Exhibit 99.1

 

Picture 1

 

 

AeroVironment, Inc. Announces Fiscal 2018 Full-Year and Fourth Quarter Results

 

MONROVIA, Calif., June 26, 2018 — AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its full-year and fourth quarter ended April 30, 2018.

 

·

Fiscal 2018 revenue from continuing operations increased 18 percent to $271 million

 

·

Fiscal 2018 diluted EPS from continuing operations increased 32 percent to $0.95

 

·

Record funded backlog of $174 million increased 146 percent

 

 

On June 1, 2018, we entered into an asset purchase agreement with Webasto Charging Systems, Inc. pursuant to which we agreed to sell substantially all of the assets of our Efficient Energy Systems (EES) business segment and certain liabilities related to the EES business. The assets, liabilities and results of operations of the EES business are reported as discontinued operations for all periods presented. All references, including financial data are to our continuing operations, unless otherwise specifically noted. Fiscal 2018 revenue from continuing operations was $271 million  and diluted earnings per share from continuing operations was $0.95. Fiscal 2018 revenue including discontinued operations was $309 million with diluted earnings per share of $0.84.

 

“Our team continued its outstanding execution of our business strategy and exceeded our revenue and profitability guidance for fiscal 2018,” said Wahid Nawabi, AeroVironment president and chief executive officer. “As a repositioned, pure-play solutions company with significant growth opportunities across our Unmanned Aircraft Systems and Tactical Missile Systems businesses and record funded backlog of $174.3 million, we have entered Fiscal 2019 from a position of strength. During the fiscal year, we identified significantly increased funding for our solutions in the fiscal 2019 U.S. government budget request, generated strong orders for Switchblade and positioned the company to capitalize on new opportunities in international small UAS. Further, we continued our progress in developing our HAPSMobile, Inc. global broadband communications business and our Commercial Information Solutions business, and have significant momentum to continue delivering shareholder value.”

 

FISCAL 2018 FULL-YEAR RESULTS

 

Revenue for fiscal 2018 was $271.1 million, an increase of 18% from fiscal 2017 revenue of $228.9 million. The increase in revenue resulted from an increase in product sales of $35.7 million and an increase in service revenue of $6.4 million.

 

Gross margin for fiscal 2018 was $108.9 million, an increase of 14% from fiscal 2017 gross margin of $95.2 million. The increase in gross margin was due to an increase in product margin of $12.7 million and an increase in service margin of $1.0 million. As a percentage of revenue, gross margin decreased to 40% from 42%.

 

Income from continuing operations for fiscal 2018 was $31.6 million, an increase from fiscal 2017 income from continuing operations of $19.1 million. The increase in income from continuing operations was the result of an increase in gross margin of $13.7 million and a decrease in research and development (R&D) expense of $2.0 million, partially offset by an increase in selling, general and administrative (SG&A) expense of $3.2

1


 

million. During the second quarter of fiscal 2018, we recorded impairment charges totaling $1.0 million to the identifiable intangible assets and goodwill of Altoy, our Turkish majority-owned subsidiary.

 

Other income, net, for fiscal 2018 was $2.2  million compared to other income, net, for fiscal 2017 of $1.8 million.

 

Provision for income taxes for fiscal 2018 was $10.2 million compared to a provision for income taxes of $4.1 million for fiscal 2017.  The provision for income taxes for fiscal 2018 includes the impact of the Tax Cut and Jobs Act of 2017, including a reduction in the blended fiscal year 2018 federal statutory tax rate from 35% to 30% and an  estimated $3.4 million one-time expense resulting from the re-measurement of our deferred tax assets and liabilities.

 

Equity method investment activity, net of tax, for fiscal 2018 was a loss of $1.3 million compared to equity method investment activity, net of tax loss of $0.1 million for fiscal 2017. The increase was due to the equity method loss associated with our investment in HAPSMobile, Inc. joint venture formed in December 2017.

 

Loss from discontinued operations, net of tax for fiscal 2018 was $2.5 million compared to loss from discontinued operations, net of tax for fiscal 2017 of $4.2 million.

 

Net income attributable to AeroVironment for fiscal 2018 was $20.1 million, an increase from fiscal 2017 net income attributable to AeroVironment of $12.5 million.

 

Earnings per diluted share from continuing operations attributable to AeroVironment for fiscal 2018 was $0.95 compared to earnings per diluted share from continuing operations attributable to AeroVironment for fiscal 2017 of $0.72.

 

FISCAL 2018 FOURTH QUARTER RESULTS

 

Revenue for the fourth quarter of fiscal 2018 was $117.4 million, an increase of 1%  from fourth quarter fiscal 2017 revenue of $115.7 million. The increase in revenue was due to an increase in service revenue of $15.6 million, partially offset by a decrease in product sales of $13.9 million.

 

Gross margin for the fourth quarter of fiscal 2018 was $52.2 million, a decrease of 9%  from fourth quarter fiscal 2017 gross margin of $57.4 million. The decrease in gross margin was primarily due to a decrease in product margin of $9.9 million, partially offset by an increase in service margin of $4.7 million. As a percentage of revenue, gross margin decreased to 44% from 50%. The decrease in gross margin percentage was primarily due to a decrease in the proportion of product sales to total revenue.

 

Income from continuing operations for the fourth quarter of fiscal 2018 was $29.5 million, a decrease from fourth quarter fiscal 2017 income from continuing operations of $36.3 million. The decrease in income from continuing operations was primarily a result of a decrease in gross margin of $5.2 million, an increase in SG&A expense of $0.9 million and an increase in R&D expense of $0.7 million.

 

Other income, net, for the fourth quarter of fiscal 2018 was $0.9 million compared to other income, net of $1.0 million for the fourth quarter of fiscal 2017. 

 

Provision for income taxes for the fourth quarter of fiscal 2018 was $9.2 million compared to a  provision for income taxes of $8.8 million for the fourth quarter of fiscal 2017.  The provision for income taxes for the fourth quarter of fiscal 2018 included the impact of the Tax Cut and Jobs Act of 2017,  inclusive of a reduction in the blended fiscal year 2018 federal statutory tax rate from 35% to 30%.

 

Equity method investment activity, net of tax, for the fourth quarter of fiscal 2018 was a loss of $0.9 million compared to an equity method investment activity, net of tax loss of $8,000 for the fourth quarter of fiscal 2017. The increase was due to the equity method loss associated with our investment in HAPSMobile, Inc. joint venture formed in December 2017.

 

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Loss from discontinued operations, net of tax for the fourth quarter of fiscal 2018 was $1.9 million compared to net income from discontinued operations, net of tax for the fourth quarter of fiscal 2017 of $2.0 million. 

 

Net income attributable to AeroVironment for the fourth quarter of fiscal 2018 was  $18.3 million, a decrease from fourth quarter fiscal 2017 net income attributable to AeroVironment of $30.5 million.

 

Earnings per diluted share from continuing operations attributable to AeroVironment for the fourth quarter of fiscal 2018 was  $0.85 compared to earnings per diluted share from continuing operations attributable to AeroVironment for the fourth quarter fiscal 2017 of $1.21.

 

BACKLOG

 

As of April 30, 2018, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $174.3 million compared to $70.9 million as of April 30, 2017.

 

FISCAL 2019 — OUTLOOK FOR THE FULL YEAR

For fiscal 2019, the company expects its continuing operations to generate revenue of between $290 million and $310 million, and earnings per diluted share of between $1.10 and  $1.40 at 5% ownership of the HAPSMobile, Inc. joint venture. The earnings per diluted share range includes a one-time gain of $0.25 to $0.26, due to a litigation settlement. The company has the right to increase its ownership percentage of HAPSMobile, Inc. to 19% at any time prior to the first flight test of the HAPSMobile aircraft under development.

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 the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.

 

CONFERENCE CALL

 

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, June 26, 2018, at 1:30 pm Pacific Time that will be broadcast live over the Internet. Wahid Nawabi, president and chief executive officer, Teresa P. Covington, chief financial officer and Steven A. Gitlin, vice president 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 (800) 708-4539 (U.S.) and enter the passcode 47154122 or (847)  619-6396 (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 AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

 

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 Tuesday, June 26, 2018, at approximately 4:00 p.m. Pacific Time through Tuesday, July 3, 2018, at 11:59 p.m. Pacific Time.  Dial (888)

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843-7419 and enter the passcode 47054122#. International callers should dial (630) 652-3042 and enter the same passcode number to access the audio replay. 

 

ABOUT AEROVIRONMENT, INC.

 

AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty.  Based in California, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information visit 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; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts, including the asset purchase agreement for the proposed sale of our EES business, and obtain new contracts;  risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. Government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including components and raw materials; failure to develop new products; the extensive regulatory requirements governing our contracts with the U.S. government; product liability, infringement and other claims; 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.

 

- Financial Tables Follow –

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AeroVironment, Inc.

Consolidated Statements of Operations (Unaudited)

(In thousands except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

April 30,

 

April 30,

 

April 30,

 

April 30,

 

 

    

2018

    

2017

 

2018

    

2017

 

 

 

(Unaudited)

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

88,429

 

$

102,371

 

$

195,330

 

$

159,630

 

Contract services (inclusive of related party revenue of $14,497 for the three months ended April 30, 2018 and $29,597 for the fiscal year ended April 30, 2018)

 

 

28,952

 

 

13,349

 

 

75,722

 

 

69,310

 

 

 

 

117,381

 

 

115,720

 

 

271,052

 

 

228,940

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

45,464

 

 

49,462

 

 

111,990

 

 

88,963

 

Contract services

 

 

19,738

 

 

8,816

 

 

50,174

 

 

44,792

 

 

 

 

65,202

 

 

58,278

 

 

162,164

 

 

133,755

 

Gross margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

 

42,965

 

 

52,909

 

 

83,340

 

 

70,667

 

Contract services

 

 

9,214

 

 

4,533

 

 

25,548

 

 

24,518

 

 

 

 

52,179

 

 

57,442

 

 

108,888

 

 

95,185

 

Selling, general and administrative

 

 

15,287

 

 

14,421

 

 

50,826

 

 

47,642

 

Research and development

 

 

7,440

 

 

6,739

 

 

26,433

 

 

28,465

 

Income from continuing operations

 

 

29,452

 

 

36,282

 

 

31,629

 

 

19,078

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

751

 

 

456

 

 

2,240

 

 

1,618

 

Other income (expense), net

 

 

110

 

 

536

 

 

(49)

 

 

172

 

Income from continuing operations before income taxes

 

 

30,313

 

 

37,274

 

 

33,820

 

 

20,868

 

Provision for income taxes

 

 

9,215

 

 

8,827

 

 

10,177

 

 

4,138

 

Equity method investment activity, net of tax

 

 

(865)

 

 

 —

 

 

(1,283)

 

 

(119)

 

Net income from continuing operations

 

 

20,233

 

 

28,447

 

 

22,360

 

 

16,611

 

(Loss) income from discontinued operations, net of tax

 

 

(1,890)

 

 

2,007

 

 

(2,508)

 

 

(4,154)

 

Net income

 

 

18,343

 

 

30,454

 

 

19,852

 

 

12,457

 

Net (income) loss attributable to noncontrolling interest

 

 

(22)

 

 

22

 

 

216

 

 

22

 

Net income attributable to AeroVironment

 

$

18,321

 

$

30,476

 

$

20,068

 

$

12,479

 

Net income (loss) per share attributable to AeroVironment - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.86

 

$

1.23

 

$

0.97

 

$

0.72

 

Discontinued operations

 

 

(0.08)

 

 

0.09

 

 

(0.11)

 

 

(0.18)

 

Net income per share attributable to AeroVironment

 

$

0.78

 

$

1.32

 

$

0.86

 

$

0.54

 

Net income (loss) per share attributable to AeroVironment - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.85

 

$

1.21

 

$

0.95

 

$

0.72

 

Discontinued operations

 

 

(0.08)

 

 

0.09

 

 

(0.11)

 

 

(0.18)

 

Net income per share attributable to AeroVironment

 

$

0.77

 

$

1.30

 

$

0.84

 

$

0.54

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

23,551,871

 

 

23,146,580

 

 

23,471,241

 

 

23,059,045

 

Diluted

 

 

23,916,898

 

 

23,371,432

 

 

23,813,772

 

 

23,307,738

 

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AeroVironment, Inc.

Consolidated Balance Sheets

(In thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

April 30,

 

 

 

2018

 

2017

 

 

 

 

 

    

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

143,517

 

$

79,904

 

Short-term investments

 

 

113,649

 

 

119,971

 

Accounts receivable, net of allowance for doubtful accounts of $1,080 at April 30, 2018 and $104 at April 30, 2017

 

 

56,813

 

 

68,719

 

Unbilled receivables and retentions (inclusive of related party unbilled receivables of $3,145 at April 30, 2018)

 

 

13,076

 

 

14,120

 

Inventories, net

 

 

38,640

 

 

40,908

 

Prepaid expenses and other current assets

 

 

5,103

 

 

5,533

 

Current assets of discontinued operations

 

 

28,349

 

 

24,930

 

Total current assets

 

 

399,147

 

 

354,085

 

Long-term investments

 

 

40,656

 

 

42,096

 

Property and equipment, net

 

 

19,219

 

 

15,962

 

Deferred income taxes

 

 

11,168

 

 

15,089

 

Other assets

 

 

2,721

 

 

2,010

 

Long-term assets of discontinued operations

 

 

 —

 

 

3,258

 

Total assets

 

$

472,911

 

$

432,500

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

21,340

 

$

15,896

 

Wages and related accruals

 

 

16,851

 

 

10,947

 

Income taxes payable

 

 

4,085

 

 

1,418

 

Customer advances

 

 

2,145

 

 

2,057

 

Other current liabilities

 

 

6,892

 

 

8,444

 

Current liabilities of discontinued operations

 

 

9,184

 

 

9,301

 

Total current liabilities

 

 

60,497

 

 

48,063

 

Deferred rent

 

 

1,536

 

 

1,719

 

Capital lease obligations - net of current portion

 

 

 —

 

 

161

 

Other non-current liabilities

 

 

622

 

 

184

 

Deferred tax liability

 

 

67

 

 

116

 

Liability for uncertain tax positions

 

 

49

 

 

64

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value:

 

 

 

 

 

 

 

Authorized shares—10,000,000; none issued or outstanding at April 30, 2018 and April 30, 2017

 

 

 —

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

 

Authorized shares—100,000,000

 

 

 

 

 

 

 

Issued and outstanding shares—23,908,736 shares at April 30, 2018 and 23,630,419 at April 30, 2017

 

 

 2

 

 

 2

 

Additional paid-in capital

 

 

170,139

 

 

162,150

 

Accumulated other comprehensive loss

 

 

(21)

 

 

(127)

 

Retained earnings

 

 

239,997

 

 

219,929

 

Total AeroVironment stockholders' equity

 

 

410,117

 

 

381,954

 

Noncontrolling interest

 

 

23

 

 

239

 

Total equity

 

 

410,140

 

 

382,193

 

Total liabilities and stockholders’ equity

 

$

472,911

 

$

432,500

 

 

 

 

 

 

 

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AeroVironment, Inc.

Consolidated Statements of Cash Flows

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended April 30,

 

 

 

2018

    

2017

    

2016

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

19,852

 

$

12,457

 

$

8,966

 

Loss from discontinued operations, net of tax

 

 

(2,508)

 

 

(4,154)

 

 

(6,427)

 

Net income from continuing operations

 

 

22,360

 

 

16,611

 

 

15,393

 

Adjustments to reconcile net income to cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,982

 

 

5,054

 

 

3,855

 

Loss from equity method investments

 

 

1,283

 

 

119

 

 

138

 

Impairment of available-for-sale securities

 

 

 —

 

 

 —

 

 

2,186

 

Impairment of long-lived assets

 

 

255

 

 

46

 

 

 —

 

Provision for doubtful accounts

 

 

977

 

 

48

 

 

18

 

Impairment of intangible assets and goodwill

 

 

1,021

 

 

 —

 

 

 —

 

(Gains) losses on foreign currency transactions

 

 

(87)

 

 

284

 

 

63

 

Loss on sale of equity securities

 

 

 —

 

 

 —

 

 

219

 

Deferred income taxes

 

 

3,835

 

 

(52)

 

 

(2,912)

 

Gain on business acquisition

 

 

 —

 

 

(584)

 

 

 —

 

Stock-based compensation

 

 

4,956

 

 

3,392

 

 

4,002

 

Tax benefit from exercise of stock options

 

 

 —

 

 

 —

 

 

161

 

Excess tax benefit from exercise of stock options

 

 

 —

 

 

 —

 

 

(39)

 

Loss (Gain) on disposition of property and equipment

 

 

20

 

 

44

 

 

 —

 

Amortization of held-to-maturity investments

 

 

1,424

 

 

2,382

 

 

3,875

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

11,211

 

 

(19,608)

 

 

(20,645)

 

Unbilled receivables and retentions

 

 

903

 

 

4,667

 

 

(1,555)

 

Inventories

 

 

2,268

 

 

(19,225)

 

 

480

 

Prepaid expenses and other assets

 

 

419

 

 

(1,484)

 

 

439

 

Accounts payable

 

 

5,736

 

 

545

 

 

(2,851)

 

Other liabilities

 

 

7,872

 

 

(233)

 

 

3,221

 

Net cash provided by (used in) operating activities of continuing operations

 

 

70,436

 

 

(7,994)

 

 

6,047

 

Investing activities

 

 

 

 

 

 

 

 

 

 

Acquisition of property and equipment

 

 

(9,563)

 

 

(9,017)

 

 

(6,121)

 

Equity method investments

 

 

(3,267)

 

 

 —

 

 

(295)

 

Business acquisitions, net of cash acquired

 

 

 —

 

 

(430)

 

 

 —

 

Redemptions of held-to-maturity investments

 

 

227,663

 

 

121,522

 

 

84,433

 

Purchases of held-to-maturity investments

 

 

(221,680)

 

 

(148,991)

 

 

(94,954)

 

Proceeds from the sale of property and equipment

 

 

 —

 

 

 —

 

 

 —

 

Redemptions of available-for-sale investments

 

 

450

 

 

400

 

 

987

 

Net cash used in investing activities from continuing operations

 

 

(6,397)

 

 

(36,516)

 

 

(15,950)

 

Financing activities

 

 

 

 

 

 

 

 

 

 

Purchase and retirement of common stock

 

 

 —

 

 

 —

 

 

(3,756)

 

Principal payments of capital lease obligations

 

 

(288)

 

 

(390)

 

 

(472)

 

Excess tax benefit from stock-based compensation

 

 

 —

 

 

 —

 

 

39

 

Tax withholding payment related to net settlement of equity awards

 

 

(397)

 

 

(5)

 

 

(29)

 

Exercise of stock options

 

 

2,705

 

 

3,865

 

 

1,122

 

Net cash provided by (used in) financing activities from continuing operations

 

 

2,020

 

 

3,470

 

 

(3,096)

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

Operating activities of discontinued operations

 

 

(1,227)

 

 

(2,505)

 

 

(5,496)

 

Investing activities of discontinued operations

 

 

(1,219)

 

 

(838)

 

 

(628)

 

Financing activities of discontinued operations

 

 

 —

 

 

 —

 

 

 —

 

Net cash used in discontinued operations

 

 

(2,446)

 

 

(3,343)

 

 

(6,124)

 

Net increase (decrease) in cash and cash equivalents

 

 

63,613

 

 

(44,383)

 

 

(19,123)

 

Cash and cash equivalents at beginning of period

 

 

79,904

 

 

124,287

 

 

143,410

 

Cash and cash equivalents at end of period

 

$

143,517

 

$

79,904

 

$

124,287

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

 

 

Cash paid, net during the period for:

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

1,813

 

$

1,804

 

$

1,576

 

Non-cash activities

 

 

 

 

 

 

 

 

 

 

Unrealized gain on investments, net of deferred tax expense of $25, $43, and $18, respectively

 

$

70

 

$

74

 

$

27

 

Reclassification from share-based liability compensation to equity

 

$

384

 

$

307

 

$

228

 

Forfeiture of vested stock-based compensation

 

$

 —

 

$

 —

 

$

86

 

Acquisitions of property and equipment financed with capital lease obligation

 

$

 —

 

$

 —

 

$

932

 

Change in foreign currency translation adjustments

 

$

36

 

$

 —

 

$

 —

 

Acquisitions of property and equipment included in accounts payable

 

$

379

 

$

724

 

$

1,045

 

7


 

 

##

 

For additional media and information, please follow us at:

 

Facebook: http://www.facebook.com/aerovironmentinc

Twitter: http://www.twitter.com/aerovironment

LinkedIn: https://www.linkedin.com/company/aerovironment

YouTube: http://www.youtube.com/user/AeroVironmentInc

Google+: https://plus.google.com/100557642515390130818/posts

 

Contact:

AeroVironment, Inc.

Steven Gitlin

+1 (626) 357-9983

ir@avinc.com

8


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