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Preliminary Second Quarter 2020 Highlights: Gross revenue in the

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EquityMonster83   Wednesday, 07/15/20 05:32:51 PM
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Preliminary Second Quarter 2020 Highlights:

Gross revenue in the range of $111 million to $113 million

Net Income of $2.0 million to $2.5 million

Adjusted EBITDA1 of $ 15.0 million to $15.5 million

Liquidity at the end of the quarter was approximately $39 million, an approximate 5% increase from the first quarter 2020 largely attributable to positive operating cash flow generation

Backlog increased to a new record level in excess of $620 million

Full Year 2020 Outlook:

Based on current backlog, gross revenue is expected to be in the range of $453 million to $468 million, with net revenue representing a higher percentage of gross revenue in 2020 compared to 2019

Adjusted EBITDA is anticipated to be in the range of $58 million to $64 million

The outlook reflects current visibility on the timing of work as stay-at-home orders are lifted, and compares to the Company’s previously suspended outlook for gross revenue and Adjusted EBITDA in the respective ranges of $505 million to $530 million and $74 million to $80 million issued prior to the impact of COVID-19 pandemic-related disruptions beyond the Company’s control

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