U.S. Army Awards AeroVironment $5.1 Million Order for Switchblade Loitering Munition Systems and Services

May 23, 2012
  • Order definitizes previously announced Switchblade Agile Munition Systems and services contract 
  • Adds to prior $4.9 million order for a total value of $10 million

MONROVIA, Calif., May 23, 2012 -- AeroVironment, Inc. (NASDAQ: AVAV) announced it received a contract modification effective March 20, 2012 from the U.S. Army Close Combat Weapons Systems (CCWS), Program Executive Office Missiles and Space (PEO MS). The $5,108,160 modification to the existing contract includes engineering services, operational Switchblade systems and operator training. AeroVironment will work with ATK (NYSE: ATK), its munition subcontractor, to produce and deliver the systems.

On September 1, 2011 AeroVironment announced that it had received the initial $4.9 million order associated with this contract.

"This Army contract represents another important step toward the broader adoption of Switchblade by the military," said Roy Minson, AeroVironment senior vice president and general manager of its Unmanned Aircraft Systems business segment. "Providing our forces with the organic ability to defend themselves with pinpoint accuracy and minimal collateral damage, Switchblade delivers a capability unmatched by any other weapon system."

"We are pleased to support AeroVironment in providing a system that empowers our soldiers to respond to attacks quickly and precisely without causing unnecessary collateral damage," said Mark Messick, vice president and general manager of Advanced Systems, ATK Aerospace Systems. "With Switchblade, our troops on the ground are safer, more efficient and more effective."


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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Mark Boyer
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