Business
Manhattan Associates Provides Corporate Update in Response to COVID-19
ATLANTA, April 03, 2020 (GLOBE NEWSWIRE) -- Manhattan Associates Inc. (NASDAQ: MANH) is providing the following corporate update in response to the ongoing
About this update from Manhattan Associates, Inc.
[{"type":"text","content":"ATLANTA, April 03, 2020 (GLOBE NEWSWIRE) -- Manhattan Associates Inc. (NASDAQ: MANH) is providing the following corporate update in response to the ongoing and rapidly evolving situation caused by COVID-19. \n Eddie Capel, president and chief executive officer of Manhattan Associates, stated, “Our preliminary results for the first quarter were in line with our internal expectations due to continued demand for our cloud-based supply chain and omnichannel commerce solutions. Customer engagement remained robust and we continue to be optimistic on the longer-term opportunities in front of us. However, considering recent global events as a direct result of COVID-19, we are taking proactive measures to position our company for uncertainty in the near-term while maintaining flexibility to extend our market-leading position when a normalization of business activity resumes. In the interim, we remain focused on our industry-leading innovation while providing direct support for our clients globally in these uncertain times.” Mr. Capel continued, “Effective April 1, 2020, we are reducing the salaries of the chief executive officer and the board of directors by 25%, the chief financial officer by 15%, and other named executive officers by 10%. Further, we are aggressively reducing operating expenses globally. Importantly, these expense reductions will not materially impact our ability to support our customers or make key investments in research and development to further extend our competitive positioning. Finally, we are suspending the company’s share repurchase program.” “The uncertainty that COVID-19 is currently causing has been extraordinary. One thing that is certain, however, is that supply chains have never been more visible and mission-critical, and we believe that we will emerge from this period better positioned and stronger than ever,” Mr. Capel concluded. Cautionary Statement on Forward-Looking Statements This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, any statements about the future effect of the COVID-19 pandemic on our business, customers or the global economy, our business prospects following the pandemic and other statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “int...