AeroVironment, Inc. Announces Fiscal 2010 First Quarter Results
“Our fiscal 2010 is developing in a manner that is consistent with our
plans, reinforcing our view of 18% to 22% revenue growth for the year
with 12% to 14% operating income margin. First quarter results reflect
the anticipated deferral of Raven UAS deliveries as customers await the
second half availability of new digital Raven systems and upgrade kits
for the thousands of aircraft in the field. Low first quarter revenue,
combined with maintaining our R&D and other spending to support our full
year plan, resulted in a first quarter loss, but this was generally
consistent with our FY 2010 plan,” said
FISCAL 2010 FIRST QUARTER RESULTS
Revenue for the first quarter of fiscal 2010 was
Loss from operations for the first quarter of fiscal 2010 was
Net loss for the first quarter of fiscal 2010 was
Loss per share for the first quarter of fiscal 2010 was
BACKLOG
As of
CONFERENCE CALL
In conjunction with this release, AeroVironment, Inc. will host a
conference call today,
Investors may dial into the call at (877) 440-5786 (U.S.) or (719) 325-4855 (international) five to ten minutes prior to the start time to allow for registration.
Investors with access to the Internet may access the conference call live over the Internet at the Investor Relations section of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow fifteen minutes prior to the call to download and install any necessary audio software. An audio replay of the event will be archived on the Investor Relations page of the company’s web site, at http://investor.avinc.com.
A digital replay of the call will be available on
ABOUT AEROVIRONMENT, INC. (AV)
Building on a history of technological innovation, AV designs, develops,
produces, and supports an advanced portfolio of Unmanned Aircraft
Systems (UAS) and efficient electric energy systems. Agencies of the
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any statement
that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain words such as “believe,”
“anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or
words or phrases with similar meaning. Forward-looking statements are
based on current expectations, forecasts and assumptions that involve
risks and uncertainties, including, but not limited to, economic,
competitive, governmental and technological factors outside of our
control, that may cause our business, strategy or actual results to
differ materially from the forward-looking statements. Factors that
could cause actual results to differ materially from the forward-looking
statements include, but are not limited to, reliance on sales to the
U.S. government; changes in the supply and/or demand and/or prices for
our products; the activities of competitors; failure of the markets in
which we operate to grow; failure to expand into new markets; changes in
significant operating expenses, including components and raw materials;
failure to develop new products; changes in the regulatory environment;
and general economic and business conditions in
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AeroVironment, Inc. Consolidated Statements of Operations (Unaudited) (In thousands except share and per share data) |
|||||||
| Three Months Ended | |||||||
| August 1, | August 2, | ||||||
| 2009 | 2008 | ||||||
| Revenue: | |||||||
| Product sales | $ | 8,229 | $ | 25,327 | |||
| Contract services | 29,711 | 28,286 | |||||
| 37,940 | 53,613 | ||||||
| Cost of sales: | |||||||
| Product sales | 5,557 | 14,358 | |||||
| Contract services | 21,668 | 18,672 | |||||
| 27,225 | 33,030 | ||||||
| Gross margin | 10,715 | 20,583 | |||||
| Selling, general and administrative | 10,495 | 8,095 | |||||
| Research and development | 5,673 | 5,260 | |||||
| (Loss) income from operations | (5,453 | ) | 7,228 | ||||
| Other income: | |||||||
| Interest income | 59 | 541 | |||||
| (Loss) income before income taxes | (5,394 | ) | 7,769 | ||||
| (Benefit) provision for income taxes | (1,807 | ) | 2,960 | ||||
| Net (loss) income | $ | (3,587 | ) | $ | 4,809 | ||
| (Loss) earnings per share data: | |||||||
| Basic | $ | (0.17 | ) | $ | 0.23 | ||
| Diluted | $ | (0.17 | ) | $ | 0.22 | ||
| Weighted average shares outstanding: | |||||||
| Basic | 21,316,776 | 20,711,656 | |||||
| Diluted | 21,316,776 | 21,651,032 | |||||
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AeroVironment, Inc. Selected Consolidated Balance Sheet Information (In thousands except share data) |
||||||
|
August 1, 2009 |
April 30,
2009 |
|||||
| (Unaudited) | ||||||
| Cash and cash equivalents | $ | 113,284 | $ | 116,501 | ||
| Investments | 34,465 | 28,679 | ||||
| Accounts receivable, net | 17,485 | 42,551 | ||||
| Unbilled receivables and retentions | 14,458 | 20,070 | ||||
| Inventories, net | 19,212 | 11,602 | ||||
| Total assets | 235,529 | 253,181 | ||||
| Stockholders’ equity | 204,799 | 207,427 | ||||
| Shares issued and outstanding | 21,508,700 | 21,470,481 | ||||
|
Reportable Segment Results are as Follows (Unaudited): (In thousands) |
|||||||
| Three Months Ended | |||||||
| August 1, | August 2, | ||||||
| 2009 | 2008 | ||||||
| Revenue: | |||||||
| UAS | $ | 33,310 | $ | 46,076 | |||
| EES | 4,630 | 7,537 | |||||
| Total | 37,940 | 53,613 | |||||
| Gross margin: | |||||||
| UAS | 8,979 | 16,643 | |||||
| EES | 1,736 | 3,940 | |||||
| Total | 10,715 | 20,583 | |||||
| Selling, general and administrative | 10,495 | 8,095 | |||||
| Research and development | 5,673 | 5,260 | |||||
| (Loss) income from operations | (5,453 | ) | 7,228 | ||||
| Interest income | 59 | 541 | |||||
| (Loss) income before income taxes | $ | (5,394 | ) | $ | 7,769 | ||
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Source: AeroVironment, Inc.
AeroVironment, Inc.
Steven Gitlin
+1 (626) 357-9983
ir@avinc.com