AeroVironment,
Inc. (NASDAQ: AVAV) AeroVironment today announced it was informed by
the Defense Advanced Research Projects Agency (DARPA) that the company
was not selected to receive a phase III contract for DARPA’s Tern
program. The announcement came after a competition for the phase III
contract following successful phase I and II efforts.
“Our team developed a truly innovative approach to addressing DARPA’s
requirements, but our customer elected not to pursue our proposed
solution,” said Kirk Flittie, AeroVironment vice president and general
manager of its Unmanned Aircraft Systems business segment. “We thank
DARPA for the opportunity to apply our innovation toward developing a
next generation unmanned aircraft system to protect United States Navy
personnel. We are grateful for the outstanding contributions of our
employees and our business partners in this endeavor.”
The company indicated the impact of this decision is immaterial to its
previously announced fiscal year 2016 guidance and revenue neutral for
the phase III performance period as a result of the company’s proposed
funded research and development approach.
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 unmanned aircraft systems
generate and process data to deliver powerful insight, on demand, to
people and enterprises 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
electric vehicle charging systems for commercial fleets. More
information about AeroVironment is available at www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking
statements" as that term is defined in the Private Securities Litigation
Reform Act of 1995. These statements are made on the basis of 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
those expressed or implied. Factors that could cause actual results to
differ materially from the forward-looking statements include, but are
not limited to, our ability to perform under existing contracts and
obtain additional contracts; our 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; changes in the regulatory environment; the activities of
competitors; failure of the markets in which we operate to grow; failure
to expand into new markets; failure to develop new products or integrate
new technology with current products; 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, including
our most recent Annual Report on Form 10-K and Quarterly Reports on
10-Q. 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.
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