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Aerovironment Inc (AVAV) SEC Filing 10-K Annual report for the fiscal year ending Monday, April 30, 2018

Aerovironment Inc

CIK: 1368622 Ticker: AVAV

Exhibit 99.1

 

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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.

 

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

 

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

 

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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

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The following information was filed by Aerovironment Inc (AVAV) on Tuesday, June 26, 2018 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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Financial Statements, Disclosures and Schedules

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 Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Income (parenthetical)
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss And Reclassifications
Accumulated Other Comprehensive Loss And Reclassifications (tables)
Business Acquisitions
Business Acquisitions (details)
Business Acquisitions (tables)
Changes In Accounting Estimates
Changes In Accounting Estimates (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Discontinued Operations - Assets And Liabilities (details)
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)
Geographic Information
Geographic Information (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes - Tax Cuts And Jobs Act (details)
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 - Altoy (details)
Investments In Companies Accounted For Using The Equity Method - Hapsmobile (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)
Quarterly Results Of Operations (unaudited) (tables)
Related Party Transactions
Related Party Transactions (details)
Schedule Ii-valuation And Qualifying Accounts
Schedule Ii-valuation And Qualifying Accounts (details)
Severance Charges
Severance Charges (details)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Stock-based Compensation Fair Value (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)
Subsequent Events
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: 0001558370-18-005457
Submitted to the SEC: Tue Jun 26 2018 9:30:48 PM EST
Accepted by the SEC: Wed Jun 27 2018
Period: Monday, April 30, 2018
Industry: Aircraft

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