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AeroVironment Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: June 27, 2012 06:10AM

AeroVironment Inc. (AVAV) filed Annual Report for the period ended 2012-04-30. Aerovironment, Inc. has a market cap of $577 million; its shares were traded at around $25.44 with a P/E ratio of 19.2 and P/S ratio of 2.



Highlight of Business Operations:

Cost of Sales. Cost of sales for the fiscal year ended April 30, 2012 was $195.7 million, as compared to $175.4 million for the fiscal year ended April 30, 2011, representing an increase of $20.3 million, or 12%. As a percentage of revenue, cost of sales remained at 60%. UAS cost of sales increased $7.4 million, or 5%, to $157.7 million for the fiscal year ended April 30, 2012, primarily due to an increase in sales volume. As a percentage of revenue, cost of sales for UAS decreased from 60% to 58%. EES cost of sales increased $12.9 million, or 51%, to $38.0 million for the fiscal year ended April 30, 2012. As a percentage of revenue, cost of sales for EES increased from 59% to 74%, primarily due to an increase in sales of new products in low-rate production and with an associated higher cost of sales, and higher manufacturing and engineering overhead support costs.

Gross Margin. Gross margin for the fiscal year ended April 30, 2012 was $129.3 million, as compared to $117.2 million for the fiscal year ended April 30, 2011, representing an increase of $12.1 million, or 10%. As a percentage of revenue, gross margin remained at 40%. UAS gross margin increased $16.6 million, or 17%, to $116.1 million for the fiscal year ended April 30, 2012, primarily due to an increase in sales volume. As a percentage of revenue, gross margin for UAS increased from 40% to 42%, primarily due to a higher amount of fixed-price contract revenue compared to cost-reimbursable contract revenue. EES gross margin decreased $4.4 million, or 25%, to $13.3 million for the fiscal year ended April 30, 2012. As a percentage of revenue, EES gross margin decreased from 41% to 26%, primarily due to an increase in sales of new products in low-rate production and with an associated higher cost of sales, and higher manufacturing and engineering support overhead costs.

Revenue. Revenue for the fiscal year ended April 30, 2011 was $292.5 million, as compared to $249.5 million for the fiscal year ended April 30, 2010, representing an increase of $43.0 million, or 17%. UAS revenue increased $25.6 million, or 11%, to $249.8 million for the fiscal year ended April 30, 2011, primarily due to an increase in service revenue of $48.4 million and higher product deliveries of $21.9 million, partially offset by decreased customer-funded R&D work of $45.0 million. The increase in UAS service revenue was primarily due to an increase in support services revenue for the digital Puma AE systems. The increase in product deliveries was primarily due to the deliveries of our new digital Puma AE systems. The decrease in customer-funded R&D was primarily due to decreased activity on the Global Observer program. EES revenue increased $17.4 million, or 69%, to $42.7 million for the fiscal year ended April 30, 2011, due primarily to increased product deliveries of our electric vehicle charging systems and power cycling and test systems.

Cost of Sales. Cost of sales for the fiscal year ended April 30, 2011 was $175.4 million, as compared to $152.7 million for the fiscal year ended April 30, 2010, representing an increase of $22.7 million, or 15%, including an impairment charge of $2.0 million on certain long-lived assets related to the Global Observer contract. For additional information regarding the impairment charge, please see Note 5 to our consolidated financial statements, which are included in Item 8, "Financial Statements and Supplementary Data" of this Annual Report. As a percentage of revenue, cost of sales decreased from 61% to 60%. UAS cost of sales increased $11.2 million, or 8%, to $150.3 million for the fiscal year ended April 30, 2011, primarily due to an increase in sales volume. As a percentage of revenue, cost of sales for UAS decreased from 62% to 60%, primarily due to a higher amount of fixed-price contract revenue compared to cost-reimbursable contract revenue. EES cost of sales increased $11.4 million, or 84%, to $25.1 million for the fiscal year ended April 30, 2011, primarily due to an increase in sales volume. As a percentage of revenue, cost of sales for EES increased from 54% to 59%, primarily due to increased manufacturing and engineering overhead costs due to the delivery of new products.

Gross Margin. Gross margin for the fiscal year ended April 30, 2011 was $117.2 million, as compared to $96.8 million for the fiscal year ended April 30, 2010, representing an increase of $20.4 million, or 21%. As a percentage of revenue, gross margin increased from 39% to 40%. UAS gross margin increased $14.4 million, or 17%, to $99.5 million for the fiscal year ended April 30, 2011, primarily due to increased sales volume. As a percentage of revenue, gross margin for UAS increased from 38% to 40%, primarily due to a higher amount of fixed-price contract revenue compared to cost-reimbursable contract revenue. EES gross margin increased $6.0 million, or 51%, to $17.6 million for the fiscal year ended April 30, 2011, primarily due to increased sales volume. As a percentage of revenue, EES gross margin decreased from 46% to 41%, primarily due to higher manufacturing and engineering support overhead costs.

Read the The complete Report



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