U.S. Army Awards AeroVironment $5.1 Million Order for Switchblade Loitering Munition Systems and Services
• 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."
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About AeroVironment’s Small UAS
RQ-11B Raven™, Wasp AE®, RQ-20A Puma® and Shrike VTOL® comprise AeroVironment’s Family of Small Unmanned Aircraft Systems. Operating with a common ground control system (GCS), this Family of Systems provides increased capability to the warfighter that can give ground commanders the option of selecting the appropriate aircraft based on the type of mission to be performed. This increased capability has the potential to provide significant force protection and force multiplication benefits to small tactical units and security personnel. AeroVironment provides logistics services worldwide to ensure a consistently high level of operational readiness and provides mission services for customers requiring only the information its small UAS produce. AeroVironment has delivered thousands of new and replacement small unmanned air vehicles to customers within the United States and to more than a dozen international governments.
About AeroVironment, Inc.
AeroVironment is a technology solutions provider that designs, develops, produces, operates and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and electric transportation solutions. Agencies of the U.S. Department of Defense and allied military services use the company’s electric-powered, hand-launched unmanned aircraft systems extensively to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and communication. Multiple government agencies have helped to fund the development and demonstration of Global Observer®, a hybrid-electric, stratospheric UAS designed to provide affordable, persistent reconnaissance and communication over any location on the globe. Switchblade™ is a loitering munition designed to provide a rapid, lethal, pinpoint precision strike capability with minimal collateral damage. AeroVironment’s electric transportation solutions include a comprehensive suite of electric vehicle (EV) charging systems, installation and data services for consumers, automakers, utilities and government agencies, power cycling and test systems for EV developers and industrial electric vehicle charging systems for commercial fleets. More information about AeroVironment is available at www.avinc.com.
ATK is an aerospace, defense, and commercial products company with operations in 22 states, Puerto Rico, and internationally. News and information can be found on the Internet at www.atk.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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