Brief: Ncs Multistage Implemented Workforce Reduction Resulting In Termination Of Over 80 Employees

NCS Multistage Holdings

02/04/2020 22:04

April 2 (Reuters) - NCS Multistage Holdings Inc  NCSM.O :
    * NCS MULTISTAGE HOLDINGS - ON MARCH 31 & APRIL 1, CO
IMPLEMENTED,
EFFECTIVE IMMEDIATELY, WORKFORCE REDUCTION RESULTING IN
TERMINATION OF OVER 80 EMPLOYEES
    * NCS MULTISTAGE HOLDINGS - ON MARCH 31 & APRIL 1, ALSO
IMPLEMENTED, EFFECTIVE IMMEDIATELY, FURLOUGHS FOR CERTAIN
EMPLOYEES
    * NCS MULTISTAGE HOLDINGS - ON MARCH 31 & APRIL 1, ALSO
IMPLEMENTED, EFFECTIVE IMMEDIATELY, LOWER COMPENSATION LEVELS
FOR EXECUTIVES & EMPLOYEES NOT PARTICIPATING IN FURLOUGHS
    * NCS MULTISTAGE HOLDINGS - IN CONNECTION WITH REDUCTION IN
WORKFORCE, CO EXPECTS TO INCUR A ONE-TIME CASH SEVERANCE COST
BETWEEN $3.5 MILLION AND $4 MILLION
    * NCS MULTISTAGE HOLDINGS - EXPECT OPERATIONAL, FINANCIAL
RESULTS
FOR Q1 & 2020 TO BE NEGATIVELY IMPACTED BY REDUCTION IN DEMAND
FOR PRODUCTS, SERVICES
    * NCS MULTISTAGE HOLDINGS - WITHDRAWING GUIDANCE RELATED TO
FIRST
QUARTER AND FULL YEAR 2020 PROVIDED IN EARNINGS CALL ON MARCH 3,
2020
    * NCS MULTISTAGE HOLDINGS - NOT PROVIDING AN UPDATED OUTLOOK
AT
THIS TIME
    * NCS MULTISTAGE HOLDINGS - REDUCED ITS PLANNED BONUS
ACCRUAL FOR
2020, IMPLEMENTING OTHER COST MITIGATION STRATEGIES TO FURTHER
REDUCE S,G&A EXPENSE & CAPEX
    * NCS MULTISTAGE HOLDINGS - IN CONNECTION WITH WORKFORCE
REDUCTION
EXPECT TO INCUR ABOUT $3.5 - $4 MILLION IN SEVERANCE COSTS IN Q1
& Q2 2020

Source text: (http://www.sec.gov/Archives/edgar/data/1692427/000169242720000018/0001692427-20-000018-index.htm)
Further company coverage:  NCSM.O 

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