AeroVironment Receives $46.2 Million Order for Raven UAS and Digital Retrofit Kits
December 28, 2010
MONROVIA, Calif., December 28, 2010 -- AeroVironment, Inc. (AV) (NASDAQ:AVAV) announced today that it received an order valued at $46,226,984 under an existing contract with the U.S. Army. The order comprises 123 new digital Raven® small unmanned aircraft systems (UAS) and initial spares packages as well as 186 digital retrofit kits for the U.S. Marine Corps. The order also includes 339 digital retrofit kits for the U.S. Army. The Raven system and retrofit order represents the remainder of the funds appropriated for RQ-11B Raven system procurement in the 2010 Department of Defense Appropriations Act, which was signed into law in December 2009.
The orders were released under the existing U.S. Army joint small UAS program of record for AV's Raven. This program has included contract additions from the Army, Marine Corps and Special Operations Command. The items and services provided under these awards on this multi-year contract are fully funded. Work is scheduled to be performed within a period of 12 months.
"Raven systems have proven their value and reliability to military services across the U.S. Department of Defense," said Tom Herring, AV senior vice president and general manager, Unmanned Aircraft Systems. "These backpackable, hand-launched unmanned systems provide situational awareness directly to our warfighters, increasing mission effectiveness and safety. We remain focused on supporting our customers with reliable solutions and developing ever more capable solutions."
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. Each Raven system typically consists of three aircraft, two ground control stations and spares.
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, Spain and Norway.
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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