Exhibit 99.1

 

 

AeroVironment, Inc. Announces Fiscal 2010 Fourth Quarter and Fiscal Year End Results

 

MONROVIA, CA, June 24, 2010 — AeroVironment, Inc.

(AV) (NASDAQ: AVAV) today reported financial results for its fourth quarter and fiscal year ending April 30, 2010.

 

“In the fourth quarter we produced record revenue and profitability while transitioning to full rate production of digital small unmanned aircraft systems.  This strong performance enabled us to achieve our revised revenue guidance for fiscal 2010 and exceed our revised operating income guidance,” said Tim Conver, AV chairman and chief executive officer.  “During the year we made great progress on development programs such as Global Observer, Switchblade and EV Solutions.  As a result, we see fiscal 2011 as a year of transition that will lay the foundation for significant long-term growth.”

 

Fourth Quarter Highlights:

Full Fiscal Year Highlights:

 

 

·      Revenue of $99.4 million

·      Revenue of $249.5 million

 

 

·      Operating margin of 24%

·      Operating margin of 12%

 

 

·      Earnings per diluted share of $0.71

·      Earnings per diluted share of $0.94

 

FISCAL 2010 FOURTH QUARTER RESULTS

 

Revenue for the fourth quarter of fiscal 2010 was $99.4 million, up 31% over fourth quarter fiscal 2009 revenue of $76.0 million. The increase in revenue resulted from increased sales in our Unmanned Aircraft Systems (UAS) segment of $26.7 million offset by decreased sales in our Efficient Energy Systems (EES) segment of $3.3 million.

 

Income from operations for the fourth quarter of fiscal 2010 was $23.5 million, up 161% from fourth quarter fiscal 2009 income from operations of $9.0 million. The increase in income from operations resulted from higher gross margin of $16.6 million offset by higher selling, general and administrative (SG&A) expense of $1.3 million and higher research and development (R&D) expense of $0.9 million.

 

Net income for the fourth quarter of fiscal 2010 was $15.6 million, up 167% from fourth quarter fiscal 2009 net income of $5.8 million.

 

Earnings per diluted share for the fourth quarter of fiscal 2010 was $0.71, up from fourth quarter fiscal 2009 earnings per diluted share of $0.27.

 

FISCAL 2010 FULL YEAR RESULTS

 

Revenue for fiscal year 2010 was $249.5 million, up 1% over fiscal year 2009 revenue of $247.7 million. The increase in revenue resulted from increased sales in our UAS segment of $12.8 million offset by decreased sales in our EES segment of $11.0 million.

 

Income from operations for fiscal year 2010 was $29.9 million, down 8% from fiscal year 2009 income from operations of $32.6 million. The decrease in income from operations was caused by higher SG&A expense of $8.2 million and higher R&D expense of $2.7 million, offset by increased gross margin of $8.2 million.

 

Net income for fiscal year 2010 was $20.7 million, down 15% from fiscal year 2009 net income of $24.2 million.

 

Earnings per diluted share for fiscal year 2010 was $0.94, down 15% from fiscal 2009 earnings per diluted share of $1.11.

 

1


The following information was filed by Aerovironment Inc (AVAV) on Thursday, June 24, 2010 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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