21 Jun 11. AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its fourth quarter and fiscal year ending April 30, 2011.
“With record fourth quarter revenue of $106.1m, fiscal 2011 revenue grew 17% to $292.5m, exceeding our guidance, and diluted earnings per share increased 24% to $1.17,” said Tim Conver, AeroVironment chairman and chief executive officer. “Electric vehicle charging solutions and digital Puma unmanned aircraft systems successfully transitioned from development to production programs with attractive long-term growth prospects, while other innovative developments progressed toward customer adoption. 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.”
Revenue for the fourth quarter of fiscal 2011 was $106.1m, up 7% over fourth quarter fiscal 2010 revenue of $99.4m. The increase in revenue resulted from increased sales in our Efficient Energy Systems (EES) segment of $7.8m offset by decreased sales in our Unmanned Aircraft Systems (UAS) segment of $1.1m. Income from operations for the fourth quarter of fiscal 2011 was $25.2m, up 7% from fourth quarter fiscal 2010 income from operations of $23.5m. The increase in income from operations resulted from higher gross margin of $6.2m offset by higher selling, general and administrative (SG&A) expense of $1.2m and higher research and development (R&D) expense of $3.3m. Net income for the fourth quarter of fiscal 2011 was $17.6m, up 13% from fourth quarter fiscal 2010 net income of $15.6m. Earnings per diluted share for the fourth quarter of fiscal 2011 were $0.79, up 11% from fourth quarter fiscal 2010 earnings per diluted share of $0.71. Revenue for fiscal year 2011 was $292.5m, up 17% over fiscal year 2010 revenue of $249.5m. The increase in revenue resulted from increased sales in our UAS segment of $25.6m and EES segment of $17.4m. Income from operations for fiscal year 2011 was $34.0m, up 14% from fiscal year 2010 income from operations of $29.9m. The increase in income from operations resulted from higher gross margin of $20.3m offset by higher SG&A expense of $5.0m and higher R&D expense of $11.3m. Net income for fiscal year 2011 was $25.9m, up 25% from fiscal year 2010 net income of $20.7m. Earnings per diluted share for fiscal year 2011 were $1.17, up 24% from fiscal 2010 earnings per diluted share of $0.94. As of April 30, 2011, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $82.9m compared to $72.3m as of April 30, 2010. For fiscal year 2012, the Company expects to generate revenue of $321 m to $336m, and earnings per share of $1.28 to $1.35 on a fully diluted basis.
23 Jun 11. Micron Technology, Inc., (Nasdaq:MU) announced results of operations for its third quarter of fiscal 2011, which ended June 2, 2011. For the third quarter, the company had net income attributable to Micron shareholders of $75m, or $0.07 per diluted share, on net sales of $2.1bn. The company’s consolidated gross margin improved to 22 percent for the third quarter of fiscal 2011 from 19 percent for the second quarter of fiscal 2011 due primarily to decreases in manufacturing costs. Revenue from sales of DRAM products was 7 percent lower in the third quarter of fiscal 2011 compared to the second quarter of fiscal 2011 due to a decrease in sales volume. Revenue from sales of NAND Flash products was 5 percent lower in the third quarter of fiscal 2011 compared to the second quarter of fiscal 2011 due to a 5 percent decrease in average selling prices. Sales of NOR Flash products were approximately 17 percent of total net sales for the third quarter of fiscal 2011. Cash flows from operations for the third quarter of fiscal 2011 were $589m. During the third quarter of fiscal 2011, the company invested $534m in capital expenditu