AeroVironment Inc. beat analyst expectations on earnings for the fiscal third quarter but just missed on revenue.
The Monrovia manufacturer of unmanned aircraft and electric vehicle charging stations reported on Tuesday net income of $2.3 million (10 cents a share) for the quarter ending Jan. 31, compared with net income of $11.2 million (49 cents) in the same period a year earlier. Revenue decreased 1 percent to $68.4 million.
Analysts on average expected earnings of 6 cents on revenue of $69.5 million, according to Thomson Financial Network.
An increase in unmanned aircraft sales by $500,000 during the quarter helped to offset a dip of $1.3 million in charging station sales. AeroVironment develops, builds and tests its aircraft in Simi Valley.
“During the quarter, our team continued to execute our strategy successfully and we delivered results in line with our full-year plan,” Chief Executive Tim Conver said in a prepared statement.
Shares closed down $2.41, or 8.6 percent, to $25.65 on the Nasdaq.
Ixia has secured a new three-year, $100 million credit facility.
The Calabasas company, which makes computer network performance and security software, said the new agreement includes a term loan up to $40 million and a revolving credit line of $60 million. Ixia can also request an expansion, which could give it access to another $80 million, based on lender approval.
Silicon Valley Bank serves as the administrative agent for the credit, with Barclays Bank, Regions Bank, Cadence Bank and Stifel Financial Corp. as participating lenders.
Brent Novak, Ixia’s chief financial officer, said in a statement that between the new borrowing capacity and $126 million in cash on hand, the company “will be well positioned to meet our obligations under our convertible notes, which become due in December 2015.”
Shares closed up 15 cents or 1. 3 percent to $11.73 in trading on the Nasdaq.
Electro Rent Corp. expects a loss in revenue when an exclusive agreement to resell new computer test and measurement equipment from Keysight Technologies Inc. is not renewed after it expires in May.
The Van Nuys computer and electronic test equipment supplier has been the exclusive reseller of new Keysight equipment since 2009. For the first nine months of the current fiscal year, the agreement has brought in $52 million in revenue.
Chief Executive Daniel Greenberg said ending the agreement will negatively impact revenue for the coming fiscal year that begins June 1.