21. Quarterly Results of Operations (Unaudited)

The following tables present selected unaudited consolidated financial data for each of the eight quarters in the two‑year period ended April 30, 2017. In the Company’s opinion, this unaudited information has been prepared on the same basis as the audited information and includes all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial information for the period presented. The Company’s fiscal year ends on April 30. Due to the fixed year end date of April 30, the first and fourth quarters each consist of approximately 13 weeks. The second and third quarters each consist of exactly 13 weeks. The first three quarters end on a Saturday.


	Three Months Ended
	July 30, 2016			October 29, 2016		January 28, 2017		April 30, 2017
	(In thousands except per share data)
Year ended April 30, 2017
Revenue	$	36,218		$	50,116	$	53,163	$	125,376
Gross margin	$	6,683		$	17,417	$	19,351	$	58,659
Net (loss) income attributable to AeroVironment	$	(11,642)	(1)	$	(4,172)	$	(2,183)	$	30,476	(2)
Net (loss) income per share attributable to AeroVironment—basic(6)	$	(0.51)		$	(0.18)	$	(0.09)	$	1.32
Net (loss) income per share attributable to AeroVironment—diluted(6)	$	(0.51)		$	(0.18)	$	(0.09)	$	1.30


	Three Months Ended
	August 2,			November 1,			January 31,			April 30,
	2015			2015			2016			2016
	(In thousands except per share data)
Year ended April 30, 2016
Revenue	$	47,050		$	64,731		$	67,560		$	84,757
Gross margin	$	16,023		$	31,533	(4)	$	26,625		$	37,922
Net (loss) income	$	(6,981)	(3)	$	4,419		$	6,164	(5)	$	5,364
Net (loss) income per share—basic(6)	$	(0.30)		$	0.19		$	0.27		$	0.23
Net (loss) income per share—diluted(6)	$	(0.30)		$	0.19		$	0.27		$	0.23

(1)

Includes the reversal of a $968,000 reserve, including the related interest, for uncertain tax positions due to the settlement of prior fiscal year tax audits.

(2)

Includes a gain of $0.6 million related to the acquisition of a controlling interest in our Turkish Joint Venture, Altoy, which was recorded to other income (expense), net in the consolidated statement of operations.

(3)

Includes an other-than-temporary-impairment loss of $2.2 million related to the Company’s investment in the CybAero shares which was recorded to other expense, net in the consolidated statement of operations.

(4)

Includes reversal of $3.5 million remaining reserve as a result of the settlement by the parties or the dismissal by the Armed Services Board of Contract Appeals of the government’s claims related to the Company’s incurred cost submittals for fiscal years 2006 through 2009 which was recorded as a credit to cost of sales.

(5)

Includes the impact of $0.9 million of out-of-period expenses related to sales and use tax and capital leases.

(6)

Earnings per share is computed independently for each of the quarters presented. The sum of the quarterly earnings per share may not equal the total earnings per share computed for the year due to rounding.