Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information on Common Stock
Our common stock, with a par value of $0.01 per share, is listed and primarily traded on the NASDAQ Global Select Market, under the ticker symbol AVNW (prior to January 28, 2010 our ticker symbol was HSTX). There was no established trading market for shares of our common stock prior to January 29, 2007.
According to the records of our transfer agent, as of August 21, 2020, there were 2,204 holders of record of our common stock.
Dividend Policy
We have not paid cash dividends on our common stock and do not intend to pay cash dividends in the foreseeable future. We intend to retain any earnings for use in our business. In addition, the covenants of our credit facility may restrict us from paying dividends or making other distributions to our stockholders under certain circumstances.
Sales of Unregistered Securities
During fiscal 2020, we did not issue or sell any unregistered securities.
Issuer Repurchases of Equity Securities
In May 2018, our board of directors approved a repurchase program, which does not have an expiration date, for the repurchase of up to $7.5 million of our common stock. In February 2020, we temporarily suspended the stock repurchase program. During the fourth quarter of fiscal 2020, we did not repurchase any shares of our common stock in the open market. As of July 3, 2020, $3.4 million remained available for repurchases under our stock repurchase program.
Performance Graph
The following graph and accompanying data compare the cumulative total return on our common stock with the cumulative total return of the Total Return Index for The NASDAQ Composite Market (U.S. Companies) and the NASDAQ Telecommunications Index for the five-year period ended July 3, 2020. The stock price performance shown on the graph below is not necessarily indicative of future price performance. Note that this graph and accompanying data is “furnished,” not “filed,” with the SEC.
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COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Aviat Networks, Inc., the NASDAQ Composite Index
and the NASDAQ Telecommunications Index
7/3/2015 7/1/2016 6/30/2017 6/29/2018 6/28/2019 7/3/2020
Aviat Networks, Inc. $ 100.00 $ 50.98 $ 110.20 $ 103.67 $ 86.76 $ 117.73
NASDAQ Composite $ 100.00 $ 98.28 $ 125.56 $ 155.19 $ 167.27 $ 215.50
NASDAQ Telecommunications $ 100.00 $ 101.45 $ 117.97 $ 142.72 $ 171.47 $ 179.06
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* Assumes (i) $100 invested on June 3, 2015 in Aviat Networks, Inc. common stock, the Total Return Index for The NASDAQ Composite Market (U.S. companies) and the NASDAQ Telecommunications Index; and (ii) immediate reinvestment of all dividends.
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Item 6. Selected Financial Data
The following table summarizes our selected historical financial information for each of the last five fiscal years that has been derived from our consolidated financial statements. All of the per-share data have been retroactively adjusted for the 1-for-12 reverse stock split discussed in footnote 3 below. Data presented for fiscal years 2020, 2019 and 2018 are included elsewhere in this Annual Report on Form 10-K. This table should be read in conjunction with our other financial information, including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes, included elsewhere in this Annual Report on Form 10-K.
Fiscal Year Ended
(In thousands, except per share amounts) July 3, 2020 June 28, 2019 June 29, 2018 June 30, 2017 July 1, 2016
Revenue from product sales and services $ 238,642 $ 243,858 $ 242,506 $ 241,874 $ 268,690
Cost of product sales and services 153,946 164,588 162,003 166,402 206,973
Income (loss) from continuing operations (1) (2)
257 9,738 2,302 (621) (30,178)
Net income (loss) (1) (2)
257 9,738 2,302 (621) (29,637)
Net income attributable to noncontrolling interests, net of tax
— — 457 202 270
Net income (loss) attributable to Aviat Networks (1) (2)
257 9,738 1,845 (823) (29,907)
Basic and diluted net income (loss) per common share (3) :
Net income (loss) - basic $ 0.05 $ 1.81 $ 0.35 $ (0.16) $ (5.71)
Net income (loss) - diluted $ 0.05 $ 1.73 $ 0.33 $ (0.16) $ (5.71)
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(1) Includes share-based compensation expense of $1.7 million, $1.7 million, $2.4 million, $2.1 million and $1.8 million for fiscal 2020, 2019, 2018, 2017, and 2016, respectively.
(2) Includes restructuring charges of $4.0 million, $0.7 million, $1.3 million, $0.6 million, and $2.5 million for fiscal 2020, 2019, 2018, 2017, and 2016, respectively.
(3) On June 14, 2016, we effected a reverse stock split of all of the outstanding shares of our common stock at a ratio of 1-for-12 (“Reverse Stock Split”). The authorized number of shares of 300 million and par value per share of our common stock of $0.01 per share remained unchanged after the Reverse Stock Split.
As of
(In thousands) July 3, 2020 June 28, 2019 June 29, 2018 June 30, 2017 July 1, 2016
Total assets $ 179,801 $ 169,193 $ 156,061 $ 152,576 $ 166,111
Long-term liabilities 17,150 15,466 12,077 12,218 12,707
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