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November 7, 2012
18:09 EDTDVRCal Dive announces restructuring plan
In response to the Gulf of Mexico market conditions experienced in 2012, during Q3 the company implemented a domestic restructuring plan that included consolidating departments and facilities, head-count reductions and selling non-core assets. The company expects the restructuring to result in annual cost savings of approximately $15M, $10M of which will be cash cost savings, which will have a positive effect on EBITDA. Approximately $4M of the cash cost savings will be from SG&A and the remainder from operations support overhead which is included in cost of sales on the company's consolidated income statement. Severance charges of $2.2M were recorded during Q3 and were added back to EBITDA under the company's credit facility with no impact on debt covenants.
News For DVR From The Last 14 Days
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August 12, 2014
10:15 EDTDVRCal Dive downgraded to Sector Perform from Outperform at Iberia (pre-open)
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August 11, 2014
07:04 EDTDVRCal Dive says board authorized management to explore strategic alternatives
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07:03 EDTDVRCal Dive reports Q2 EPS (31c), consensus (5c)
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