Texas-based power system company lays off workers

Power system company Active Power, Inc., Austin, Texas, recently laid off 41 employees, or about one-quarter of its work force, and reported a 61% drop in sales for the first quarter. The job cuts are the second in seven months for the Austin-based Active Power. The company laid off 30 manufacturing workers in October. For the quarter that ended March 31, Active Power lost $6.3 million, or 15 cents

Power system company Active Power, Inc., Austin, Texas, recently laid off 41 employees, or about one-quarter of its work force, and reported a 61% drop in sales for the first quarter. The job cuts are the second in seven months for the Austin-based Active Power. The company laid off 30 manufacturing workers in October.

For the quarter that ended March 31, Active Power lost $6.3 million, or 15 cents a share, on sales of $1.6 million. Investors sent shares in Active Power down 13%, or 18 cents, to close at $1.18.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish