Aviat Networks delays 10-K filing for fiscal year 2024

Aviat Networks, Inc. announced on September 11, 2024, that it has filed a Notification of Late Filing on Form 12b-25 regarding its Annual Report on Form 10-K for the fiscal year ending June 28, 2024. The company cited the need for additional time to finalize its assessment of internal control over financial reporting and to complete certain closing processes. Management identified material weaknesses in its preliminary assessment, which has led to the discovery of errors affecting previously reported financial information for fiscal years 2024 and 2023. Despite these challenges, Aviat estimates revenues for the fiscal year ended June 28, 2024, to be between $400 million and $409 million, a significant increase from the $347 million reported for the previous year. Operating income is projected to be between $15 million and $20 million, down from $26 million in the prior year, while net income is expected to range from $8 million to $12 million, compared to $12 million in the previous fiscal year. The company also reported an increase in cash and cash equivalents, estimating approximately $65 million compared to $22 million in the prior year. However, it noted a total outstanding debt of about $48 million, which is a shift from having no debt in the previous fiscal year. These financial estimates reflect the company's ongoing evaluation of its internal controls and the potential need for revisions or restatements of prior financial statements. Aviat Networks emphasized that the forward-looking statements regarding its financial performance are subject to various risks and uncertainties, including the effectiveness of its internal controls and the potential for additional weaknesses. The company is committed to addressing these issues and will provide updates as necessary, ensuring compliance with regulatory requirements.