AeroVironment, Inc. Announces Fiscal 2007 Fourth Quarter and Fiscal Year End Financial Results.MONROVIA Monrovia, city, Liberia Monrovia (mənrō`vēə), city (1986 est. pop. 465,000), capital of the Republic of Liberia, NW Liberia, a port on the Atlantic Ocean at the mouth of the St. Paul River. , Calif. -- AeroVironment, Inc. (AV) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AVAV) today reported financial results for its fourth quarter and fiscal year ended April 30, 2007. Results for both periods showed significant growth in revenue and income from operations. Highlights of the fourth quarter and full fiscal year include: # Fourth quarter net revenue up 66% to $50.7 million; Full year net revenue up 25% to $173.7 million; # Fourth quarter income from operations of $7.5 million, compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $0.9 million in the fourth quarter of 2006; Full year income from operations up 92% to $30.5 million; # Fourth quarter net income of $5.6 million compared to a net loss of $0.5 million in the fourth quarter of 2006; Full year net income up 85% to $20.7 million; and # Fourth quarter earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share of $0.27 compared to a loss of $0.04 per share in the fourth quarter of 2006; Full year earnings per diluted share up $0.47 to $1.22. "Strong performance from our UAS UAS University of Applied Sciences UAS Unavailable Seconds (Sprint) UAS University of Alaska Southeast UAS User Agent Server UAS Unassigned (Telabs) UAS Unmanned Aircraft System business in the fourth quarter and throughout the year resulted in full year revenue of $174 million, up 25% from the prior year and at the high end of our guidance range of 20 to 25% revenue growth. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 18% for the full year exceeded our annual operating profit margin Operating profit margin The ratio of operating profit to net sales. guidance range of 15 to 16%," said Tim Conver, chief executive officer and president of AV. "This growth indicates the increasing adoption of our solutions by our customers to help improve their productivity, safety and efficiency, as well as the continued, successful execution of our plans by our team," he added. FISCAL 2007 FOURTH QUARTER RESULTS Revenue for the fourth quarter of fiscal 2007 was $50.7 million, an increase of 66% over fourth quarter fiscal 2006 revenue of $30.6 million. The increase in revenue was a result of increased sales in our Unmanned Aircraft Systems Unmanned Aircraft System (UAS) is the term introduced by The United States Department of Defense (DoD) and adopted by the Federal Aviation Administration (FAA) to replace the term Unmanned Aerial Vehicle (UAV). (UAS) segment of $20.3 million and in our Energy Technology Center segment of $0.9 million, partially offset by lower revenue from our PosiCharge Systems segment of $1.1 million. Income from operations for the fourth quarter of fiscal 2007 was $7.5 million, up $8.4 million from fourth quarter fiscal 2006 loss from operations of $0.9 million. The growth in income from operations was caused by increased gross margin of $6.7 million, lower selling, general and administrative (SG&A) expense of $0.8 million, and lower research and development (R&D) expense of $0.8 million. Net income for the fourth quarter of fiscal 2007 was $5.6 million, an increase of $6.1 million over a fourth quarter fiscal 2006 net loss of $0.5 million. Earnings per share for the fourth quarter of fiscal 2007 was $0.27 per diluted share, an increase of $0.31 per diluted share over fourth quarter fiscal 2006 loss of $0.04 per share. FULL YEAR RESULTS Revenue for the twelve-month period ended April 30, 2007 was $173.7 million, an increase of 25% over revenue of $139.4 million for the twelve-month period ended April 30, 2006. The increase in revenue was caused by higher sales in our UAS segment of $35.4 million and in our Energy Technology Center segment of $1.3 million, but was partially offset by lower sales in our PosiCharge segment of $2.4 million. The decline in PosiCharge revenue resulted from continued weakness in our U.S. automotive market sales, although we experienced a substantial increase in revenue and new customers in non-auto segments. Income from operations for the twelve-month period ended April 30, 2007 was $30.5 million, up 92% from income from operations of $15.9 million for the twelve-month period ended April 30, 2006. The growth in income from operations was caused by increased gross margin of $11.7 million, lower SG&A expense of $0.8 million, and lower R&D expense of $2.2 million. Net income for the twelve-month period ended April 30, 2007 was $20.7 million, an increase of 85%, over net income of $11.2 million for the twelve-month period ended April 30, 2006. Earnings per share for the twelve-month period ended April 30, 2007 was $1.22 per diluted share, an increase of $0.47 per diluted share over fiscal 2006 earnings of $0.75 per diluted share. Cash, cash equivalents, and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments increased by $93.8 million to $109.2 million at April 30, 2007 from $15.4 million at April 30, 2006. The increase was primarily due to the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $80.5 million from the initial public offering of our common stock in January 2007 and cash from operations for the year of $15.0 million. BACKLOG Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. As of April 30, 2007, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $60.9 million compared to $79.7 million as of April 30, 2006. FISCAL 2008 -- OUTLOOK FOR THE FULL YEAR For fiscal year 2008 the Company expects to achieve revenue growth of between 20% and 25% over fiscal year 2007, with an operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. margin of between 12% and 14%. 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 demand for our products and services, activities of competitors and changes in the regulatory environment. Investors are reminded that actual results may differ materially from these estimates. The Company's three to five year compound annual growth target for revenue is between 20% and 25%, with 12% to 14% operating income margin. CONFERENCE CALL In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, June 26, 2007, at 1:30 p.m. Pacific Time that will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Timothy E. Conver, chief executive officer; and president, Stephen C. Wright, chief financial officer; and Steven A. Gitlin, director of investor relations Investor relations The process by which the corporation communicates with its investors. , 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 800-299-9086 (U.S.) or 617-786-2903 (international) five to ten minutes prior to the start time to allow for registration. The passcode for the call is 32416466. Investors with access to the Internet may access the conference call live over the Internet at the Investor Relations section of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow fifteen minutes prior to the call to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. An audio replay of the event will be archived on the Investor Relations page of the Company's web site, at http://investor.avinc.com. A digital replay of the call will be available on Tuesday, June 26, at approximately 3:30 p.m. Pacific Time through Tuesday, July 3, at 9:00 p.m. Pacific Time. Dial 888-286-8010 and enter the passcode 15317564. International callers should dial 617-801-6888 and enter the same passcode number to access the digital replay. About AeroVironment, Inc. (AV) Building on a history of technological innovation, AV designs, develops, produces, and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and efficient electric energy systems. The Company's small UAS are used extensively by agencies of the U.S. Department of Defense and increasingly by allied military forces to deliver real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. reconnaissance, surveillance, and target acquisition For the RSTA/ISTAR/STA doctrine, see . For the RSTA in the U.S. Army, see .  This is a disambiguation page: a list of articles associated with the same title. to tactical operating units operating unitA type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . AV's PosiCharge [R] fast charge systems eliminate battery changing for electric industrial vehicles in factories, airports, and distribution centers. For more information about AV, please visit www.avinc.com. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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; changes in the supply and/or demand and/or prices for our products; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; changes in significant operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , including components and raw materials; failure to develop new products; changes in the regulatory environment; and general economic and business conditions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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