AeroVironment, Inc. (AVAV) - 500 Beiträge pro Seite

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Profile:AeroVironment, Inc. engages in the design, development and production of unmanned aircraft systems and energy technologies for various industries and governmental agencies. It offers small unmanned aircraft systems (UAS) primarily to organizations within the U.S. Department of Defense, and fast charge systems for electric industrial vehicle batteries to commercial customers. Its small UAS, including Raven, Dragon Eye, Swift, Wasp, and Puma provides tactical reconnaissance, tracking, combat assessment, and geographic data directly to the small tactical unit or individual war fighter. The company's small UAS aircraft wirelessly transmit live video and other information generated by their payload of electro-optical or infrared sensors, enabling the operator to view and capture images on a hand-held ground control unit. AeroVironment's small UAS solutions also include spare equipment, alternative payload modules, batteries, chargers, repairs, and Internet-enabled customer support, as well as refurbishment and replacement services for damaged small UAS. The company also offers PosiCharge fast charge systems that eliminate frequent battery changing by recharging industrial vehicle batteries during scheduled breaks and other times when the vehicle is not in use. Its customers for small unmanned aircraft systems include the U.S. Army, the U.S. Marine Corps, and the U.S. Special Operations Command. The company primarily sells its PosiCharge products through direct sales force in Arizona, California, Georgia, Illinois, Michigan, Missouri, New York, North Carolina, Tennessee, Texas, the United Kingdom, and Germany. AeroVironment was founded in 1971 and is headquartered in Monrovia, California.

http://www.avinc.com/

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AeroVironment, Inc. Announces Fiscal 2007 Fourth Quarter and Fiscal Year End Financial Results
Tuesday June 26, 4:02 pm ET


MONROVIA, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (AV) (NASDAQ: AVAV - News) 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 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 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 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 of 18% for the full year exceeded our annual operating profit margin 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 (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 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 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

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 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. Timothy E. Conver, chief executive officer; and president, Stephen C. Wright, chief financial officer; and Steven A. Gitlin, director of investor relations, 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 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 reconnaissance, surveillance, and target acquisition to tactical operating units. AV's PosiCharge ® 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

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act 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, 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 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.

AeroVironment, Inc.
Condensed Consolidated Statements of Operations
(In thousands except share and per share data)

Three months ended Twelve months ended
------------------------- --------------------------
April 30, April 30, April 30, April 30,
2007 2006 2007 2006
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
Revenue:
Product sales $ 28,935 $ 15,551 $ 116,361 $ 98,664
Contract services 21,765 15,037 57,360 40,693
------------ ------------ ------------ ------------

50,700 30,588 173,721 139,357

Cost of sales:
Product sales 17,184 8,862 67,410 55,483
Contract services 14,426 9,312 37,829 27,115
------------ ------------ ------------ ------------

31,610 18,174 105,239 82,598
------------ ------------ ------------ ------------

Gross margin 19,090 12,414 68,482 56,759
Research and
development 4,679 5,495 13,940 16,098
Selling, general
and
administrative 6,950 7,784 24,041 24,810
------------ ------------ ------------ ------------

Income (loss) from
operations 7,461 (865) 30,501 15,851
Other income
(expense)
Interest income 1,181 192 1,707 333
Interest expense --- (33) (6) (127)
Income (loss)
before income
taxes 8,642 (706) 32,202 16,057
Provision
(benefit) for
income taxes 3,072 (174) 11,484 4,849
------------ ------------ ------------ ------------

Net income (loss) $ 5,570 $ (532) $ 20,718 $ 11,208
============ ============ ============ ============


Earnings per share
data:
Net income (loss)
Basic $ .30 $ (.04) $ 1.39 $ .86
Diluted $ .27 $ (.04) $ 1.22 $ .75

Weighted average
shares
outstanding:
Basic 18,875,957 13,187,295 14,946,502 13,011,639
Diluted 21,004,465 13,187,295 16,992,012 14,873,651

Selected Consolidated Balance Sheet Information
(in thousands)

April 30, April 30,
2007 2006
------------- ------------

Cash and cash equivalents $ 20,920 $ 15,388
Short-term investments 88,325 --
Accounts receivable, net 7,691 21,582
Unbilled receivables and retentions 26,494 4,843
Inventory, net 14,015 11,453
Total assets 168,177 64,950
Stockholders' equity 136,423 34,303
Shares issued and outstanding 18,875,957 13,283,770

Reportable segment results are as follows:
(in thousands)

For the Three For the Twelve
Months Ended Months Ended
------------------------ --------------------
April 30, April 30, April 30, April 30,
2007 2006 2007 2006
----------- ----------- --------- ---------
(Unaudited) (Unaudited)
Revenue
UAS $ 44,917 $ 24,593 $146,538 $111,104
PosiCharge 2,686 3,807 17,575 19,928
Energy Technology
Center 3,097 2,188 9,608 8,325
----------- ----------- --------- ---------

Total 50,700 30,588 173,721 139,357
Gross margin
UAS 17,109 9,642 57,591 44,558
PosiCharge 417 1,521 6,096 8,062
Energy Technology
Center 1,564 1,251 4,795 4,139
----------- ----------- --------- ---------

Total $ 19,090 $ 12,414 $ 68,482 $ 56,759



Contact:
AeroVironment, Inc.
Steven Gitlin, Director of Investor Relations
[phone]
[e-mail]
or
CCG Investor Relations and Strategic Communication
For AeroVironment, Inc.
Mark Collinson, [phone], ext. 117
[e-mail]

--------------------------------------------------------------------------------
Source: AeroVironment, Inc.

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U.S. Air Force Takes Delivery of BATMAV Micro Unmanned Aircraft Systems from AeroVironment
Monday August 6, 9:00 am ET


WASHINGTON--(BUSINESS WIRE)--AeroVironment, Inc. (AV) (NASDAQ:AVAV - News), a leader in unmanned aircraft systems and efficient electric energy systems, today announced that the U.S. Air Force has recently taken delivery of its initial BATMAV micro unmanned aircraft systems (UAS), which include the Wasp III air vehicle, as planned under the Air Force Beyond Line of Site (BLOS) program. AV received the BATMAV, or Battlefield Air Tactical Micro Air Vehicle, award in December 2006 after competing against a number of candidate systems. AV recently received orders for 30 systems through the program's indefinite delivery/indefinite quantity (IDIQ) contract which provides for purchases of up to $45 million over a period of five years.

Wasp III has a wingspan of 29 inches, weighs 1 pound and carries integrated forward and side looking electro-optical color cameras as well as a modular forward or side-looking electro-optical or infrared payload. The system is backpackable and is capable of operating for up to 45 minutes at up to 5 kilometers from the transceiver. AV designed the system to support the Air Force's Battlefield Airman Operators Kit. Wasp III is a block III version of the Wasp micro UAS, which AV developed under a contract with the Defense Advanced Research Projects Agency (DARPA).

"We were proud to be selected by the Air Force to support this program of record, which is the first such program for a micro air vehicle. We are now eager to place new BATMAV systems into the hands of Air Force personnel on the battlefield so that they can operate more effectively and safely," said John Grabowsky, executive vice president and general manager of unmanned aircraft systems for AV. "While Wasp III weighs only 1 pound, it provides many advanced technologies proven to be of extraordinary value across U.S. military services. The Wasp III system can be operated with the same common ground control and user interface as AV's Raven and Puma small UAS. This IDIQ is designed to enable other U.S. armed services to order these systems through the BLOS program, in addition to facilitating the procurement of BATMAV systems by the Air Force."

The U.S. Armed Forces' broad adoption of small and micro UAS has been accelerated by their demonstrated force protection and force multiplier advantages. Each of AV's systems is backpackable, with aircraft that are hand-launched and act as sensor platforms to provide day and night, real-time video imagery to a common hand-held control unit used by tactical units for "over-the-hill" and "around-the-corner" reconnaissance, surveillance and target acquisition.

AV has won three open competitions for U.S. Department of Defense small and micro UAS programs of record. As a result AV is the sole supplier of these small UAS to U.S. Army, Special Operations Command, Marine Corps and Air Force programs. To date, AV has produced more than 6,000 small and micro UAS including Raven, Dragon Eye, Puma and Wasp, and the U.S. Army alone has flown AV's Ravens for tens of thousands of hours in support of combat operations in Iraq and Afghanistan

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 reconnaissance, surveillance, and target acquisition to tactical operating units. AV's PosiCharge® 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.

Note to Editors: AeroVironment is located at Booth 1059 at AUVSI



Contact:
AeroVironment, Inc.
Steven Gitlin, 626-357-9983
[e-mail]
or
For AeroVironment, Inc.
Mark Boyer, 310-455-7812
[e-mail]

--------------------------------------------------------------------------------
Source: AeroVironment, Inc.

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Watch These Stocks Grow Under the California Sun

By Stockpickr Staff
8/6/2007 2:52 PM EDT

Stockpickr member Tommy Provost has created a portfolio on Stockpickr.com that focuses on California, the world's eighth-largest economy and one that he believes "deserves its due."
The California Portfolio that he created on Stockpickr identifies the six best stocks to play if you want to make a bet on the continued growth of California. Here's his reasoning behind a few of his picks.

His first is AeroVironment (AVAV - Cramer's Take - Stockpickr), an aerospace company based in the Los Angeles suburb of Monrovia. Provost describes the stock as a growth play, saying:

AeroVironment is small growth play in defense with unmanned surveillance aircraft. Price-to-earnings is less than 16 as of Aug. 1, and growth rate is 20% to 25%. It also delves in innovative products in alternative energy. Architectural wind looks promising for future commercial/industrial construction as an energy-generating product (facilities can install reverse meters and sell energy to utilities in California). Its PosiCharge battery systems save industries in energy costs and time. Two bull markets in one stock.
Chevron (CVX - Cramer's Take - Stockpickr) he labels a value play. He describes the San Ramon, Calif., energy company this way:

Chevron has most of its refining in California. Thanks to the State EPA, California gas is the most expensive, with refineries spending more to meet clean air standards while reaping higher margins at the pump due to California's car culture. That means every time some idiot commutes 50 to 100 miles roundtrip in his SUV in any urban county in California, Chevron's likely ringing the cash register. The foreclosure market in Sacramento, San Diego, Riverside, San Bernardino and L.A. Counties will not change that demand.
Next up is Edison International (EIX - Cramer's Take - Stockpickr), a utilities company based in Rosemead, Calif., that he labels a value play:

Edison International has bounced back from bankruptcy and the Enron scamming of Californians. This is a solid utility that will continue to profit from high energy demand in Southern California. Global warming will drive up the need for air conditioning. Inland growth will come back in 2009 after the subprime-mortgage slime has been cleaned up.
Other stocks in the portfolio include Apple (AAPL - Cramer's Take - Stockpickr) and Allergan (AGN - Cramer's Take - Stockpickr). For Provost's take on each, check out the California Portfolio on Stockpickr.com.

And for other stock ideas on how to play California's growth, check out the Arnold Schwarzenegger, Governor of California portfolio on Stockpickr.

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AeroVironment, Inc. Announces Fiscal 2008 First Quarter Results
Wednesday September 5, 4:00 pm ET


MONROVIA, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (AV) (NASDAQ:AVAV - News), a leader in unmanned aircraft systems (UAS) and efficient electric energy systems, today reported financial results for its fiscal first quarter ended July 28, 2007. Results for the period showed significant growth in revenue and income from operations compared to the same period in the prior year.
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"Our team did an outstanding job again this quarter of delivering system solutions that provide our customers with unique capabilities and outstanding value," said Tim Conver, chairman, chief executive officer and president of AV. "We experienced continued, strong sales of our small UAS, particularly Raven, which has now been adopted by the U.S. Army, Special Operations Command, Marine Corps and Air Force. The U.S. Air Force also took delivery of its initial BATMAV micro unmanned aircraft systems from us, which include the WASP III air vehicle. Our contract logistics support for these systems also increased in the quarter. Combined with solid performance from our PosiCharge and Energy Technology segments, these results reflect effective execution across the business, and indicate a growing demand for our solutions."

FISCAL 2008 FIRST QUARTER RESULTS

Revenue for the first quarter of fiscal 2008 was $49.2 million, an increase of 56% over first quarter fiscal 2007 revenue of $31.6 million. The increase in revenue was a result of increased sales in AV's UAS segment of $16.9 million or 68%, its PosiCharge segment of $0.4 million or 8%, and in its Energy Technology Center segment of $0.3 million or 21%.

Gross margin for the quarter was $16.8 million, or 34% of revenue, compared to $12.0 million, or 38% of revenue, in the same quarter last year. The lower margin largely reflects lower fixed price revenue relative to cost reimbursable revenue compared to the same period in the prior year.

Income from operations for the first quarter of fiscal 2008 was $4.8 million, an increase of $2.8 million, or 139%, over first quarter fiscal 2007 income from operations of $2.0 million. The growth in income from operations was caused by increased gross margin of $4.8 million partially offset by higher selling, general and administrative expense of $1.6 million and higher research and development expense of $0.5 million.

Net income for the first quarter of fiscal 2008 was $3.8 million, an increase of $2.4 million, or 182%, over first quarter fiscal 2007 net income of $1.4 million. Earnings per share for the first quarter of fiscal 2008 was $0.18 per diluted share, an increase of $0.09 per diluted share over first quarter of fiscal 2007 earnings per share of $0.09 per diluted share.

BACKLOG

As of July 28, 2007, funded backlog (unfilled firm orders for which funding is currently appropriated to AV under a customer contract) was $61.7 million compared to $60.9 million as of April 30, 2007.

FISCAL 2008 -- OUTLOOK FOR THE FULL YEAR

For fiscal year 2008 AV maintains its guidance of revenue growth of between 20% and 25% over fiscal year 2007, with an operating income 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, AV will host a conference call today, Wednesday, September 5, 2007, at 1:30 pm Pacific Time that will be broadcast live over the Internet. Timothy E. Conver, chairman, chief executive officer and president, Stephen C. Wright, chief financial officer, and Steven A. Gitlin, director of investor relations, will host the call.

4:30 PM ET
3:30 PM CT
2:30 PM MT
1:30 PM PT

The conference call may be accessed by dialing [phone] (U.S.) or [phone] (international) five to ten minutes prior to the start time to allow for registration. The passcode for the call is 41633059.

Investors with Internet access may access the live audio webcast via the Investor Relations section of the AV website, http://investor.avinc.com. Please allow fifteen minutes prior to the call to download and install any necessary audio software. An audio replay of the event will be archived on the Investor Relations page of the AV website, at http://investor.avinc.com for a period of one year.

A digital replay of the call will be available on Wednesday, September 5, 2007 at approximately 3:30 p.m. Pacific Time through Wednesday, September 12, 2007 at 9:00 p.m. Pacific Time. Dial [phone] and enter the passcode 12624154. International callers should dial [phone] and enter the same passcode number.

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 reconnaissance, surveillance, and target acquisition to tactical operating units. AV's PosiCharge® 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

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act 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, including components and raw materials; failure to develop new products; changes in the regulatory environment; product liability, infringement and other claims; and general economic and business conditions in the United States 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 including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. 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.

Consolidated Statements of Income (Unaudited)
(in thousands except share and per share data)

Three months ended
------------------------
July 28, July 29,
2007 2006
----------- -----------
Revenue:
Product sales $ 29,684 $ 23,844
Contract services 19,520 7,713
----------- -----------
49,204 31,557
Cost of sales:
Product sales 18,291 14,301
Contract services 14,076 5,270
----------- -----------
32,367 19,571
----------- -----------
Gross margin 16,837 11,986
Research and development 4,300 3,841
Selling, general and administrative 7,726 6,132
----------- -----------
Income from operations 4,811 2,013
Other income
Interest income 979 206
----------- -----------
Income before income taxes 5,790 2,219
Provision for income taxes 1,946 854
----------- -----------
Net income $ 3,844 $ 1,365
=========== ===========
Earnings per share data:
Basic $ 0.20 $ 0.10
Diluted $ 0.18 $ 0.09
Weighted average shares outstanding:
Basic 18,897,711 13,508,079
Diluted 21,077,055 15,165,685

Selected Consolidated Balance Sheet Information
(in thousands)

Selected Consolidated Balance Sheet Information

July 28, April 30,
2007 2007
----------- -----------
(Unaudited)

Cash and cash equivalents $ 29,622 $ 20,920
Short-term investments 71,400 88,325
Accounts receivable, net 23,855 7,691
Unbilled receivables and retentions 14,789 26,494
Inventory, net 16,415 14,015
Total assets 168,054 168,177
Stockholders' equity 143,263 136,423
Shares issued and outstanding 19,279,809 18,875,957

Reportable segment results are as follows:
(in thousands)

Three Months Ended
------------------------
July 28, July 29,
2007 2006
----------- -----------
(Unaudited)
Revenue:
UAS $ 41,873 $ 24,983
PosiCharge 5,358 4,943
Energy Technology Center 1,973 1,631
----------- -----------
Total $ 49,204 $ 31,557
----------- ===========
Gross margin:
UAS $ 14,091 $ 9,271
PosiCharge 1,945 1,940
Energy Technology Center 801 775
----------- -----------
Total $ 16,837 $ 11,986
=========== ===========



Contact:
AeroVironment, Inc.
Steven Gitlin
Director of Investor Relations
[phone]
[e-mail]
or
CCG Investor Relations and Strategic Communication
For AeroVironment, Inc.
Mark Collinson
[phone], ext. 117
[e-mail]

--------------------------------------------------------------------------------
Source: AeroVironment, Inc.