Aerovironment Inc (AVAV) SEC Filing 10-Q Quarterly report for the period ending Saturday, August 1, 2020

Exhibit 99.1

​

​

​

AeroVironment, Inc. Announces Fiscal 2021 First Quarter Results

​

SIMI VALLEY, Calif., September 9, 2020

​

“We are on track to achieve our fiscal year 2021 plans and deliver another year of profitable top line growth, despite the COVID-19 pandemic and its unprecedented impact on the global economy. We delivered $87.5 million in revenue and $0.42 diluted earnings per share in our first quarter, consistent with our plan,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Our outstanding team continues to deliver results and extend our global market leadership position. During the quarter, our team successfully completed the fourth flight test of the Sunglider HAPS system and performed successful demonstrations of our larger Switchblade variant, which is designed to address a much larger segment of the legacy missile market.”

​

“We remain well positioned to continue creating shareholder value in the near-and long-term. With the unwavering support of our employees and a laser focus on achieving our financial and operational objectives, we are confident we will emerge from this pandemic as an even stronger company,” Mr. Nawabi added.

​

FISCAL 2021 FIRST QUARTER RESULTS

​

Revenue for the first quarter of fiscal 2021 was $87.5 million, an increase of 1% from the first quarter of fiscal 2020 revenue of $86.9 million. The increase in revenue was due to an increase in service revenue of $8.0 million, partially offset by a decrease in product sales of $7.5 million.

​

Gross margin for the first quarter of fiscal 2021 was $35.4 million, a decrease of 14% from the first quarter of fiscal 2020 gross margin of $41.3 million. The decrease in gross margin was primarily due to a decrease in product margin of $9.2 million, partially offset by an increase in service margin of $3.3 million. As a percentage of revenue, gross margin decreased to 40% from 47%. The decrease in gross margin percentage was primarily due to a decrease in the proportion of product sales to total revenue and an unfavorable product mix.

​

Income from operations for the first quarter of fiscal 2021 was $12.3 million, a decrease of $6.6 million from the first quarter of fiscal 2020 income from operations of $18.9 million. The decrease in income from operations was primarily a result of a decrease in gross margin of $5.9 million and an increase in research and development (“R&D”) expense of $2.4 million, partially offset by a decrease in selling, general and administrative (“SG&A”) expense of $1.7 million.

​

Other income, net, for the first quarter of fiscal 2021 was $0.2 million, as compared to $1.7 million for the first quarter of fiscal 2020. The decrease in other income, net was primarily due to a decrease in interest income resulting from a decrease in the average interest rates earned on our investment portfolio.

​

Provision for income taxes for the first quarter of fiscal 2021 was $1.2 million, as compared to $2.1 million for the first quarter of fiscal 2020. The decrease in provision for income taxes was primarily due to the decrease in income before income taxes.

​

1