Brief: Wajax Q1 loss per share c$0.49

Wajax

03/05/2016 12:56

May 3 (Reuters) - Wajax Corp  WJX.TO  
    * Wajax announces 2016 first quarter results, including 
$12.5 million of restructuring costs 
    * Q1 revenue c$285 million versus i/b/e/s view c$291.9 
million 
    * Q1 adjusted loss per share c$0.03 excluding items 
    * Q1 loss per share c$0.49 
    * Q1 earnings per share view c$0.17 -- Thomson Reuters 
I/B/E/S 
    * Wajax corp says reorganization announced last quarter is 
proceeding on schedule 
    * Consistent with last quarter, our outlook for 2016 is that 
market conditions will remain very challenging 
    * Says anticipated annual cost savings of approximately $15 
million to be realized in 2017 
    * During h2 2016 earnings are expected to improve compared 
to first half of 2016 
    * Consolidated backlog at march 31, 2016 of $205.8 million 
increased 22% compared to december 31, 2015 
    * Says estimated net benefit of between $6 million and $7 
million is expected to occur in 2016 
    * Expect lower year-over-year earnings in first half of 2016 
    * Wajax corp says expect to realize savings in 2016 of 
between $6 million and $7 million from reorganization 
    * Upon successful completion of reorganization, corp will 
have reduced its headcount across canada by approximately 10% 
since beginning of 2015 
    * Continue to expect earnings will be under significant 
pressure due to difficult market conditions in western canada 
    * Expect earnings will be under significant pressure also 
due to reductions in resource customer capital and operating 
expenditures 
 
Source text for Eikon:  ID:nCNW6f8gra  
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