This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AeroVironment, Inc. Announces Fiscal 2014 Second Quarter Results

AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its second quarter ended October 26, 2013.

"Continued customer demand and solid execution produced quarterly revenue of $65 million and fully diluted earnings per share on an adjusted basis of $0.14, excluding a reduction of $0.07 per share from a decrease in value of the conversion option of our CybAero convertible bond investment," said Tim Conver, AeroVironment chairman and chief executive officer. "Strong order flow produced our second highest quarterly funded backlog of $134 million, an important metric that provides us with greater visibility than in prior years and supports our guidance for fiscal 2014. This visibility represents a solid foundation for multiple mid-and long-term growth opportunities.”

FISCAL 2014 SECOND QUARTER RESULTS

Revenue for the second quarter of fiscal 2014 was $64.9 million, down 19% from second quarter fiscal 2013 revenue of $80.3 million. The decrease in revenue resulted from decreased sales in our Unmanned Aircraft Systems (UAS) segment of $9.3 million and in our Efficient Energy Systems (EES) segment of $6.1 million.

Income from operations for the second quarter of fiscal 2014 was $3.9 million compared to income from operations for the second quarter of fiscal 2013 of $13.1 million. The lower income from operations was a result of lower revenue and higher cost of goods sold, resulting in $11.8 million lower gross margin, partially offset by lower research and development (R&D) expense of $2.5 million.

Other expense, net, for the second quarter of fiscal 2014 was $2.1 million compared to other income for the second quarter of fiscal 2013 of $0.2 million. The increase in other expense, net, was primarily due to the decrease in fair value of the conversion option in the amount of $2.3 million of our CybAero convertible bond investment.

Net income for the second quarter of fiscal 2014 was $1.7 million compared to net income for the second quarter of fiscal 2013 of $8.7 million.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs