AeroVironment Receives $37.9 Million In Orders For Digital Raven UAS, Digital Retrofit Kits
February 23, 2010
MONROVIA, Calif., Feb. 23, 2010 -- AeroVironment, Inc. (AV) (NASDAQ:AVAV) announced that it received firm fixed-price orders valued at $20,731,992 for digital Raven; unmanned aircraft systems (UAS) and digital retrofit kits, and $17,141,648 for Raven system spare parts, repairs and training services for the U.S. Army and Marine Corps. The Raven system and retrofit order represents a portion of the $121 million appropriated for RQ-11 Raven system procurement in the 2010 Department of Defense Appropriations Act, which was signed into law in December 2009. The balance of government fiscal 2010 procurement funding that is anticipated to be converted into orders is proceeding through the procurement process. Typically the organizations responsible for administering this program retain a portion of approved funding to pay for program expenses and government furnished equipment.
The orders were released under the existing U.S. Army joint small UAS program of record for AV's Raven. This program allows for contract additions from the Army, Marine Corps, Special Operations Command and other U.S. military services. The items and services provided under these awards on this multi-year contract are fully funded and are scheduled to be delivered over the next 12 months.
"The Army and Marine Corps continue their planned procurement and deployment of Raven systems to ensure that these tools are available to their forces wherever and whenever they need them," said John Grabowsky, AV executive vice president and general manager of Unmanned Aircraft Systems. "We remain focused on providing the highest levels of system reliability and effectiveness so that soldiers, sailors, airmen and marines can continue to depend on their Raven systems. Supporting our customers' success with innovative, reliable small UAS is our highest priority."
The Raven unmanned aircraft 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 Raven systems extensively for missions such as base security, route reconnaissance, mission planning and force protection.
In addition to the Raven system, AV's small UAS include Puma® and Wasp®, which are also hand-launched and controlled by AV's hand-held ground control station. Each aircraft in AV's family of small UAS is interoperable and tailored to address a variety of operational user needs. AV's UAS logistics operation supports systems deployed worldwide to ensure a consistently high level of operational readiness. AV has delivered thousands of small unmanned aircraft to date. International purchasers of Raven systems include Italy, Denmark, the Netherlands and Spain.
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 militaries, government agencies, businesses and consumers. For more information visit 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; 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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