AeroVironment, Inc. Announces Fiscal 2009 First Quarter Results.MONROVIA, 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 first quarter ended August 2, 2008. "Continued progress in our Global Observer development program contributed to an increase in first quarter revenue over the same period last year. We generated this increase despite a reduction in 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 product revenue that resulted from the planned implementation of a radio frequency change to our small UAS during the quarter," said Tim Conver, chairman and chief executive officer of AV. "Indicative of what we view as a growing market for small UAS, winning the All Environment Capable Variant variant /var·i·ant/ (var´e-ant) 1. something that differs in some characteristic from the class to which it belongs. 2. exhibiting such variation. var·i·ant adj. (AECV) competition with our Puma AE earned us the fourth Department of Defense program of record for small UAS. This new aircraft expands AV's product offering and provides valuable new capabilities, reflecting our continued focus on developing innovative solutions that help our customers win." First quarter highlights: -- Revenue of $53.6 million -- Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 13% -- 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 $0.22 FISCAL 2009 FIRST QUARTER RESULTS Revenue for the first quarter of fiscal 2009 was $53.6 million, up 9% over first quarter fiscal 2008 revenue of $49.2 million. The increase in revenue resulted from 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 $4.2 million and Efficient Energy Systems (EES See Skipjack algorithm. ) of $0.2 million. Income from operations for the first quarter of fiscal 2009 was $7.2 million, up 50% from first quarter fiscal 2008 income from operations of $4.8 million. The growth in income from operations was caused by increased gross margin of $3.7 million, partially offset by higher research and development expense of $1.0 million and selling, general and administrative (SG&A) expense of $0.3 million. Net income for the first quarter of fiscal 2009 was $4.8 million, up 25% from first quarter fiscal 2008 net income of $3.8 million. Earnings per diluted share for the first quarter of fiscal 2009 was $0.22, up 22% over first quarter fiscal 2008 earnings per diluted share of $0.18. BACKLOG As of August 2, 2008, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $108.9 million compared to $82.0 million as of April 30, 2008. FISCAL 2009 -- OUTLOOK FOR THE FULL YEAR For fiscal year 2009 the company maintains its guidance of revenue growth of between 20% and 25% over fiscal year 2008, 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. CONFERENCE CALL In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, September 9, 2008, at 1:30 p.m. Pacific Time that will be broadcast live over the Internet. 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 877-548-7901 (U.S.) or 719-325-4876 (international) five to ten minutes prior to the start time to allow for registration. 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, September 9, at approximately 4:30 p.m. Pacific Time through Monday, September 15, at 9:00 p.m. Pacific Time. Dial 888-203-1112 and enter the passcode 2408231. International callers should dial 719-457-0820 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 services to provide situational awareness Situation awareness or situational awareness [1] (SA) is the mental representation and understanding of objects, events, people, system states, interactions, environmental conditions, and other situation-specific factors affecting human performance in to tactical operating units operating unit A 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 through reliable, real-time, airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. 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. . AV's efficient energy systems include PosiCharge[TM]
fast charge systems for increasing the productivity of industrial
electric vehicles, and Architectural Wind[TM] systems for clean energy
generation on buildings. More information about AV is available at
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] (a) Effective May 1, 2008, the Company consolidated the operations of two of its business segments to reflect the change in the management and organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. that occurred on May 1, 2008. PosiCharge Systems and Energy Technology Center were consolidated into one segment named Efficient Energy Systems. As required by Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information, the Company has restated its historical segment information for the three months ended July 28, 2007, to be consistent with the current reportable segment structure. Additional AV News: http://www.avinc.com/News.asp AV Media Gallery: http://www.avinc.com/media_gallery.asp |
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