AeroVironment, Inc. Announces Fiscal 2011 Fourth Quarter and Fiscal Year End Results.(Financial report)

AeroVironment, Inc. (NASDAQ: AVAV) reported financial results for its fourth quarter and fiscal year ending April 30, 2011.

"With record fourth quarter revenue of $106.1 million, fiscal 2011 revenue grew 17% to $292.5 million, exceeding our guidance, and diluted earnings per share increased 24% to $1.17," said Tim Conver, AeroVironment chairman and chief executive officer. "Electric vehicle charging solutions and digital Puma unmanned aircraft systems successfully transitioned from development to production programs with attractive long-term growth prospects, while other innovative developments progressed toward customer adoption. The effective performance of our team, the successful transition of great ideas to meaningful market adoption with first mover advantage and the strong demand for our solutions continue to position us well for long-term growth." FISCAL 2011 FOURTH QUARTER RESULTS Revenue for the fourth quarter of fiscal 2011 was $106.1 million, up 7% over fourth quarter fiscal 2010 revenue of $99.4 million. The increase in revenue resulted from increased sales in our Efficient Energy Systems (EES) segment of $7.8 million offset by decreased sales in our Unmanned Aircraft Systems (UAS) segment of $1.1 million.

Income from operations for the fourth quarter of fiscal 2011 was $25.2 million, up 7% from fourth quarter fiscal 2010 income from operations of $23.5 million. The increase in income from operations resulted from higher gross margin of $6.2 million offset by higher selling, general and administrative (SG&A) expense of $1.2 million and higher research and development (R&D) expense of $3.3 million.

Net income for the fourth quarter of fiscal 2011 was $17.6 million, up 13% from fourth quarter fiscal 2010 net income of $15.6 million.

Earnings per diluted share for the fourth quarter of fiscal 2011 were $0.79, up 11% from fourth quarter fiscal 2010 earnings per diluted share of $0.71. FISCAL 2011 FULL YEAR RESULTS Revenue for fiscal year 2011 was $292.5 million, up 17% over fiscal year 2010 revenue of $249.5 million. The increase in revenue resulted from increased sales in our UAS segment of $25.6 million and EES segment of $17.4 million.

Income from operations for fiscal year 2011 was $34.0 million, up 14% from fiscal year 2010 income from operations of $29.9 million. The increase in income from operations resulted from higher gross margin of $20.3 million offset by higher SG&A expense of $5.0 million and higher R&D expense of $11.3 million.

Net income for fiscal year 2011 was $25.9 million, up 25% from fiscal year 2010 net income of $20.7 million.

Earnings per diluted share for fiscal year 2011 were $1.17, up 24% from fiscal 2010 earnings per diluted share of $0.94. BACKLOG As of April 30, 2011, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $82.9 million compared to $72.3 million as of April 30, 2010. FISCAL 2012 - OUTLOOK FOR THE FULL YEAR For fiscal year 2012, the Company expects to generate revenue of $321 million to $336 million, and earnings per share of $1.28 to $1.35 on a fully diluted basis.

The foregoing estimates are forward looking and reflect management's view of current and future market conditions, including certain assumptions with respect to our ability to obtain and retain government contracts, changes in the demand for our products and services, activities of competitors and changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates. CONFERENCE CALL In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, June 21, 2011, at 1:30 pm Pacific Time that will be broadcast live over the Internet. Timothy E. Conver, chairman and chief executive officer, Jikun Kim, chief financial officer, and Steven A. Gitlin, vice president of investor relations, will host the call.

4:30 PM ET3:30 PM CT2:30 PM MT1:30 PM PT

Investors may dial into the call at (877) 561-2749 (U.S.) or (678) 809-1029 (international) five to ten minutes prior to the start time to allow for registration.

Investors with Internet access may listen to the live audio webcast via the "Investors" section of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software. An audio replay of the event will be archived on the Investor Relations page of the Company's website, at http://investor.avinc.com.

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This article was prepared by Defense & Aerospace Week editors from staff and other reports. Copyright 2011, Defense & Aerospace Week via VerticalNews.com.