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BRIEF-Aurora Cannabis Provides Key Updates On Business Transformation Plan

Published 2020-06-23, 11:26 a/m
© Reuters.
ACB
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June 23 (Reuters) - Aurora Cannabis Inc ACB.TO :

* AURORA CANNABIS PROVIDES KEY UPDATES ON BUSINESS TRANSFORMATION PLAN

* AURORA CANNABIS INC - REMAINS ON TRACK FOR POSITIVE ADJUSTED EBITDA IN FISCAL Q1 2021

* AURORA CANNABIS - EXITING FISCAL Q4 2020 AT AN SG&A RUN RATE OF APPROXIMATELY $42 MILLION

* AURORA CANNABIS INC - CHANGES INCLUDE AN APPROXIMATE 25% REDUCTION IN AURORA'S SG&A STAFF, MOST WITH IMMEDIATE EFFECT

* AURORA CANNABIS - HAS EXECUTED MATERIAL REDUCTION IN CORPORATE, PRODUCTION LEVEL EMPLOYEES & THIRD-PARTY CONSULTING & PROFESSIONAL SPENDING ACROSS CO

* AURORA CANNABIS - APPROXIMATE 25% REDUCTION IN AURORA'S SG&A STAFF, MOST WITH IMMEDIATE EFFECT

* AURORA CANNABIS INC - CHANGES INCLUDE APPROXIMATE 30% REDUCTION IN PRODUCTION STAFF OVER NEXT TWO QUARTERS

* AURORA CANNABIS INC - HAS INITIATED A PLAN TO CLOSE OPERATIONS AT FIVE FACILITIES OVER NEXT TWO QUARTERS

* AURORA CANNABIS - APPROXIMATE 30% REDUCTION IN PRODUCTION STAFF OVER NEXT TWO QUARTERS

* AURORA CANNABIS INC - CORPORATE HEADCOUNT RATIONALIZATION WAS UNDERTAKEN AT ALL LEVELS OF COMPANY

* AURORA CANNABIS - EXPECTS TO RECORD PRODUCTION ASSET IMPAIRMENT CHARGES OF UP TO $60 MILLION DURING Q4 2020

* AURORA CANNABIS INC - EXPECTS PART OF AURORA VIE FACILITY IN QUEBEC WILL REMAIN OPERATIONAL TO ALLOW FOR MANUFACTURING OF CERTAIN HIGHER MARGIN PRODUCTS

* AURORA CANNABIS - EXPECTS TO RECORD A CHARGE OF UP TO $140 MILLION IN CARRYING VALUE OF CERTAIN INVENTORY

* AURORA CANNABIS - BY END OF Q2 2021, INTENDS TO CONSOLIDATE CANADIAN PRODUCTION & MANUFACTURING AT AURORA SKY, AURORA RIVER, WHISTLER PEMBERTON, POLARIS

* AURORA CANNABIS INC - INTENDS TO IMMEDIATELY RAMP UP CANNABIS PRODUCTION AT ITS NORDIC FACILITY IN EUROPE

* AURORA CANNABIS INC - REDUCTION IN INVENTORY CARRYING VALUE IS ALSO EXPECTED TO BE MODESTLY ACCRETIVE TO FUTURE GROSS MARGINS AS OLDER

* AURORA CANNABIS - EXPECTS THAT PRODUCTION FACILITY CLOSURES WILL BE ACCRETIVE TO GROSS MARGIN

* AURORA CANNABIS - REDUCTION IN INVENTORY CARRYING VALUE EXPECTED TO BE MODESTLY ACCRETIVE TO GROSS MARGINS AS OLDER, HIGHER COST INVENTORY IS REPLACED

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