Business
Matthews International Reports Results for Fiscal 2020 Second Quarter
Financial Highlights: Strong operating cash flow of $60.6 million in fiscal 2020 2nd quarterSignificant reduction in net debt (debt less cash) during fiscal
About this update from Matthews International Corporation
[{"type":"text","content":"Financial Highlights:\n Strong operating cash flow of $60.6 million in fiscal 2020 2nd quarterSignificant reduction in net debt (debt less cash) during fiscal 2020 2nd quarterSubstantially all of the Company’s operations remain openGoodwill write-down of $90 million triggered by COVID-19Company withdraws fiscal 2020 guidance due to COVID-19 PITTSBURGH, May 07, 2020 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its second quarter of fiscal 2020 and six months ended March 31, 2020. In discussing the results for the fiscal 2020 second quarter and impact of the current economic conditions, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “During this pandemic, substantially all of our operations have remained open as we are a critical supplier to businesses defined as “essential” under the Cybersecurity and Infrastructure Security Agency advisory (as released by the U.S. Department of Homeland Security on March 19, 2020 and revised on March 28, 2020), and other applicable governmental regulations. “However, while our operations remain open, we have taken important actions to safeguard our employees. The safety and health of our employees is our top priority. Upon the outbreak of Coronavirus Disease 2019 (\"COVID-19\"), we established a COVID-19 employee safety team that, together with our businesses, developed safety protocols and required actions including enhanced facility cleaning, social distancing, appropriate personal protective equipment (PPE), quarantining processes, and compliance with governmental requirements to safeguard employees at our facilities. “Additionally, our enterprise and production information technology teams worked very quickly to establish work-from-home capabilities for many of our employees around the world. In addition to most of our financial and administrative support functions, we have established work-from-home capabilities for many of our SGK Brand Solutions segment production employees, including the Asia Pacific region. As such, we have maintained the capacity to serve our clients’ needs during this global crisis. “I am extremely proud of the efforts of our leadership team to ensure the safety and well-being of our employees under these challenging conditions. I am equally proud of the work and commitment of our...