AeroVironment, Inc.
AeroVironment Inc (Form: 8-K, Received: 03/07/2017 16:27:52)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 7, 2017

 

AEROVIRONMENT, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-33261

 

95-2705790

(State or other jurisdiction of

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

incorporation or organization)

 

 

 

 

 

800 Royal Oaks Drive, Suite 210

 

 

Monrovia, CA

 

91016

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (626) 357-9983

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

 

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

 

Item 2.02.  Results of Operations and Financial Condition

 

On March 7, 2017,  AeroVironment, Inc. issued a press release announcing third quarter financial results for the period ended January 28, 2017, a copy of which is attached hereto as Exhibit 99.1.

 

The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of AeroVironment, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.

 

In addition to historic information, this report, including the exhibit, contains forward-looking statements regarding events, performance and financial trends. Various factors could affect future results and could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Some of those factors are identified in the exhibit, and in our periodic reports filed with the Securities and Exchange Commission.

 

Item 9.01.  Financial Statements and Exhibits

 

(d)  Exhibits.

 

 

 

 

Exhibit

 

 

Number

 

Description

99.1

 

Press release issued by AeroVironment, Inc., dated March 7, 2017.

 

2



 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

AEROVIRONMENT, INC.

 

 

 

 

 

 

Date: March 7, 2017

By:

/s/ Wahid Nawabi

 

 

Wahid Nawabi

 

 

President and Chief Executive Officer

 

3

 


Exhibit 99.1

 

PICTURE 1

 

 

AeroVironment, Inc. Announces Fiscal 2017 Third Quarter Results

 

MONROVIA, Calif., March 7, 2017 AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its third quarter ended January  28, 2017.

 

“Strong third quarter order flow produced our third highest funded backlog of $128 million, significantly increasing our full year visibility,” said Wahid Nawabi, AeroVironment chief executive officer. “Our third quarter financial results exceeded our expectations, with $53.2 million in revenue, favorable revenue mix and lower spending. Continued strength in the international small unmanned aircraft systems market, combined with progress in our Tactical Missile Systems business, position AeroVironment to achieve our near-term business objectives while creating long-term shareholder value.”

 

 

FISCAL 2017 THIRD QUARTER RESULTS

 

Revenue for the third quarter of fiscal 2017 was $53.2 million, a decrease from third quarter fiscal 2016 revenue of $67.6 million. The decrease in revenue resulted from a decrease in sales in our Unmanned Aircraft Systems (UAS) segment of $19.2 million, partially offset by an increase in sales in our Efficient Energy Systems (EES) segment of $4.8 million.

 

Gross margin for the third quarter of fiscal 2017 was $19.4 million, a decrease from third quarter fiscal 2016 gross margin of $26.6 million. The decrease in gross margin was primarily due to a decrease in product margin of $8.3 million, partially offset by an increase in service margin of $1.0 million. As a percentage of revenue, gross margin decreased from 39% to 36%. The decrease in gross margin percentage was primarily due to an increase in sustaining engineering activities in support of our existing products.

 

Loss from operations for the third quarter of fiscal 2017 was $1.4 million compared to third quarter fiscal 2016 income from operations of $5.1 million. The decrease in the year over year income from operations was a result of a decrease in gross margin of $7.3 million, partially offset by a decrease in selling, general and administrative (SGA) expense of $0.5 million and a decrease in research and development (R&D) expense of $0.3 million.

 

Other income, net, for the third quarter of fiscal 2017 was $0.3 million compared to other expense, net of $34,000 for the third quarter of fiscal 2016. 

 

Provision for income taxes for the third quarter of fiscal 2017 was $1.1 million compared to a benefit for income taxes of $1.1 million for the third quarter of fiscal 2016. The increase in provision for income taxes was primarily due to a decrease in our estimated fiscal 2017 effective income tax rate and a decrease in tax credits as a result of federal legislation permanently reinstating the federal research and development tax credit retroactive to January 2015 during the three months ended January 30, 2016.

 

Net loss for the third quarter of fiscal 2017 was $2.2 million compared to net income for the third quarter of fiscal 2016 of $6.2 million.

 

Loss per share for the third quarter of fiscal 2017 was $0.09 compared to earnings per share for the third quarter of fiscal 2016 of $0.27.

 

1


 

FISCAL 2017 YEAR-TO-DATE RESULTS

 

Revenue for the first nine months of fiscal 2017 was $139.5 million, a decrease from the first nine months’ fiscal 2016 revenue of $179.3 million. The decrease in revenue resulted from a decrease in sales in our UAS segment of $44.6 million, partially offset by an increase in sales in our EES segment of $4.8 million.

 

Gross margin for the first nine months of fiscal 2017 was $43.5 million, a decrease of 41% from the first nine months’ fiscal 2016 gross margin of $74.2 million. The decrease in gross margin was due to a decrease in product margin of $32.2 million, partially offset by an increase in service margin of $1.5 million. As a percentage of revenue, gross margin decreased to 31% from 41%. The decrease in gross margin percentage was primarily due to the reserve reversal of $3.5 million for the settlement of prior year government incurred cost audits recorded in the first nine months of fiscal 2016, an increase in sustaining engineering activities in support of our existing products and an increase in warranty related costs of $2.0 million related to certain small UAS delivered in prior periods.

 

Loss from operations for the first nine months of fiscal 2017 was $21.5 million compared to income from operations for the first nine months of fiscal 2016 of $2.9 million. The increase in loss from operations was a result of a decrease in gross margin of $30.7 million, partially offset by a decrease in SG&A expense of $3.5 million and a decrease in R&D expense of $2.9 million.

 

Other income, net, for the first nine months of fiscal 2017 was $0.7 million compared to other expense, net, for the first nine months of fiscal 2016 of $2.1 million. The decrease in expense was primarily due to the recording of an other-than-temporary impairment loss of $2.2 million on our CybAero equity securities during the first nine months of fiscal 2016. The CybAero equity securities were sold during the second quarter of fiscal 2016.

 

Benefit for income taxes for the first nine months of fiscal 2017 was $2.8 million compared to $2.8 million for the first nine months of fiscal 2016. The benefit for income taxes was a result of an increase in loss before income taxes and the reversal of a reserve for uncertain tax positions due to the settlement of prior fiscal year audits recorded in the first nine months of fiscal 2017, partially offset by a decrease in tax credits as a result of federal legislation permanently reinstating the federal research and development tax credit retroactive to January 2015 during the three months ended January 30, 2016.

 

Net loss for the first nine months of fiscal 2017 was $18.0 million compared to net income for the first nine months of fiscal 2016 of $3.6 million.

 

Loss per share for the first nine months of fiscal 2017 was $0.78 compared to earnings per share for the first nine months of fiscal 2016 of $0.16.  Earnings per share for the first nine months of fiscal 2016 decreased by $0.06 due to both the impairment loss and loss on sale of our CybAero equity securities.

 

 

BACKLOG

 

As of January 28, 2017, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $128.2 million compared to $65.8 million as of April 30, 2016.

 

FISCAL 2017 — OUTLOOK FOR THE FULL YEAR

For fiscal 2017, the company now expects to generate revenue and diluted earnings per share at the low end of their respective ranges of between $260 million and $280 million in revenue and fully diluted earnings per share of $0.20 to $0.35. 

The foregoing estimates are forward looking and reflect management's view of current and future market conditions, including certain assumptions with respect to our ability to obtain and retain government contracts, changes in the timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and

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business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.

 

CONFERENCE CALL

 

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, March 7, 2017, at 1:30 pm Pacific Time that will be broadcast live over the Internet. Wahid Nawabi, president and chief executive officer, Teresa P. Covington, chief financial officer and Steven A. Gitlin, vice president of investor relations, will host the call.

 

4:30 PM ET

3:30 PM CT

2:30 PM MT

1:30 PM PT

 

Investors may dial into the call at (877) 561-2749 (U.S.) or (678) 809-1029 (international) five to ten minutes prior to the start time to allow for registration.

 

Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

 

Audio Replay Options

 

An audio replay of the event will be archived on the Investor Relations page of the company's website, at http://investor.avinc.com. The audio replay will also be available via telephone from Tuesday, March 7, 2017, at approximately 4:30 p.m. Pacific Time through Tuesday, March 14, 2017, at 9:00 p.m. Pacific Time. Dial (855) 859-2056 and enter the passcode  73194979 . International  callers should dial (404) 537-3406 and enter the same passcode number to access the audio replay. 

 

ABOUT AEROVIRONMENT, INC.

 

AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.

 

 

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; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; unexpected technical and marketing difficulties inherent in major research and product development efforts; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including

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components and raw materials; failure to develop new products; the extensive regulatory requirements governing our contracts with the U.S. government; product liability, infringement and other claims; changes in the regulatory environment; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

- Financial Tables Follow –

4


 

AeroVironment, Inc.

Consolidated Statements of Operations (Unaudited)

(In thousands except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

January 28,

 

January 30,

 

January 28,

 

January 30,

 

 

    

2017

    

2016

    

2017

    

2016

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

36,746

 

$

53,305

 

$

81,833

 

$

129,436

 

Contract services

 

 

16,417

 

 

14,255

 

 

57,664

 

 

49,905

 

 

 

 

53,163

 

 

67,560

 

 

139,497

 

 

179,341

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

23,641

 

 

31,910

 

 

58,060

 

 

73,477

 

Contract services

 

 

10,171

 

 

9,025

 

 

37,986

 

 

31,683

 

 

 

 

33,812

 

 

40,935

 

 

96,046

 

 

105,160

 

Gross margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

13,105

 

 

21,395

 

 

23,773

 

 

55,959

 

Contract services

 

 

6,246

 

 

5,230

 

 

19,678

 

 

18,222

 

 

 

 

19,351

 

 

26,625

 

 

43,451

 

 

74,181

 

Selling, general and administrative

 

 

12,788

 

 

13,313

 

 

39,838

 

 

43,302

 

Research and development

 

 

7,988

 

 

8,247

 

 

25,105

 

 

27,975

 

(Loss) income from operations

 

 

(1,425)

 

 

5,065

 

 

(21,492)

 

 

2,904

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

390

 

 

181

 

 

1,162

 

 

673

 

Other expense, net

 

 

(46)

 

 

(215)

 

 

(476)

 

 

(2,796)

 

(Loss) income before income taxes

 

 

(1,081)

 

 

5,031

 

 

(20,806)

 

 

781

 

Provision (benefit) for income taxes

 

 

1,102

 

 

(1,133)

 

 

(2,809)

 

 

(2,821)

 

Net (loss) income

 

$

(2,183)

 

$

6,164

 

$

(17,997)

 

$

3,602

 

(Loss) earnings per share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.09)

 

$

0.27

 

$

(0.78)

 

$

0.16

 

Diluted

 

$

(0.09)

 

$

0.27

 

$

(0.78)

 

$

0.16

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

23,082,974

 

 

22,890,484

 

 

23,029,546

 

 

22,941,354

 

Diluted

 

 

23,082,974

 

 

23,083,816

 

 

23,029,546

 

 

23,139,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5


 

AeroVironment, Inc.

Reconciliation of (Loss) Earnings per Share (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

January 28,

 

January  30,

 

January 28,

 

January  30,

 

 

 

2017

 

2016

 

2017

 

2016

 

(Loss) earnings per diluted share as adjusted

 

$

(0.09)

 

$

0.27 

 

$

(0.78)

 

$

0.22 

 

Other-than-temporary impairment loss and loss on sale of stock

 

 

 

 

 

 

 

 

(0.06)

 

(Loss) earnings per diluted share as reported

 

$

(0.09)

 

$

0.27 

 

$

(0.78)

 

$

0.16 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


 

AeroVironment, Inc.

Consolidated Balance Sheets

(In thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

January 28,

    

April 30,

 

 

 

2017

 

2016

 

 

    

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

73,278

 

$

124,287

 

Short-term investments

 

 

121,095

 

 

103,404

 

Accounts receivable, net of allowance for doubtful accounts of $375 at January 28, 2017 and $262 at April 30, 2016

 

 

23,121

 

 

56,045

 

Unbilled receivables and retentions

 

 

14,820

 

 

18,899

 

Inventories, net

 

 

68,806

 

 

37,486

 

Income tax receivable

 

 

2,487

 

 

 —

 

Prepaid expenses and other current assets

 

 

5,341

 

 

4,150

 

Total current assets

 

 

308,948

 

 

344,271

 

Long-term investments

 

 

43,749

 

 

33,859

 

Property and equipment, net

 

 

18,410

 

 

16,762

 

Deferred income taxes

 

 

15,779

 

 

15,016

 

Other assets

 

 

570

 

 

750

 

Total assets

 

$

387,456

 

$

410,658

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

13,792

 

$

17,712

 

Wages and related accruals

 

 

10,967

 

 

13,973

 

Income taxes payable

 

 

 —

 

 

943

 

Customer advances

 

 

5,456

 

 

2,544

 

Other current liabilities

 

 

7,753

 

 

11,173

 

Total current liabilities

 

 

37,968

 

 

46,345

 

Deferred rent

 

 

1,769

 

 

1,714

 

Capital lease obligations - net of current portion

 

 

218

 

 

449

 

Other non-current liabilities

 

 

193

 

 

184

 

Liability for uncertain tax positions

 

 

62

 

 

441

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value:

 

 

 

 

 

 

 

Authorized shares—10,000,000; none issued or outstanding at January 28, 2017 and April 30, 2016

 

 

 —

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

 

Authorized shares—100,000,000

 

 

 

 

 

 

 

Issued and outstanding shares—23,456,561 shares at January 28, 2017 and 23,359,925 at April 30, 2016

 

 

2

 

 

2

 

Additional paid-in capital

 

 

157,960

 

 

154,274

 

Accumulated other comprehensive loss

 

 

(169)

 

 

(201)

 

Retained earnings

 

 

189,453

 

 

207,450

 

Total stockholders’ equity

 

 

347,246

 

 

361,525

 

Total liabilities and stockholders’ equity

 

$

387,456

 

$

410,658

 

 

 

 

 

 

 

7


 

 

AeroVironment, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

    

January 28,

    

January 30,

 

 

 

2017

 

2016

 

Operating activities

 

 

 

 

 

 

Net (loss) income

 

$

(17,997)

 

$

3,602

 

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,188

 

 

4,547

 

Loss from equity method investments

 

 

119

 

 

248

 

Impairment of available-for-sale securities

 

 

 —

 

 

2,186

 

Provision for doubtful accounts

 

 

115

 

 

(252)

 

Losses on foreign currency transactions

 

 

272

 

 

63

 

Loss on sale of equity securities

 

 

 —

 

 

219

 

Deferred income taxes

 

 

(698)

 

 

18

 

Stock-based compensation

 

 

2,736

 

 

3,170

 

Tax benefit from exercise of stock options

 

 

22

 

 

302

 

Loss (gain) on disposition of property and equipment

 

 

37

 

 

(32)

 

Amortization of held-to-maturity investments

 

 

1,827

 

 

3,086

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

 

32,553

 

 

(5,052)

 

Unbilled receivables and retentions

 

 

4,079

 

 

6,916

 

Inventories

 

 

(31,320)

 

 

(7,020)

 

Income tax receivable

 

 

(2,487)

 

 

(3,952)

 

Prepaid expenses and other assets

 

 

(1,190)

 

 

455

 

Accounts payable

 

 

(3,170)

 

 

(9,457)

 

Other liabilities

 

 

(4,510)

 

 

(4,746)

 

Net cash used in operating activities

 

 

(14,424)

 

 

(5,699)

 

Investing activities

 

 

 

 

 

 

 

Acquisition of property and equipment

 

 

(7,586)

 

 

(4,259)

 

Equity method investment

 

 

 —

 

 

(295)

 

Redemptions of held-to-maturity investments

 

 

93,208

 

 

67,402

 

Purchases of held-to-maturity investments

 

 

(122,978)

 

 

(75,740)

 

Proceeds from the sale of property and equipment

 

 

7

 

 

 —

 

Sales and redemptions of available-for-sale investments

 

 

400

 

 

987

 

Net cash used in investing activities

 

 

(36,949)

 

 

(11,905)

 

Financing activities

 

 

 

 

 

 

 

Purchase and retirement of common stock

 

 

 —

 

 

(3,756)

 

Principal payments of capital lease obligations

 

 

(291)

 

 

(341)

 

Tax withholding payment related to net settlement of equity awards

 

 

 —

 

 

(29)

 

Exercise of stock options

 

 

655

 

 

1,026

 

Net cash provided by (used in) financing activities

 

 

364

 

 

(3,100)

 

Net decrease in cash and cash equivalents

 

 

(51,009)

 

 

(20,704)

 

Cash and cash equivalents at beginning of period

 

 

124,287

 

 

143,410

 

Cash and cash equivalents at end of period

 

$

73,278

 

$

122,706

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

Income taxes

 

$

1,786

 

$

1,539

 

Non-cash activities

 

 

 

 

 

 

 

Unrealized change in fair value of long-term investments recorded in accumulated other comprehensive loss, net of deferred tax expense of $6 and $23, respectively

 

$

32

 

$

34

 

Reclassification from share-based liability compensation to equity

 

$

307

 

$

228

 

Acquisitions of property and equipment financed with capital lease obligations

 

$

 —

 

$

694

 

Acquisitions of property and equipment included in accounts payable

 

$

408

 

$

 —

 

 

 

 

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AeroVironment, Inc.

Reportable Segment Results are as Follows (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

January 28,

 

 

January 30,

 

 

January 28,

 

 

January 30,

 

 

    

 

2017

    

2016

    

 

2017

    

2016

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

UAS

 

$

41,894

 

$

61,086

 

$

113,220

 

$

157,842

 

EES

 

 

11,269

 

 

6,474

 

 

26,277

 

 

21,499

 

Total

 

 

53,163

 

 

67,560

 

 

139,497

 

 

179,341

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

UAS

 

 

25,530

 

 

36,488

 

 

76,549

 

 

91,268

 

EES

 

 

8,282

 

 

4,447

 

 

19,497

 

 

13,892

 

Total

 

 

33,812

 

 

40,935

 

 

96,046

 

 

105,160

 

Gross margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

UAS

 

 

16,364

 

 

24,598

 

 

36,671

 

 

66,574

 

EES

 

 

2,987

 

 

2,027

 

 

6,780

 

 

7,607

 

Total

 

 

19,351

 

 

26,625

 

 

43,451

 

 

74,181

 

Selling, general and administrative

 

 

12,788

 

 

13,313

 

 

39,838

 

 

43,302

 

Research and development

 

 

7,988

 

 

8,247

 

 

25,105

 

 

27,975

 

(Loss) income from operations

 

 

(1,425)

 

 

5,065

 

 

(21,492)

 

 

2,904

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

390

 

 

181

 

 

1,162

 

 

673

 

Other expense, net

 

 

(46)

 

 

(215)

 

 

(476)

 

 

(2,796)

 

(Loss) income before income taxes

 

$

(1,081)

 

$

5,031

 

$

(20,806)

 

$

781

 

 

 

 

##

 

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Contact:

AeroVironment, Inc.

Steven Gitlin

+1 (626) 357-9983

ir@avinc.com

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