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): December 8, 2009
AEROVIRONMENT,
INC.
(Exact
name of registrant as specified in its charter)
|
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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181 W. Huntington
Drive, Suite 202
|
||||
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Monrovia,
CA
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91016
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|||
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(Address
of Principal Executive
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(Zip
Code)
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|||
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Offices)
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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):
o
Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange ct (17 CFR 240.14d-2(B))
o
Pre-commencement communications pursuant to Rule 13e-4(c)) under the
Exchange Act (17 CFR 240.13e-4c))
Item 2.02.
Results of Operations
and Financial Condition
On
December 8, 2009, AeroVironment, Inc. issued a press release
announcing second quarter financial results for the period ended
October 31, 2009, 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 the purposes
of Section 18 of the Securities Exchange Act of 1934, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
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.
The
following exhibits are filed herewith:
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Exhibit
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||
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Number
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Description
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99.1
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Press
release issued by AeroVironment, Inc., dated December
8, 2009.
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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.
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AEROVIRONMENT,
INC.
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||
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Date: December
8, 2009
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By:
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/s/
Timothy E. Conver
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Timothy
E. Conver
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||
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Chairman,
President and Chief Executive Officer
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3 -
 |
 |
AeroVironment, Inc.
Announces Fiscal 2010 Second Quarter Results
MONROVIA,
CA, December 8, 2009 — AeroVironment, Inc. (AV) (NASDAQ: AVAV) today
reported financial results for its second quarter ended October 31,
2009.
“The
initiation of digital Raven deliveries at the end of our second quarter marked a
milestone for our business and our customers,” said Tim Conver, AV chairman and
chief executive officer. “Digital Raven systems provide more capability to
support and protect ground forces, including those operating in difficult
environments such as Afghanistan. We are confident in our ability to meet the
strong customer demand for these systems during the second half of our fiscal
2010 and beyond, and reiterate our guidance of 18% to 22% full year revenue
growth over last year. The production of digital Raven systems, combined with
the progress we made on Switchblade and Global Observer, and the increased
interest we saw in electric vehicle infrastructure, position us well for near
term execution and multiple, potentially significant long term growth
opportunities.”
Second
Quarter Summary:
|
|
·
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Revenue
of $51.4 million
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|
|
·
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Operating
margin of 7%
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|
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·
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Earnings
per diluted share of $0.10
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FISCAL
2010 SECOND QUARTER RESULTS
Revenue
for the second quarter of fiscal 2010 was $51.4 million, down 22% from
second quarter fiscal 2009 revenue of $65.8 million. The decrease in
revenue resulted from lower sales in our Unmanned Aircraft Systems
(UAS) segment of $12.8 million and Efficient Energy Systems (EES)
segment of $1.6 million.
Income
from operations for the second quarter of fiscal 2010 was $3.4 million,
down 72% from second quarter fiscal 2009 income from operations of
$12.2 million. The decrease in income from operations was caused by lower
gross margin of $5.3 million, higher selling, general and administrative
(SG&A) expense of $2.6 million and higher research and development (R&D)
expense of $0.9 million.
Net
income for the second quarter of fiscal 2010 was $2.2 million, down 76%
from second quarter fiscal 2009 net income of $9.1 million.
Earnings
per diluted share for the second quarter of fiscal 2010 was $0.10, down 76% from
second quarter fiscal 2009 earnings per diluted share of $0.41.
FISCAL
2010 YEAR-TO DATE RESULTS
Revenue
for the first six months of fiscal 2010 was $89.3 million, down 25% from
the first six months of fiscal 2009 revenue of $119.4 million. The decrease
in revenue resulted from lower sales in our UAS segment of
$25.5 million and EES segment of $4.6 million.
Loss from
operations for the first six months of fiscal 2010 was $2.1 million, down
111% from the first six months of fiscal 2009 income from operations of
$19.5 million. The decrease in income from operations was caused by lower
gross margin of $15.2 million, higher SG&A expense of $5.0 million and
higher R&D expense of $1.3 million.
- 1
- -
Net loss
for the first six months of fiscal 2010 was $1.4 million, down 110% from
the first six months of fiscal 2009 net income of
$13.9 million.
Loss per
share for the first six months of fiscal 2010 was $0.06, down 110% from the
first six months of fiscal 2009 earnings per diluted share of
$0.64.
BACKLOG
As of
October 31, 2009, funded backlog (unfilled firm orders for which funding is
currently appropriated to us under a customer contract) was $107.1 million
compared to $114.8 million as of April 30, 2009.
CONFERENCE
CALL
In
conjunction with this release, AeroVironment, Inc. will host a conference
call today, Tuesday, December 8, 2009, at 1:30 pm Pacific Time that will be
broadcast live over the Internet. Timothy E. Conver, chairman and chief
executive officer, Stephen C. Wright, chief financial officer, and Steven A.
Gitlin, director 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 (888) 466-4582 (U.S.) or (719) 457-2085
(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 Tuesday, December 8 at approximately
4:30 p.m. Pacific Time through Tuesday, December 15 at 9:00 p.m.
Pacific Time. Dial (888) 203-1112 and enter the passcode
1762148. International callers should dial (719) 457-0820 and enter
the same passcode number to access the digital replay.
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 U.S. Department of Defense
and allied military services use the company’s hand-launched
UAS to
provide situational awareness to tactical operating units through real-time,
airborne reconnaissance, surveillance, and target
acquisition. Commercial and government entities use AV’s clean
transportation solutions such as electric
vehicle test systems and
electric
vehicle fast charge systems, as well
as its clean energy solutions. More information about AV is available
at 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; 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 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.
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Financial Tables Follow -
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AeroVironment, Inc.
(In
thousands except share and per share data)
|
Three Months Ended
|
Six Months Ended
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|||||||||||||||
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October
31,
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November
1,
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October
31,
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November
1,
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|||||||||||||
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2009
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2008
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2009
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2008
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|||||||||||||
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Revenue:
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||||||||||||||||
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Product
sales
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$
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19,134
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$
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37,259
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$
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27,363
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$
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62,586
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||||||||
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Contract
services
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32,233
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28,520
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61,944
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56,806
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||||||||||||
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51,367
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65,779
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89,307
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119,392
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|||||||||||||
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Cost
of sales:
|
||||||||||||||||
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Product
sales
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11,083
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22,445
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16,640
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36,803
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||||||||||||
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Contract
services
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20,635
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18,347
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42,303
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37,019
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||||||||||||
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31,718
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40,792
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58,943
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73,822
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|||||||||||||
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Gross
margin
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19,649
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24,987
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30,364
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45,570
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||||||||||||
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Selling,
general and administrative
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10,500
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7,855
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20,995
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15,950
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||||||||||||
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Research
and development
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5,776
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4,896
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11,449
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10,156
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||||||||||||
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Income
(loss) from operations
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3,373
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12,236
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(2,080
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)
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19,464
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|||||||||||
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Other
income:
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||||||||||||||||
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Interest
income
|
50
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369
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109
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910
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||||||||||||
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Income
(loss) before income taxes
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3,423
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12,605
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(1,971
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)
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20,374
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|||||||||||
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Provision
(benefit) for income taxes
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1,207
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3,546
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(600
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)
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6,506
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|||||||||||
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Net
income (loss)
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$
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2,216
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$
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9,059
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$
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(1,371
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)
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$
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13,868
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|||||||
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Earnings
(loss) per share data:
|
||||||||||||||||
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Basic
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$
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0.10
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$
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0.43
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$
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(0.06
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)
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$
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0.67
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|||||||
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Diluted
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$
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0.10
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$
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0.41
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$
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(0.06
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)
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$
|
0.64
|
|||||||
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Weighted
average shares outstanding:
|
||||||||||||||||
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Basic
|
21,348,325
|
20,959,731
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21,332,379
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20,833,682
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||||||||||||
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Diluted
|
21,937,784
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21,869,417
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21,332,379
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21,808,061
|
||||||||||||
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AeroVironment, Inc.
Selected
Consolidated Balance Sheet Information
(In
thousands except share data)
|
October
31,
2009
|
April 30,
2009
|
|||||||
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(Unaudited)
|
||||||||
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Cash
and cash equivalents
|
$ | 98,176 | $ | 116,501 | ||||
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Investments
|
33,314 | 28,679 | ||||||
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Accounts
receivable, net
|
32,279 | 42,551 | ||||||
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Unbilled
receivables and retentions
|
19,916 | 20,070 | ||||||
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Inventories,
net
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25,106 | 11,602 | ||||||
|
Total
assets
|
245,646 | 253,181 | ||||||
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Stockholders’
equity
|
207,701 | 207,427 | ||||||
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Shares
issued and outstanding
|
21,531,600 | 21,470,481 | ||||||
Reportable
Segment Results are as Follows (Unaudited):
(In
thousands)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
October
31,
|
November
1,
|
October
31,
|
November
1,
|
|||||||||||||
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2009
|
2008
|
2009
|
2008
|
|||||||||||||
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Revenue:
|
||||||||||||||||
|
UAS
|
$
|
43,690
|
$
|
56,456
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$
|
77,000
|
$
|
102,532
|
||||||||
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EES
|
7,677
|
9,323
|
12,307
|
16,860
|
||||||||||||
|
Total
|
51,367
|
65,779
|
89,307
|
119,392
|
||||||||||||
|
Gross
margin:
|
||||||||||||||||
|
UAS
|
15,822
|
19,946
|
24,801
|
36,589
|
||||||||||||
|
EES
|
3,827
|
5,041
|
5,563
|
8,981
|
||||||||||||
|
Total
|
19,649
|
24,987
|
30,364
|
45,570
|
||||||||||||
|
Selling,
general and administrative
|
10,500
|
7,855
|
20,995
|
15,950
|
||||||||||||
|
Research
and development
|
5,776
|
4,896
|
11,449
|
10,156
|
||||||||||||
|
Income
(loss) from operations
|
3,373
|
12,236
|
(2,080
|
)
|
19,464
|
|||||||||||
|
Interest
income
|
50
|
369
|
109
|
910
|
||||||||||||
|
Income
(loss) before income taxes
|
$
|
3,423
|
$
|
12,605
|
$
|
(1,971
|
)
|
$
|
20,374
|
|||||||
##
Additional
AV News: http://www.avinc.com/News.asp
AV Media
Gallery: http://www.avinc.com/media_gallery.asp
Contact:
AeroVironment, Inc.
Steven
Gitlin
+1 (626)
357-9983
ir@avinc.com
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