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 AeroVironment, Inc. Announces Fiscal 2017 Fourth Quarter and Full Year Results
   Tuesday, June 27, 2017 4:10:00 PM ET

AeroVironment, Inc. (AVAV ) today reported financial results for its fourth quarter ended April 30, 2017.

"Through the successful execution of our strategic plan, AeroVironment achieved record performance in our fourth quarter, with revenue of $125 million and fully diluted earnings per share of $1.30," said Wahid Nawabi, AeroVironment president and chief executive officer. "International demand for our Family of small unmanned aircraft systems and domestic demand for our Family of Tactical Missile Systems drove full year revenue to $264.9 million, within our guidance range, and fully diluted earnings per share to $0.54, significantly above guidance and 38 percent higher than last year. Our team executed our fiscal 2017 plan effectively, growing year-end funded backlog by 19 percent over the previous year to $78 million, while creating value for our customers, employees and stockholders and positioning AeroVironment for long-term growth."

FISCAL 2017 FOURTH QUARTER RESULTS

Revenue for the fourth quarter of fiscal 2017 was $125.4 million, an increase of 48% from fourth quarter fiscal 2016 revenue of $84.8 million. The increase in revenue resulted from an increase in sales in our Unmanned Aircraft Systems (UAS) segment of $39.8 million and an increase in sales in our Efficient Energy Systems (EES) segment of $0.8 million.

Gross margin for the fourth quarter of fiscal 2017 was $58.7 million, an increase from fourth quarter fiscal 2016 gross margin of $37.9 million. The increase in gross margin was primarily due to an increase in product margin of $26.5 million, partially offset by a decrease in service margin of $5.8 million. As a percentage of revenue, gross margin increased to 47% from 45%. The increase in gross margin percentage was primarily due to an increase in the proportion of product sales to total revenue.

Income from operations for the fourth quarter of fiscal 2017 was $34.0 million compared to fourth quarter fiscal 2016 income from operations of $6.8 million. The increase in the year over year income from operations was primarily a result of an increase in gross margin of $20.7 million and a decrease in research and development (R&D) expense of $6.4 million.

Other income, net, for the fourth quarter of fiscal 2017 was $1.0 million compared to other income, net of $0.5 million for the fourth quarter of fiscal 2016.

Provision for income taxes for the fourth quarter of fiscal 2017 was $4.6 million compared to provision for income taxes of $1.9 million for the fourth quarter of fiscal 2016. The increase in provision for income taxes was primarily due to an increase in income before taxes.

Net income attributable to AeroVironment for the fourth quarter of fiscal 2017 was $30.5 million compared to net income for the fourth quarter of fiscal 2016 of $5.4 million.

Earnings per diluted share for the fourth quarter of fiscal 2017 was $1.30 compared to earnings per diluted share for the fourth quarter of fiscal 2016 of $0.23.

FISCAL 2017 FULL-YEAR RESULTS

Revenue for fiscal 2017 was $264.9 million, an increase from fiscal 2016 revenue of $264.1 million. The increase in revenue resulted from an increase in sales in our EES segment of $5.6 million, partially offset by a decrease in sales in our UAS segment of $4.8 million.

Gross margin for fiscal 2017 was $102.1 million, a decrease of 9% from fiscal 2016 gross margin of $112.1 million. The decrease in gross margin was due to a decrease in product margin of $5.7 million and a decrease in service margin of $4.3 million. As a percentage of revenue, gross margin decreased to 39% from 42%. The decrease in gross margin percentage was primarily due to the reserve reversal of $3.6 million for the settlement of prior year government incurred cost audits recorded in fiscal 2016 and an increase in sustaining engineering activities in support of our existing products.

Income from operations for fiscal 2017 was $12.5 million compared to income from operations for fiscal 2016 of $9.7 million. The increase in income from operations was a result of a decrease in R&D expense of $9.2 million and a decrease in selling, general and administrative (SGA) expense of $3.5 million, partially offset by a decrease in gross margin of $10.0 million.

Other income, net, for fiscal 2017 was $1.7 million compared to other expense, net, for fiscal 2016 of $1.7 million. The increase in other income, net was primarily due to the recording of an other-than-temporary impairment loss of $2.2 million on our CybAero equity securities during fiscal 2016. The CybAero equity securities were sold during the second quarter of fiscal 2016.

Provision for income taxes for fiscal 2017 was $1.8 million compared to benefit for income taxes of $0.9 million for fiscal 2016. The increase in provision for income taxes was primarily a result of an increase in income before taxes and a decrease in tax credits as a result of federal legislation permanently reinstating the federal research and development tax credit retroactive to January 2015 during fiscal year 2016, partially offset by a reversal of a reserve for uncertain tax positions of $1.0 million due to the settlement of prior fiscal year audits recorded in the first quarter of fiscal 2017.

Net income attributable to AeroVironment for fiscal 2017 was $12.5 million compared to net income for fiscal 2016 of $9.0 million.

Earnings per diluted share for fiscal 2017 was $0.54 compared to earnings per diluted share for fiscal 2016 of $0.39. Net income per diluted share for fiscal 2016 increased by $0.10 due to the reserve reversal for the settlement and resolution of prior year government incurred cost audits, increased by $0.05 due to R&D tax credits related to prior fiscal years, primarily as a result of the reenactment of the federal R&D tax credit, and decreased by $0.06 due to both the impairment loss and loss on sale of our CybAero equity securities during the first quarter of fiscal year 2016.

BACKLOG

As of April 30, 2017, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $78.0 million compared to $65.8 million as of April 30, 2016.

FISCAL 2018 -- OUTLOOK FOR THE FULL YEAR AND FIRST QUARTER

For fiscal 2018, the company expects to generate revenue of between $280 million and $300 million, and earnings per diluted share of between $0.45 and $0.65.

For the first quarter of fiscal 2018, the company expects to generate revenue of between $40 million and $44 million, and loss per diluted share of between $0.32 and $0.40.

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 timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, 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 27, 2017, at 1:30 pm Pacific Time that will be broadcast live over the Internet. Wahid Nawabi, president and chief executive officer, Teresa P. Covington, chief financial officer and Steven A. Gitlin, vice president of investor relations, will host the call.

4:30 PM ET 3:30 PM CT 2:30 PM MT 1:30 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 Investor Relations page 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.

Audio Replay Options

An audio replay of the event will be archived on the Investor Relations page of the company’s website, at http://investor.avinc.com . The audio replay will also be available via telephone from Tuesday, June 27, 2017, at approximately 4:30 p.m. Pacific Time through Tuesday, July 4, 2017, at 9:00 p.m. Pacific Time. Dial (855) 859-2056 and enter the passcode 33623290. International callers should dial (404) 537-3406 and enter the same passcode number to access the audio replay.

ABOUT AEROVIRONMENT, INC.

AeroVironment (AVAV ) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "believe," "anticipate," "expect," "estimate," "intend," "project," "plan," or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, reliance on sales to the U.S. government; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems and electric vehicles; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including components and raw materials; failure to develop new products; the extensive regulatory requirements governing our contracts with the U.S. government; product liability, infringement and other claims; changes in the regulatory environment; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

                                                                                                                                                             
                                                                                                                                        AeroVironment, Inc.
                                                                                                                               Consolidated Statements of Operations
                                                                                                                          (In thousands except share and per share data)
                                                                                                                                                                                                                                                                
                                                                                                          Three Months Ended                                                                                                       Twelve Months Ended
                                                                       -----------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------------------------
                                                                                   April 30,                                              April 30,                                              April 30,                                                        April 30,
                                                                                     2017                                                   2016                                                   2017                                                   2016                 
                                                                       --------------------------------                     ------------------------------------                     --------------------------------                     --------------------------------------------------------
                                                                                                              (Unaudited)
Revenue:
Product sales                                                                             $    111,505                                         $         60,040                                         $    193,338                                         $        189,476
Contract services                                                            13,871                                24,717                            71,535                                74,622  
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
                                                                                               125,376                                                   84,757                                              264,873                                                  264,098
Cost of sales:
Product sales                                                                                   57,453                                                   32,510                                              115,513                                                  105,987
Contract services                                                             9,264                                14,325                            47,250                                46,008  
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
                                                                                                66,717                                                   46,835                                              162,763                                                  151,995
Gross margin:
Product sales                                                                                   54,052                                                   27,530                                               77,825                                                   83,489
Contract services                                                             4,607                                10,392                            24,285                                28,614  
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
                                                                             58,659                                37,922                           102,110                               112,103  
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
Selling, general and administrative                                                             16,699                                                   16,775                                               56,537                                                   60,077
Research and development                                                      7,937                                14,316                            33,042                                42,291  
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
Income from operations                                                                          34,023                                                    6,831                                               12,531                                                    9,735
Other income (expense):
Interest income, net                                                                               456                                                      359                                                1,618                                                    1,032
Other income (expense), net                                                     536                                    97                                60                                (2,699 )
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
Income before income taxes                                                                      35,015                                                    7,287                                               14,209                                                    8,068
Provision (benefit) for income taxes                                          4,561                                 1,923                             1,752                                  (898 )
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
Net income                                                                                      30,454                                                    5,364                                               12,457                                                    8,966
Net loss attributable to noncontrolling interest                                 22                        --                                22                        --  
                                                                       -------------------- ----------                      -------------------- --------------                      -------------------- ----------                      -------------------- -------------- --------------------
Net income attributable to AeroVironment                                                  $     30,476                                         $          5,364                                         $     12,479                                         $          8,966  
                                                                       ==================== ==========                      ==================== ==============                      ==================== ==========                      ==================== ============== ====================
Earnings per share attributable to AeroVironment:
Basic                                                                                     $       1.32                                         $           0.23                                         $       0.54                                         $           0.39
Diluted                                                                                   $       1.30                                         $           0.23                                         $       0.54                                         $           0.39
Weighted average shares outstanding:
Basic                                                                                       23,146,580                                               22,921,480                                           23,059,045                                               22,936,413
Diluted                                                                                     23,371,432                                               23,143,504                                           23,307,738                                               23,153,493
                                                                                                                                                                                                                                                                               
                                                                                                                                                                                    
                                                                                                                                                  AeroVironment, Inc.
                                                                                                                                Reconciliation of (Loss) Earnings per Share (Unaudited)
                                                                                                                                                                                                                                                                                       
                                                                                                                           Three Months Ended                                                                                                         Twelve Months Ended
                                                                                      ---------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------------------------
                                                                                                    April 30,                                                April 30,                                                April 30,                                                        April 30,
                                                                                                      2017                                                     2016                                                     2017                                                   2016               
                                                                                      ------------------------------------                     ------------------------------------                     ------------------------------------                     ----------------------------------------------------
Earnings per diluted share as adjusted                                                                   $           1.30                                         $           0.23                                         $           0.54                                         $       0.30
Other-than-temporary impairment loss and loss on sale of stock                                             --                                           --                                           --                                                (0.06 )
Reserve reversal for the settlement and resolution of prior year                                           --                                           --                                           --                                                 0.10
government incurred cost audits
R&D tax credits related to prior fiscal years, related to the                           --                        --                        --                              0.05  
reenactment of the federal R&D tax credit
                                                                                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- ---------- --------------------
Earnings per diluted share as reported                                                                   $           1.30                                         $           0.23                                         $           0.54                                         $       0.39  
                                                                                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                  
                                                                                                                                              
                                                                                                              AeroVironment, Inc.
                                                                                                          Consolidated Balance Sheets
                                                                                                       (In thousands except share data)
                                                                                                                                                                                                           
                                                                                                                                                                      April 30,
                                                                                                       ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       2017                                                       2016                 
                                                                                                       --------------------------------------------------------                      --------------------------------------------------------
                                                                                                                                                                                                           
Assets
Current assets:
  Cash and cash equivalents                                                                                               $         79,904                                                              $        124,287
  Short-term investments                                                                                                           119,971                                                                       103,404
  Accounts receivable, net of allowance for doubtful accounts of $291                                                               74,361                                                                        56,045
  at April 30, 2017 and $262 at April 30, 2016
  Unbilled receivables and retentions                                                                                               14,120                                                                        18,899
  Inventories, net                                                                                                                  60,076                                                                        37,486
  Prepaid expenses and other current assets                                                                       5,653                                   4,150  
                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total current assets                                                                                                               354,085                                                                       344,271
Long-term investments                                                                                                               42,096                                                                        33,859
Property and equipment, net                                                                                                         19,220                                                                        16,762
Deferred income taxes                                                                                                               15,089                                                                        15,016
Other assets                                                                                                      2,010                                     750  
                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total assets                                                                                                              $        432,500                                           $        410,658  
                                                                                                       ==================== ============== ====================                      ==================== ============== ====================
Liabilities and stockholders’ equity
Current liabilities:
  Accounts payable                                                                                                        $         20,283                                                              $         17,712
  Wages and related accruals                                                                                                        12,966                                                                        13,973
  Income taxes payable                                                                                                               1,418                                                                           943
  Customer advances                                                                                                                  3,317                                                                         2,544
  Other current liabilities                                                                                      10,079                                  11,173  
                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total current liabilities                                                                                                           48,063                                                                        46,345
Deferred rent                                                                                                                        1,719                                                                         1,714
Capital lease obligations - net of current portion                                                                                     161                                                                           449
Other non-current liabilities                                                                                                          184                                                                           184
Deferred tax liability                                                                                                                 116                                                                --
Liability for uncertain tax positions                                                                                                   64                                                                           441
Commitments and contingencies
Stockholders’ equity:
  Preferred stock, $0.0001 par value:
   Authorized shares--10,000,000; none issued or outstanding at April                                           --                                                                --
   30, 2017 and April 30, 2016
  Common stock, $0.0001 par value:
   Authorized shares--100,000,000
   Issued and outstanding shares--23,630,419 shares at April 30, 2017                                                        2                                                                             2
   and 23,359,925 at April 30, 2016
  Additional paid-in capital                                                                                                       162,150                                                                       154,274
  Accumulated other comprehensive loss                                                                                                (127 )                                                                        (201 )
  Retained earnings                                                                                             219,929                                 207,450  
                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------
  Total AeroVironment stockholders’ equity                                                                      381,954                                 361,525  
                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------
  Noncontrolling interest                                                                                                              239                                                                --
Total equity                                                                                                    382,193                                 361,525  
                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total liabilities and stockholders’ equity                                                     $        432,500                                           $        410,658  
                                                                                                       ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                          
                                                                                                                                                                                           
                                                                                                                                              AeroVironment, Inc.
                                                                                                                                     Consolidated Statements of Cash Flows
                                                                                                                                                (In thousands)
                                                                                                                                                                                                                                                                           
                                                                                                                                                                                         Year Ended April 30,
                                                                                         ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         2017                                                       2016                                                       2015                 
                                                                                         --------------------------------------------------------                      --------------------------------------------------------                      --------------------------------------------------------
                                                                                                                                                                                                                                                      
Operating activities
Net income                                                                                                  $         12,457                                                              $          8,966                                                              $          2,895
Adjustments to reconcile net income to cash used in operating
activities:
  Depreciation and amortization                                                                                        7,054                                                                         6,074                                                                         8,366
  Loss from equity method investments                                                                                    119                                                                           138                                                                           240
  Impairment of available-for-sale securities                                                                 --                                                                         2,186                                                                --
  Impairment of long-lived assets                                                                                         46                                                                --                                                                           438
  Provision for doubtful accounts                                                                                         56                                                                          (178 )                                                                        (106 )
  Losses on foreign currency transactions                                                                                284                                                                            63                                                                           580
  Loss on sale of equity securities                                                                           --                                                                           219                                                                           209
  Deferred income taxes                                                                                                  (52 )                                                                      (2,912 )                                                                      (3,382 )
  Gain on business acquisition                                                                                          (584 )                                                              --                                                                --
  Change in fair value of conversion feature of convertible bonds                                             --                                                                --                                                                           (73 )
  Stock-based compensation                                                                                             3,709                                                                         4,562                                                                         3,768
  Tax benefit from exercise of stock options                                                                  --                                                                           161                                                                            52
  Excess tax benefit from stock-based compensation                                                            --                                                                           (39 )                                                                        (162 )
  Loss (gain) on disposition of property and equipment                                                                    37                                                                           (22 )                                                                       3,661
  Amortization of held-to-maturity investments                                                                         2,382                                                                         3,875                                                                         4,532
  Changes in operating assets and liabilities:
   Accounts receivable                                                                                               (18,627 )                                                                     (22,260 )                                                                      (1,762 )
   Unbilled receivables and retentions                                                                                 4,779                                                                        (1,543 )                                                                      (6,427 )
   Inventories                                                                                                       (22,590 )                                                                       1,928                                                                        11,285
   Income tax receivable                                                                                      --                                                                --                                                                         6,584
   Prepaid expenses and other assets                                                                                  (1,466 )                                                                         517                                                                          (339 )
   Accounts payable                                                                                                    2,843                                                                        (2,705 )                                                                       5,337
   Other liabilities                                                                                                    (946 )                                                                       1,521                                                      3,717  
                                                                                                              -------------- --------------------                                           -------------- --------------------                                           -------------- --------------------
Net cash (used in) provided by operating activities                                                                  (10,499 )                                                                         551                                                                        39,413
Investing activities
Acquisition of property and equipment                                                                                 (9,862 )                                                                      (6,829 )                                                                      (5,279 )
Equity method investment                                                                                      --                                                                          (295 )                                                                        (395 )
Business acquisition, net of cash acquired                                                                              (430 )                                                              --                                                                --
Redemptions of held-to-maturity investments                                                                          121,522                                                                        84,433                                                                        69,387
Purchases of held-to-maturity investments                                                                           (148,991 )                                                                     (94,954 )                                                                     (97,464 )
Acquisition of intangible assets                                                                              --                                                                --                                                                          (150 )
Proceeds from the sale of property and equipment                                                                           7                                                                            80                                                                --
Sales and redemptions of available-for-sale investments                                               400                                     987                                  10,081  
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net cash used in investing activities                                                                                (37,354 )                                                                     (16,578 )                                                                     (23,820 )
Financing activities
Purchase and retirement of common stock                                                                       --                                                                        (3,756 )                                                              --
Principal payments of capital lease obligations                                                                         (390 )                                                                        (472 )                                                              --
Excess tax benefit from stock-based compensation                                                              --                                                                            39                                                                           162
Tax withholding payment related to net settlement of equity awards                                                        (5 )                                                                         (29 )                                                                         (36 )
Exercise of stock options                                                                           3,865                                   1,122                                     722  
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net cash provided by (used in) financing activities                                                 3,470                                  (3,096 )                                                      848  
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net (decrease) increase in cash and cash equivalents                                                                 (44,383 )                                                                     (19,123 )                                                                      16,441
Cash and cash equivalents at beginning of period                                                  124,287                                 143,410                                 126,969  
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Cash and cash equivalents at end of period                                                                  $         79,904                                           $        124,287                                           $        143,410  
                                                                                         ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Supplemental disclosures of cash flow information
Cash paid during the period for:
  Income taxes                                                                                              $          1,804                                                              $          1,576                                                              $            700
Non-cash activities
Unrealized gain (loss) on investments, net of deferred tax expense                                          $             74                                                              $             27                                                              $         (1,095 )
(benefit) of $43, $18 and $(730) for the fiscal years ended April
30, 2017, April 30, 2016 and April 30, 2015 respectively
Reclassification from share-based liability compensation to equity                                          $            307                                                              $            228                                                              $ --
Forfeiture of vested stock-based compensation                                                               $ --                                                              $             86                                                              $             23
Acquisitions of property and equipment financed with capital lease                                          $ --                                                              $            932                                                              $ --
obligations
Accrued acquisition of intangible assets                                                                    $ --                                                              $ --                                                              $            250
Acquisitions of property and equipment included in accounts payable                                         $            729                                                              $          1,174                                                              $ --
                                                                                                                                                                                                                                                                           
                                                                                                                                  
                                                                                                                         AeroVironment, Inc.
                                                                                                              Reportable Segment Results are as Follows
                                                                                                                           (In thousands)
                                                                                                                                                                                                                                     
                                                                                        Three Months Ended                                                                                             Twelve Months Ended
                                                          ------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------
                                                                    April 30,                                         April 30,                                        April 30,                                                     April 30,
                                                                      2017                                              2016                                             2017                                                2016               
                                                          -----------------------------                     ----------------------------                     -----------------------------                     ----------------------------------------------------
                                                                                            (Unaudited)
Revenue:
  UAS                                                                        $ 115,720                                         $ 75,896                                         $ 228,940                                         $    233,738
  EES                                                         9,656                         8,861                         35,933                            30,360  
                                                          -------------------- -------                      -------------------- ------                      -------------------- -------                      -------------------- ---------- --------------------
   Total                                                    125,376                        84,757                        264,873                           264,098  
                                                          ==================== =======                      ==================== ======                      ==================== =======                      ==================== ========== ====================
Cost of sales:
  UAS                                                                           59,388                                           40,941                                           135,937                                              132,209
  EES                                                         7,329                         5,894                         26,826                            19,786  
                                                          -------------------- -------                      -------------------- ------                      -------------------- -------                      -------------------- ---------- --------------------
   Total                                                     66,717                        46,835                        162,763                           151,995  
                                                          ==================== =======                      ==================== ======                      ==================== =======                      ==================== ========== ====================
Gross margin:
  UAS                                                                           56,332                                           34,955                                            93,003                                              101,529
  EES                                                         2,327                         2,967                          9,107                            10,574  
                                                          -------------------- -------                      -------------------- ------                      -------------------- -------                      -------------------- ---------- --------------------
   Total                                                     58,659                        37,922                        102,110                           112,103  
                                                          ==================== =======                      ==================== ======                      ==================== =======                      ==================== ========== ====================
 Selling, general and administrative                                            16,699                                           16,775                                            56,537                                               60,077
 Research and development                                                        7,937                                           14,316                                            33,042                                               42,291  
                                                          -----------------------------                     ----------------------------                     -----------------------------                     ----------------------------------------------------
 Income from operations                                                         34,023                                            6,831                                            12,531                                                9,735
 Other income (expense):
   Interest income, net                                                            456                                              359                                             1,618                                                1,032
   Other income (expense), net                                                     536                                               97                                                60                                               (2,699 )
                                                          -----------------------------                     ----------------------------                     -----------------------------                     ----------------------------------------------------
 Income before income taxes                                                  $  35,015                                         $  7,287                                         $  14,209                                         $      8,068  
                                                          ==================== =======                      ==================== ======                      ==================== =======                      ==================== ========== ====================
                                                                                                                                                                                                                                                

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http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170627006315r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170627006315/en/

SOURCE: AeroVironment, Inc.

AeroVironment, Inc. 
Steven Gitlin 
+1 (626) 357-9983 
ir@avinc.com


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