April 21 (Reuters) - Shawcor Ltd SCL.TO :
* Q1 REVENUE C$320 MILLION VERSUS REFINITIV IBES ESTIMATE OF C$299.7 MILLION
* SALARIED WORKFORCE HEADCOUNT WAS REDUCED BY APPROXIMATELY 7.5%
* PRELIMINARY Q1 REVENUE WAS APPROXIMATELY $320 MILLION AND ADJUSTED EBITDA IS ESTIMATED TO BE IN RANGE OF $5.0-7.0 MILLION
* PRELIMINARY CASH AND SHORT-TERM INVESTMENTS AT END OF Q1 WERE APPROXIMATELY $86 MILLION
* BOARD COMPENSATION WILL BE REDUCED BY 30%, CEO CASH COMPENSATION WILL BE REDUCED BY 20%
* PRELIMINARY ORDER BACKLOG AT END OF QUARTER WAS APPROXIMATELY $575 MILLION AS COMPARED TO $513 MILLION AT END OF 2019
* AGGRESSIVE COST CONTROLS WERE IMPLEMENTED AND ARE EXPECTED TO GENERATE OVER $10 MILLION IN ANNUALIZED SAVINGS.
* RECEIVED A FURTHER $8.9 MILLION IN FUNDS FROM SALE OF A MINORITY POSITION IN AN ASSOCIATE LATE IN QUARTER
* GIVEN MATERIAL DECLINE IN INDUSTRY ACTIVITY, AN IMPAIRMENT CHARGE DURING Q1 2020 IS LIKELY
* CAPITAL SPENDING HAS BEEN REDUCED TO $40-$50 MILLION RANGE FOR 2020
* RESTRUCTURING ORGANIZATION TO REDUCE SALARIED WORKFORCE BY AN ADDITIONAL 5%
* CONTROLLED SHUTDOWN OF SEVERAL FACILITIES, INCLUDING TARGETED CLOSURE OF 4 PIPE COATING PLANTS PRIOR TO END OF 2020
* MAGNITUDE OF CHARGE GIVEN MATERIAL DECLINE IN INDUSTRY ACTIVITY IS EXPECTED TO BE IN RANGE OF $200 TO $250 MILLION IN Q1 2020