Friday, September 29, 2006

Aerovironment Files For IPO

Monrovia-based Aerovironment has filed for an IPO, saying in a SEC filing that it is looking to raise up to $115M on the Nasdaq as AVAV. Aerovironment designs unmanned aircraft for the U.S. Department of Defense and was founded by renown aerospace inventor Paul MacCready. The company reported revenues of $139M in its fiscal year 2006, and net income of $11.4M for the same period. For the three months ending July 29, 2006, the firm had earnings of $2.2M on revenues of $31.6M. The IPO is being underwritten by Goldman, Sachs & Co., Friedman Billings Ramsey, Raymond James, and Stifel Nicolaus.