22. 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, 2018. 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 29, 2017		October 28, 2017			January 27, 2018			April 30, 2018
	(In thousands except per share data)
Year ended April 30, 2018
Revenue	$	36,250	$	63,988		$	53,433		$	117,381
Gross margin	$	10,095	$	28,693		$	17,920		$	52,180
Net (loss) income from attributable to AeroVironment from continuing operations	$	(3,364)	$	6,689	(1)	$	(960)	(2)	$	20,211
Net (loss) income per share attributable to AeroVironment from continuing operations—basic(5)	$	(0.14)	$	0.29		$	(0.05)		$	0.86
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted(5)	$	(0.14)	$	0.28		$	(0.05)		$	0.85


	Three Months Ended
	July 30,			October 29,		January 28,		April 30,
	2016			2016		2017		2017
	(In thousands except per share data)
Year ended April 30, 2017
Revenue	$	30,496		$	40,829	$	41,895	$	115,720
Gross margin	$	5,905		$	15,041	$	16,797	$	57,442
Net (loss) income from attributable to AeroVironment from continuing operations	$	(8,381)	(3)	$	(2,603)	$	(852)	$	28,469	(4)
Net (loss) income per share attributable to AeroVironment from continuing operations—basic(5)	$	(0.37)		$	(0.11)	$	(0.03)	$	1.23
Net (loss) income per share attributable to AeroVironment from continuing operations—diluted(5)	$	(0.37)		$	(0.11)	$	(0.03)	$	1.21

(1)

Includes an impairment loss of $1.0 million related to the Company’s intangible assets and goodwill acquired in the acquisition of a controlling interest in the Company’s Turkish Joint Venture, Altoy, recorded to selling, general and administrative expense in the consolidated statement of operations.

(2)

Includes a one-time expense of $3.1 million resulting from the remeasurement of deferred tax assets and liabilities related to the Tax Cut and Jobs Act.

(3)

Includes the reversal of a $1.0 million reserve, including the related interest, for uncertain tax positions due to the settlement of prior fiscal year tax audits.

(4)

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.

(5)

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.