Reports 80 Percent Downturn In Most Recent Quarterly Report

UAV maker AeroVironment is reporting an 80 percent drop in its net income for the second quarter of its current fiscal year, due largely to cuts in military spending.

The company is the largest supplier of hand-launched UAVs for the military, producing the Wasp (pictured), Raven, and Puma models used by ground troops in theater. But with operations in the Middle East winding down and budget cuts looming, orders for the small unmanned aircraft have dried up.

The Los Angeles Times reports that, in a conference call with AeroVironment CEO Timothy Carver, the executive said there is a backlog valued at $133.8 million in the pipeline, and the Army is interested in its "Switchblade" mini cruise missile (pictured, below) that is launched from a tube similar to a mortar.

The company is also hopeful that it will be able to diversify its customer base when the FAA issues rules for integration of UAVs in the U.S. National Airspace System. Those rules are expected sometime in 2015.

(Image provided by AeroVironment)

FMI: www.aerovironment.com