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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 9, 2010
AVIAT NETWORKS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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001-33278
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20-5961564 |
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.) |
Address of principal executive offices: 5200 Great America Parkway, Santa Clara, CA 95054
Registrants telephone number, including area code: (408) 567-7000
(Former address, if changed since last report): 637 Davis Drive, Morrisville, North Carolina 27560
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 40.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
The information contained in this Current Report on Form 8-K , including the accompanying
Exhibit 99.1, is being furnished pursuant to Item 2.02 and 7.01 of Form 8-K and shall not be deemed
to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
Exchange Act), or otherwise subject to the liability of that section. The information contained
in this Current Report on Form 8-K that is furnished under Item 2.02 and 7.01, including the
accompanying Exhibit 99.1, shall not be incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date
hereof, except as shall be expressly set forth by specific reference in such a filing.
On July 9, 2010, Aviat Networks, Inc. (formerly Harris Stratex Networks, Inc.) issued a press
release announcing its updated revenue guidance for its fourth quarter of fiscal 2010. The full
text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is furnished herewith:
99.1 Press Release, issued by Aviat Networks, Inc. on July 9, 2010
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AVIAT NETWORKS, INC.
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By: |
/s/ Thomas L. Cronan III
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Name: |
Thomas L. Cronan III |
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Date: July 9, 2010 |
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Title: |
Senior Vice President and Chief Financial Officer |
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EXHIBIT INDEX
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Exhibit No. |
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Under |
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Regulation S-K, |
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Item 601 |
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Description |
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99.1
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Press Release, issued by Aviat Networks, Inc. on July 9, 2010 |
exv99w1
Exhibit 99.1
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5200 Great America Parkway
Santa Clara, CA 95054 USA
phone 1-408-567-7000
www.aviatnetworks.com
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Aviat Networks Provides Updated Revenue Guidance
for Fourth Quarter of Fiscal 2010
Santa Clara, CA July 9, 2010 Aviat Networks, Inc. (NASDAQ: AVNW), a wireless expert in
advanced IP network migration, today updated its revenue guidance for the fiscal fourth quarter
ending July 2, 2010.
The Company expects revenue to be in the range of $115 $120 million. The revenue shortfall from
previous expectations is primarily due to component shortages and unexpected delays during the
transition from in-house to contract manufacturing, both of which affected our ability to make
shipments at the end of the quarter. Aviat Networks fourth quarter results are subject to
completion of the Companys closing process and preparation of its financial statements. Final
fourth quarter and year-end results are planned to be announced in late August.
Chuck Kissner, Chairman and CEO of Aviat Networks, commented, The Board of Directors and I are not
satisfied with the Companys operational and financial performance in recent quarters. Since being
appointed as CEO two weeks ago, I have initiated a comprehensive review of our business in order to
develop a focused strategic and operational plan. With this in place, we plan to move promptly and
decisively to put Aviat Networks on track to restore profitability and establish a platform to
drive sustainable revenue growth.
Mr. Kissner continued, Our Board has been focused for some time on actions to reduce costs,
refocus the product portfolio and optimize our business model. We expect to announce a number of
key actions on or before our next earnings call. In addition, management is moving forward to
complete our comprehensive strategic plan, and commence taking the necessary actions to drive
sustainable, profitable growth.
About Aviat Networks, Inc.
Aviat Networks, Inc. (NASDAQ: AVNW), previously known as Harris Stratex Networks, Inc. is a leading
wireless expert in advanced IP network migration, building the foundation for the 4G/LTE broadband
future. We offer best-of-breed transformational wireless solutions, including LTE-ready microwave
backhaul, WiMAX access and a complete portfolio of essential service options that enable wireless
public and private telecommunications operators to deliver advanced data, voice and video and
mobility services around the world. Aviat Networks is agile and adaptive to anticipate whats
coming to help our customers make the right choices, and our products and services are designed for
flexible evolution, no matter what the future brings. With global reach and local presence on the
ground we work by the side of our customers, allowing them to quickly and cost effectively seize
new market and service opportunities, while managing migration toward an all- IP
future. For more
information, please visit www.aviatnetworks.com or join the dialogue at
www.twitter.com/aviatnetworks.
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. All statements, trend analyses and other
information contained herein about the markets for the services and products of Aviat Networks
and trends in revenue, as well as other statements identified by the use of forward-looking
terminology, including anticipated, believe, plan, estimate, expect, goal, will,
see, continues, 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:
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continued weakness in the global economy affecting customer spending; |
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continued price erosion as a result of increased competition in the microwave
transmission industry; |
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the volume, timing and customer, product and geographic mix of our product
orders may have an impact on our operating results; |
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the ability to maintain projected product rollouts, product functionality,
anticipated cost reductions or market acceptance of planned products; |
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the ability to retain key personnel; |
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the ability to achieve business plans for Aviat Networks; |
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the ability to manage and maintain key customer relationships; |
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uncertain economic conditions in the telecommunications sector combined with
operator and supplier consolidation which makes it difficult to estimate growth; |
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future costs or expenses related to litigation; |
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the ability of our subcontractors to perform or our key suppliers to manufacture
or deliver material; |
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customers may not pay for products or services in a timely manner, or at all; |
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the failure of Aviat Networks to protect its intellectual property rights and
its ability to defend itself against intellectual property infringement claims by
others; |
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currency and interest rate risks; |
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the impact of political, economic and geographic risks on international sales. |
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, 2009 as well as other reports filed by Aviat Networks, Inc., previously known as Harris Stratex
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.
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Contacts:
Investors: Candace Lattyak, Aviat Networks, 408-567-7121, candace.lattyak@aviatnet.com
Media: Cynthia Johnson, Aviat Networks, 408-550-3321, cynthia.johnson@aviatnet.com