Brief: ARC Group worldwide announces qtrly loss per share $0.57

Rm2 International

26/09/2017 21:15

Sept 26 (Reuters) - ARC Group Worldwide Inc  ARCW.O  
    * ARC Group worldwide announces initial results from 
strategic operating review and reports fiscal year fourth 
quarter 2017 financial results 
    * Q4 adjusted loss per share $0.02 
    * Q4 revenue $22.1 million 
    * Qtrly loss per share $0.57 
    * ARC Group Worldwide Inc - As a result of operational 
review, headcount reductions and other cost-reducing measures 
were implemented 
    * ARC Group Worldwide Inc says operational review was 
conducted at all ARC business units 
    * ARC Group - Cost savings under review estimated to have 
eliminated or otherwise prohibited going forward about $6.0 
million in annualized costs 
    * ARC Group Worldwide - As result of operational review, 
also elected to exit products, projects that were deemed "either 
low margin or currently unprofitable" 
    * ARC Group Worldwide Inc - Concluded that goodwill was 
impaired at its ATC and Kecy subsidiaries, recording a non-cash 
impairment charge of $3.3 million 
    * ARC Group Worldwide Inc - Company continues to evaluate 
further measures on an ongoing basis 
    * ARC Group Worldwide Inc - ARC also revised, and "placed 
greater executive oversight over, company's tooling pricing 
strategy" 
    * ARC Group Worldwide Inc - Co divested assets of its flange 
subsidiary for $3.0 million on September 15 
    * ARC Group Worldwide Inc - Company continues to evaluate 
further strategic measures on an ongoing basis 
    * ARC Group Worldwide Inc - Initiated a strategic review of 
all operating and other assets in connection with a "refocus 
towards ARC's core capabilities" 
    * ARC Group Worldwide sees fiscal year 2018 3D revenues to 
continue to grow at recent pace, implying a doubling of 3D 
revenue in fiscal year 2018 
    * ARC Group Worldwide Inc - As per strategic review, 
operations at company's unprofitable Mexico operation were 
ceased during July  
    * ARC Group Worldwide Inc - Due to decision to exit certain 
products and projects, incurred non-cash charges of $3.1 
million 
    * ARC Group Worldwide - Wrote off tools, inventory, 
associated parts totaling $1.9 million in connection with 
decision to exit unprofitable products, projects 
 
Source text for Eikon:  ID:nGNXOEMXKa  
Further company coverage:  ARCW.O  
 
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