Income Up for AeroVironment

AeroVironment Inc. increased its net income by 25 percent in the fourth quarter when compared to the same period a year ago. Unmanned aerial vehicles manufactured in Simi Valley provided the most revenue for the Monorovia-based company, which also makes electrical charging stations. During the quarter, the charging stations and the unmanned Puma aerial system transitioned from development to production programs with attractive long-term growth prospects, said CEO and Chairman Tim Conver. “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,” Conver said. For the quarter ending April 30, AeroVironment reported net income of $17.6 million, or $0.79 per diluted share, on revenues of $106 million. In the same period in 2010, the company had net income of $15.6 million, or $0.71 per diluted share, on revenues of $99.4 million. For the full fiscal year, the company reported net income of $25.9 million, or $1.17 per diluted share, on revenues of $292.5 million. For the previous fiscal year, the company reported net income of $20.7 million, or $0.94 per diluted share, on revenues of $249.5 million.