July 30 (Reuters) - Manitoba Telecom Services Inc MBT.TO :
* Reports progress on strategic initiatives and second-quarter 2015 results;
free cash flow grew 41% in Q2
* Q2 earnings per share C$0.31 excluding items
* Q2 earnings per share view C$0.27 -- Thomson Reuters I/B/E/S
* Says 25% or approximately 500 person staff reduction that should generate $50
million in annual cost savings
* Says by year end, it is expected that 379 employees will have departed the
business
* Strategic review includes 20% to 30% reduction in capital expenditures
* Says expectation is that annualized run-rate savings will grow to
approximately $36 million by year end
* Says for the full year, allstream is expected to be cash flow positive net of
restructuring costs
* Allstream's restructuring efforts have resulted in $16.5 million in
restructuring costs
* Says as part of allstream sale process, management shifted focus to manage
fully-planned exit of business
* Company has retained advisors; management plans to engage with prospective
purchasers in the second half of year
* Source text for Eikon ID:nCNWl0FG4a
* Further company coverage MBT.TO