San Jose, Calif., October 21, 2020
– (NASDAQ: VIAV) Viavi Solutions Inc. (“VIAVI”) announced today that the
board of directors has accepted the resignation of Amar Maletira as VIAVI’s
Chief Financial Officer (“CFO”), effective October 16, 2020. Mr. Maletira
is resigning from his position to pursue a new opportunity, and his
resignation is not the result of any dispute or disagreement with VIAVI on
any matter relating to VIAVI’s operations, policies or practices.
Mr. Maletira plans to depart the Company on November 20, 2020 and has
informed VIAVI that he is committed to an orderly transition of his duties,
including entering into a consulting agreement to advise VIAVI and provide
transition support as reasonably requested by VIAVI over an anticipated
period of 6 months from his departure. Effective upon Mr. Maletira’s
departure and until a successor has been identified, VIAVI has appointed
Pam Avent, currently VIAVI’s Global Controller, to serve as its interim
CFO.
“I would like to take this opportunity to thank Amar for his more than five
years of service at VIAVI as CFO and EVP. I appreciate Amar’s advice and
support as we have worked to improve VIAVI’s operational performance and
wish him success in his future endeavors.” said Oleg Khaykin, President and
Chief Executive Officer of VIAVI. Khaykin added, “We have initiated a
search for Amar’s successor.”
VIAVI will report as planned its full financial results for the fiscal
first quarter 2021 on November 5, 2020 after close of market. VIAVI expects
preliminary fiscal first quarter 2021 revenue to be in the range of $282
million to $284 million and non-GAAP EPS to be in the range of $0.18 to
$0.19. These preliminary results reach or exceed the high end of previously
announced guidance of $258 million to $282 million, and, $0.14 to $0.16,
respectively.
About VIAVI Solutions
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and
assurance solutions for communications service providers, enterprises,
network equipment manufacturers, government and avionics. We help these
customers harness the power of instruments, automation, intelligence and
virtualization to
Command the network.
VIAVI is also a leader in light management solutions for 3D sensing,
anti-counterfeiting, consumer electronics, industrial, automotive, and
defense applications. Learn more about VIAVI at www.viavisolutions.com. Follow
us on VIAVI Perspectives,
LinkedIn
, Twitter,
YouTube
and Facebook.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including statements on identifying a new
chief financial officer. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those projected. For more information on these risks, please refer to the
"Risk Factors" section included in the Company's most recent Annual Report
on Form 10-K filed with the Securities and Exchange Commission on August
24, 2020. The forward-looking statements contained in this press release
are made as of the date hereof and the Company assumes no obligation to
update such statements.
Use of Non-GAAP (Adjusted) Financial Measures
Non-GAAP financial measures are not in accordance with, preferable to, or
an alternative for, generally accepted accounting principles in the United
States. The GAAP measure most directly comparable to non-GAAP net income
(loss) per share is net income (loss) per share. With respect to our
expectations above, the Company has not reconciled non-GAAP net income per
share to GAAP net income (loss) per share in this press release because it
is unable to provide a meaningful or accurate estimate of certain
reconciling items and the information is not available without unreasonable
effort as a result of the inherent difficulty of forecasting the timing
and/or amounts of certain items, including certain charges related to
restructuring, acquisition, integration and related charges. In addition,
the Company believes such reconciliations would imply a degree of precision
that may be confusing or misleading to investors. For more information
regarding the Company’s use of non-GAAP (adjusted) financial measures,
please see the Company’s most recent earnings press release issued on
August 11, 2020 and available at
https://investor.viavisolutions.com/news-and-events/news-releases/news-release-details/2020/VIAVI-Announces-Fourth-Quarter-and-Year-End-Fiscal-2020-Results/default.aspx
.
Investors Contact:
Bill Ong, 408-404-4512;
bill.ong@viavisolutions.com
Press Contact:
Amit Malhotra, 202-341-8624;
amit.malhotra@viavisolutions.com
Source: VIAVI Financials