excess And Obsolescence Charge As Percentage Of Revenue
ExcessAndObsolescenceChargeAsPercentageOfRevenue
0.018
CY2013Q3 avnw Excessand Obsolete Chargesand Deferred Costof Sales
ExcessandObsoleteChargesandDeferredCostofSales
1300000 USD
CY2014Q3 avnw Excessand Obsolete Chargesand Deferred Costof Sales
ExcessandObsoleteChargesandDeferredCostofSales
1500000 USD
CY2013Q3 avnw Increase Decrease In Customer Service Inventories
IncreaseDecreaseInCustomerServiceInventories
-400000 USD
CY2014Q3 avnw Increase Decrease In Customer Service Inventories
IncreaseDecreaseInCustomerServiceInventories
-900000 USD
CY2014Q3 avnw Increase Decreasein Reservefor Uncertain Tax Positionsand Deferred Taxes
IncreaseDecreaseinReserveforUncertainTaxPositionsandDeferredTaxes
100000 USD
CY2013Q3 avnw Increase Decreasein Reservefor Uncertain Tax Positionsand Deferred Taxes
IncreaseDecreaseinReserveforUncertainTaxPositionsandDeferredTaxes
0 USD
CY2014Q3 avnw Interest Expense Related To Discount Of Letters Of Credit
InterestExpenseRelatedToDiscountOfLettersOfCredit
0 USD
CY2013Q3 avnw Interest Expense Related To Discount Of Letters Of Credit
InterestExpenseRelatedToDiscountOfLettersOfCredit
0 USD
CY2014Q3 dei Amendment Flag
AmendmentFlag
false
CY2014Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--07-03
CY2014Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q3 dei Document Period End Date
DocumentPeriodEndDate
2014-09-26
CY2014Q3 dei Document Type
DocumentType
10-Q
CY2014Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001377789
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
62223790 shares
CY2014Q3 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q3 dei Entity Registrant Name
EntityRegistrantName
AVIAT NETWORKS, INC.

Files In Submission

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0001377789-14-000087.txt Edgar Link pending
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aviat10-qq1fy2015.htm Edgar Link pending
avnw-20140926.xml Edgar Link completed
avnw-20140926.xsd Edgar Link pending
avnw-20140926_cal.xml Edgar Link unprocessable
avnw-20140926_def.xml Edgar Link unprocessable
avnw-20140926_lab.xml Edgar Link unprocessable
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