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AeroVironment Discloses Layoffs | San Fernando Valley Business Journal

AeroVironment Inc. said in a regulatory filing that it had implemented a workforce reduction, but did not specify how many people had been laid off.

The Monrovia company, which has operations in Simi Valley, makes drone aircraft, primarily for the military, and electric-car charging stations for the commercial market. The company said in a late Thursday filing with the Securities and Exchange Commission that business in both segments has been slower than expected and a workforce reduction and “organizational realignment” was necessary in both areas.

It expects to take a $1.1 million charge, primarily from severance payments, in its fiscal first quarter that ends July 27. The company will report fiscal fourth quarter results next month. AeroVironment reported 817 employees at the end of fiscal 2012, and won’t update that number until next month, said spokesman Steven Gitlin.

More http://www.sfvbj.com/news/2013/may/31/aerovironment-discloses-layoffs/

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