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Aerovironment

BUSINESS
January 12, 2011 | By W.J. Hennigan, Los Angeles Times
Monrovia drone maker AeroVironment Inc. announced Tuesday that its massive robotic Global Observer aircraft successfully completed its first flight powered by a hydrogen-fueled propulsion system last week at Edwards Air Force Base. The milestone marked the beginning of high-altitude, long-endurance flight testing of the plane for the U.S. military. The company is developing the drone to stay aloft for a week at a time at a 65,000 feet ? vastly expanding the reach of military spy planes.
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BUSINESS
September 9, 2010 | By W.J. Hennigan, Los Angeles Times
Despite an increase in sales of drones for the military, Monrovia-based AeroVironment Inc. posted a loss in its fiscal first quarter as it spent more on research and development of new robotic aircraft. The company posted a loss of $3.4 million, or 16 cents a share, compared with a loss of $3.6 million, or 17 cents, in the year-earlier period. The quarterly loss was better than what analysts expected. On average, analysts were anticipating a loss of 23 cents a share. In regular trading, AeroVironment shares rose slightly to $23.35 a share, up 25 cents.
BUSINESS
March 20, 2011 | By W.J. Hennigan, Los Angeles Times
The gig: Timothy E. Conver, 67, is chief executive of AeroVironment Inc., the Monrovia-based manufacturer of swarms of tiny robotic spy planes that are being launched into the skies over Afghanistan. Hot planes: Once thought to be high-tech toys for aviation enthusiasts, remote-controlled planes play a crucial role in modern warfare. There are thousands of AeroVironment planes in the war zone and 1,300 more in next year's Pentagon budget. The company is the nation's largest provider of small drones, which have names such as Raven, Wasp and Digital Puma.
BUSINESS
April 4, 2013 | By W.J. Hennigan, Los Angeles Times
At the height of the wars in the Middle East, AeroVironment Inc. - a drone maker based in Monrovia - soared into the public limelight. In the last decade, AeroVironment became the Pentagon's top supplier of small drones. Its financial balance sheet prospered, its drones delivered results and its technology landed on the cover of Time magazine as one of the year's best inventions in 2011. But these days, not so much. Over the last month the company's shares have plummeted more than 18% as federal spending begins to dry up and the wars in Iraq and Afghanistan come to an end. It lowered its revenue guidance by nearly one-third, to $230 million to $250 million from $348 million to $370 million.
BUSINESS
August 27, 2013 | By W.J. Hennigan
For the third quarter in a row, Monrovia drone maker AeroVironment Inc. reported a sharp downturn in quarterly revenue after a drop in military contracts for its small robotic aircraft. The downbeat report comes as the company battles an upstart Newport Beach activist investment firm over how to improve market valuation. AeroVironment said revenue was $44.1 million in its fiscal first quarter. That's down 24.9% compared with $58.7 million last year. The lack of sales led to net loss of $7.2 million, or 32 cents a share.
BUSINESS
July 30, 2001 | PETER PAE, TIMES STAFF WRITER
Powered by 14 electric motors not much stronger than hair dryers, a massive flying wing made mostly of plastic wrap will attempt next month to go where no airplane has gone before. Although it will take about eight hours to get there, lumbering at a maximum speed of 25 mph, the Helios solar plane is expected to shatter altitude records and help scientists understand how to fly on Mars. It could ultimately usher in a new era in satellite telecommunications. Developed by AeroVironment Inc.
BUSINESS
August 15, 1988
General Motors Corp. has purchased a 15% interest in AeroVironment Inc., a privately held engineering firm in Monrovia, which specializes in alternative energy vehicles. AeroVironment played a large role in the development of Gm's Sunraycer Vehicle race across Australia last November.
BUSINESS
March 5, 2014 | W.J. Hennigan
Boosted by sales of its small drones, Monrovia company AeroVironment Inc. reported that its third-quarter earnings nearly tripled, sending its stock up in after-hours trading. At one point, shares of AeroVironment were up $1.81, or 5.7%, to $33.55 on Tuesday. It was welcome news for the company, which had experienced four consecutive quarterly losses. For the quarter that ended Jan. 25, AeroVironment posted earnings of $11.2 million, or 49 cents a share, compared with $3.8 million, or 17 cents a share, a year earlier.
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