ACCO Brands Corporation Announces COVID-19 Business Update and First Quarter 2020 Earnings Webcast
“Our top priority is the safety and well-being of our employees, and we have taken early actions to keep our employees safe. We appreciate the effort everyone is making under difficult circumstances,” said
In response to the economic uncertainties, the Company has undertaken many cost reduction initiatives beyond its normal productivity plans and intends to take additional actions in the near future. Some of these additional actions are temporary to further preserve financial flexibility. These actions include a:
- 50-percent temporary reduction in CEO base salary
30-percent temporary reduction in base salary of
U.S.-based senior executives
- 50-percent temporary reduction in cash retainer fees to the Board of Directors
The company will provide an update on its cost reduction initiatives on its first quarter earnings conference call.
The Company also announced that it will release its first quarter 2020 earnings after the market close on
Forward Looking Statements
Statements contained in this press release, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, operating strategies, available liquidity and similar matters are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Because actual results may differ materially from those suggested or implied by such forward-looking statements, you should not place undue reliance on them when deciding whether to buy, sell or hold the company’s securities.
The results of any cost reduction initiatives and productivity plans depend on numerous factors, including potential changes to the final implementation of these initiatives and plans, and the extent to which they achieve their stated objectives to reduce costs and improve our efficiency and effectiveness. The availability of funds under our revolving credit facility is subject to risks related to potential adverse events affecting our business and the judgment of our lenders as to whether we are permitted to draw funds under the facility at any particular time.
Among the factors that could cause our actual results to differ materially from our forward-looking statements are: the impact, which may intensify, of the COVID-19 global pandemic on our business, operations, results of operation and financial condition, including manufacturing, distribution and supply chain disruptions, delay of customer purchases or loss of customers, the financial condition of our suppliers and customers, including their ability to fund their operations and pay their invoices, the impact of