"We completed fiscal 2009 with record quarterly revenue, achieving 15% year over year revenue growth, 13% operating margin, and record cash and investments. This performance reflects strength in our customers' continued demand for our market-leading solutions and our team's sustained execution," said Tim Conver, chairman and chief executive officer of AV. "Our development programs, Global Observer, Switchblade, Digital Data Link, and electric vehicle solutions, all moved forward in meaningful ways, positioning us well for delivering more, important solutions to our customers and for long term growth. We, like others, were affected by the global economic downturn. However, the U.S. government's recent commitments to increase the emphasis on soldier systems and intelligence, surveillance and reconnaissance within the Department of Defense, and electric vehicle infrastructure throughout the country, are positive indications of growing opportunities for the innovative solutions we now provide and are developing in both our segments."

  Fourth Quarter Highlights: Revenue of $76.0 million Operating margin of 12% Earnings per diluted share of $0.27 Quarter over quarter revenue growth of 18%    Full Fiscal Year Highlights: Revenue of $247.7 million Operating margin of 13% Earnings per diluted share of $1.11 Year over year revenue growth of 15%    -------------------------------------------------------------------------------  

FISCAL 2009 FOURTH QUARTER RESULTS

Revenue for the fourth quarter of fiscal 2009 was $76.0million, up 18% over fourth quarter fiscal 2008 revenue of $64.3million. The increase in revenue resulted from increased sales in our Unmanned Aircraft Systems (UAS)segment of $9.4million and Efficient Energy Systems (EES) segment of $2.3 million.

Income from operations for the fourth quarter of fiscal 2009 was $9.0million, down 2% from fourth quarter fiscal 2008 income fromoperations of $9.1million. The decrease in income from operations was caused by higher research and development (R&D) expense of $2.3 million and higher selling, general and administrative (SG&A) expense of $1.2 million, partially offset by higher gross margin of $3.4 million.

Net income for the fourth quarter of fiscal 2009 was $5.8million, down 9% from fourth quarter fiscal 2008 net income of $6.4million.

Earnings per diluted share for the fourth quarter of fiscal 2009 was $0.27, down from fourth quarter fiscal 2008 earnings per diluted share of $0.30.

FISCAL 2009 FULL YEAR RESULTS

Revenue for the fiscal year 2009 was $247.7million, up 15% over the fiscal year 2008 revenue of $215.7million. The increase in revenue resulted from increased sales in our UASsegment of $24.8million and EES segment of $7.2 million.

Income from operations for the fiscal year 2009 was $32.6million, up 14% from the fiscal year 2008 income fromoperations of $28.4million. The increase in income from operations was caused by increased gross margin of $10.1million, partially offset by higher R&D expense of $5.3 million and by higher SG&A expense of $0.6 million.

Net income for fiscal year 2009 was $24.2million, up 13% from fiscal year 2008 net income of $21.4million.

Earnings per diluted share for fiscal year 2009 was $1.11, up 11% from fiscal 2008 earnings per diluted share of $1.00.

BACKLOG

As of April 30, 2009, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $114.8million compared to $82.0million as of April30, 2008.