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AeroVironment Inc AVAV
Q4 2013 Earnings Call Transcript

Transcript Call Date 06/25/2013

Operator: Good day, ladies and gentlemen and thank you for standing by, and welcome to the AeroVironment, Incorporated Fourth Quarter Fiscal 2013 Earnings Conference Call. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management's remarks. As a reminder, this conference is being recorded for replay purposes.

With us today from the Company is Chairman and Chief Executive Officer, Tim Conver; Chief Financial Officer, Mr. Jikun Kim; Chief Operating Officer, Mr. Tom Herring; and Vice President of Investor Relations, Mr. Steven Gitlin.

Now, I'd now like to turn the call over to Mr. Gitlin. Please go ahead.

Steven A. Gitlin - VP of Investor Relations: Thank you, Huey. Welcome to AeroVironment's fourth quarter and full fiscal year 2013 earnings call. Please note that on this call, certain information presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on 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 the forward-looking statements.

For a list and description of such risks and uncertainties, see the reports we filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. 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.

The content of this conference call contains time-sensitive information that is accurate only as of today, June 25, 2013. The Company undertakes no obligation to make any revision to the statements contained in our remarks or update them to reflect the events or circumstances occurring after this conference call.

We will now begin with remarks from our Chairman and Chief Executive Officer, Tim Conver. Tim?

Tim Conver - Chairman and CEO: Good afternoon. Welcome to our fourth quarter and full fiscal 2013 conference call. The main theme of today's call is our adaptations to the uncertain markets we face today. My comments today will focus on three main topics. First, the review of Q4 and our fiscal '13 results; second, our fiscal '14 plan; and third, specific high-value market opportunities, in addition to our small UAS business with DoD that we believe will deliver long-term growth.

Jikun Kim will review our financial performance and then I will conclude with my view of fiscal '14 revenue and earnings per share, as well as our longer-term outlook.

Before I dive into results, I would like to take a moment to address the Company's strategy in the context of our current market environment. Since the founding of our Company in 1971, AeroVironment like any Company operating over decades has learned to continually adapt to changes in the external environment. At times those change has provided us with an opportunity to expand rapidly, at other times those changes required us to dial back. In May, we took action to balance the dual objectives of maintaining profitability at current revenue levels, while also capturing and executing on growth opportunities, this led us to reduce our operating cost and realign the business units within our segments. I'll address both elements of these actions later. We also reassessed our new business opportunities and our capital allocation. We have reaffirmed both and as a result our growth thesis remains unchanged that's described by the following three points.

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