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Aviat Networks reports wider 4Q loss of $88.8M
SANTA CLARA, CALIF. (AP) - Aviat Networks Inc., which sells products and services for wireless networks, said Wednesday its fourth-quarter loss widened sharply as sales slumped and it wrote down the value of assets.
The company gave a revenue outlook for the October quarter that fell short of Wall Street expectations.
Also Wednesday, Aviat said it will close a facility in North Carolina’s Research Triangle area as part of a plan to cut annual costs by between $30 million and $35 million.
Work now done at the facility will be shifted to Texas, California, Slovenia and New Zealand.
Aviat Networks, formerly known as Harris Stratex Networks, said its loss in the quarter ended July 2 widened to $88.8 million, or $1.49 per share, compared with a loss of $3.4 million, or 6 cents per share, in the same quarter last year.
The Santa Clara company took charges of $71.1 million to write down the value of intangible assets, plant and equipment, plus other charges for restructuring and stock-based compensation.
Without the charges, the company said it would have lost 13 cents per share.
Analysts expected a loss of 8 cents per share, according to a survey by Thomson Reuters.
Revenue fell 14 percent to $116.3 million from $135.2 million a year ago. Analysts predicted $118.2 million.
Aviat said that based on current trends and the uncertain economy, it expects revenue in the current quarter to be between $100 million and $120 million. Analysts were predicting $122.6 million.
For the full fiscal year that ended in July, Aviat lost $130.2 million, or $2.19 per share, compared with a loss of $355 million, or $6.05 per share, in the previous year.
Shares of Aviat fell 3 cents to close at $3.84, before the fourth-quarter results and plant closing were announced.
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