AeroVironment, Inc. Announces New Stock Repurchase Authorization
25 September 2015 - 6:30AM
Business Wire
AeroVironment, Inc. (NASDAQ: AVAV) today announced the company’s
Board of Directors has authorized a stock repurchase program of $25
million, effective immediately. Repurchases are expected to be made
from time to time through open market transactions. No time limit
has been established for the completion of the program.
AeroVironment currently has approximately 23.5 million shares of
common stock outstanding.
“The Board of Directors believes that the company’s common stock
currently is undervalued. The Board’s authorization of a new stock
repurchase plan also highlights our continuing confidence in
AeroVironment’s prospects for long-term growth, and underscores our
commitment to enhancing stockholder value,” said Tim Conver,
AeroVironment chairman and chief executive officer. “The Board and
management are confident in the future of AeroVironment and that
the company has sufficient capital to fund multiple ongoing growth
initiatives as well as this repurchase program. We believe this
capital allocation strategy is in the best interests of the company
and its stockholders.”
Repurchases will be made in compliance with Rule 10b-18 under
the Securities Exchange Act of 1934, subject to market conditions,
applicable legal requirements and other factors. The program does
not obligate AeroVironment to acquire any particular amount of
common stock and may be suspended at any time at the company’s
discretion.
About AeroVironment, Inc.
AeroVironment is a technology solutions provider that designs,
develops, produces, supports and operates an advanced portfolio of
Unmanned Aircraft Systems (UAS) and electric transportation
solutions. The company’s electric-powered, hand-launched unmanned
aircraft systems generate and process data to deliver powerful
insight, on demand, to people and enterprises engaged in military,
public safety and commercial activities around the world.
AeroVironment’s electric transportation solutions include a
comprehensive suite of electric vehicle (EV) charging systems,
installation and network 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.
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; our reliance on sales to the U.S.
government; changes in the timing and/or amount of government
spending; changes in the supply and/or demand and/or prices for our
products and services; 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, including our
most recent Annual Report on Form 10-K and Quarterly Reports on
10-Q. 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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version on businesswire.com: http://www.businesswire.com/news/home/20150924006435/en/
AeroVironment, Inc.Steven Gitlin, +1 (626)
357-9983ir@avinc.com
AeroVironment (NASDAQ:AVAV)
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