AeroVironment, Inc.
(NASDAQ: AVAV) today reported financial results for its fourth quarter
ended April 30, 2015.
“Fourth quarter revenue of $86 million increased by 18 percent and gross
profit increased by 50 percent year-over-year. During the quarter, we
strengthened our market positions, moved key programs forward to
generate value, and focused on innovation,” said Tim Conver,
AeroVironment chairman and chief executive officer. “Throughout fiscal
year 2015, our strategic investments helped expand our growth portfolio
and position AeroVironment for new market opportunities. In our core
business, our team delivered revenue in-line with our expectations and
exceeded targeted profitability.
“We continue to deliver certainty and reliability to our customers and
remain the leader in electric vehicle testing and charging systems and
small unmanned aircraft systems, where we operate with the largest
installed base in the global defense industry. We are entering fiscal
year 2016 with strong momentum and look forward to driving the business
forward and enhancing stockholder value.”
FISCAL 2015 FOURTH QUARTER RESULTS
Revenue for the fourth quarter of fiscal 2015 was $86.5 million, up 18%
from fourth quarter fiscal 2014 revenue of $73.5 million. The increase
in revenue resulted from increased sales in our Unmanned Aircraft
Systems (UAS) segment of $18.7 million offset by a decrease in sales in
our Efficient Energy Systems (EES) segment of $5.7 million.
Gross margin for the fourth quarter of fiscal 2015 was $45.4 million, up
50% from fourth quarter fiscal 2014 gross margin of $30.1 million. The
increase in gross margin was due to an increase in product margin of
$9.7 million and service margin of $5.5 million. As a percentage of
revenue, gross margin increased to 52% from 41%.
Income from operations for the fourth quarter of fiscal 2015 was
$7.5 million compared to income from operations for the fourth quarter
of fiscal 2014 of $6.9 million. The increase in income from operations
was a result of an increase in gross margin of $15.2 million and a
decrease in selling, general & administrative (SG&A) expense of $1.3
million, offset by an increase in research and development (R&D) of
$16.0 million.
Other expense, net, for the fourth quarter of fiscal 2015 was $0.5
million compared to other income, net, for the fourth quarter of fiscal
2014 of $2.9 million. The decrease was primarily due to the fourth
quarter of fiscal 2014 including a $2.8 million increase in fair value
of the embedded conversion feature of our convertible bond investment.
During the fourth quarter of fiscal 2015, we did not have any
convertible bond investments.
Net income for the fourth quarter of fiscal 2015 was $7.1 million
compared to net income for the fourth quarter of fiscal 2014 of
$8.1 million.
Earnings per diluted share for the fourth quarter of fiscal 2015 were
$0.31 compared to earnings per diluted share for the fourth quarter of
fiscal 2014 of $0.35. Earnings per diluted share for the fourth quarter
of fiscal 2015 included a loss of $0.01 per share due to losses on our
equity investment. Earnings per diluted share for the fourth quarter of
fiscal 2014 included an increase of $0.08 per share due to the increase
in fair value of the conversion option of our convertible bond
investment.
FISCAL 2015 FULL-YEAR RESULTS
Revenue for fiscal 2015 was $259.4 million, up 3% from fiscal 2014
revenue of $251.7 million. The increase in revenue resulted from
increased sales in our UAS segment of $12.1 million offset by a decrease
in sales in our EES segment of $4.4 million.
Gross margin for fiscal 2015 was $104.3 million, up 11% from fiscal 2014
gross margin of $93.6 million. The increase in gross margin was due to
an increase in product margin of $10.3 million and service margin of
$0.3 million. As a percentage of revenue, gross margin increased to 40%
from 37%.
Income from operations for fiscal 2015 was $2.0 million compared to
income from operations for fiscal 2014 of $12.4 million. The decrease in
income from operations was a result of an increase in R&D of $21.0
million and SG&A of $0.1 million, offset by an increase in gross margin
of $10.7 million.
Other expense, net, for fiscal 2015 was $0.1 million compared to other
income, net, for fiscal 2014 of $2.5 million. Fiscal 2014 included a
$1.8 million increase in fair value of the embedded conversion feature
of our convertible bond investment.
Net income for fiscal 2015 was $2.9 million compared to net income for
fiscal 2014 of $13.7 million.
Earnings per diluted share for fiscal 2015 were $0.13 compared to
earnings per diluted share for fiscal 2014 of $0.60. Earnings per
diluted share for fiscal 2014 included an increase of $0.04 per diluted
share, due to the increase in fair value of the conversion option of our
convertible bond investment. Earnings per diluted share for fiscal 2015
were not impacted by our convertible bond and related equity investment.
BACKLOG
As of April 30, 2015, funded backlog (unfilled firm orders for which
funding is currently appropriated to us under a customer contract) was
$64.7 million compared to $65.9 million as of April 30, 2014.
FISCAL 2016 — OUTLOOK FOR THE FULL YEAR
For fiscal 2016, the company expects to generate revenue of between $260
million and $280 million, and a gross profit margin of between 36
percent and 37.5 percent. Planned increases in strategic R&D and SG&A
investments for Commercial UAS in fiscal 2016 may largely offset
operating profit in the current fiscal year.
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 30, 2015, at 1:30 pm Pacific Time
that will be broadcast live over the Internet. Timothy E. Conver,
chairman and chief executive officer, Teresa Covington, interim 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
30, 2015, at approximately 4:30 p.m. Pacific Time through Tuesday, July
7, 2015, at 9:00 p.m. Pacific Time. Dial (855) 859-2056 and enter the
passcode 51447512. International callers should dial (404) 537-3406 and
enter the same passcode number to access the audio replay.
ABOUT AEROVIRONMENT, INC.
AeroVironment is a technology solutions provider that designs, develops,
produces, supports and operates an advanced portfolio of Unmanned
Aircraft Systems (UAS) and electric transportation solutions. The
company's electric-powered, hand-launched UASs generate and process data
to deliver powerful insight, on-demand, to people engaged in military,
public safety and commercial activities around the world.
AeroVironment's electric transportation solutions include a
comprehensive suite of electric
vehicle (EV) charging systems, installation and network services for
consumers, automakers, utilities and government agencies, power
cycling and test systems for EV developers and industrial
EV charging systems for commercial fleets. More information about
AeroVironment is available at 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; changes in the timing and/or amount of government
spending; changes in the supply and/or demand and/or prices for our
products and services; the activities of competitors; failure of the
markets in which we operate to grow; failure to expand into new markets;
changes in significant operating expenses, including components and raw
materials; failure to develop new products; 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 Income
(In thousands except share and per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
|
|
2015
|
|
|
2014
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Product sales
|
|
$
|
63,034
|
|
|
$
|
59,244
|
|
$
|
205,027
|
|
|
$
|
194,996
|
|
Contract services
|
|
23,437
|
|
|
14,254
|
|
54,371
|
|
|
56,707
|
|
|
|
86,471
|
|
|
73,498
|
|
259,398
|
|
|
251,703
|
|
Cost of sales:
|
|
|
|
|
|
|
|
|
|
Product sales
|
|
27,357
|
|
|
33,246
|
|
118,834
|
|
|
119,137
|
|
Contract services
|
|
13,764
|
|
|
10,114
|
|
36,296
|
|
|
38,953
|
|
|
|
41,121
|
|
|
43,360
|
|
155,130
|
|
|
158,090
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
Product gross margin
|
|
35,677
|
|
|
25,998
|
|
86,193
|
|
|
75,859
|
|
Contract gross margin
|
|
9,673
|
|
|
4,140
|
|
18,074
|
|
|
17,754
|
|
|
|
45,350
|
|
|
30,138
|
|
104,268
|
|
|
93,613
|
|
Selling, general and administrative
|
|
15,622
|
|
|
16,968
|
|
55,763
|
|
|
55,679
|
|
Research and development
|
|
22,259
|
|
|
6,223
|
|
46,491
|
|
|
25,515
|
|
Income from operations
|
|
7,469
|
|
|
6,947
|
|
2,014
|
|
|
12,419
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
253
|
|
|
258
|
|
882
|
|
|
855
|
|
Other (expense) income
|
|
(727
|
)
|
|
2,648
|
|
(1,003
|
)
|
|
1,622
|
|
Income before income taxes
|
|
6,995
|
|
|
9,853
|
|
1,893
|
|
|
14,896
|
|
(Benefit) provision for income taxes
|
|
(85
|
)
|
|
1,796
|
|
(1,002
|
)
|
|
1,178
|
|
Net income
|
|
$
|
7,080
|
|
|
$
|
8,057
|
|
$
|
2,895
|
|
|
$
|
13,718
|
|
Earnings per share data:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.31
|
|
|
$
|
0.36
|
|
$
|
0.13
|
|
|
$
|
0.61
|
|
Diluted
|
|
$
|
0.31
|
|
|
$
|
0.35
|
|
$
|
0.13
|
|
|
$
|
0.60
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
22,905,235
|
|
|
22,571,067
|
|
22,868,733
|
|
|
22,354,444
|
|
Diluted
|
|
23,148,256
|
|
|
22,986,167
|
|
23,145,997
|
|
|
22,719,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AeroVironment, Inc.
Reconciliation of Earnings per Share (Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
|
|
2015
|
|
|
2014
|
|
2015
|
|
2014
|
|
Earnings per diluted share as adjusted
|
|
$
|
0.32
|
|
|
$
|
0.27
|
|
$
|
0.13
|
|
$
|
0.56
|
|
(Decrease) increase of convertible bond and related equity investment
|
|
|
(0.01
|
)
|
|
|
0.08
|
|
|
—
|
|
|
0.04
|
|
Earnings per diluted share as reported
|
|
$
|
0.31
|
|
|
$
|
0.35
|
|
$
|
0.13
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AeroVironment, Inc.
Consolidated Balance Sheets
(In thousands except share data)
|
|
|
|
|
|
|
April 30,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
$
|
143,410
|
|
|
$
|
126,969
|
|
|
Short-term investments
|
|
85,381
|
|
|
|
70,639
|
|
|
Accounts receivable, net of allowance for doubtful accounts of $606
at April 30, 2015 and $791 at April 30, 2014
|
|
33,607
|
|
|
|
31,739
|
|
|
Unbilled receivables and retentions
|
|
17,356
|
|
|
|
10,929
|
|
|
Inventories, net
|
|
39,414
|
|
|
|
50,699
|
|
|
Income tax receivable
|
|
—
|
|
|
|
6,584
|
|
|
Deferred income taxes
|
|
5,265
|
|
|
|
5,038
|
|
|
Prepaid expenses and other current assets
|
|
4,599
|
|
|
|
4,260
|
|
|
Total current assets
|
|
329,032
|
|
|
|
306,857
|
|
|
Long-term investments
|
|
46,769
|
|
|
|
50,505
|
|
|
Property and equipment, net
|
|
13,499
|
|
|
|
19,997
|
|
|
Deferred income taxes
|
|
7,426
|
|
|
|
6,721
|
|
|
Other assets
|
|
741
|
|
|
|
874
|
|
|
Total assets
|
$
|
397,467
|
|
|
$
|
384,954
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
$
|
19,243
|
|
|
$
|
13,906
|
|
|
Wages and related accruals
|
|
13,395
|
|
|
|
14,083
|
|
|
Income taxes payable
|
|
692
|
|
|
|
—
|
|
|
Customer advances
|
|
4,235
|
|
|
|
2,984
|
|
|
Other current liabilities
|
|
9,170
|
|
|
|
6,762
|
|
|
Total current liabilities
|
|
46,735
|
|
|
|
37,735
|
|
|
Deferred rent
|
|
1,381
|
|
|
|
1,239
|
|
|
Liability for uncertain tax positions
|
|
439
|
|
|
|
3,513
|
|
|
Commitments and contingencies
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
Preferred stock, $0.0001 par value:
|
|
|
|
|
Authorized shares—10,000,000; none issued or outstanding
|
|
—
|
|
|
|
—
|
|
|
Common stock, $0.0001 par value:
|
|
|
|
|
Authorized shares—100,000,000
|
|
|
|
|
Issued and outstanding shares—23,314,640 shares at April 30, 2015
and 23,176,576 at April 30, 2014
|
|
2
|
|
|
|
2
|
|
|
Additional paid-in capital
|
|
148,293
|
|
|
|
143,648
|
|
|
Accumulated other comprehensive loss
|
|
(1,358
|
)
|
|
|
(263
|
)
|
|
Retained earnings
|
|
201,975
|
|
|
|
199,080
|
|
|
Total stockholders’ equity
|
|
348,912
|
|
|
|
342,467
|
|
|
Total liabilities and stockholders’ equity
|
$
|
397,467
|
|
|
$
|
384,954
|
|
|
|
|
|
|
|
|
|
|
|
AEROVIRONMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended April 30,
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
|
|
|
|
(Restated)(1)
|
|
(Restated)(1)
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,895
|
|
$
|
13,718
|
|
$
|
10,426
|
|
|
Adjustments to reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
8,366
|
|
|
9,155
|
|
|
10,937
|
|
|
Loss from equity method investments
|
|
|
240
|
|
|
30
|
|
|
—
|
|
|
Impairment of long-lived assets
|
|
|
438
|
|
|
3,317
|
|
|
—
|
|
|
Provision for doubtful accounts
|
|
|
(106
|
)
|
|
(6
|
)
|
|
462
|
|
|
Losses on foreign currency transactions
|
|
|
580
|
|
|
21
|
|
|
—
|
|
|
Loss (gain) on sale of equity securities
|
|
|
209
|
|
|
(4
|
)
|
|
—
|
|
|
Deferred income taxes
|
|
|
(3,382
|
)
|
|
(3,110
|
)
|
|
3,851
|
|
|
Change in fair value of conversion feature of convertible bonds
|
|
|
(73
|
)
|
|
(1,773
|
)
|
|
(6,173
|
)
|
|
Stock-based compensation
|
|
|
3,768
|
|
|
3,622
|
|
|
3,470
|
|
|
Tax benefit from exercise of stock options
|
|
|
52
|
|
|
2,305
|
|
|
1,606
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(162
|
)
|
|
(648
|
)
|
|
—
|
|
|
Loss on disposition of property and equipment
|
|
|
3,661
|
|
|
—
|
|
|
18
|
|
|
Amortization of held-to-maturity investments
|
|
|
4,532
|
|
|
5,037
|
|
|
5,237
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(1,762
|
)
|
|
(11,963
|
)
|
|
36,185
|
|
|
Unbilled receivables and retentions
|
|
|
(6,427
|
)
|
|
375
|
|
|
15,730
|
|
|
Inventories
|
|
|
11,285
|
|
|
11,862
|
|
|
(19,022
|
)
|
|
Income tax receivable
|
|
|
6,584
|
|
|
5,193
|
|
|
(11,777
|
)
|
|
Prepaid expenses and other assets
|
|
|
(339
|
)
|
|
157
|
|
|
(317
|
)
|
|
Accounts payable
|
|
|
5,337
|
|
|
(2,238
|
)
|
|
(4,069
|
)
|
|
Other liabilities
|
|
|
3,717
|
|
|
(1,045
|
)
|
|
(17,320
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
39,413
|
|
|
34,005
|
|
|
29,244
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
(5,279
|
)
|
|
(7,143
|
)
|
|
(11,834
|
)
|
|
Equity method investment
|
|
|
(395
|
)
|
|
(105
|
)
|
|
—
|
|
|
Redemptions of held-to-maturity investments
|
|
|
69,387
|
|
|
75,022
|
|
|
84,071
|
|
|
Purchases of held-to-maturity investments
|
|
|
(97,464
|
)
|
|
(56,946
|
)
|
|
(87,294
|
)
|
|
Acquisition of intangible assets
|
|
|
(150
|
)
|
|
(750
|
)
|
|
(850
|
)
|
|
Purchases of available-for-sale investments
|
|
|
—
|
|
|
—
|
|
|
(3,037
|
)
|
|
Sales of available-for-sale investments
|
|
|
10,081
|
|
|
360
|
|
|
600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities
|
|
|
(23,820
|
)
|
|
10,438
|
|
|
(18,344
|
)
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
162
|
|
|
648
|
|
|
—
|
|
|
Tax withholding payment related to net settlement of equity awards
|
|
|
(36
|
)
|
|
(163
|
)
|
|
(77
|
)
|
|
Exercise of stock options
|
|
|
722
|
|
|
6,709
|
|
|
289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
848
|
|
|
7,194
|
|
|
212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
16,441
|
|
|
51,637
|
|
|
11,112
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
126,969
|
|
|
75,332
|
|
|
64,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
$
|
143,410
|
|
$
|
126,969
|
|
$
|
75,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the year for:
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
$
|
700
|
|
$
|
2,556
|
|
$
|
15,262
|
|
|
Non-cash activities
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized change in fair value on long-term investments recorded in
accumulated other comprehensive loss, net of deferred taxes
|
|
$
|
1,095
|
|
$
|
442
|
|
$
|
11
|
|
|
Reclassification from share-based liability compensation to equity
|
|
$
|
—
|
|
$
|
—
|
|
$
|
401
|
|
|
Forfeiture of vested stock-based compensation
|
|
$
|
23
|
|
$
|
—
|
|
$
|
—
|
|
|
Accrued acquisition of intangible assets
|
|
$
|
250
|
|
$
|
—
|
|
$
|
—
|
|
(1) We identified a presentation error in our classification of $5.0
million and $5.2 million of amortization/accretion of premiums/discounts
related to held-to-maturity investments within the consolidated
statement of cash flows for the years ended April 30, 2014 and 2013,
respectively. These amounts were previously included in the investing
section of the statement of cash flows within the purchases of
held-to-maturity investments rather than being properly presented as a
reconciling item to net income within the operating section of the
statement of cash flows. For the years ended April 30, 2014 and 2013, we
presented the change in held-to-maturity investments as net purchases
which was not in accordance with GAAP. To conform to the appropriate
GAAP presentation for the change in held-to-maturity investments, we
have corrected the error by adjusting the amortization of
held-to-maturity investments between the investing and operating
sections of our consolidated statement of cash flows as well as
presenting the gross purchases and gross redemptions in the investing
section in our prior year financial statements for the years ended April
30, 2014 and 2013.
These presentation errors did not impact our consolidated balance
sheets, consolidated statements of income or the overall change in cash
and cash equivalents in our consolidated statements of cash flows for
these years. Please see our Annual Report on Form 10-K for the year
ended April 30, 2015 for further details.
|
Reportable Segment Results are as Follows:
(In thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
|
|
2015
|
|
|
2014
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
UAS
|
|
$
|
78,693
|
|
|
$
|
60,029
|
|
$
|
220,950
|
|
|
$
|
208,810
|
|
EES
|
|
7,778
|
|
|
13,469
|
|
38,448
|
|
|
42,893
|
|
Total
|
|
86,471
|
|
|
73,498
|
|
259,398
|
|
|
251,703
|
|
Cost of sales:
|
|
|
|
|
|
|
|
|
|
UAS
|
|
36,384
|
|
|
34,548
|
|
128,233
|
|
|
127,992
|
|
EES
|
|
4,737
|
|
|
8,812
|
|
26,897
|
|
|
30,098
|
|
Total
|
|
41,121
|
|
|
43,360
|
|
155,130
|
|
|
158,090
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
UAS
|
|
42,309
|
|
|
25,481
|
|
92,717
|
|
|
80,818
|
|
EES
|
|
3,041
|
|
|
4,657
|
|
11,551
|
|
|
12,795
|
|
Total
|
|
45,350
|
|
|
30,138
|
|
104,268
|
|
|
93,613
|
|
Selling, general and administrative
|
|
15,622
|
|
|
16,968
|
|
55,763
|
|
|
55,679
|
|
Research and development
|
|
22,259
|
|
|
6,223
|
|
46,491
|
|
|
25,515
|
|
Income from operations
|
|
7,469
|
|
|
6,947
|
|
2,014
|
|
|
12,419
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
253
|
|
|
258
|
|
882
|
|
|
855
|
|
Other (expense) income
|
|
(727
|
)
|
|
2,648
|
|
(1,003
|
)
|
|
1,622
|
|
Income before income taxes
|
|
$
|
6,995
|
|
|
$
|
9,853
|
|
$
|
1,893
|
|
|
$
|
14,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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