AeroVironment Q1 2017 revenue down to $36.2 million
Staff Writer |
AeroVironment reported financial results for its 2017 first quarter ended July 30, 2016. Revenue was $36.2 million, a decrease from Q1 2016 revenue of $47.1 million.
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The decrease in revenue resulted from a decrease in sales in company's Unmanned Aircraft Systems (UAS) segment of $9.7 million and a decrease in sales in company's Efficient Energy Systems (EES) segment of $1.2 million.
Gross margin for the first quarter of fiscal 2017 was $6.7 million, a decrease from first quarter fiscal 2016 gross margin of $16.0 million. The decrease in gross margin was primarily due to a decrease in product margin of $9.4 million. Service margins were consistent quarter over quarter. As a percentage of revenue, gross margin decreased from 34% to 18%.
Loss from operations was $15.6 million, an increase from first quarter fiscal 2016 loss from operations of $9.1 million.
Year over year loss from operations was a result of a decrease in gross margin of $9.3 million, partially offset by a decrease in selling, general and administrative (SGA) expense of $1.6 million and a decrease in research and development (R&D) expense of $1.2 million.
Other income, net, for the first quarter of fiscal 2017 was $0.1 million compared to other expense, net of $2.2 million for the first quarter of fiscal 2016. The decrease was primarily due to the recording of an other-than-temporary impairment loss on company's CybAero equity securities during the three months ended August 1, 2015.
The CybAero equity securities were sold during the second quarter of fiscal 2016.
Net loss for the first quarter of fiscal 2017 was $11.6 million compared to net loss for the first quarter of fiscal 2016 of $7.0 million.
The tax benefit for the three months ended July 30, 2016 was primarily due to federal legislation reinstating the federal research and development tax credit during the three months ended January 30, 2016 and the reversal of a reserve for uncertain tax positions due to the settlement of prior fiscal year audits.
Loss per share for the first quarter of fiscal 2017 was $0.51 compared to loss per share for the first quarter of fiscal 2016 of $0.30. Loss per share for the first fiscal quarter of 2016 was impacted by both the impairment loss and losses on sales of company's CybAero equity securities. ■