The Toro Company Provides Business Updates Related to COVID-19 Impact - Seite 2

With the funding of the term loan, the company will have liquidity of approximately $810 million, including cash on hand and unutilized availability under its $600 million revolving credit facility.

The company is taking additional prudent measures to further increase financial flexibility and liquidity during this period, including: reviewing all options to reduce discretionary spending; deferring non-essential capital expenditures; optimizing working capital; and continuing curtailment of share repurchases.

“I believe that we have the right people, plans, systems and resources to face these unprecedented challenges. We are focused on operational efficiencies and are prudently managing our balance sheet to provide additional flexibility as we navigate this uncertain environment,” said Olson.

Outlook and Withdrawal of Financial Guidance

As a result of the many and evolving COVID-19 related factors, risks and challenges that could negatively impact The Toro Company’s business, the company does not have the ability to predict the level of impact on its businesses and financial results for the fiscal 2020 second quarter or for the remainder of fiscal 2020 at this time. Accordingly, The Toro Company is withdrawing its fiscal 2020 second quarter and full year guidance provided in its Form 8-K and its Quarterly Report on Form 10-Q, each filed on March 5, 2020.

The company is not updating its outlook at this time but plans to share further updates in its second-quarter earnings announcement and conference call expected to be held on June 4, 2020.

About The Toro Company

The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With sales of $3.1 billion in fiscal 2019, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, BOSS Snowplow, Ventrac, American Augers, Subsite Electronics, HammerHead, Trencor, Unique Lighting Systems, Irritrol, Hayter, Pope, Lawn-Boy and Radius HDD. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers care for golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com.