![]() The majority of the charge will be recognized in the third and fourth quarters of 2017. We estimate that these changes will result in a restructuring charge of approximately $42-$47 million, including severance, asset retirements and closeout costs, approximately $39-$44 million of which will be non-cash. As a result of this review, in the first part of the fourth quarter, management will execute a plan to reduce our general and administrative and overhead expenses, retire certain underperforming and underutilized assets and closeout our Brazil operations. The goal of the analysis is to improve the Company’s financial results in both domestic and international operations enabling debt reduction, improvements in return on capital and the continued renewal of our extensive fleet with new and efficient dredges to best serve our domestic and international clients. We have performed extensive analysis regarding our portfolio composition and asset utilization. “As noted on the quarterly earnings call on August 2, we are executing a deep dive into our operational and financial performance. Mackie started sea trials on October 5th.Ĭhief Executive Officer, Lasse Petterson, commented, “During the two months since we reported second quarter earnings, a number of developments have occurred at the Company. ![]() ![]() 06, 2017 - Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, announced today multiple updates. ![]()
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