Brief: Philly Shipyard Q1 EBITDA Loss Widens To $1.5 Million

Philly Shipyard ASA

07/05/2019 06:58

May 7 (Reuters) - Philly Shipyard ASA  PHLYS.OL :
    * REG-PHILLY SHIPYARD ASA: Q1 2019 RESULTS
    * Q1 EBITDA LOSS $1.5  MILLION VERSUS LOSS $1.2 MILLION YEAR
AGO
    * Q1 OPERATING REVENUE AND OTHER INCOME  $ 18.9 MILLION
VERSUS
$43.0 MILLION YEAR AGO
    * NO RECORDABLE INJURIES IN Q1 2019
    * THERE IS NO SHIPBUILDING ACTIVITY AT SHIPYARD AND ALL
PRODUCTION
FACILITIES ARE IDLE AND BOTH GRAVING DOCKS ARE EMPTY
    * PLANS TO KEEP A CORE GROUP OF EMPLOYEES TO FOCUS ON
EFFORTS TO
SECURE NEW ORDERS AND TRANSITION SHIPYARD
    * EXPECTS TO MAINTAIN A CASH BURN RATE OF APPROXIMATELY USD
1.5-1.7 MILLION PER MONTH ON AVERAGE
    * EXPECTS IT WILL CONTINUE TO INCUR LOSSES IN 2019, EVEN IF
THE
SHIPYARD RECEIVES ORDERS FOR NEW VESSELS.
    * VCM CONTRACT IS EXPECTED TO BE AWARDED IN MAY 2019
    * SHIPYARD CONTRACT IS NOW EXPECTED TO BE AWARDED IN Q3
2019,
SEVERAL MONTHS LATER THAN PREVIOUSLY CONTEMPLATED.
    * BELIEVES IT IS UNLIKELY NEW PRODUCT TANKERS WILL BE
ORDERED IN
2019
    * STRATEGY AND OUTLOOK FOR COMBINING GOVERNMENT AND
COMMERCIAL
WORK REMAINS UNCHANGED SINCE THE 2018 ANNUAL REPORT

Source text for Eikon:  ID:nGNE8csJwl 
Further company coverage:  PHLYS.OL 

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