AeroVironment, Inc. Announces Fiscal 2012 First Quarter Results
MONROVIA, Calif., Sep 07, 2011 AeroVironment, Inc. today reported financial results for its first quarter ending July 30, 2011.
“First quarter revenue of $62.0 million rose by 62% over last year, and diluted earnings per share of $0.01 increased from a loss of $0.16. Reflecting continued demand for our small unmanned aircraft systems, the $65.5 million contract for Puma systems we announced in August provides us with more visibility into full year revenue than at the same point in previous years,” said Tim Conver, AeroVironment chairman and chief executive officer. “Similar demand in our efficient energy systems segment drove shipments and the capture of new contracts across all product lines.”
Conver added, “I believe our UAS products and services offering will be increasingly relevant to our customers in the Department of Defense funding-constrained environment we are likely to face in the future, and our EV Solutions will help support the broad adoption and practical use of electric vehicles. By anticipating market requirements with innovative, high-value solutions that do more for much less, and by supporting our customers as they adopt these solutions, we continue to help customers win while growing our business.”
FISCAL 2012 FIRST QUARTER RESULTS
Revenue for the first quarter of fiscal 2012 was $62.0 million, up 62% over first quarter fiscal 2011 revenue of $38.2 million. The increase in revenue resulted from increased sales in our Unmanned Aircraft Systems (UAS) segment of $18.8 million and Efficient Energy Systems (EES) segment of $5.0 million.
Income from operations for the first quarter of fiscal 2012 was $0.4 million, an increase of $7.7 million from first quarter fiscal 2011 loss from operations of $7.3 million. The increase in income from operations resulted from higher gross margin of $9.7 million and lower research and development (R&D) expense of $0.4 million, offset by higher selling, general and administrative (SG&A) expense of $2.3 million.
Net income for the first quarter of fiscal 2012 was $0.3 million, an increase of $3.7 million from first quarter fiscal 2011 net loss of $3.4 million.
Earnings per diluted share for the first quarter of fiscal 2012 were $0.01, an increase of $0.17 from first quarter fiscal 2011 loss per diluted share of $0.16.
BACKLOG
As of July 30, 2011, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $72.7 million compared to $82.9 million as of April 30, 2011.
FISCAL 2012 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2012, the Company reiterates its revenue guidance of $321 million to $336 million, and earnings per share of $1.28 to $1.35 on a fully diluted basis.
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, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.
