(NASDAQ: AVAV) today reported financial results for its third quarter ending January 26, 2013.
“Third quarter revenue of $47.1 million and earnings per share of $0.17 fell well short of our plans primarily due to delays in government procurements expected during the quarter,” said Tim Conver, AeroVironment chairman and chief executive officer. “We believe these are delays in order timing, and not lost orders. We have recalibrated our expectations for order and shipment timing in our UAS business based on the procurement timelines we are currently experiencing, resulting in a significant reduction in expected revenue and earnings per share for fiscal 2013.”
“We continue to see multiple opportunities for growth in fiscal 2014 and beyond based on leading market positions and significant new development activities for both defense and non-defense solutions,” Conver added.
FISCAL 2013 THIRD QUARTER RESULTS
Revenue for the third quarter of fiscal 2013 was $47.1 million, down $24.9 million from third quarter fiscal 2012 revenue of $72.0 million. The decrease in revenue resulted from decreased sales in our Unmanned Aircraft Systems (UAS) segment of $19.6 million and in our Efficient Energy Systems (EES) segment of $5.3 million.
Loss from operations for the third quarter of fiscal 2013 was $1.1 million, a decrease of 115% from income from operations for the third quarter of fiscal 2012 of $7.3 million. The decrease in income from operations resulted from lower gross margin of $7.8 million and higher research and development (R&D) expense of $3.1 million, offset by lower selling, general and administrative (SG&A) expense of $2.4 million.
Net income for the third quarter of fiscal 2013 was $3.9 million, a decrease of $1.8 million from net income for the third quarter of fiscal 2012 of $5.7 million.
Earnings per diluted share for the third quarter of fiscal 2013 were $0.17, a decrease of $0.09 from third quarter fiscal 2012 earnings per diluted share of $0.26.