Brief: Forum Announces Financial Update For Current Oil Market And Covid-19

Forum Energy Technologies

13/04/2020 23:34

April 13 (Reuters) - Forum Energy Technologies Inc  FET.N :
    * FORUM ANNOUNCES FINANCIAL UPDATE FOR CURRENT OIL MARKET
AND
COVID-19
    * FORUM ENERGY TECHNOLOGIES - APPROVED FINANCIAL PLAN THAT
IS
EXPECTED TO RESULT IN AT LEAST A $50 MILLION REDUCTION IN SG&A
EXPENSE ON AN ANNUALIZED BASIS
    * FORUM ENERGY - EXPECTATION TO RECORD IMPAIRMENT CHARGES
FOR
RESTRUCTURING, SEVERANCE, AND NON-CASH CHARGES FOR ASSET WRITE
DOWNS OF AT LEAST $30 MILLION
    * FORUM ENERGY TECHNOLOGIES INC - NOW EXPECTS REVENUE FOR Q1
TO BE
IN RANGE OF $180 TO $185 MILLION
    * FORUM ENERGY TECHNOLOGIES INC - EXPECTS Q1 2020 ADJUSTED
EBITDA
AND FREE CASH FLOW EACH TO BE APPROXIMATELY BREAKEVEN
    * FORUM ENERGY - INCREASED CASH ON HAND TO ASSURE A STRONG
LIQUIDITY POSITION BY DRAWING $55 MILLION ON ITS REVOLVING
CREDIT FACILITY DURING Q1 OF 2020
    * FORUM ENERGY TECHNOLOGIES INC -  INCREASED CASH ON HAND BY
ADDITIONAL $30 MILLION

Source text for Eikon:  ID:nBw1ZLrmJa 
Further company coverage:  FET.N 

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