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 20, 2021, there were 2,057 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.
On April 7, 2021, we effected a two-for-one split in the form of a stock dividend to shareholders of record as of April 1, 2021.
Sales of Unregistered Securities
On April 13, 2021, we filed a registration statement on Form S-3 with the SEC using a “shelf” registration process. When we utilize the shelf registration we will be able to, from time to time, offer and sell, either individually or in combination, in one or more offerings, up to a total dollar amount of $200 million of any combination of the securities described in the shelf registration statement or a related prospectus supplement. During fiscal 2021, we did not issue or sell any unregistered securities.
Issuer Repurchases of Equity Securities
In May 2018, our Board of Directors approved a stock repurchase program, which does not have an expiration date, for the repurchase of up to $7.5 million of our common stock. The stock repurchase program was suspended temporarily between February 2020 and February 2021. During fiscal 2021, our Board of Directors voted to re-instate our stock repurchase program and we repurchased 19,587 shares of our common stock in the open market for an aggregate purchase price, including commissions, of $0.8 million. These shares were recorded as treasury stock and we do not anticipate retiring them. Treasury stock did not participate in the two-for-one stock split in the form of a stock
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dividend paid on April 7, 2021. As of July 2, 2021, $2.6 million remained available for repurchases under our stock repurchase program.
Period Total Number of Shares Repurchased Average Price Paid per Share Total Number of Shares Repurchased as Part of Publicly Announced Program Approximate dollar Value of Shares that May Yet be Repurchased Under the Program (1)
(in thousands)
April 3, 2021 through April 30, 2021 — — — $ 2,956
May 1, 2021 through May 28, 2021 11,287 $ 29.10 11,287 $ 2,627
May 29, 2021 through July 2, 2021 — — — $ 2,627
Total 11,287
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(1) In May 2018, our Board of Directors approved a stock repurchase program, which does not have an expiration date, for the repurchase of up to $7.5 million of our common stock.
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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 2, 2021. 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
7/1/2016 6/30/2017 6/29/2018 6/28/2019 7/3/2020 7/2/2021
Aviat Networks, Inc. $ 100.00 $ 216.15 $ 203.35 $ 170.19 $ 230.93 $ 792.05
NASDAQ Composite $ 100.00 $ 127.76 $ 157.91 $ 170.20 $ 219.27 $ 316.73
NASDAQ Telecommunications $ 100.00 $ 116.29 $ 140.68 $ 169.02 $ 176.50 $ 235.38
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* Assumes (i) $100 invested on July 1, 2016 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. Data presented for fiscal years 2021, 2020 and 2019 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 2, 2021 July 3, 2020 June 28, 2019 June 29, 2018 July 1, 2017
Revenue from product sales and services $ 274,911 $ 238,642 $ 243,858 $ 242,506 $ 241,874
Cost of product sales and services 172,296 153,946 164,588 162,003 166,402
Income (loss) from continuing operations (1) (2)
110,139 257 9,738 2,302 (621)
Net income (loss) (1), (2), (3)
110,139 257 9,738 2,302 (621)
Net income attributable to noncontrolling interests, net of tax
— — — 457 202
Net income (loss) attributable to Aviat Networks 110,139 257 9,738 1,845 (823)
Basic and diluted net income (loss) per common share (4) :
Net income (loss) - basic $ 9.98 $ 0.02 $ 0.91 $ 0.17 $ (0.08)
Net income (loss) - diluted $ 9.42 $ 0.02 $ 0.87 $ 0.16 $ (0.08)
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(1) Includes share-based compensation expense of $2.9 million, $1.7 million, $1.7 million, $2.4 million, and $2.1 million for fiscal 2021, 2020, 2019, 2018, and 2017, respectively.
(2) Includes restructuring charges of $2.3 million, $4.0 million, $0.7 million, $1.3 million, and $0.6 million for fiscal 2021, 2020, 2019, 2018, and 2017, respectively.
(3) Includes U.S. valuation allowance release of $92.2 million related to U.S. federal and state deferred tax assets for fiscal 2021.
(4) On April 7, 2021, we effected a stock split in the form of a stock dividend of all of the outstanding shares of our common stock at a ratio of two-for-one (“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 Stock Split.
As of
(In thousands) July 2, 2021 July 3, 2020 June 28, 2019 June 29, 2018 July 1, 2017
Total assets $ 297,653 $ 179,801 $ 169,193 $ 156,061 $ 152,576
Long-term liabilities 17,949 17,150 15,466 12,077 12,218
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