AeroVironment,
Inc. (NASDAQ: AVAV) today announced the company’s Board of Directors
has authorized a stock repurchase program of $25 million, effective
immediately. Repurchases are expected to be made from time to time
through open market transactions. No time limit has been established for
the completion of the program. AeroVironment currently has approximately
23.5 million shares of common stock outstanding.
“The Board of Directors believes that the company’s common stock
currently is undervalued. The Board’s authorization of a new stock
repurchase plan also highlights our continuing confidence in
AeroVironment’s prospects for long-term growth, and underscores our
commitment to enhancing stockholder value,” said Tim Conver,
AeroVironment chairman and chief executive officer. “The Board and
management are confident in the future of AeroVironment and that the
company has sufficient capital to fund multiple ongoing growth
initiatives as well as this repurchase program. We believe this capital
allocation strategy is in the best interests of the company and its
stockholders.”
Repurchases will be made in compliance with Rule 10b-18 under the
Securities Exchange Act of 1934, subject to market conditions,
applicable legal requirements and other factors. The program does not
obligate AeroVironment to acquire any particular amount of common stock
and may be suspended at any time at the company’s discretion.
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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