Good day, and welcome to the Aviat Networks' Fiscal 2016 Year End Financial Results Conference Call. Today's conference is being recorded. And this time I'd like to turn the conference over to Glenn Wiener. Please go ahead, sir.

Thank you, operator, and welcome to Aviat Networks' fiscal 2016 year end results conference call. We issued our press release, and we'll file our Form 10-K today. And both documents will be available on our Web site in the Investor Relations section. Additionally, this call is being broadcast live over the Internet, and the webcast will be archived on the Investor Relations page of our Web site. I'm joined today by Mike Pangia, President and Chief Executive Officer; and Ralph Marimon, Chief Financial Officer. During today's call, management may make forward-looking statements regarding Aviat's business, including statements relating to projections of earnings and revenue, business drivers, the timing and capabilities of new products, network expansion by mobile and private network operators, and economic activity in different regions. These and other forward-looking statements involve assumptions, risks and uncertainties that could cause actual results to differ materially from those statements. Please note, these forward-looking statements reflect the company's opinions only as of the date of this call, and the company undertakes no obligation to revise or publicly release the results of any revision of these forward-looking statements in light of new information or future events. In addition, during today's call, management will be referencing both GAAP and non-GAAP financial measures. A copy of the press release and financial tables, which include a GAAP to non-GAAP reconciliation and other supplemental financial information, is also available on the company's Web site in the Investor Relation section. Lastly, Aviat will be relocating its corporate headquarters just a few minutes away from its current location in Santa Clara, California later this month. Just wanted to notify everyone in advance as the new corporate address and phone numbers will change. The company expects to update this information on its Web site on or around September 19. This time I'd like to thank you all for your interest and support of Aviat. And with that, I will turn the call over to Mike.

Thanks, Glenn, and to all those joining us today. This has been a difficult year for our industry, and we're not pleased with our results. However, we believe the aggressive actions we took throughout the past fiscal year position us for profitability in fiscal 2017. We are making significant progress in our turnaround plan, and are diligently building a strong pipeline of more profitable business for the future. This past year we controlled what we could, namely our costs, processes, infrastructure, and cash management. Our annual expenses were reduced by over $14 million or 14%, and we were able to absorb the impact of the top line reduction versus fiscal year 2015. Looking ahead, our committed realignment actions will lower fiscal year 2017 annual costs by an additional $14 million to $16 million, and we remain on track to bring Aviat to profitability this fiscal year on an adjusted EBITDA basis. From a cash perspective, although our balance was reduced by $4 million, we used only a minimal amount of cash on an operating basis, which includes restructuring expenses. We are on track to generate positive cash flow this fiscal year. The realignment plant that we announced was not only about cost, we instituted a complete change in our business structure and methodologies. We are committed to the implementation of Lean Six Sigma process improvements throughout the company and we continue to identify areas for further efficiency gains and cost reductions. As for our fourth quarter performance, on an operating basis, the quarter went pretty much as expected, other than cash collections, which Ralph will cover in his remarks shortly. While total revenues were down modestly on a sequential basis, we posted a 40% increase in bookings, a book-to-bill well above one, and our strongest bookings quarter since Q4 of…

Good afternoon everyone, and thanks for joining us today. I'll provide a brief recap of our fiscal fourth quarter and year-end results on a non-GAAP basis. And then make some comments regarding our balance sheet. Additionally, you can view the reconciliation of GAAP and non-GAAP financial measures in our press release. For the 2016 fourth quarter, we reported revenues of approximately $58 million, a decline of 3.5% sequentially. Revenue in North America increased 15%, but was offset by a decline, primarily in Africa, due to the continued weakness in the mobile operator market. Non-GAAP gross margins at 25.7% increased by 440 basis points from the prior year and 170 basis points sequentially. Lower supply chain costs and more effective management of our resources were the primary drivers. Total non-GAAP operating expenses for the fourth quarter were approximately $21 million, a reduction of close to $2 million or 8% year-over-year, and essentially flat sequentially. When comparing the 2016 and 2015 fourth quarters, our R&D spend was reduced by almost $1 million primarily driven by improved efficiencies and lower overhead costs. Our SG&A expenses were also reduced by $1 million or close to 6% driven by lower personnel costs, and a continued focus on lowering our overhead structure. Also note that in Q4 we incurred $1.6 million in restructuring charges. Our non-GAAP loss from continuing operations for Q4 was $6.4 million, this compares to a loss of $4.9 million in Q4 of 2015, and a loss of $6.7 million in Q3 of 2016. Our Q4 adjusted EBITDA was a loss of $4.5 million compared with an adjusted EBITDA loss of $2.4 million in Q4 of last year, sequentially our adjusted EBITDA loss improved by approximately $200,000. CapEx in the quarter amounted to $277,000, in line with our plan. During Q4 we reported…

Thanks Ralph. So as we look at fiscal 2017, our strategy remains consistent with one I outlined last quarter. First we will focus and allocate more resources to capitalize on the growth opportunities, we see in North America. We will aggressively go after new private networks deals where technology and services are highly differentiated and we will increase the development focus on extending the technology differentiation for private networks. But at the same time, be smart in our mobile operator investments with three things in mind: continued support of our key existing customers and their networks, win new targeted mobile operators, and ensure we are positioned to capture volume when the next upgrade cycles occur in both markets. Now it's too early to provide full year guidance, but with the SG&A improvements year-over-year anticipated increases in gross margins and a growing business in North America, we are confident that fiscal 2017 will be much better and we will be profitable on an adjusted EBIDTA basis, while increasing our cash. To start the year with the key private network contracts which for competitive takeaway wins coupled with a growing pipeline in North America, we feel much better about our market position and remain optimistic. We got lot of opportunities ahead of us, and I look forward to reporting on our progress throughout the year. Operator, we are now ready to take questions.

Thank you. [Operator Instructions] And our first question we will hear from Will Cunningham [ph].

Yes, good afternoon everyone. I just have a question -- you had something in your remarks about strategic alternatives and enhancing the valuation, I was just wondering if you could explain that a little bit more, does that mean, for instance that you would be looking to acquire a company or be merged with a company or something like that?

So, any more details at this point probably not worthwhile. I think the best way to state is we are open in exploring all opportunities strategically to improve our position as well as our valuation. So, there is nothing that we are not going to be looking at per se from a strategic perspective.

Okay. So there is nothing -- you are just starting the process. Is that a good way to look at it as far as…

Again we are exploring all strategic, all options and alternatives to enhance our valuation and to improve our business.

All right, okay. That sounds good. I have another question just that competitors and like public service bidding, you come across like Ceragon, or who are some of the main competitors you might come against?

Yes. So, I think if you take a look at our business globally, we do compete against all the players that are in the microwave business, the specialists, you just named one of them being Ceragon as well as some of the large generalist companies like Nokia, Huawei, Ericsson, as examples. However, if you take a look at the markets that we operate in, that we address, primarily on the private networks area we are going up against the larger suppliers and in the international mobile arena in the key markets that we operate in, again we are primarily going up against the larger generalists.

Okay, appreciate that, thanks. No more questions.

[Operator Instructions] And our next question we will hear from Keith [indiscernible], Private Investor.

Hi, thanks for taking my question. My question is just back on the strategic alternatives, you guys mentioned, I know that it's pretty general in terms of what you are telling the public, but have you hired someone as a third-party to help support that or is that all being done internally?

Yes, I am not going to provide any more details on what I have already stated in that topic.

Okay. No further question.

Thank you.

And at this time, there are no further questions.

Very good. Thank you to everybody for listening to our call today, and I look forward to speaking to you in the not too distant future. Thank you.