AeroVironment Q4 2013 revenue up 36%

9 July 2014

AeroVironment, Inc. (NASDAQ: AVAV) said its revenue for the fourth quarter of fiscal 2014 was USD73.5m, up 36 percent from fourth quarter fiscal 2013 revenue of USD54.1m.

The increase in revenue resulted from increased sales in unmanned aircraft systems segment of USD17.7m and in efficient energy systems segment of USD1.7m.

Income from operations for the fourth quarter of fiscal 2014 was USD6.9m compared to loss from operations for the fourth quarter of fiscal 2013 of USD6.0m. The higher income from operations was a result of higher revenue, resulting in USD12.4m higher gross margin, and lower research and development expense of USD3.2m, offset by higher selling, general and administrative expense of USD2.7m.

Other income for the fourth quarter of fiscal 2014 was USD2.9m compared to other income for the fourth quarter of fiscal 2013 of USD6.4m. Other income for the fourth quarter of fiscal 2014 and fiscal 2013 included USD2.8m and USD6.2m, respectively, related to the increase in fair value of the conversion option of our CybAero convertible bond investment.

Net income for the fourth quarter of fiscal 2014 was USD8.1m compared to net loss for the fourth quarter of fiscal 2013 of USD0.8m.

Revenue for fiscal 2014 was USD251.7m, up five percent from fiscal 2013 revenue of USD240.2m.

AeroVironment is a technology solutions provider that designs, develops, produces, supports and operates an advanced portfolio of unmanned aircraft systems and electric transportation solutions. Its website is at www.avinc.com.

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