Aerovironment flying higher with contract for 'Raven': net income for unmanned-aircraft company soars 171 percent over 2006.

DESPITE the recent death of its renowned founder, things were looking up for Aerovironment Inc., which announced a double dose of good news last week.

The Monrovia unmanned-aircraft manufacturer announced that it won a $16.4 million Army contract on the same day it reported strong first quarter earnings.

The contract covers logistics related to the Raven, one of the company's hand-launched unmanned aerial vehicles.

The company also reported net income of $3.8 million for the fiscal first quarter ended July 28, up 171 percent over the same period a year ago. Revenues were up 55 percent to $49.2 million. Both figures were ahead of Wall Street estimates.

"Our team did an outstanding job again this quarter," said Tim Conver, the company's new chairman and chief executive, who cited the Raven as one of the company's strongest products.

Aerovironment designs unmanned aerial vehicles and quick-charge power systems. The company derives about 80 percent of its $173 million in annual revenue from the aerial vehicles, which are sold primarily to the military.

Conver took over as president and chief executive late last month after aviation pioneer and Aerovironment founder Paul MacCready retired due to health problems. MacCready, who designed the fast human-powered aircraft, died in his home Aug. 28.