AeroVironment Awarded $45.8 Million Contract Option for Raven Small Unmanned Aircraft Systems and Support Services
February 07, 2008
MONROVIA, Calif., Feb. 7, 2008 -- AeroVironment, Inc. (AV) (NASDAQ: AVAV), a leader in unmanned aircraft systems and efficient electric energy systems, today announced that the U.S. Army has ordered additional RQ-11B (Raven) small unmanned aircraft systems (UAS) and associated services by the exercise of an option under an existing contract. Each Raven system typically consists of three aircraft, a ground control station, system spares, and related services. The total award value is $45.8 million and is fully funded.
The option was submitted under the existing U.S. Army joint small UAS program of record for AV's Raven and will provide systems for the Army and Marine Corps. This program allows for contract additions from the Army, Special Operations Command and other U.S. military services. The items provided under this one-year option on the multi-year contract are scheduled to be delivered within one year of the contract award date.
"We are pleased to support the Army and Marine Corps' expanding rollout of Raven systems to the tactical ground forces that rely on them. Our partnership with our customers enables us to provide them with battle-proven, durable Raven systems that perform reliably when and where they are needed," said John Grabowsky, AV executive vice president and general manager of unmanned aircraft systems. "The increased deployment of Raven systems across the U.S. armed forces reflects the joint and interoperable nature of this solution."
AV's Raven is a 4.2-pound, backpackable, hand-launched sensor platform that provides day and night, real-time video imagery for "over the hill" and "around the corner" reconnaissance, surveillance and target acquisition in support of tactical units. U.S. armed forces use Ravens extensively for missions such as base security, route reconnaissance, mission planning and force protection. According to the U.S. Army, Ravens were flown for approximately 150,000 combat hours in 2007. In addition to Raven, AV's small UAS include Puma and Wasp, which are also hand-launched and controlled by AV's hand-held, common ground control station. AV's UAS logistics operation supports systems deployed worldwide to ensure a consistently high level of operational readiness. AV has delivered more than 8,000 small unmanned aircraft to date.
About AeroVironment, Inc. (AV)
AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information visit www.avinc.com.
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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; 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. 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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