Brief: Blackberry Says It Sees To Maintain A Positive Net Cash Position Throughout Coming Fiscal Year

BlackBerry

12/02/2024 22:53

Feb 13 (Reuters) - BlackBerry Ltd  BB.TO :
    * BLACKBERRY PROVIDES UPDATE ON PROGRESS IN SEPARATION OF
DIVISIONS AND PATH TO PROFITABILITY
    * BLACKBERRY LTD - COMPANY IS TARGETING $100 MILLION OF
ANNUALIZED
NET PROFIT IMPROVEMENTS
    * BLACKBERRY LTD - IN CURRENT FISCAL YEAR, OPERATING CASH
USAGE IN
Q2 WAS $56 MILLION AND IMPROVED SIGNIFICANTLY TO $31 MILLION IN
Q3
    * BLACKBERRY LTD - EXPECTS TO MAINTAIN A POSITIVE NET CASH
POSITION THROUGHOUT COMING FISCAL YEAR
    * BLACKBERRY LTD - ACTIONS WERE LARGELY FOCUSED ON
CYBERSECURITY
BUSINESS AND INCLUDED APPROXIMATELY 200 HEADCOUNT REDUCTIONS
    * BLACKBERRY LTD - BLACKBERRY HAS MADE MATERIAL PROGRESS
TOWARDS
ESTABLISHING BOTH IOT AND CYBERSECURITY BUSINESS UNITS AS FULLY
STANDALONE DIVISIONS
    * BLACKBERRY LTD - COSTS ASSOCIATED WITH THESE ACTIONS IN
CURRENT
QUARTER ARE EXPECTED TO TOTAL APPROXIMATELY $12 MILLION
    * BLACKBERRY LTD - ESTABLISHED A PROJECT MANAGEMENT OFFICE,
AND
APPOINTED LEADING MANAGEMENT CONSULTANTS, ALVAREZ & MARSAL, TO
ASSIST WITH PROCESS
    * BLACKBERRY LTD - DIVISIONAL CHIEF FINANCIAL OFFICERS,
CHIEF
PEOPLE OFFICERS AND GENERAL COUNSEL FOR BOTH IOT AND
CYBERSECURITY BUSINESSES HAVE BEEN APPOINTED
    * BLACKBERRY LTD - SECURED LONG-TERM FINANCING LAST MONTH
THROUGH
ISSUANCE OF CONVERTIBLE SENIOR NOTES IN AGGREGATE PRINCIPAL
AMOUNT OF $200 MILLION
    * BLACKBERRY LTD - AS PART OF SAVINGS, BLACKBERRY HAS EXITED
6 OF
ITS 36 GLOBAL OFFICE LOCATIONS
    * BLACKBERRY LTD - OTHER REDUCTIONS IN FORCE ARE EXPECTED TO
REALIZE ANNUALIZED SAVINGS OF APPROXIMATELY $13 MILLION.
    * BLACKBERRY LTD -  EXITED 6 OF ITS 36 GLOBAL OFFICE
LOCATIONS
WHICH ARE EXPECTED TO REALIZE ANNUALIZED SAVINGS OF
APPROXIMATELY $7 MILLION.
    * BLACKBERRY LTD - WITHIN CYBERSECURITY BUSINESS, ADDITIONAL
HEADCOUNT REDUCTIONS ARE EXPECTED TO GENERATE ANNUALIZED SAVINGS
OF APPROXIMATELY $27 MILLION
    * BLACKBERRY LTD - BLACKBERRY REITERATES TOTAL COMPANY
REVENUE
OUTLOOK OF $150 - $159 MLN AND FOR CYBERSECURITY ARR TO
STABILIZE SEQUENTIALLY IN CURRENT QUARTER
    * BLACKBERRY LTD - ACTIONS TO ACHIEVE ABOUT $55 MLN OF $100
MLN
ANNUALIZED TARGET HAVE BEEN IDENTIFIED AND ARE BEING IMPLEMENTED
IN CURRENT QUARTER

Source text for Eikon:  ID:nPn6hmJCta 
Further company coverage:  BB.TO 

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