Brief: Covenant Says Liquidity And Financial Condition Remain Sound

Covenant Logistics

19/05/2020 21:28

May 19 (Reuters) - Covenant Transportation Group Inc
 CVTI.O :
    * COVENANT TRANSPORTATION GROUP ANNOUNCES FIRST QUARTER
FINANCIAL
AND OPERATING RESULTS
    * Q1 LOSS PER SHARE $0.12
    * Q1 REVENUE $213.6 MILLION VERSUS REFINITIV IBES ESTIMATE
OF
$199.3 MILLION
    * Q1 ADJUSTED LOSS PER SHARE $0.09
    * Q1 EARNINGS PER SHARE ESTIMATE $-0.10 -- REFINITIV IBES
DATA
    * FROM A VOLUME PERSPECTIVE, TOTAL MARCH REVENUES WERE
RELATIVELY
UNAFFECTED BY PANDEMIC
    * COST CONTROL EFFORTS IMPLEMENTED OFFSET LOWER REVENUE TO
MAINTAIN BASICALLY BREAKEVEN RESULTS FOR APRIL
    * BEGUN A PHASED-IN APPROACH TO RETURNING TEAM MEMBERS TO
OUR
OFFICES, WITH A GOAL OF 50% BY JUNE 15
    * LIQUIDITY AND FINANCIAL CONDITION REMAIN SOUND
    * EXPECT VOLATILITY FROM MONTH TO MONTH OVER REMAINDER OF
YEAR
    * PRIOR OUTLOOK FOR 2020 IS NO LONGER APPLICABLE
    * DO NOT EXPECT TO PROVIDE EARNINGS OR SIMILAR EXPECTATIONS
FOR
FORESEEABLE FUTURE

Source text for Eikon:  ID:nGNXbY8Bh5 
Further company coverage:  CVTI.O 

 ((Reuters.Briefs@thomsonreuters.com;))