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Aerovironment Inc (AVAV) SEC Filing 10-K Annual report for the fiscal year ending Sunday, April 30, 2017

SEC Filings

Aerovironment Inc

CIK: 1730494 Ticker: AVAV

Exhibit 99.1

 

Picture 1

 

 

AeroVironment, Inc. Announces Fiscal 2017 Fourth Quarter and Full Year Results

 

MONROVIA, Calif., June 27, 2017

— AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its fourth quarter ended April 30, 2017.

 

“Through the successful execution of our strategic plan, AeroVironment achieved record performance in our fourth quarter, with revenue of $125 million and fully diluted earnings per share of $1.30,” said Wahid Nawabi, AeroVironment president and chief executive officer.  “International demand for our Family of small unmanned aircraft systems and domestic demand for our Family of Tactical Missile Systems drove full year revenue to $264.9 million, within our guidance range, and fully diluted earnings per share to $0.54, significantly above guidance and 38 percent higher than last year.  Our team executed our fiscal 2017 plan effectively, growing year-end funded backlog by 19 percent over the previous year to $78 million, while creating value for our customers, employees and stockholders and positioning AeroVironment for long-term growth.”

 

 

FISCAL 2017 FOURTH QUARTER RESULTS

 

Revenue for the fourth quarter of fiscal 2017 was $125.4 million, an increase of 48% from fourth quarter fiscal 2016 revenue of $84.8 million. The increase in revenue resulted from an increase in sales in our Unmanned Aircraft Systems (UAS) segment of $39.8 million and an increase in sales in our Efficient Energy Systems (EES) segment of $0.8 million.

 

Gross margin for the fourth quarter of fiscal 2017 was $58.7 million, an increase from fourth quarter fiscal 2016 gross margin of $37.9 million. The increase in gross margin was primarily due to an increase in product margin of $26.5 million, partially offset by a decrease in service margin of $5.8 million. As a percentage of revenue, gross margin increased to 47% from 45%. The increase in gross margin percentage was primarily due to an increase in the proportion of product sales to total revenue.

 

Income from operations for the fourth quarter of fiscal 2017 was $34.0 million compared to fourth quarter fiscal 2016 income from operations of $6.8 million. The increase in the year over year income from operations was primarily a result of an increase in gross margin of $20.7 million and a decrease in research and development (R&D) expense of $6.4 million.

 

Other income, net, for the fourth quarter of fiscal 2017 was $1.0 million compared to other income, net of $0.5 million for the fourth quarter of fiscal 2016. 

 

Provision for income taxes for the fourth quarter of fiscal 2017 was $4.6 million compared to provision for income taxes of $1.9 million for the fourth quarter of fiscal 2016. The increase in provision for income taxes was primarily due to an increase in income before taxes.

 

Net income attributable to AeroVironment for the fourth quarter of fiscal 2017 was $30.5 million compared to net income for the fourth quarter of fiscal 2016 of $5.4 million.

 

Earnings per diluted share for the fourth quarter of fiscal 2017 was $1.30 compared to earnings per diluted share for the fourth quarter of fiscal 2016 of $0.23.

 

FISCAL 2017 FULL-YEAR RESULTS

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The following information was filed by Aerovironment Inc (AVAV) on Tuesday, June 27, 2017 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive (loss) Income
Consolidated Statements Of Comprehensive (loss) Income (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss And Reclassifications Adjustments
Accumulated Other Comprehensive Loss And Reclassifications Adjustments (tables)
Business Acquisitions
Business Acquisitions (details)
Business Acquisitions (tables)
Changes In Accounting Estimates
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Employee Savings Plan
Employee Savings Plan (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Fair Value Measurements Other (details)
Fair Value Measurements Reconciliation (details)
Goodwill
Goodwill (details)
Goodwill (tables)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes Carryforward (details)
Income Taxes Other (details)
Income Taxes Reconciliation (details)
Intangibles
Intangibles (details)
Intangibles (tables)
Intangibles Estimated Amortization Expense (details)
Inventories, Net
Inventories, Net (details)
Inventories, Net (tables)
Investments
Investments (details)
Investments (tables)
Investments - Amortized Cost And Fair Value Of The Auction Rate Securities (details)
Investments - Amortized Cost And Fair Value Of The Held-to-maturity Securities By Contractual Maturity (details)
Investments - Auction Rate Securities (details)
Investments - Equity Securities (details)
Investments - Held-to-maturity Securities (details)
Investments In Companies Accounted For Using The Equity Method
Investments In Companies Accounted For Using The Equity Method (details)
Investments In Companies Accounted For Using The Equity Method Altoy (details)
Long-term Incentive Awards
Long-term Incentive Awards (details)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (details)
Organization And Significant Accounting Policies (policies)
Organization And Significant Accounting Policies (tables)
Organization And Significant Accounting Policies Accounts Receivable (details)
Organization And Significant Accounting Policies Accrued Sales Commission (details)
Organization And Significant Accounting Policies Long-lived Assets (details)
Organization And Significant Accounting Policies Other (details)
Organization And Significant Accounting Policies Recently Adopted Accounting Standards (details)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (tables)
Property And Equipment, Net Other (details)
Quarterly Results Of Operations (unaudited)
Quarterly Results Of Operations (unaudited) (details)
Related Party Transactions
Related Party Transactions (details)
Schedule Ii-valuation And Qualifying Accounts
Schedule Ii-valuation And Qualifying Accounts (details)
Segment Data
Segment Data (details)
Segment Data (tables)
Segment Data Percentage Of Revenue (details)
Severance Charges (details)
Severence Charges
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation Fair Value (details)
Stock-based Compensation Narrative (details)
Stock-based Compensation Non-vested Stock Options (details)
Stock-based Compensation Other (details)
Stock-based Compensation Restricted Stock Awards (details)
Stock-based Compensation Stock Option Plans (details)
Warranty Reserves
Warranty Reserves (details)
Warranty Reserves (tables)
Warranty Reserves Estimated Cost (details)
Ticker: AVAV
CIK: 1368622
Form Type: 10-K Annual Report
Accession Number: 0001558370-17-004963
Submitted to the SEC: Tue Jun 27 2017 7:23:52 PM EST
Accepted by the SEC: Wed Jun 28 2017
Period: Sunday, April 30, 2017
Industry: Aircraft

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