Aviat Networks Announces Fiscal Fourth Quarter and Fiscal Year 2013 Financial Results

Aviat Networks Announces Fiscal Fourth Quarter and Fiscal Year 2013 Financial
                                   Results

PR Newswire

SANTA CLARA, Calif., Aug. 14, 2013

SANTA CLARA, Calif., Aug. 14, 2013 /PRNewswire/ --Aviat Networks, Inc.
(NASDAQ: AVNW), the leading expert in microwave networking solutions, today
reported financial results for the fourth quarterand fiscal year 2013, which
ended June28, 2013.

Financial Highlights for Q4FY13

  oRevenue within Aviat's guidance range at $109.0 million
  oGAAP Gross Margin at 30.8%; Non-GAAP Gross Margin at 31.0%
  oGAAP Operating Expense at $36.5 million; Non-GAAP Operating Expense at
    $32.7 million
  oGAAP Net Loss including discontinued operations at $(5.8) million, or
    $(0.10) per share;
  oNon-GAAP Income from continuing operations within the guidance range at
    $0.5 million, or $0.01 per diluted share
  oBook to bill was approximately 1

Financial Highlights for FY13

  oRevenues for fiscal year 2013 were $471.3 million, an increase of 6.1%
    year-over-year
  oGAAP Gross Margin at 29.7% was flat year-over-year; non-GAAP Gross Margin
    at 30.0% for fiscal 2013 compared to 30.2% for the previous fiscal year
  oNon-GAAP operating expense declined to $127.6 million from $129.6 million
    in the previous fiscal year. A $3.3 million year-over-year increase in
    research and development spending was offset by a $5.3 million
    year-over-year decrease in selling and administrative expenses
  oGAAP Net Loss including discontinued operations of $(15.0) million, or
    $(0.25) per share, compared with $(24.1) million, or $(0.41) per share,
    for the previous fiscal year
  oNon-GAAP Income from continuing operations of $11.0 million, or $0.18 per
    share, compared with $3.8 million, or $0.06 per share, for the previous
    fiscal year

A reconciliation of GAAP to non-GAAP financial measures for the fiscal fourth
quarter and full year along with the accompanying notes is provided on Table
4.

"Aviat delivered another profitable quarter on a non-GAAP basis, and generated
over $471 million in revenue in fiscal year 2013 which positions us as the
leading independent provider of microwave backhaul solutions," said Michael
Pangia, president and CEO, Aviat Networks. "New product introductions, led by
the launch of our innovative Converged Transport Router (CTR) platform, will
fuel our momentum as we move into the next fiscal year."

GAAP Financial Results

For the fourth quarter of fiscal year 2013, revenue was $109.0 million,
compared with $116.0 million in the year-ago quarter. Aviat reported net loss,
including discontinued operations, of $(5.8) million, or $(0.10) per share,
compared with a net loss of $(1.3) million, or $(0.02) per share in the
year-ago quarter. Loss from continuing operations for the quarter was $(3.5)
million, or $(0.06) per share, compared with a loss from continuing operations
of $(1.0) million, or $(0.02) per share, in the year-ago quarter. Loss from
discontinued operations, net of taxes, was $(2.3) million for the quarter.
Revenue and results of operations from our WiMAX business are classified as
discontinued operations for all periods presented.

Cash and cash equivalents were $90.0 million as of June28, 2013 compared with
$92.9 million as of the end of the prior quarter. The decrease in cash is
primarily due to capital spending for product introduction and the Company's
IT infrastructure upgrade project.

Non-GAAP Financial Results

Non-GAAP income from continuing operations for the quarter was $0.5 million,
or $0.01 per diluted share, compared with a non-GAAP income from continuing
operations of $1.2 million, or $0.02 per diluted share, in the year-ago
quarter.

The fourth quarter of fiscal year 2013 non-GAAP income from continuing
operations excluded $4.0 million of pre-tax charges composed primarily of the
following:

  o$1.6 million of share-based compensation expense
  o$2.2 million of restructuring charges
  o$(0.5) million of other income and expenses

Fiscal fourth quarter 2013 Adjusted EBITDA was $2.6 million, compared with
$2.9 million in the year ago quarter. In addition to the $4.0 million of
pre-tax charges excluded from non-GAAP income from continuing operations noted
above, fiscal fourth quarter 2013 Adjusted EBITDA also excludes $1.5 million
of pre-tax charges comprised of the following:

  o$1.4 million of depreciation and amortization on property, plant and
    equipment
  o$0.1 million of interest expense

A reconciliation of GAAP to non-GAAP financial measures for the fiscal fourth
quarter and full year along with accompanying notes is provided on Table 4.

Fourth Quarter Revenue by Region

Revenue in the North America region was $47.5 million in the fourth quarter of
fiscal 2013, compared with $40.7 million in the year-ago quarter.
International revenue was $61.5 million, compared with $75.3 million in the
year-ago quarter.

Outlook

Based on current trends, the first quarter of fiscal 2014 revenue outlook
range is expected to be between $105 million and $112 million. Non-GAAP income
(loss) from continuing operations is expected to be in the range of $(0.03) -
$0.00 per diluted share. First quarter of fiscal 2014 non-GAAP operating
expense is expected to decline sequentially. 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 (loss)per diluted share on a forward-looking basis without
unreasonable efforts.

Conference Call Details

Aviat Networks, Inc. will host a conference call today at 4:30 p.m. Eastern
Time to discuss the Company's financial results. Those wishing to join the
call should dial 480-629-9760 or toll free at 877-941-4774 access code 4634030
at approximately 4:20 p.m. Eastern Time. A replay also will be available
starting approximately one hour after the completion of the call until August
21, 2013. To access the replay, dial 303-590-3030 or toll free at 800-406-7325
access code 4634030. A live and archived webcast of the conference call will
also be available via the Aviat's Web site at
http://investors.aviatnetworks.com/events.cfm.

Non-GAAP Measures and Comparative Financial Information

Aviat Networks, Inc. reports information in accordance with U.S. Generally
Accepted Accounting Principles ("GAAP"). Management of Aviat Networks
monitors gross margin, research and development expenses, selling and
administrative expenses, operating income or loss, income tax provision or
benefit, income or loss from continuing operations, basic and diluted income
or loss per share from continuing operations, adjusted earnings before
interest, tax, depreciation and amortization ("adjusted EBITDA") on a non-GAAP
basis for planning and forecasting results in future periods, and may use
these measures for some management compensation purposes. These measures
exclude certain costs, expenses, gains and losses as shown on the attached
Reconciliation of Non-GAAP Financial Measures table. As a result, management
is presenting these non-GAAP measures in addition to results reported in
accordance with GAAP to better communicate underlying operational and
financial performance in each period. Management believes these non-GAAP
measures provide information that is useful to investors in understanding
period-over-period operating results separate and apart from items that may,
or could, have a disproportionate positive or negative impact on results in
any given period. Management also believes that these non-GAAP measures
enhance the ability of an investor to analyze trends in Aviat Networks'
business and to better understand our performance.

Aviat Networks' management does not, nor does it suggest that investors
should, consider such non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with GAAP. Aviat
Networks presents these non-GAAP financial measures in reporting its financial
results to provide investors with an additional tool to evaluate its financial
performance. Reconciliations of these non-GAAP financial measures with the
most directly comparable financial measures calculated in accordance with GAAP
are included in the tables below.

About Aviat Networks

Aviat Networks, Inc. (NASDAQ: AVNW) is a leading global provider of microwave
networking solutions transforming communications networks to handle the
exploding growth of IP-centric, multi-Gigabit data services. With more than
750,000 systems installed around the world, Aviat Networks provides LTE-proven
microwave networking solutions to mobile operators, including some of the
largest and most advanced 4G/LTE networks in the world. Public safety,
utility, government and defense organizations also trust Aviat Networks'
solutions for their mission-critical applications where reliability is
paramount. In conjunction with its networking solutions, Aviat Networks
provides a comprehensive suite of localized professional and support services
enabling customers to effectively and seamlessly migrate to next generation
Carrier Ethernet/IP networks. For more than 50 years, customers have relied on
Aviat Networks' high performance and scalable solutions to help them maximize
their investments and solve their most challenging network problems.
Headquartered in Santa Clara, California, Aviat Networks operates in more than
100 countries around the world. For more information, visit
www.aviatnetworks.com or connect with Aviat Networks on Twitter, Facebook and
LinkedIn.

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, including statements about business drivers, product launches, ability to
deliver value to customers, ability to address the needs of mobile operators
and expectations regarding expected results for the first quarter of fiscal
2014. 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 "anticipate," "believe," "plan,"
"estimate," "expect," "goal," "will," "see," "continue," "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:

  ocontinued price erosion as a result of increased competition in the
    microwave transmission industry;
  othe impact of the volume, timing and customer, product and geographic mix
    of our product orders;
  oour ability to meet projected new product development dates or anticipated
    cost reductions of new products;
  oour suppliers' inability to perform and deliver on time as a result of
    their financial condition, component shortages or other supply chain
    constraints;
  ocustomer acceptance of new products;
  othe ability of our subcontractors to timely perform;
  ocontinued weakness in the global economy affecting customer spending;
  oretention of our key personnel;
  oour ability to manage and maintain key customer relationships;
  ouncertain economic conditions in the telecommunications sector combined
    with operator and supplier consolidation;
  othe timing of our receipt of payment for products or services from our
    customers;
  oour failure to protect our intellectual property rights or defend against
    intellectual property infringement claims by others;
  othe effects of currency and interest rate risks; and
  othe 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 4, 2012 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.

Financial Tables to Follow:



Table 1
AVIAT NETWORKS, INC.
Fiscal Year 2013 Fourth Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                       Quarter Ended                     Fiscal Year Ended
                       June28, 2013     June 29, 2012   June28,   June 29,
                                         (1)             2013       2012 (1)
                       (In millions, except per share amounts)
Revenue from product   $    109.0        $    116.0      $ 471.3    $ 444.0
sales and services
Cost of product sales  75.4              83.2            331.2      312.3
and services
Gross margin           33.6              32.8            140.1      131.7
Research and           10.4              9.3             39.4       36.0
development expenses
Selling and
administrative         23.8              23.9            95.5       99.5
expenses
Amortization of        0.1               0.1             0.4        1.6
intangible assets
Goodwill impairment    —                 —               —          5.6
charges
Restructuring charges  2.2               0.9             3.1        2.3
Operating income       (2.9)             (1.4)           1.7        (13.3)
(loss)
Other income, net      0.7               —               0.7        —
Interest income        0.1               0.3             0.8        0.6
Interest expense       (0.1)             (0.3)           (0.8)      (1.3)
Income (loss) from
continuing operations
before                 (2.2)             (1.4)           2.4        (14.0)

 income taxes
Provision for (benefit 1.3               (0.4)           13.3       1.5
from) income taxes
Loss from continuing   (3.5)             (1.0)           (10.9)     (15.5)
operations
Loss from discontinued (2.3)             (0.3)           (4.1)      (8.6)
operations, net of tax
Net loss               $    (5.8)        $    (1.3)      $ (15.0)   $ (24.1)
Loss per common share,
basic and diluted:
Continuing operations  $    (0.06)       $    (0.02)     $ (0.18)   $ (0.26)
Discontinued           $    (0.04)       $    (0.01)     $ (0.07)   $ (0.15)
operations
Net loss               $    (0.10)       $    (0.02)     $ (0.25)   $ (0.41)
Weighted average
shares outstanding,    60.4              59.2            60.0       59.0
basic and diluted
(1) Certain prior year period amounts are reclassified to conform to current
period presentation.



Table 2
AVIAT NETWORKS, INC.
Fiscal Year 2013 Fourth Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                            June28, 2013   June 29, 2012 (1)
                                            (In millions)
Assets
Cash and cash equivalents                   $    90.0       $    96.0
Receivables, net                            86.3            90.7
Unbilled costs                              28.9            25.9
Inventories                                 35.0            56.8
Customer service inventories                16.2            18.5
Other current assets                        17.9            16.7
Property, plant and equipment, net          28.8            21.7
Identifiable intangible assets, net         0.8             1.8
Other assets                                1.9             1.5
                                            $    305.8      $    329.6
Liabilities and Stockholders' Equity
Short-term debt                             $    8.8        $    4.1
Accounts payable                            50.6            55.8
Accrued expenses and other current          49.5            54.2
liabilities
Advanced payments and unearned income       27.1            41.3
Long-term debt                              —               8.8
Reserve for uncertain tax positions and     19.9            7.9
other long-term liabilities
Stockholders' equity                        149.9           157.5
                                            $    305.8      $    329.6
(1) Certain prior year period amounts are reclassified to conform to current
period presentation.



Table 3
AVIAT NETWORKS, INC.
Fiscal Year 2013 Fourth Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                                              Fiscal Year Ended
                                              June 28, 2013  June 29, 2012 (1)
                                              (In millions)
Operating Activities
Net loss                                      $   (15.0)     $    (24.1)
Adjustments to reconcile net loss to net cash
used in operating activities:
 Amortization of identifiable intangible 1.0            2.3
assets
 Depreciation and amortization of        5.6            4.9
property, plant and equipment
 Goodwill impairment charges             —              5.6
 Bad debt expense                        2.5            3.9
 Share-based compensation expense        6.4            5.2
 Charges for product transition and      7.7            3.4
inventory write-downs
 Loss (gain) on disposition of WiMAX     (0.4)          1.9
business
 Other non-cash items                    (0.1)          —
Changes in operating assets and liabilities:
 Receivables                             1.9            38.4
 Unbilled costs                          (3.1)          (1.1)
 Inventories                             14.9           (7.6)
 Customer service inventories            1.6            0.7
 Accounts payable                        (7.1)          (18.6)
 Accrued expenses                        (3.2)          (5.9)
 Advance payments and unearned income    (14.1)         (4.6)
 Income taxes payable or receivable      (1.6)          0.1
 Reserve for uncertain tax positions and 11.5           (0.5)
deferred taxes
 Other assets and liabilities            (0.1)          4.4
Net cash provided by operating activities     8.4            8.4
Investing Activities
 Cash disbursed related to sale of WiMAX (0.1)          (1.5)
business, net
 Additions of property, plant and        (10.4)         (5.9)
equipment
Net cash used in investing activities         (10.5)         (7.4)
Financing Activities
 Proceeds from long-term debt            —              8.3
 Payments on long-term debt              (4.1)          (1.4)
 Proceeds from share-based compensation  0.3            0.1
awards
 Redemption of preference shares         —              (8.3)
 Payments on capital lease obligations   (0.1)          —
Net cash used in financing activities         (3.9)          (1.3)
Effect of exchange rate changes on cash and   —              (1.9)
cash equivalents
Net Decrease in Cash and Cash Equivalents     (6.0)          (2.2)
Cash and Cash Equivalents, Beginning of       96.0           98.2
Period
Cash and Cash Equivalents, End of Period      $   90.0       $    96.0
(1) Certain prior year period amounts are reclassified to conform to current
period presentation.





AVIAT NETWORKS, INC.
Quarter Ended June28, 2013 Summaries
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement the consolidated financial statements presented in accordance
with accounting principles generally accepted in the United States ("GAAP"),
we provide additional measures of gross margin, research and development
expenses, selling and administrative expenses, operating income or loss,
income tax provision or benefit, income or loss from continuing operations,
basic and diluted income or loss per share from continuing operations, and
adjusted earnings before interest, tax, depreciation and amortization
("Adjusted EBITDA"), adjusted to exclude certain costs, charges, gains and
losses, as set forth below. We believe that these non-GAAP financial measures,
when considered together with the GAAP financial measures provide information
that is useful to investors in understanding period-over-period operating
results separate and apart from items that may, or could, have a
disproportionate positive or negative impact on results in any particular
period. We also believe these non-GAAP measures enhance the ability of
investors to analyze trends in our business and to understand our performance.
In addition, we may utilize non-GAAP financial measures as a guide in our
forecasting, budgeting and long-term planning process and to measure operating
performance for some management compensation purposes. Any analysis of
non-GAAP financial measures should be used only in conjunction with results
presented in accordance with GAAP. Reconciliations of these non-GAAP
financial measures with the most directly comparable financial measures
calculated in accordance with GAAP follow.



Table 4
AVIAT NETWORKS, INC.
Fiscal Year 2013 Fourth Quarter Summary
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
Condensed Consolidated Statements of Operations
(Unaudited)
               Quarter Ended                           Fiscal Year Ended
               June 28,   % of     June 29,   % of     June 28,   % of     June 29,   % of
               2013       Revenue  2012 (1)   Revenue  2013       Revenue  2012 (1)   Revenue
               (In millions, except percentages and per share amounts)
GAAP gross     $ 33.6     30.8%    $ 32.8     28.3%    $ 140.1    29.7%    $ 131.7    29.7%
margin
Share-based    0.1                 0.2                 0.5                 0.7
compensation
E&O Inventory  —                   —                   —                   1.0
write down
Amortization
of purchased   0.1                 0.2                 0.6                 0.7
technology
Non-GAAP gross 33.8       31.0%    33.2       28.6%    141.2      30.0%    134.1      30.2%
margin
GAAP research
and            $ 10.4     9.5%     $ 9.3      8.0%     $ 39.4     8.4%     $ 36.0     8.1%
development
expenses
Share-based    (0.2)               (0.2)               (1.0)               (0.9)
compensation
Non-GAAP
research and   10.2       9.4%     9.1        7.8%     38.4       8.1%     35.1       7.9%
development
expenses
GAAP selling
and            $ 23.8     21.8%    $ 23.9     20.6%    $ 95.5     20.3%    $ 99.5     22.4%
administrative
expenses
Share-based    (1.3)               (1.1)               (4.9)               (3.6)
compensation
Transactional
taxes          —                   —                   (1.4)               (0.6)
assessments
Other
nonrecurring   —                   0.1                 —                   (0.8)
charges
Non-GAAP
selling and    22.5       20.6%    22.9       19.7%    89.2       18.9%    94.5       21.3%
administrative
expenses
GAAP operating $ (2.9)    (2.7)%   $ (1.4)    (1.2)%   $ 1.7      0.4%     $ (13.3)   (3.0)%
income (loss)
Share-based    1.6                 1.5                 6.4                 5.2
compensation
E&O Inventory  —                   —                   —                   1.0
write down
Amortization
of purchased   0.1                 0.2                 0.6                 0.7
technology
Transactional
taxes          —                   —                   1.4                 0.6
assessments
Other
nonrecurring   —                   (0.1)               —                   0.8
charges
Amortization
of intangible  0.1                 0.1                 0.4                 1.6
assets
Goodwill
impairment     —                   —                   —                   5.6
charges
Restructuring  2.2                 0.9                 3.1                 2.3
charges
Non-GAAP
operating      1.1        1.0%     1.2        1.0%     13.6       2.9%     4.5        1.0%
income
GAAP interest
and other      $ 0.7      0.6%     $ —        —%       $ 0.7      0.1%     $ (0.7)    (0.2)%
income
(expense), net
Other
nonrecurring   (0.7)               —                   (0.7)               —
income
Non-GAAP
interest and   —          —%       —          —%       —          —%       (0.7)      (0.2)%
other income
(expense), net
GAAP income    $ 1.3      1.2%     $ (0.4)    (0.3)%   $ 13.3     2.8%     $ 1.5      0.3%
tax provision
Adjustment to
reflect pro    (0.7)               0.4                 (10.7)              (1.5)
forma tax rate
Non-GAAP
income tax     0.6        0.6%     —          —%       2.6        0.6%     —          —%
provision
GAAP loss from
continuing     $ (3.5)    (3.2)%   $ (1.0)    (0.9)%   $ (10.9)   (2.3)%   $ (15.5)   (3.5)%
operations
Share-based    1.6                 1.5                 6.4                 5.2
compensation
E&O Inventory  —                   —                   —                   1.0
write down
Amortization
of purchased   0.1                 0.2                 0.6                 0.7
technology
Transactional
taxes          —                   —                   1.4                 0.6
assessments
Other
nonrecurring   —                   (0.1)               —                   0.8
charges
Amortization
of intangible  0.1                 0.1                 0.4                 1.6
assets
Goodwill
impairment     —                   —                   —                   5.6
charges
Restructuring  2.2                 0.9                 3.1                 2.3
charges
Other
nonrecurring   (0.7)               —                   (0.7)               —
income
Adjustment to
reflect pro    0.7                 (0.4)               10.7                1.5
forma tax rate
Non-GAAP
income from    $ 0.5      0.5%     $ 1.2      1.0%     $ 11.0     2.3%     $ 3.8      0.9%
continuing
operations
Income (loss) per share from continuing operations
Basic:
GAAP           $ (0.06)            $ (0.02)            $ (0.18)            $ (0.26)
Non-GAAP       $ 0.01              $ 0.02              $ 0.18              $ 0.06
Diluted:
GAAP           $ (0.06)            $ (0.02)            $ (0.18)            $ (0.25)
Non-GAAP       $ 0.01              $ 0.02              $ 0.18              $ 0.06
Shares used in computing income (loss) per share from continuing operations
Basic:
GAAP           60.4                59.2                60.0                59.0
Non-GAAP       60.4                59.2                60.0                59.0
Diluted:
GAAP           60.4                59.2                60.0                59.0
Non-GAAP       62.4                61.4                61.9                61.0
               Quarter Ended                           Fiscal Year Ended
ADJUSTED       June 28,   % of     June 29,   % of     June 28,   % of     June 29,   % of
EBITDA:        2013       Revenue  2012 (1)   Revenue  2013       Revenue  2012 (1)   Revenue
               (In millions, except percentages)
GAAP loss from
continuing     $ (3.5)    (3.2)%   $ (1.0)    (0.9)%   $ (10.9)   (2.3)%   $ (15.5)   (3.5)%
operations
Depreciation
and
amortization   1.4                 1.4                 5.6                 4.9
of property,
plant and
equipment
Interest       0.1                 0.3                 0.8                 1.3
expense
Share-based    1.6                 1.5                 6.4                 5.2
compensation
E&O Inventory  —                   —                   —                   1.0
write down
Amortization
of purchased   0.1                 0.2                 0.6                 0.7
technology
Transactional
taxes          —                   —                   1.4                 0.6
assessments
Other
nonrecurring   —                   (0.1)               —                   0.8
charges
Amortization
of intangible  0.1                 0.1                 0.4                 1.6
assets
Goodwill
impairment     —                   —                   —                   5.6
charges
Restructuring  2.2                 0.9                 3.1                 2.3
charges
Other
nonrecurring   (0.7)               —                   (0.7)               —
income
Provision for  1.3                 (0.4)               13.3                1.5
income taxes
Adjusted       $ 2.6      2.4%     $ 2.9      2.5%     $ 20.0     4.2%     $ 10.0     2.3%
EBITDA
(1) The adjustments above reconcile our GAAP financial results to the non-GAAP financial
measures used by us. Our non-GAAP income or loss from continuing operations excluded
share-based compensation, E&O inventory write down, amortization of purchased technology,
transactional taxes assessments, amortization of intangible assets, goodwill impairment
charges, restructuring charges, other nonrecurring income, and adjustment to reflect pro
forma tax rate. Adjusted EBITDA was determined by excluding depreciation and amortization on
property, plant and equipment, interest expense, provision for income taxes, and non-GAAP
pre-tax adjustments, as set forth above, from the GAAP income from continuing operations. We
believe that the presentation of these non-GAAP items provides meaningful supplemental
information to investors, when viewed in conjunction with, and not in lieu of, our GAAP
results. However, the non-GAAP financial measures have not been prepared under a
comprehensive set of accounting rules or principles. Non-GAAP information should not be
considered in isolation from, or as a substitute for, information prepared in accordance with
GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial
measures.



Table 5
AVIAT NETWORKS, INC.
Fiscal Year 2013 Fourth Quarter Summary
SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)
                        Quarter Ended                 Fiscal Year Ended
                        June28, 2013  June29, 2012  June28, 2013  June29,
                                                                     2012
                                       (In millions)
North America           $   47.5       $   40.7       $   180.5      $ 164.9
International:
Africa and Middle East  31.6           46.9           182.2          147.7
Europe and Russia       17.0           13.8           48.0           53.6
Latin America and Asia  12.9           14.6           60.6           77.8
Pacific
                        61.5           75.3           290.8          279.1
Total Revenue           $   109.0      $   116.0      $   471.3      $ 444.0



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Media Contact:
Ned Hayes, Aviat Networks, Inc., (408) 567-7120, Ned.Hayes@aviatnet.com

Investor Relations:
Peter Salkowski, Aviat Networks, Inc., (408) 567-7117,
Investorinfo@aviatnet.com



SOURCE Aviat Networks, Inc.

Website: http://us.aviatnetworks.com
 
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