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

Stocks in this article: AVAV

The $3 million difference in Q1 revenue is attributable to timing and does not affect our plan for the year.

Over the past several years, we've seen consistently low Q1 revenue as a result of customer order patterns. This is not indicated diminished demand for our products and services, nor has it reflected execution issues.

We expect that a broadening of our customers, markets and solutions over time will ultimately help to normalize quarterly performance. But until that happens, this dynamic will likely continue.

Now for a brief summary of our business: our unmanned airplane systems segment focuses on affordable and reliable solutions that use airborne platforms to provide customers with a high-valuable vantage point for obtaining critical information and communications relay.

Our switch blade will provide troops with a unique, high-precision, minimal collateral damage capability to strike back at threats.

Our business benefits from five growth drivers, all of which continue to contribute to our results. Some of these growth drivers enable us to maintain leadership in our existing businesses while others enable us to grow into new markets and to establish entirely new businesses in support of our long-term growth plans.

Let's look at activity in Q1 and opportunities beyond to illustrate this growth model in action in our UAS business. The first driver is the sale of more products to existing customers.

We see continued demand for our family of smaller unmanned aircraft systems like Raven, Puma and Wasp AE. Wasp AE transitioned into the Air Force Batman program in Q1 and we expect adoption by other customers to broaden its role in our family of small UAS.

We continue to receive promising feedback on Shrike, our new VTOL solution, and believe that it will become a more significant contributor to UAS revenue.

In August, we received additional funding of $16.5 million from the government fiscal year '12 Army Raven contract.

Second, providing services to support our growing installed base of products and customers; in July we received a $6.8 million order from the Army for contractor logistic support services.

Read the rest of this transcript for free on seekingalpha.com

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