Business
Concrete Pumping Holdings Reports Preliminary Results for Second Fiscal Quarter of 2020 and Highlights the Company’s Strength to Navigate COVID-19
DENVER, May 11, 2020 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"DENVER, May 11, 2020 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., today announced preliminary results for its second fiscal quarter ended April 30, 2020, and provided an update on measures taken to navigate the COVID-19 pandemic. A supplemental presentation has also been provided within the Investor Relations section of the Company’s website.\n “First, the health and safety of our employees and their families, as well as our customers and communities are CPH’s highest priority,” said Bruce Young, CEO of Concrete Pumping Holdings. “At the onset of the pandemic, our team sprang into action to implement enhanced safety and health protocols in the field, as well as work-at-home mandates for our office employees, all while performing to the level of service our customers expect.” Preliminary Fiscal Q2 2020 Results Revenue in the second fiscal quarter of 2020 is expected to be approximately $74.0 million, up 20% compared to $62.0 million in the same year-ago quarter. The increase was primarily attributable to the acquisition of Capital Pumping on May 15, 2019, in addition to continued organic growth in many of CPH’s core markets. Estimated revenue during the 2020 second quarter was partially impacted by government directives to stop work in the Company’s U.K. and Seattle markets due to COVID-19, as well as minimal project delays elsewhere in the U.S. “As our preliminary results indicate, our business has been resilient through the onset of the COVID-19 restrictions, which speaks to the agility of our operations and the fact that our work largely has been deemed an essential service,” continued Young. “The only markets in which we experienced work stoppages due to COVID-19 government directives were in the U.K. and Seattle. However, in Seattle, the restrictions were eased starting in the beginning of May and in the U.K., the Prime Minister just announced yesterday that restarting construction and manufacturing is explicitly encouraged.” Liquidity Update & Cash Preservation Strategy Given the current impact of COVID-19, CPH has prioritized its liquidity and cash preservation. Net debt1 in the second fiscal quarter is expected to be reduced by approximately $19.2 million compared to the first quarter ...