AeroVironment Receives $4.3 Million Award and $7.1 Million Option for Switchblade Tactical Missile System Support Services

December 04, 2014

Award increased funded contract value to $63.8 million
Switchblade systems continue to protect American forces

MONROVIA, Calif., Dec. 4, 2014 – AeroVironment, Inc. (NASDAQ:AVAV) today announced the receipt of a $4.3 million cost plus fixed fee award and $7.1 million option on September 25, 2014 for Switchblade® tactical missile system support services from the United States Army Close Combat Weapons Systems office. The award increased the funded value of an existing contract for Switchblade tactical missile systems to $63.8 million. In addition, options totaling $38.3M increased the total contract ceiling to $102.1 million.

The award and option provided for the continuation of services to support American forces through training, refurbishments and project management support.

“Switchblade is a game changing capability that continues to protect American troops and give them major advantages on the battlefield,” said Roy Minson, AeroVironment senior vice president and general manager of its Unmanned Aircraft Systems business segment. “Switchblade enables our forces to work within the rules of engagement to neutralize lethal threats through its unique portability, precision, rapid deployment and collateral damage avoidance capabilities.”

“Wherever our troops operate, they deserve to be equipped with the most effective, practical tools that protect and empower them. Switchblade has proven itself up to the task,” he added.

ATK is a key contributor supporting AeroVironment on the Switchblade program. ATK is an aerospace, defense and outdoor sports and recreation company with operations in 21 states, Puerto Rico and internationally.

About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ: AVAV) is a global leader in intelligent multi-domain robotic systems, uncrewed aircraft and ground systems, sensors, software analytics, and connectivity. Headquartered in Arlington, Virginia, AeroVironment delivers actionable intelligence so our customers can proceed with certainty. 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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