Brief: Scansource Initiates $30 Mln Expense Reduction Plan

ScanSource

23/07/2020 19:31

July 23 (Reuters) - Scansource Inc  SCSC.O :
    * SCANSOURCE INITIATES $30 MILLION EXPENSE REDUCTION PLAN
    * SCANSOURCE INC - EXPENSE REDUCTION PLAN INCLUDES 10% TO
25%
SALARY REDUCTIONS FOR EXECUTIVE TEAM THROUGH DEC 31, 2020
    * SCANSOURCE - EXPENSE REDUCTION PLAN INCLUDES ELIMINATION
OF CASH
RETAINERS FOR BOARD OF DIRECTORS THROUGH DEC 31, 2020
    * SCANSOURCE INC - EXPENSE REDUCTION PLAN INCLUDES REDUCTION
IN
WORKFORCE IN NORTH AMERICA, EXCLUDING INTELISYS BUSINESS
    * SCANSOURCE INC - EXPECTS Q4 FISCAL YEAR 2020 GAAP NET
SALES TO
BE APPROXIMATELY $758 MILLION
    * SCANSOURCE INC - EXPENSE REDUCTION PLAN INCLUDES WIND-DOWN
OF
CANPANGO PROFESSIONAL SERVICES BUSINESS
    * SCANSOURCE - EXPECTS TO COMPLETE SUBSTANTIALLY ALL OF
WORKFORCE
REDUCTION OF ABOUT 200 POSITIONS BY END OF SEPTEMBER 2020
QUARTER
    * SCANSOURCE INC - EXPECTS Q4 FISCAL YEAR 2020 NON-GAAP NET
SALES
EXCLUDING PLANNED DIVESTITURES TO BE APPROXIMATELY $636 MILLION
    * SCANSOURCE INC - EXPENSE REDUCTION ACTIONS ARE EXPECTED TO
REDUCE CO'S ANNUALIZED SG&A COST BASE BY ABOUT $30 MILLION
    * SCANSOURCE - DUE TO WINDING DOWN CANPANGO BUSINESS, CO
EXPECTS
TO RECORD A PRE-TAX NON-CASH CHARGE OF ABOUT $2 MILLION AS OF
JUNE 30
    * SCANSOURCE INC - FOR INTELISYS BUSINESS, Q4 FISCAL YEAR
2020 NET
SALES INCREASED ABOUT 15% YEAR-OVER-YEAR

Source text for Eikon:  urn:newsml:reuters.com:*:nBw2zsq3Pa
Further company coverage:  SCSC.O 

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