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AeroVironment, Inc. Announces Fiscal 2014 Third Quarter Results

AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its third quarter ended January 25, 2014.

"During the third quarter we continued to execute on our strategic priorities successfully, delivering strong results with revenue up nearly 50 percent and a 100 percent increase in adjusted earnings per share on a year over year basis," said Tim Conver, AeroVironment chairman and chief executive officer. "We are confident that our strong customer relationships, diverse set of capabilities and well-established positions in high potential growth opportunities will advance our leadership in each of our target markets and enhance value for our shareholders."

FISCAL 2014 THIRD QUARTER RESULTS

Revenue for the third quarter of fiscal 2014 was $69.2 million, up 47% from third quarter fiscal 2013 revenue of $47.1 million. The increase in revenue resulted from increased sales in our Unmanned Aircraft Systems (UAS) segment of $19.8 million and in our Efficient Energy Systems (EES) segment of $2.3 million.

Income from operations for the third quarter of fiscal 2014 was $8.6 million compared to loss from operations for the third quarter of fiscal 2013 of $1.1 million. The higher income from operations was a result of higher revenue, resulting in $7.4 million higher gross margin, and lower research and development (R&D) expense of $5.1 million, offset by higher selling, general & administrative (SG&A) expense of $2.7 million.

Other income for the third quarter of fiscal 2014 was $4.9 million compared to other income for the third quarter of fiscal 2013 of $0.2 million. The increase in other income was primarily due to the increase in fair value of the conversion option in the amount of $4.7 million of our CybAero convertible bond investment.

Net income for the third quarter of fiscal 2014 was $11.2 million compared to net income for the third quarter of fiscal 2013 of $3.9 million.

Earnings per diluted share for the third quarter of fiscal 2014 was $0.49 compared to earnings per diluted share for the third quarter of fiscal 2013 of $0.17. Earnings per diluted share for the third quarter of fiscal 2014 included an increase of $0.15 per share due to the increase in fair value of the conversion option of our CybAero convertible bond investment. Earnings per diluted share for the third quarter of fiscal 2013 did not include any changes in the fair value of the CybAero convertible bonds as the investment was made during the fourth quarter of fiscal 2013.

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