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AVAV > SEC Filings for AVAV > Form 8-K on 30-May-2013All Recent SEC Filings

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Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities

On May 29, 2013, AeroVironment, Inc. (the "Company") implemented an organizational realignment and workforce reduction.

The purpose of the organizational realignment within the Company's Unmanned Aircraft Systems (UAS) and Efficient Energy Systems (EES) business segments is to enhance the Company's focus on new product introductions and the adoption of new solutions designed to support the Company's long-term growth plans.

The workforce reduction is in response to continued delays in U.S. government procurements from the Company's UAS business segment and to delays in the growth of plug-in electric vehicle adoption and associated recharging solution sales in the Company's EES business segment.

The cost of the organizational realignment and workforce reduction is estimated to be approximately $1.1 million, consisting primarily of severance payments. The Company expects to record this charge in its fiscal first quarter ending July 27, 2013.

This Item 2.05 contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements contained in this Item 2.05, other than statements that are purely historical, are forward-looking statements, which can be identified by the use of forward-looking terminology such as the words "expects," "estimates," "intends" and similar expressions, including statements regarding the Company's estimates of the amount and timing of charges related to the organizational realignment and workforce reduction. Such forward-looking statements are based upon management's current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, events or developments to be materially different from those indicated in such forward-looking statements. The Company does not intend, and undertakes no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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