AeroVironment, Inc. Announces Fiscal 2015 First Quarter Results
"Solid performance in our first quarter produced an 18 percent increase
in revenue and 12 percent increase in gross profit on a year-over-year
basis. These results, combined with 25 percent growth in funded backlog
over the fourth quarter of fiscal 2014 and cash flow from operations of
"Responding to increased customer interest, this quarter we began the
investments we announced in our first quarter to position
FISCAL 2015 FIRST QUARTER RESULTS
Revenue for the first quarter of fiscal 2015 was
Gross margin for the first quarter of fiscal 2015 was
Loss from operations for the first quarter of fiscal 2015 was
Other income, net, for the first quarter of fiscal 2015 was
Net loss for the first quarter of fiscal 2015 was
Loss per share for the first quarter of fiscal 2015 was
BACKLOG
As of
FISCAL 2015 — OUTLOOK FOR THE FULL YEAR
For fiscal 2015, the company expects to generate revenue of between
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 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 timing and/or amount of government
spending; changes in the supply and/or demand and/or prices for our
products and services; 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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| Consolidated Statements of Operations (Unaudited) | ||||||||||
| (In thousands except share and per share data) | ||||||||||
| Three Months Ended | ||||||||||
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| 2014 | 2013 | |||||||||
| Revenue: | ||||||||||
| Product sales | $ | 42,811 | $ | 27,174 | ||||||
| Contract services | 9,055 | 16,943 | ||||||||
| 51,866 | 44,117 | |||||||||
| Cost of sales: | ||||||||||
| Product sales | 30,797 | 20,555 | ||||||||
| Contract services | 7,015 | 11,017 | ||||||||
| 37,812 | 31,572 | |||||||||
| Gross margin: | ||||||||||
| Product sales | 12,014 | 6,619 | ||||||||
| Contract services | 2,040 | 5,926 | ||||||||
| 14,054 | 12,545 | |||||||||
| Selling, general and administrative | 13,403 | 12,459 | ||||||||
| Research and development | 7,124 | 7,190 | ||||||||
| Loss from operations | (6,473 | ) | (7,104 | ) | ||||||
| Other income (expense): | ||||||||||
| Interest income | 212 | 205 | ||||||||
| Other income (expense), net | 591 | (3,394 | ) | |||||||
| Loss before income taxes | (5,670 | ) | (10,293 | ) | ||||||
| Benefit for income taxes | (2,061 | ) | (3,083 | ) | ||||||
| Net loss | $ | (3,609 | ) | $ | (7,210 | ) | ||||
| Loss per share data: | ||||||||||
| Basic | $ | (0.16 | ) | $ | (0.32 | ) | ||||
| Diluted | $ | (0.16 | ) | $ | (0.32 | ) | ||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 22,804,127 | 22,238,363 | ||||||||
| Diluted | 22,804,127 | 22,238,363 | ||||||||
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| Reconciliation of Loss per Share (Unaudited) | ||||||||||
| Three Months Ended | ||||||||||
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| 2014 | 2013 | |||||||||
| Loss per share as adjusted | $ | (0.18 | ) | $ | (0.21 | ) | ||||
| Decrease (increase) due to convertible bonds and related stock investments | 0.02 | (0.11 | ) | |||||||
| Loss per share as reported | $ | (0.16 | ) | $ | (0.32 | ) | ||||
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| Consolidated Balance Sheets | ||||||||||
| (In thousands except share data) | ||||||||||
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| (Unaudited) | ||||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 148,052 | $ | 126,969 | ||||||
| Short-term investments | 76,840 | 70,639 | ||||||||
|
Accounts receivable, net of allowance for doubtful accounts of |
23,213 | 31,739 | ||||||||
| Unbilled receivables and retentions | 7,658 | 10,929 | ||||||||
| Inventories, net | 46,441 | 50,699 | ||||||||
| Income tax receivable | 3,460 | 6,584 | ||||||||
| Deferred income taxes | 4,747 | 5,038 | ||||||||
| Prepaid expenses and other current assets | 3,320 | 4,260 | ||||||||
| Total current assets | 313,731 | 306,857 | ||||||||
| Long-term investments | 39,315 | 50,505 | ||||||||
| Property and equipment, net | 17,897 | 19,997 | ||||||||
| Deferred income taxes | 6,689 | 6,721 | ||||||||
| Other assets | 971 | 874 | ||||||||
| Total assets | $ | 378,603 | $ | 384,954 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 13,125 | $ | 13,906 | ||||||
| Wages and related accruals | 9,282 | 14,083 | ||||||||
| Customer advances | 4,781 | 2,984 | ||||||||
| Other current liabilities | 5,861 | 6,762 | ||||||||
| Total current liabilities | 33,049 | 37,735 | ||||||||
| Deferred rent | 1,286 | 1,239 | ||||||||
| Liability for uncertain tax positions | 3,513 | 3,513 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders' equity: | ||||||||||
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Preferred stock, |
||||||||||
| Authorized shares — 10,000,000; none issued or outstanding | — | — | ||||||||
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Common stock, |
||||||||||
| Authorized shares — 100,000,000 | ||||||||||
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Issued and outstanding shares — 23,356,556 at |
2 | 2 | ||||||||
| Additional paid-in capital | 145,497 | 143,648 | ||||||||
| Accumulated other comprehensive loss | (215 | ) | (263 | ) | ||||||
| Retained earnings | 195,471 | 199,080 | ||||||||
| Total stockholders' equity | 340,755 | 342,467 | ||||||||
| Total liabilities and stockholders' equity | $ | 378,603 | $ | 384,954 | ||||||
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| Consolidated Statements of Cash Flows (Unaudited) | ||||||||||
| (In thousands) | ||||||||||
| Three Months Ended | ||||||||||
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| Operating activities | ||||||||||
| Net loss | $ | (3,609 | ) | $ | (7,210 | ) | ||||
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||||||||
| Depreciation and amortization | 2,192 | 2,185 | ||||||||
| Provision for doubtful accounts | (141 | ) | 122 | |||||||
| Deferred income taxes | 291 | (23 | ) | |||||||
| Realized gain on sale of equity securities | (473 | ) | — | |||||||
| Stock-based compensation | 846 | 910 | ||||||||
| Foreign currency losses | 183 | — | ||||||||
| (Increase) decrease in fair value of conversion feature of convertible bonds | (393 | ) | 3,391 | |||||||
| Tax benefit from exercise of stock options | 11 | 28 | ||||||||
| Excess tax benefit from stock-based compensation | (313 | ) | — | |||||||
| Changes in operating assets and liabilities: | ||||||||||
| Accounts receivable | 8,667 | 44 | ||||||||
| Unbilled receivables and retentions | 3,271 | 1,585 | ||||||||
| Inventories | 4,258 | (6,102 | ) | |||||||
| Income tax receivable | 3,124 | (3,035 | ) | |||||||
| Other assets | 780 | 538 | ||||||||
| Accounts payable | (781 | ) | (2,599 | ) | ||||||
| Other liabilities | (3,545 | ) | (3,010 | ) | ||||||
| Net cash provided by (used in) operating activities | 14,368 | (13,176 | ) | |||||||
| Investing activities | ||||||||||
| Acquisitions of property and equipment | (29 | ) | (4,457 | ) | ||||||
| Net (purchases) redemptions of held-to-maturity investments | (2,924 | ) | 6,442 | |||||||
| Net sales of available-for-sale investments | 8,676 | 175 | ||||||||
| Net cash provided by investing activities | 5,723 | 2,160 | ||||||||
| Financing activities | ||||||||||
| Excess tax benefit from exercise of stock options | 313 | — | ||||||||
| Exercise of stock options | 679 | 23 | ||||||||
| Net cash provided by financing activities | 992 | 23 | ||||||||
| Net increase (decrease) in cash and cash equivalents | 21,083 | (10,993 | ) | |||||||
| Cash and cash equivalents at beginning of period | 126,969 | 75,332 | ||||||||
| Cash and cash equivalents at end of period | $ | 148,052 | $ | 64,339 | ||||||
| Supplemental disclosure: | ||||||||||
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Unrealized (gain) loss on available-for-sale investments recorded in
other comprehensive loss, net of deferred taxes of |
$ | (48) | $ | 48 | ||||||
| Reportable Segment Results are as Follows (Unaudited): | ||||||||||
| (In thousands) | ||||||||||
| Three Months Ended | ||||||||||
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| 2014 | 2013 | |||||||||
| Revenue: | ||||||||||
| UAS | $ | 41,186 | $ | 35,211 | ||||||
| EES | 10,680 | 8,906 | ||||||||
| Total | 51,866 | 44,117 | ||||||||
| Cost of sales: | ||||||||||
| UAS | 31,015 | 24,599 | ||||||||
| EES | 6,797 | 6,973 | ||||||||
| Total | 37,812 | 31,572 | ||||||||
| Gross margin: | ||||||||||
| UAS | 10,171 | 10,612 | ||||||||
| EES | 3,883 | 1,933 | ||||||||
| Total | 14,054 | 12,545 | ||||||||
| Selling, general and administrative | 13,403 | 12,459 | ||||||||
| Research and development | 7,124 | 7,190 | ||||||||
| Loss from operations | (6,473 | ) | (7,104 | ) | ||||||
| Other income (expense): | ||||||||||
| Interest income | 212 | 205 | ||||||||
| Other income (expense), net | 591 | (3,394 | ) | |||||||
| Loss before income taxes | $ | (5,670 | ) | $ | (10,293 | ) | ||||
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AeroVironment, Inc.
+1 (626) 357-9983
ir@avinc.com
Source: AeroVironment, Inc.
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