AeroVironment, Inc. Announces Fiscal 2012 First Quarter Results
"First quarter revenue of
Conver added, "I believe our UAS products and services offering will be
increasingly relevant to our customers in the
FISCAL 2012 FIRST QUARTER RESULTS
Revenue for the first quarter of fiscal 2012 was
Income from operations for the first quarter of fiscal 2012 was
Net income for the first quarter of fiscal 2012 was
Earnings per diluted share for the first quarter of fiscal 2012 were
BACKLOG
As of
FISCAL 2012 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2012, the Company reiterates its revenue guidance of
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 demand for our products and services,
activities of competitors and changes in the regulatory environment, and
general economic and business conditions in
CONFERENCE CALL
In conjunction with this release,
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
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
ABOUT AEROVIRONMENT, INC.
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 | |||||||
| July 30, | July 31, | ||||||
| 2011 | 2010 | ||||||
| Revenue: | |||||||
| Product sales | $ | 29,299 | $ | 12,220 | |||
| Contract services | 32,698 | 26,008 | |||||
| 61,997 | 38,228 | ||||||
| Cost of sales: | |||||||
| Product sales | 17,872 | 8,686 | |||||
| Contract services | 22,410 | 17,506 | |||||
| 40,282 | 26,192 | ||||||
| Gross margin | 21,715 | 12,036 | |||||
| Selling, general and administrative | 13,700 | 11,371 | |||||
| Research and development | 7,586 | 7,972 | |||||
| Income (loss) from operations | 429 | (7,307 | ) | ||||
| Other income: | |||||||
| Interest income | 78 | 121 | |||||
| Income (loss) before income taxes | 507 | (7,186 | ) | ||||
| Provision (benefit) for income taxes | 181 | (3,743 | ) | ||||
| Net income (loss) | $ | 326 | $ | (3,443 | ) | ||
| Earnings (loss) per share data: | |||||||
| Basic | $ | 0.02 | $ | (0.16 | ) | ||
| Diluted | $ | 0.01 | $ | (0.16 | ) | ||
| Weighted average shares outstanding: | |||||||
| Basic | 21,724,053 | 21,545,870 | |||||
| Diluted | 22,238,117 | 21,545,870 | |||||
| AeroVironment, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands except share and per share data) | ||||||||
| July 30, | April 30, | |||||||
| 2011 | 2011 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 81,247 | $ | 62,041 | ||||
| Short-term investments | 106,883 | 126,839 | ||||||
| Accounts receivable, net of allowance for doubtful accounts of $969 at July 30, 2011 and $639 at April 30, 2011 | 22,034 | 44,376 | ||||||
| Unbilled receivables and retentions | 13,399 | 21,966 | ||||||
| Inventories, net | 38,299 | 38,137 | ||||||
| Income tax receivable | 745 | — | ||||||
| Deferred income taxes | 2,460 | 2,300 | ||||||
| Prepaid expenses and other current assets | 2,176 | 2,372 | ||||||
| Total current assets | 267,243 | 298,031 | ||||||
| Long-term investments | 6,154 | 6,275 | ||||||
| Property and equipment, net | 18,134 | 17,498 | ||||||
| Deferred income taxes | 9,760 | 9,762 | ||||||
| Other assets | 181 | 181 | ||||||
| Total assets | $ | 301,472 | $ | 331,747 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 12,549 | $ | 31,134 | ||||
| Wages and related accruals | 9,024 | 15,458 | ||||||
| Income taxes payable | — | 7,404 | ||||||
| Other current liabilities | 7,535 | 7,384 | ||||||
| Liability for uncertain tax positions | 724 | 724 | ||||||
| Total current liabilities | 29,832 | 62,104 | ||||||
| Wages and other accruals | 1,056 | 762 | ||||||
| Deferred rent | 1,245 | 1,275 | ||||||
| Liability for uncertain tax positions | 4,138 | 4,138 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.0001 par value: | ||||||||
| Authorized shares — 10,000,000 | ||||||||
| None issued or outstanding | — | — | ||||||
| Common stock, $0.0001 par value: | ||||||||
| Authorized shares — 100,000,000 | ||||||||
|
Issued and outstanding shares — 22,094,291 at July 30, 2011 and 21,949,884 at April 30, 2011 |
2 | 2 | ||||||
| Additional paid-in capital | 121,170 | 119,765 | ||||||
| Accumulated other comprehensive loss | (782 | ) | (784 | ) | ||||
| Retained earnings | 144,811 | 144,485 | ||||||
| Total stockholders' equity | 265,201 | 263,468 | ||||||
| Total liabilities and stockholders' equity | $ | 301,472 | $ | 331,747 | ||||
| AeroVironment, Inc. | ||||||||
| Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Three Months Ended | ||||||||
| July 30, | July 31, | |||||||
| 2011 | 2010 | |||||||
| Operating activities | ||||||||
| Net income (loss) | $ | 326 | $ | (3,443 | ) | |||
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 1,970 | 2,683 | ||||||
| Provision for doubtful accounts | 330 | 399 | ||||||
| Deferred income taxes | (160 | ) | (166 | ) | ||||
| Stock-based compensation | 754 | 501 | ||||||
| Tax benefit from exercise of stock options | 376 | 109 | ||||||
| Excess tax benefit from stock-based compensation | (80 | ) | — | |||||
| Gain on sale of property and equipment | — | (60 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 22,012 | 21,189 | ||||||
| Unbilled receivables and retentions | 8,567 | 2,876 | ||||||
| Inventories | (162 | ) | (7,157 | ) | ||||
| Income tax receivable | (745 | ) | (2,743 | ) | ||||
| Other assets | 196 | (149 | ) | |||||
| Accounts payable | (18,585 | ) | (8,438 | ) | ||||
| Other liabilities | (13,343 | ) | (10,855 | ) | ||||
| Net cash provided by (used in) operating activities | 1,456 | (5,254 | ) | |||||
| Investing activities | ||||||||
| Acquisitions of property and equipment | (2,606 | ) | (1,881 | ) | ||||
| Proceeds from the sale of property and equipment | — | 83 | ||||||
| Net sales of held-to-maturity investments | 19,956 | 23,594 | ||||||
| Net sales of available-for-sale investments | 125 | 100 | ||||||
| Net cash provided by investing activities | 17,475 | 21,896 | ||||||
| Financing activities | ||||||||
| Excess tax benefit from stock-based compensation | 80 | — | ||||||
| Exercise of stock options | 195 | 135 | ||||||
| Net cash provided by financing activities | 275 | 135 | ||||||
| Net increase in cash and cash equivalents | 19,206 | 16,777 | ||||||
| Cash and cash equivalents at beginning of period | 62,041 | 28,665 | ||||||
| Cash and cash equivalents at end of period | $ | 81,247 | $ | 45,442 | ||||
| Supplemental disclosure: | ||||||||
| Unrealized gains on long-term investments recorded in other comprehensive income (loss), net of deferred taxes of $2 and $9, respectively | $ | 2 | $ | 14 | ||||
| Reportable Segment Results are as Follows (Unaudited): | |||||||
| (In thousands) | |||||||
| Three Months Ended | |||||||
| July 30, | July 31, | ||||||
| 2011 | 2010 | ||||||
| Revenue: | |||||||
| UAS | $ | 52,205 | $ | 33,447 | |||
| EES | 9,792 | 4,781 | |||||
| Total | 61,997 | 38,228 | |||||
| Gross margin: | |||||||
| UAS | 20,205 | 10,370 | |||||
| EES | 1,510 | 1,666 | |||||
| Total | 21,715 | 12,036 | |||||
| Selling, general and administrative | 13,700 | 11,371 | |||||
| Research and development | 7,586 | 7,972 | |||||
| Income (loss) from operations | 429 | (7,307 | ) | ||||
| Interest income | 78 | 121 | |||||
| Income (loss) before income taxes | $ | 507 | $ | (7,186 | ) | ||
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AeroVironment, Inc.
ir@avinc.com
ir@avinc.com
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