April 20 (Reuters) - AutoCanada Inc ACQ.TO :
* Q1 REVENUE C$721 MILLION VERSUS REFINITIV IBES ESTIMATE OF C$739 MILLION
* SUSPENSION OF DIVIDEND
* COMPANY HAS LAID OFF APPROXIMATELY 1,700, OR 40% OF AUTOCANADA'S WORKFORCE TO DATE
* EXPECTS TO INCUR NO MORE THAN $10 MILLION IN TOTAL CAPITAL SPENDING IN YEAR
* EXECUTIVE CHAIRMAN, PAUL ANTONY, HAS VOLUNTARILY ACCEPTED A 50% REDUCTION IN SALARY FOR Q2 2020
* BOARD OF DIRECTORS HAS ALSO VOLUNTARILY ACCEPTED A 50% REDUCTION TO THEIR FEES FOR Q2 2020
* COMPANY HAS ALSO DEFERRED ALL SALARY INCREASES UNTIL FURTHER NOTICE
* COMPANY'S EXECUTIVE MANAGEMENT TEAM HAS VOLUNTARILY ACCEPTED A 25% REDUCTION IN THEIR BASE SALARIES FOR Q2 2020
* SEES INCREASE IN CO'S SAME STORE USED-TO-NEW VEHICLES SOLD RATIO TO 1.09 IN Q1 2020 FROM 0.72 IN Q1 2019
* AUTOCANADA - TO TAKE CHARGE OF $1.8 MILLION TO ADJUSTED EBITDA IN Q1 TO ELIMINATE ALL FORWARD CONTRACT EXPOSURE ASSOCIATED WITH EXPORT / CROSS-BORDER BUSINESS
* EXPECTS TO AVAIL ITSELF OF ALL APPLICABLE GOVERNMENT SUBSIDY AND DEFERRAL PROGRAMS IN BOTH CANADA AND IN U.S.
* HAS REDUCED ITS GROWTH AND MAINTENANCE CAPITAL SPENDING TO A MINIMUM
* IN LATTER PART OF Q1 2020 & INTO START OF Q2 2020, EFFECTS OF COVID-19 ON MARKETS CO SERVE RESULTED IN STEEP DECLINE IN CO'S REVENUE
* TEMPORARY SUSPENSION OF OUR DIVIDEND REPRESENTS APPROXIMATELY $11 MILLION IN ANNUALIZED CASH SAVINGS
* COMPANY WILL HOLD A CONFERENCE CALL AND WEBCAST TO DISCUSS Q1 2020 RESULTS ON JUNE 4, 2020