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AeroVironment, Inc. Message Board

  • b_radford10 b_radford10 Oct 1, 2013 10:30 AM Flag

    AVAV announces more layoffs

    Per an 8-K filed yesterday, AVAV has announced another round of layoffs in the UAS division, resulting in an estimated $685k in severance costs for Q2.

    This comes on top of a ~60 person layoff in Q1. At the time of that earlier announcement on 5/30/13, the cost was estimated at $1.1MM, but AVAV said in the Q1 conf. call that the net cost to Q1 EPS was ~$0.06/shr, or ~$1.3MM after taxes.

    The AVAV job board shows a grand total of TWO current job openings, in contrast to a typical 20-30 openings last year. Recent employee reviews on Glassdoor are not positive.

    Having successive rounds of layoffs plus a hiring freeze, plus bad morale, is usually not a good sign for a company.

    I'm guessing that the federal budget mayhem is also not good for AVAV, which gets 70%+ of its revenue from the US Gov't..

    Finally, CybAero continues to fall; the most recent quote is 12.60 SEK/shr. If the quarter ended today, the mark-to-market charge for Q2 would be over $1.6MM. Note that the warrants (conversion feature/option) become worthless when CybAero hits 10 SEK/shr, the option strike value.

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