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): November 19,
2007
AEROVIRONMENT,
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-33261
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95-2705790
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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______________________
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181 W. Huntington
Drive, Suite 202
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Monrovia,
CA
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91016
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(Address
of Principal Executive Offices)
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(Zip
Code)
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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):
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c)) under the Exchange Act
(17 CFR
240.13e-4(c))
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Item
1.01
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Entry
into a Material Definitive
Agreement.
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On
November 19, 2007, AeroVironment, Inc. (AV) was awarded a $19.3 million
order by
the U.S. Marine Corps for Battlefield Air Targeting Micro Air Vehicle (BATMAV)
systems, spares and support services. Each BATMAV system consists of two
Wasp III micro air vehicles, a ground control system, and operators
kit.
The Marine Corps will procure the BATMAV systems through a five-year indefinite delivery/indefinite quantity (ID/IQ) contract awarded to AV by the U.S. Air Force in December 2006 to acquire and field BATMAV systems to meet the small unit’s need for real-time reconnaissance, surveillance, and target acquisition and battle damage assessment. The contract provides for purchases of up to $45 million over the term of the contract, including procurement of micro air vehicle integration efforts, AV’s Wasp III micro air vehicle, ground control systems, initial spares, training and sustainment under the Air Force Beyond Line of Site (BLOS) program of record.
The
development and integration phase of the contract was completed under a
cost-plus fixed-fee arrangement in October 2007. In November 2007,
the Marine Corps signed a Memorandum of Agreement (MOA) with the Air Force
to
procure systems under the BATMAV contract. The Marine Corps’ order
brings the total current funded value of the BATMAV contract to $22.6
million.
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Item
7.01
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Regulation
FD Disclosure.
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On
November 20, 2007, AV issued a press release announcing the Marine Corps’
order. A copy of the press release is attached hereto as
Exhibit 99.1. The information contained in Item 7.01 of
this Current Report, including Exhibit 99.1, is being furnished and shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of that
section. Such information shall not be incorporated by reference into
any filing of AV, whether made before or after the date hereof, regardless
of
any general incorporation language in such filing.
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Item
9.01
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Financial
Statements and Exhibits.
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(d) Exhibits.
The
following exhibits are filed herewith:
Exhibit
Number Description
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99.1
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Press Release issued by AeroVironment, Inc., dated November 20,
2007.
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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: November
20,
2007
By: /s/ Timothy
E. Conver
Timothy
E. Conver
Chairman
of the Board,
President
and Chief Executive Officer
United
States Marine Corps Awards AeroVironment $19.3 Million BATMAV Contract for
Wasp
III Micro Unmanned Aircraft Systems
MONROVIA,
Calif., Nov. 20, 2007– AeroVironment, Inc. (AV) (NASDAQ: AVAV), a
leader in unmanned aircraft systems and efficient electric energy systems,
today
announced that the U.S. Marine Corps has ordered $19.3 million in BATMAV
(Battlefield Air Targeting Micro Air Vehicle) systems, each consisting of two
Wasp III micro air vehicles, AV’s Advanced Battery Charger, spares and support
services. The order followed a successful Marine Corps evaluation of
Wasp systems provided by the Defense Advanced Research Projects Agency, or
DARPA.
The
Marine Corps will procure the BATMAV systems through the Air Force BATMAV
contract, which was awarded to AV in December 2006 and provides a means for
other U.S. armed services to procure these systems. The Marine Corps
plans to issue Wasp III systems to the battalion for deployment at the platoon
level, representing a basis of issue that is lower in the force structure than
that of AV’s Raven small unmanned aircraft system.
“The
small size and light weight of Wasp make it ideally suited for deployment
directly to platoons, where flexibility, portability and reliability are
critically important. We have been evaluating Wasp for some time, and
believe that it offers a unique new capability to support our Marines’ missions
around the world,” said U.S. Marine Corps Major James Roudebush, Tier I UAV
Program Manager, PMA-263. “These Wasp systems, like the Ravens and
Dragon Eyes, help our teams operate more successfully and ultimately help
protect their lives.”
“The
planned deployment of Wasp to the platoon level reflects its value to the
warfighter,” said John Grabowsky, executive vice president and general manager,
AV Unmanned Aircraft Systems. “Just
as our Raven has become the small UAS solution in support of programs for the
Army, Marines, Special Operations and Air Force, we believe Wasp III to be
the
emerging micro UAS solution.”
The
U.S.
Air Force selected Wasp III as the micro UAS for its BATMAV program. With a
wingspan of 29 inches and weighing only one pound, the Wasp III carries one
infrared and two color cameras that transmit streaming video directly to the
hand-held ground controller for display on an integrated monitor. Wasp III
is
the first micro air vehicle to be adopted by the U.S. armed forces in support
of
a program of record. Its portability and reliability are being demonstrated
through continuing evaluation in forward locations.
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. The company's small UAS are used extensively
by agencies of the U.S. Department of Defense and increasingly by allied
military services to provide situational awareness to tactical operating units
through real-time, airborne reconnaissance, surveillance, and target
acquisition. AV’s PosiCharge® fast charge
systems
eliminate battery changing for electric industrial vehicles in factories,
airports, and distribution centers. More information about AV is
available at www.avinc.com.
Safe
Harbor Statement
Certain
statements in this press release may constitute "forward-looking statements"
as
that term is defined in the Private Securities Litigation Reform Act of
1995. These statements are made on the basis of 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
those expressed or implied. Factors that could cause actual results
to differ materially from the
forward-looking statements include, but are not limited to, our ability to
perform under existing contracts and obtain additional contracts; changes in
the
regulatory environment; the activities of competitors; failure of the markets
in
which we operate to grow; failure to expand into new markets; failure to develop
new products or integrate new technology with current products; 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.
###
Contact:
AeroVironment,
Inc.
Steven
Gitlin
+1
(626)
357-9983
pr@avinc.com
Mark
Boyer
For
AeroVironment, Inc.
+1
(310)
455-7812
mark@boyersyn.com