OLATHE, Kan. (AP) — Officials with Butler National Corp. say they are considering layoffs after the Olathe-based company reported its first sustained losses in more than a decade.
Two of the company’s top executives — Clark Stewart, president and chief executive, and chairman Warren Wagoner — have taken 40 percent pay cuts. Officials say others also might have their pay reduced.
Stewart said the company would rather reduce pay than lay off employees. He said the financial problems had eased recently when some employees left voluntarily.
Butler employs about 100 people who modify, repair, maintain and overhaul aircraft in Newton, Olathe and Tempe, Ariz.
The Kansas City Star reports (http://bit.ly/14BPjEx ) Butler recorded a $755,000 loss in its first quarter, which led to the first nine-month loss at the company since 2001.
Information from: The Kansas City Star, http://www.kcstar.com