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AeroVironment, Inc's CEO Discusses Q1FY13 Results - Earnings Conference Call

Stocks in this article: AVAV

For a list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission.

Investors are cautioned not to place undue reliance on any forward-looking statements which speak only as the day on which they are made. 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.

The contents of this conference call contains time sensitive information that is accurate only as of today, September 5, 2012. The company undertakes no obligation to make any revision to the statements contained in our remarks or to update them to reflect the events or circumstances occurring after this conference call.

We will now begin with remarks from Tim Conver.

Tim Conver

Thank you, Steve. On today's call, I'll review the quarter, our ongoing businesses and new business opportunities, keeping my comments shorter to allow for more time for questions.

Jikun will then review financial result sand I'll return to discuss our view of the balance of the fiscal year. The main message of today's call is this: fiscal 2013 is unfolding consistent with our expectations. The risks we discussed in our last call remain but our positive view of the future has not changed.

On our Q4 fiscal '12 earnings call in June, I said that we expected Q1 fiscal '13 revenue to be about the same as it was in fiscal '12. And because we're staffed and operating for continued growth, we expected a net loss for the quarter.

This is essentially what happened, although actual revenue of $58.7 million was $3 million less than last year. On the bottom line we had a net loss per share of $0.06.

Backlog increased 6% quarter-over-quarter and now we have visibility into about 70% of our revenue guidance midpoint for the fiscal year.

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