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8-K - 8-K - AVIAT NETWORKS, INC.d171729d8k.htm

Exhibit 99.1

Selected Financial Information

On March 5, 2021, Aviat Networks, Inc. (the “Company” or “Aviat”) announced a two-for-one stock split in the form of a stock dividend. Each Aviat stockholder of record at the close of business on April 1, 2021, received one additional share of the Company’s common stock, par value $0.01 per share (the “Common Stock”) after close of trading on April 7, 2021.

The following net income (loss) per share, basic and diluted, has been derived from the audited financial statements of the Company contained in its Annual Report on Form 10-K for the fiscal year ended July  3, 2020, and its unaudited interim financial statements of the Company contained in its Quarterly Reports on Form 10-Q for the fiscal quarters ended January  1, 2021 and October 2, 2020, except that the net income (loss) per share, basic and diluted have been revised to reflect the two-for-one stock split in the form of a stock dividend of our issued and outstanding shares of Common Stock effective on April 7, 2021, as shown below.

The historical financial information set forth below may not be indicative of our future performance and should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical financial statements and notes to those statements included in our  Annual Report on Form 10-K for the fiscal year ended July 3, 2020, our Quarterly Reports on Form 10-Q for the quarters ended January  1, 2021 and October 2, 2020, and any future filings or other reports that we may file with the SEC.

AS REPORTED (QUARTERLY FINANCIAL DATA UNAUDITED)

 

     Years Ended  
(in thousands, except per share amounts)    July 3, 2020      June 28, 2019      June 29, 2018  

Net Income

   $ 257      $ 9,738      $ 1,845  

Net income per share

        

Basic

   $ 0.05      $ 1.81      $ 0.35  

Diluted

   $ 0.05      $ 1.73      $ 0.33  

Shares

        

Basic

     5,391        5,377        5,336  

Diluted

     5,468        5,618        5,647  

 

     Three Months Ended  
     October 2, 2020      September 27, 2019  

Net Income

   $ 5,936      $ 54  

Net income per share

     

Basic

   $ 1.10      $ 0.01  

Diluted

   $ 1.07      $ 0.01  

Shares

     

Basic

     5,411        5,347  

Diluted

     5,546        5,530  

 

     Three Months Ended  
     January 1, 2021      December 27, 2019  

Net Income (loss)

   $ 6,641      $ (1,671

Net income (loss) per share

     

Basic

   $ 1.21      $ (0.31

Diluted

   $ 1.16      $ (0.31

Shares

     

Basic

     5,504        5,427  

Diluted

     5,710        5,427  


     Six Months Ended  
     January 1, 2021      December 27, 2019  

Net Income (loss)

   $ 12,577      $ (1,617

Net income (loss) per share

     

Basic

   $ 2.30      $ (0.30

Diluted

   $ 2.23      $ (0.30

Shares

     

Basic

     5,457        5,387  

Diluted

     5,639        5,387  

AS ADJUSTED FOR TWO-FOR-ONE STOCK SPLIT IN THE FORM OF A STOCK DIVIDEND (UNAUDITED)

 

     Years Ended  
(in thousands, except per share amounts)    July 3, 2020      June 28, 2019      June 29, 2018  

Net Income

   $ 257      $ 9,738      $ 1,845  

Net income per share

        

Basic

   $ 0.02      $ 0.91      $ 0.17  

Diluted

   $ 0.02      $ 0.87      $ 0.16  

Shares

        

Basic

     10,782        10,754        10,672  

Diluted

     10,936        11,236        11,294  

 

     Three Months Ended  
     October 2, 2020      September 27, 2019  

Net Income

   $ 5,936      $ 54  

Net income per share

     

Basic

   $ 0.55      $ 0.01  

Diluted

   $ 0.54      $ 0.00  

Shares

     

Basic

     10,822        10,694  

Diluted

     11,092        11,060  

 

     Three Months Ended  
     January 1, 2021      December 27, 2019  

Net Income (loss)

   $ 6,641      $ (1,671

Net income (loss) per share

     

Basic

   $ 0.60      $ (0.15

Diluted

   $ 0.58      $ (0.15

Shares

     

Basic

     11,008        10,854  

Diluted

     11,420        10,854  

 

     Six Months Ended  
     January 1, 2021      December 27, 2019  

Net Income (loss)

   $ 12,577      $ (1,617

Net income (loss) per share

     

Basic

   $ 1.15      $ (0.15

Diluted

   $ 1.12      $ (0.15

Shares

     

Basic

     10,914        10,774  

Diluted

     11,278        10,774