Drone maker AeroVironment is relying on Joele Frank, Wilkinson Brimmer Katcher as a potential showdown looms with a disgruntled institutional investor at its Oct. 4 annual meeting.
Engaged Capital, which controls a 5.1 percent stake in Monrovia, Calif.-based AV, has complained about its investment's "failure to deliver meaningful shareholder returns over any relevant time period." The company’s stock is trading at $23.31. The 52-week range in $24.64 and $16.98.
EC principal Glenn Welling faults AV for failing to address any of his concerns. The company has rebuffed his demand for board seat.
EC, which uses ICR for investor relations duties, had planned to run Welling for a board seat.
It scuttled that plan on Sept. 11, deciding that one board seat would have little overall impact on corporate direction.
EC promises to withhold its votes for the three company- nominated directors and to freely communicate its displeasure about AV’s performance directly to its shareholders, analysts and financial advisors over the next year.
AV posted a $7.2M loss during its most recent quarter as sales declined 25 percent to $44M due to what CEO Tim Conver blamed on "continued delays in government contracts."
The company recently won its biggest contract, a $36.7M deal with the Army for the Switchblade tactical missile system.
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