Currently viewing and reading

AeroVironment, Inc. Announces Fiscal 2010 Third Quarter Results

Posted by Dana in March 11th 2010

AeroVironment, Inc. (AV) (NASDAQ: AVAV) reported financial results for its third quarter ended January 30, 2010.

FISCAL 2010 THIRD QUARTER RESULTS

Revenue for the third quarter of fiscal 2010 was $60.9 million, up 17% from third quarter fiscal 2009 revenue of $52.2 million. The increase in revenue was primarily due to higher sales in our Unmanned Aircraft Systems (UAS) segment of $11.7 million, partially offset by lower sales from our Efficient Energy Systems (EES) segment of $3.1 million.

Income from operations for the third quarter of fiscal 2010 was $8.5 million, up 107% from third quarter fiscal 2009 income from operations of $4.1 million. The increase in income from operations was primarily due to higher gross margin of $6.8 million, partially offset by higher selling, general and administrative (SG&A) expense of $1.9 million and higher research and development (R&D) expense of $0.5 million.

Net income for the third quarter of fiscal 2010 was $6.5 million, up 43% from third quarter fiscal 2009 net income of $4.5 million.

Earnings per diluted share for the third quarter of fiscal 2010 was $0.30, up 43% from third quarter fiscal 2009 earnings per diluted share of $0.21.

FISCAL 2010 YEAR-TO-DATE RESULTS

Revenue for the first nine months of fiscal 2010 was $150.2 million, down 12% from the first nine months of fiscal 2009 revenue of $171.6 million. The decrease in revenue resulted from lower sales in our UAS segment of $13.8 million and EES segment of $7.6 million.

Income from operations for the first nine months of fiscal 2010 was $6.4 million, down 73% from the first nine months of fiscal 2009 income from operations of $23.6 million. The decrease in income from operations was caused by lower gross margin of $8.4 million, higher SG&A expense of $6.9 million and higher R&D expense of $1.8 million.

Net income for the first nine months of fiscal 2010 was $5.1 million, down 72% from the first nine months of fiscal 2009 net income of $18.4 million.

Earnings per diluted share for the first nine months of fiscal 2010 was $0.23, down 73% from the first nine months of fiscal 2009 earnings per diluted share of $0.84.