Brief: Wajax Q4 loss per share C$1.66

Wajax

01/03/2016 12:26

March 1 (Reuters) - Wajax Corp  WJX.TO : 
 * Announces 2015 fourth quarter results, including a goodwill impairment and 
   plans for strategic reorganization 
 * Q4 revenue C$324.4 million versus I/B/E/S view C$309.5 million 
 * Q4 adjusted earnings per share C$0.20 excluding items 
 * Q4 loss per share C$1.66 
 * Q4 earnings per share view C$0.35 -- Thomson Reuters I/B/E/S 
 * During 2016, it will be transitioning from its current three independent 
   product divisions to a leaner and more integrated organization 
 * Says expect lower year-over-year earnings in the first half of 2016 
 * Anticipates annual cost savings of approximately $15 million flowing into 
   2017 earnings 
 * Excluding estimated $12 million restructuring provision in Q1 2016, an 
   estimated net benefit of about $4 million is expected to occur in 2016 
 * Says during the second half of 2016, earnings are expected to improve 
   slightly 
 * Upon completion of restructuring, will have reduced headcount across its 
   Canada-wide organization by approximately 10% since beginning of 2015 
 * Says "our outlook for 2016 is that market conditions will remain very 
   challenging" 
 * On an adjusted net earnings basis, Q4 results were significantly negatively 
   impacted by energy sector related slowdown in western Canada" 
 * Excluding impact of the $12 million restructuring provision, expect lower 
   year-over-year earnings in the first half of 2016 
 
 * Source text for Eikon  urn:newsml:reuters.com:*:nCNWx6mS9a 
 
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