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AeroVironment, Inc. Announces Fiscal 2013 Second Quarter Results

AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its second quarter ending October 27, 2012.

"Strong second quarter performance, including a 30 percent increase in year-over-year diluted earnings per share to $0.39, resulted from continued demand for our market-leading solutions, favorable product mix and our focus on cost management. Revenue of $80 million included a majority, but not all of the international small UAS orders that had been working through the export administrative process," said Tim Conver, AeroVironment chairman and chief executive officer. "Because of contracting delays on key programs, revenue in our second half will be more heavily weighted to our fourth quarter, historically the highest revenue quarter of our year. Looking beyond fiscal 2013, in addition to executing effectively in our current businesses, our team made significant progress during the quarter on development programs such as Switchblade, Mission Services and larger, vertical takeoff UAS, all of which are poised to drive long-term growth in adjacent and new markets."

FISCAL 2013 SECOND QUARTER RESULTS

Revenue for the second quarter of fiscal 2013 was $80.3 million, down $0.1 million from second quarter fiscal 2012 revenue of $80.4 million. The decrease in revenue resulted from decreased sales in our Unmanned Aircraft Systems (UAS) segment of $1.5 million offset by increased sales in our Efficient Energy Systems (EES) segment of $1.4 million.

Income from operations for the second quarter of fiscal 2013 was $13.1 million, an increase of 37% from income from operations for the second quarter of fiscal 2012 of $9.6 million. The increase in income from operations resulted from higher gross margin of $5.0 million, offset by higher selling, general and administrative (SG&A) expense of $0.9 million and research and development (R&D) expense of $0.6 million.

Net income for the second quarter of fiscal 2013 was $8.7 million, an increase of $2.1 million from net income for the second quarter of fiscal 2012 of $6.6 million.

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