AVIAT NETWORKS INC

For the period ended Jun 28, 2024. Filed Oct 4, 2024.

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FY2024 · Filed Oct 4, 2024

AVNW$19.13+8.3%Stored close · as of Nov 9, 2026

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Item 9B. Other Information

During the three months ended June 28, 2024, none of the Company’s Directors or Officers adopted, modified orterminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K.

As discussed in Note 16. Revisions to Prior Period Consolidated Financial Statements, subsequent to the third quarter of fiscal 2024, the Company identified errors in the quarterly financial statements for fiscal 2024 related to estimated total contract costs and progress to completion for an over-time arrangement. The Company has identified additional errors impacting the quarterly financial statements for fiscal 2024 related to the recognition of revenue prior to performance obligations being met and related to journal entries recorded in error. In accordance with ASC 250, Accounting Changes and Error Corrections and Staff Accounting Bulletins (“SAB”) No. 99, Materiality and No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the materiality of the errors and determined that the impacts were not material, individually or in the aggregate, to the Company’s previously issued consolidated financial statements. The effect of the errors resulted in the following impacts to the quarterly financial statements for fiscal 2024:

	Three Months Ended March 29, 2024			Nine Months Ended March 29, 2024
(In thousands, except per share amounts)	As Previously Reported	Adjustments	As Revised	As Previously Reported	Adjustments	As Revised
Revenues:
Product sales	$70,857	$(13)	$70,844	$196,794	$(1,384)	$195,410
Services	40,756	(778)	39,978	97,421	(1,408)	96,013
Total revenues	111,613	(791)	110,822	294,215	(2,792)	291,423
Cost of revenues:
Product sales	47,791	(8)	47,783	121,775	(786)	120,989
Services	27,288	(320)	26,968	67,224	(383)	66,841
Total cost of revenues	75,079	(328)	74,751	188,999	(1,169)	187,830
Gross margin	36,534	(463)	36,071	105,216	(1,623)	103,593
Selling and administrative	21,300	(1,102)	20,198	61,979	—	61,979
Operating income	5,028	639	5,667	15,569	(1,623)	13,946
Income before income taxes	4,037	639	4,676	13,920	(1,623)	12,297
Provision for income taxes	619	187	806	3,607	(521)	3,086
Net income	$3,418	$452	$3,870	$10,313	$(1,102)	$9,211
Net income per share of common stock outstanding:
Basic	$0.27	$0.04	$0.31	$0.86	$(0.10)	$0.76
Diluted	$0.27	$0.03	$0.30	$0.84	$(0.09)	$0.75

	Three Months Ended March 29, 2024			Nine Months Ended March 29, 2024
(In thousands)	As Previously Reported	Adjustments	As Revised	As Previously Reported	Adjustments	As Revised
Net income	$3,418	$452	$3,870	$10,313	$(1,102)	$9,211
Comprehensive income	$3,077	$452	$3,529	$10,550	$(1,102)	$9,448

	Nine Months Ended March 29, 2024
(In thousands)	As Previously Reported	Adjustments	As Revised
Operating Activities
Net income	$10,313	$(1,102)	$9,211
Deferred taxes	2,180	(521)	1,659
Accounts receivable	14,312	1,103	15,415
Unbilled receivables	(17,039)	1,689	(15,350)
Inventories	7,037	(1,061)	5,976
Accrued expenses	11,449	(108)	11,341
Net cash provided by operating activities	$22,229	$—	$22,229

	Three Months Ended March 29, 2024
	Accumulated Deficit	Total Equity
(In thousands)
As Previously Reported
Balance as of December 29, 2023	$(581,019)	$253,936
Net income	3,418	3,418
Balance as of March 29, 2024	$(577,601)	$258,507
Adjustments
Balance as of December 29, 2023	$(2,913)	$(2,913)
Net income	452	452
Balance as of March 29, 2024	$(2,461)	$(2,461)
As Revised
Balance as of December 29, 2023	$(583,932)	$251,023
Net income	3,870	3,870
Balance as of March 29, 2024	$(580,062)	$256,046

	Nine Months Ended March 29, 2024
	Accumulated Deficit	Total Equity
(In thousands)
As Previously Reported
Balance as of June 30, 2023	$(587,914)	$220,098
Net income	10,313	10,313
Balance as of March 29, 2024	$(577,601)	$258,507
Adjustments
Balance as of June 30, 2023	$(1,359)	$(1,359)
Net income	(1,102)	(1,102)
Balance as of March 29, 2024	$(2,461)	$(2,461)
As Revised
Balance as of June 30, 2023	$(589,273)	$218,739
Net income	9,211	9,211
Balance as of March 29, 2024	$(580,062)	$256,046

	Three Months Ended December 29, 2023			Six Months Ended December 29, 2023
(In thousands, except per share amounts)	As Previously Reported	Adjustments	As Revised	As Previously Reported	Adjustments	As Revised
Revenues:
Product sales	$66,392	$(1,371)	$65,021	$125,937	$(1,371)	$124,566
Services	28,644	27	28,671	56,665	(630)	56,035
Total revenues	95,036	(1,344)	93,692	182,602	(2,001)	180,601
Cost of revenues:
Product sales	37,671	(778)	36,893	73,984	(778)	73,206
Services	20,535	(63)	20,472	39,936	(63)	39,873
Total cost of revenues	58,206	(841)	57,365	113,920	(841)	113,079
Gross margin	36,830	(503)	36,327	68,682	(1,160)	67,522
Selling and administrative	21,442	1,102	22,544	40,679	1,102	41,781
Operating income	4,994	(1,605)	3,389	10,541	(2,262)	8,279
Income before income taxes	5,237	(1,605)	3,632	9,883	(2,262)	7,621
Provision for income taxes	2,347	(499)	1,848	2,988	(708)	2,280
Net income	$2,890	$(1,106)	$1,784	$6,895	$(1,554)	$5,341
Net income per share of common stock outstanding:
Basic	$0.24	$(0.09)	$0.15	$0.59	$(0.14)	$0.45
Diluted	$0.24	$(0.09)	$0.15	$0.57	$(0.13)	$0.44

	Three Months Ended December 29, 2023			Six Months Ended December 29, 2023
(In thousands)	As Previously Reported	Adjustments	As Revised	As Previously Reported	Adjustments	As Revised
Net income	$2,890	$(1,106)	$1,784	$6,895	$(1,554)	$5,341
Comprehensive income	$3,435	$(1,106)	$2,329	$7,473	$(1,554)	$5,919

	Six Months Ended December 29, 2023
(In thousands)	As Previously Reported	Adjustments	As Revised
Operating Activities
Net income	$6,895	$(1,554)	$5,341
Deferred taxes	605	(708)	(103)
Accounts receivable	3,063	631	3,694
Unbilled receivables	(18,772)	1,370	(17,402)
Inventories	852	(848)	4
Accrued expenses	5,171	7	5,178
Other assets and liabilities	(3,907)	1,102	(2,805)
Net cash provided by operating activities	$6,909	$—	$6,909

	Three Months Ended December 29, 2023
	Accumulated Deficit	Total Equity
(In thousands)
As Previously Reported
Balance as of September 29, 2023	$(583,909)	$226,150
Net income	2,890	2,890
Balance as of December 29, 2023	$(581,019)	$253,936
Adjustments
Balance as of September 29, 2023	$(1,807)	$(1,807)
Net income	(1,106)	(1,106)
Balance as of December 29, 2023	$(2,913)	$(2,913)
As Revised
Balance as of September 29, 2023	$(585,716)	$224,343
Net income	1,784	1,784
Balance as of December 29, 2023	$(583,932)	$251,023

	Six Months Ended December 29, 2023
	Accumulated Deficit	Total Equity
(In thousands)
As Previously Reported
Balance as of June 30, 2023	$(587,914)	$220,098
Net income	6,895	6,895
Balance as of December 29, 2023	$(581,019)	$253,936
Adjustments
Balance as of June 30, 2023	$(1,359)	$(1,359)
Net income	(1,554)	(1,554)
Balance as of December 29, 2023	$(2,913)	$(2,913)
As Revised
Balance as of June 30, 2023	$(589,273)	$218,739
Net income	5,341	5,341
Balance as of December 29, 2023	$(583,932)	$251,023

	Three Months Ended September 29, 2023
(In thousands, except per share amounts)	As Previously Reported	Adjustments	As Revised
Revenues:
Services	$28,021	$(657)	$27,364
Total revenues	87,566	(657)	86,909
Gross margin	31,852	(657)	31,195
Operating income	5,547	(657)	4,890
Income before income taxes	4,646	(657)	3,989
Provision for income taxes	641	(209)	432
Net income	$4,005	$(448)	$3,557
Net income per share of common stock outstanding:
Basic	$0.35	$(0.04)	$0.31
Diluted	$0.34	$(0.04)	$0.30

	Three Months Ended September 29, 2023
(In thousands)	As Previously Reported	Adjustments	As Revised
Net income	$4,005	$(448)	$3,557
Comprehensive income	$4,038	$(448)	$3,590

	Three Months Ended September 29, 2023
(In thousands)	As Previously Reported	Adjustments	As Revised
Operating Activities
Net income	$4,005	$(448)	$3,557
Deferred taxes	39	(209)	(170)
Unbilled receivables	(2,395)	657	(1,738)
Net cash provided by operating activities	13,980	—	13,980

	Three Months Ended September 29, 2023
	Accumulated Deficit	Total Equity
(In thousands)
As Previously Reported
Balance as of June 30, 2023	$(587,914)	$220,098
Net income	4,005	4,005
Balance as of September 29, 2023	$(583,909)	$226,150
Adjustments
Balance as of June 30, 2023	$(1,359)	$(1,359)
Net income	(448)	(448)
Balance as of September 29, 2023	$(1,807)	$(1,807)
As Revised
Balance as of June 30, 2023	$(589,273)	$218,739
Net income	3,557	3,557
Balance as of September 29, 2023	$(585,716)	$224,343

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