Brief: Dorman Products Withdraws Fiscal 2020 Guidance

Dorman Products

08/04/2020 21:52

April 8 (Reuters) - Dorman Products Inc  DORM.O :
    * DORMAN PRODUCTS, INC. PROVIDES BUSINESS UPDATE ON COVID-19
AND
ANNOUNCES DATE TO REPORT FIRST QUARTER 2020 FINANCIAL RESULTS
    * DORMAN PRODUCTS INC - GIVEN UNCERTAINTY OF COVID-19
PANDEMIC,
DORMAN WITHDRAWS FISCAL 2020 GUIDANCE
    * DORMAN PRODUCTS INC - WITHDRAWS FISCAL 2020 GUIDANCE
    * DORMAN PRODUCTS INC - DRAWING DOWN $99 MILLION FROM ITS
$100
MILLION REVOLVING CREDIT FACILITY, WHICH MATURES IN DECEMBER
2022
    * DORMAN PRODUCTS INC - TEMPORARILY SUSPENDING ITS SHARE
REPURCHASE PROGRAM
    * DORMAN PRODUCTS INC - MANAGING INVENTORIES AND OPERATING
COSTS
TO QUICKLY ADJUST TO DEMAND DYNAMICS
    * DORMAN PRODUCTS INC - DEFERRING CAPITAL EXPENDITURES, AS
APPROPRIATE
    * DORMAN PRODUCTS INC - INCREASED ITS CASH POSITION AND, AS
OF
APRIL 7, 2020, COMPANY HAD APPROXIMATELY $300 MILLION IN CASH
AND CASH EQUIVALENTS
    * DORMAN PRODUCTS INC - BELIEVE OUR STRONG BALANCE SHEET AND
LIQUIDITY POSITION US WELL TO NAVIGATE THESE CONDITIONS
    * DORMAN PRODUCTS INC - INTENDS TO CONDUCT ITS 2020 ANNUAL
MEETING
OF SHAREHOLDERS VIRTUALLY
    * DORMAN PRODUCTS INC - STARTED TO SEE A DROP IN DEMAND
TOWARD END
OF MARCH, WHICH WE EXPECT TO CONTINUE DURING Q2, POSSIBLY LONGER
    * DORMAN PRODUCTS INC - ARE WITHDRAWING OUR PREVIOUSLY
ANNOUNCED
GUIDANCE FOR FISCAL 2020, WHICH DID NOT CONTEMPLATE IMPACT OF
COVID-19 PANDEMIC

Source text for Eikon:  ID:nGNX2LQDyT 
Further company coverage:  DORM.O 

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