AeroVironment, Inc. Announces Fiscal 2011 First Quarter Results

AeroVironment, Inc. (AV) AVAV today reported financial results for its first quarter ended July 31, 2010. “We delivered the financial performance we expected for the first quarter, and we made good progress toward achieving full-year revenue guidance,” said Tim Conver, AV chairman and chief executive officer. “Shortly after the quarter ended we successfully initiated Global Observer’s flight test program and also received a significant order for digital Puma systems, reinforcing our optimism for the long-term viability of these solutions. We are also gaining greater visibility into the multiple, significant market opportunities that lie ahead of us for both unmanned aircraft systems and electric vehicle solutions, and are increasing near-term investments in research and development to increase AV’s market leadership and realize our long-term growth potential.” FISCAL 2011 FIRST QUARTER RESULTS Revenue for the first quarter of fiscal 2011 was $38.2 million, up 1% over first quarter fiscal 2010 revenue of $37.9 million. The increase in revenue resulted from increased sales in our Unmanned Aircraft Systems (UAS) segment of $0.1 million and Efficient Energy Systems (EES) segment of $0.2 million. Loss from operations for the first quarter of fiscal 2011 was $7.3 million, up 34% from first quarter fiscal 2010 loss from operations of $5.5 million. The increase in loss from operations resulted from higher selling, general and administrative (SG&A) expense of $0.9 million and higher research and development (R&D) expense of $2.3 million offset by higher gross margin of $1.3 million. Net loss for the first quarter of fiscal 2011 was $3.4 million, down 4% from first quarter fiscal 2010 net loss of $3.6 million. Loss per share for the first quarter of fiscal 2011 was $0.16, down from first quarter fiscal 2010 loss per share of $0.17.