Aviat Networks, Inc. (AVNW) saw its loss narrow to $0.63 million, or $0.12 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.20 million, or $0.23 a share. On the other hand, adjusted net loss from continuing operations for the quarter widened to $2.57 million, or $0.49 a share from a loss of $1.36 million or $0.26 a share, a year ago.
Revenue during the quarter dropped 26.83 percent to $58.21 million from $79.56 million in the previous year period. Gross margin for the quarter expanded 342 basis points over the previous year period to 29.83 percent. Operating margin for the quarter stood at negative 5.03 percent as compared to a negative 2.01 percent for the previous year period.
Operating loss for the quarter was $2.92 million, compared with an operating loss of $1.60 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $2.31 million compared to operating loss of $1.08 million in prior year period.
Commenting on the Company's fiscal 2017 first quarter results, Michael Pangia, president and chief executive officer of Aviat Networks stated, "Across the board, we are very pleased with our results. Our bookings, revenues, expenses and cash all tracked to expectations, while our gross margins exceeded our internal goals. We now have a better view to generating positive Adjusted EBITDA in our fiscal second quarter and for the full fiscal year."
Working capital drops significantly
Aviat Networks, Inc. has witnessed a decline in the working capital over the last year. It stood at $39.51 million as at Sep. 30, 2016, down 42.82 percent or $29.59 million from $69.10 million on Oct. 02, 2015. Current ratio was at 1.45 as on Sep. 30, 2016, down from 1.54 on Oct. 02, 2015.
Cash conversion cycle (CCC) has decreased to 53 days for the quarter from 79 days for the last year period. Days sales outstanding went up to 108 days for the quarter compared with 101 days for the same period last year.
Days inventory outstanding has decreased to 30 days for the quarter compared with 52 days for the previous year period. At the same time, days payable outstanding went up to 85 days for the quarter from 74 for the same period last year.
Debt comes down
Aviat Networks, Inc. has recorded a decline in total debt over the last one year. It stood at $8 million as on Sep. 30, 2016, down 11.11 percent or $1 million from $9 million on Oct. 02, 2015. Total debt was 5.23 percent of total assets as on Sep. 30, 2016, compared with 3.95 percent on Oct. 02, 2015. Debt to equity ratio was at 0.15 as on Sep. 30, 2016, up from 0.11 as on Oct. 02, 2015.
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