AeroVironment (AVAV) Approves $25M Common Stock Buyback Plan

AeroVironment (NASDAQ: AVAV) 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.

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