Brief: Update On Covid-19 Impacts To Willdan Group

Willdan

16/04/2020 21:32

April 16 (Reuters) - Willdan Group Inc  WLDN.O :
    * UPDATE ON COVID-19 IMPACTS TO WILLDAN
    * WILLDAN GROUP INC - REDUCTION IN WORKFORCE, PRIMARILY
THROUGH AN
UNPAID FURLOUGH, IMPACTING APPROXIMATELY 300 WILLDAN STAFF
    * WILLDAN GROUP INC - CO'S DIRECT INSTALL PROGRAMS HAVE BEEN
MORE
SEVERELY IMPACTED
    * WILLDAN GROUP INC - FREEZE ON ALL NON-CRITICAL SPENDING
FOR
TRAVEL, CAPITAL EXPENDITURES, AND OTHER DISCRETIONARY EXPENSES
    * WILLDAN GROUP INC - TEMPORARY CASH WAGE REDUCTION FOR
SALARIED
EMPLOYEES, RANGING FROM 0% FOR LOWER SALARY BANDS UP TO 75% FOR
SENIOR MANAGEMENT
    * WILLDAN GROUP INC - SUSPENSION OF CASH FEES FOR COMPANY'S
BOARD
OF DIRECTORS, UNTIL SUCH TIME AS BOARD DETERMINES
    * WILLDAN GROUP INC - SIGNIFICANT PORTION OF DIRECT INSTALL
WORK
HAS BEEN SUSPENDED UNTIL WORK RESTRICTIONS ARE LIFTED
    * WILLDAN GROUP INC - FINANCIAL POSITION REMAINS STRONG
    * WILLDAN GROUP - AS OF APRIL 14, 2020, WILLDAN HAD $16
MILLION OF
NET CASH BALANCE & $56 MILLION IN BORROWING CAPACITY AVAILABLE
ON COMPANY'S CREDIT FACILITIES
    * WILLDAN GROUP - SUSPENSION OF CASH FEES FOR CO'S BOARD,
UNTIL
SUCH TIME AS BOARD DETERMINES
    * WILLDAN GROUP INC - IS WITHDRAWING ITS FISCAL 2020
FINANCIAL
TARGETS
    * WILLDAN GROUP INC - TEMPORARY CASH WAGE REDUCTION FOR
SALARIED
EMPLOYEES, RANGING FROM 0% FOR LOWER SALARY BANDS UP TO 75% FOR
SENIOR MANAGEMENT

Source text for Eikon:  ID:nBwtZk3Fa 
Further company coverage:  WLDN.O 

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