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NCS Multistage Holdings, Inc. Announces First Quarter 2020 Operational Update
In response to these market circumstances, the Company has initiated further cost reductions which include: 1) a reduction in force of over 80 employees, or approximately 20% of our
We expect these actions to result in an annualized cost savings of over
NCS’s Chief Executive Officer,
Our talented and dedicated employees will enable us to continue to drive innovation in the industry and deliver outstanding results for our customers. I want to thank the employees that will be leaving the Company for their hard work on behalf of NCS over the years.
We believe that the actions announced today will support NCS in navigating these difficult times, supported by our capital-light business model. We remain committed to delivering tangible value to our customers through our differentiated technology and service delivery and strive to continue to improve our market share globally.”
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, including the effects of COVID-19 thereon, severance costs we expect to incur and savings we expect to realize as a result of cost reduction measures . Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the risks and uncertainties relating to public health crises (including COVID-19) and risks related to cost reduction efforts or savings we may realize from such cost reduction efforts. In addition, the Company’s workforce reduction costs may be greater than anticipated and the workforce reduction may not have the expected costs savings or have an adverse impact on the Company's on-going operations. Other risk factors that may affect our results to differ materially from those implied or expressed by the forward-looking statements can be found in our latest Form 10-K filed with the
Source: NCS Multistage Holdings, Inc.