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
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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.
