AeroVironment, Inc. Announces Fiscal 2012 First Quarter Results



AeroVironment, Inc. (NASDAQ:AVAV) 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.”

AeroVironment is a technology solutions provider that designs, develops, produces and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and electric transportation solutions. Agencies of the U.S. Department of Defense and allied military services use the company’s battery-powered, hand-launched unmanned aircraft systems extensively to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and communication. AeroVironment’s electric transportation solutions include a comprehensive suite of electric vehicle (EV) charging systems, installation and network services for consumers, automakers, utilities and government agencies, power cycling and test systems for EV developers and industrial electric vehicle charging systems for commercial fleets.

More information about AeroVironment is available at www.avinc.com.

To read more: http://drstockpick.com/?p=21925