Tuesday, AeroVironment, Inc. (AVAV), reported a loss for the first quarter of fiscal 2010 from a profit last year, hurt by lower revenues due to decreased sales in Unmanned Aircraft Systems segment, Efficient Energy Systems segment, and higher expenses. Earnings for the quarter also came in short of analysts' expectations.
AeroVironment's net loss for the first quarter was $3.59 million or $0.17 per share, compared to an income of $4.81 million or $0.22 per share in the previous year.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the first quarter. Analysts, estimates typically exclude special items.
AeroVironment said, " Low first quarter revenue, combined with maintaining our R&D and other spending to support our full year plan, resulted in a first quarter loss, but this was generally consistent with our FY 2010 plan."
Total revenue for the quarter declined 29% to $37.94 million from $53.61 million a year ago. Analysts expected revenues of $51.90 million for the quarter.
Product sales declined to $8.23 million from $25.33 million last year. Contract services revenue improved to $29.71 million from $28.29 million in the previous year.
By segment, revenue from Unmanned Aircraft Systems declined to $33.31 million from $46.08 million last year. Efficient Energy Systems revenues were down at $4.63 million, compared to $7.54 million a year ago.
Loss from operations for the quarter declined to $5.5 million from income from operations of $7.2 million in the prior year. The loss was attributed to lower gross margin, higher selling, general and administrative expenses, as well as higher R&D expenses. Gross margin declined to $10.71 million from $20.58 million last year. Selling, general and administrative expenses increased to $10.71 million from $20.58 million last year. Research and development expenses were $5.67 million, compared to $5.26 million in the previous year.
Interest income for the quarter declined to $59 thousand from $541 thousand a year ago.
As of August 1, 2009, the company reported funded backlog of $108.7 million, compared to $114.8 million as of April 30, 2009.
AVAV closed Tuesday's regular trading at $30.42, up 0.88 or 2.98%, on a volume of 0.331 million shares on the Nasdaq. In after hours, the stock declined $1.57 or 5.16%, trading at $27.85.
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