Exhibit 99.1

 

 

 

 

 

 

181 W. Huntington Drive, Suite 202, Monrovia, CA 91016

 

Telephone (626) 357-9983 · Fax (626) 359-9628

 

www.avinc.com · NASDAQ: AVAV

PRESS RELEASE

 

AeroVironment, Inc. Announces Fiscal 2009 Fourth Quarter and Fiscal Year End Results

 

MONROVIA, CA, June 23, 2009 — AeroVironment, Inc. (AV) (NASDAQ: AVAV) today reported financial results for its fourth quarter and fiscal year ending April 30, 2009.

 

“We completed fiscal 2009 with record quarterly revenue, achieving 15% year over year revenue growth, 13% operating margin, and record cash and investments. This performance reflects strength in our customers’ continued demand for our market-leading solutions and our team’s sustained execution,” said Tim Conver, chairman and chief executive officer of AV. “Our development programs, Global Observer, Switchblade, Digital Data Link, and electric vehicle solutions, all moved forward in meaningful ways, positioning us well for delivering more, important solutions to our customers and for long term growth. We, like others, were affected by the global economic downturn. However, the U.S. government’s recent commitments to increase the emphasis on soldier systems and intelligence, surveillance and reconnaissance within the Department of Defense, and electric vehicle infrastructure throughout the country, are positive indications of growing opportunities for the innovative solutions we now provide and are developing in both our segments.”

 

Fourth Quarter Highlights:

 

Full Fiscal Year Highlights:

 

 

 

·   Revenue of $76.0 million

 

·   Revenue of $247.7 million

 

 

 

·   Operating margin of 12%

 

·   Operating margin of 13%

 

 

 

·   Earnings per diluted share of $0.27

 

·   Earnings per diluted share of $1.11

 

 

 

·   Quarter over quarter revenue growth of 18%

 

·   Year over year revenue growth of 15%

 

FISCAL 2009 FOURTH QUARTER RESULTS

 

Revenue for the fourth quarter of fiscal 2009 was $76.0 million, up 18% over fourth quarter fiscal 2008 revenue of $64.3 million. The increase in revenue resulted from increased sales in our Unmanned Aircraft Systems (UAS) segment of $9.4 million and Efficient Energy Systems (EES) segment of $2.3 million.

 

Income from operations for the fourth quarter of fiscal 2009 was $9.0 million, down 2% from fourth quarter fiscal 2008 income from operations of $9.1 million. The decrease in income from operations was caused by higher research and development (R&D) expense of $2.3 million and higher selling, general and administrative (SG&A) expense of $1.2 million, partially offset by higher gross margin of $3.4 million.

 

Net income for the fourth quarter of fiscal 2009 was $5.8 million, down 9% from fourth quarter fiscal 2008 net income of $6.4 million.

 

Earnings per diluted share for the fourth quarter of fiscal 2009 was $0.27, down from fourth quarter fiscal 2008 earnings per diluted share of $0.30.

 

1


The following information was filed by Aerovironment Inc (AVAV) on Tuesday, June 23, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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