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AeroVironment, Inc. of Monrovia Announces 17% ( $292 Million) Revenue Growth in Fourth Quarter
Arcadia Weekly Jun 28, 2011
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AeroVironment, Inc. (NASDAQ: AVAV) reported Tuesday financial results for its fourth quarter and fiscal year ending April 30, 2011.
“With record fourth quarter revenue of $106.1 million, fiscal 2011 revenue grew 17% to $292.5 million, exceeding our guidance, and diluted earnings per share increased 24% to $1.17,” said Tim Conver, AeroVironment chairman and chief executive officer. “Electric vehicle charging solutions and digital Puma unmanned aircraft systems successfully transitioned from development to production programs with attractive long-term growth prospects, while other innovative developments progressed toward customer adoption. The effective performance of our team, the successful transition of great ideas to meaningful market adoption with first mover advantage and the strong demand for our solutions continue to position us well for long-term growth.”
FISCAL 2011 FOURTH QUARTER RESULTS
Revenue for the fourth quarter of fiscal 2011 was $106.1 million, up 7% over fourth quarter fiscal 2010 revenue of $99.4 million. The increase in revenue resulted from increased sales in our Efficient Energy Systems (EES) segment of $7.8 million offset by decreased sales in our Unmanned Aircraft Systems (UAS) segment of $1.1 million.
Income from operations for the fourth quarter of fiscal 2011 was $25.2 million, up 7% from fourth quarter fiscal 2010 income from operations of $23.5 million. The increase in income from operations resulted from higher gross margin of $6.2 million offset by higher selling, general and administrative (SG&A) expense of $1.2 million and higher research and development (R&D) expense of $3.3 million.
Net income for the fourth quarter of fiscal 2011 was $17.6 million, up 13% from fourth quarter fiscal 2010 net income of $15.6 million.
Earnings per diluted share for the fourth quarter of fiscal 2011 were $0.79, up 11% from fourth quarter fiscal 2010 earnings per diluted share of $0.71.
