Wabash National Issues Update on Strong Liquidity Position, Cost Containment Measures and Schedules First Quarter 2020 Earnings Conference Call

LAFAYETTE, Ind., April 16, 2020 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC) today issued an update on its liquidity position, cost containment measures and announced the date for its first quarter 2020 earnings conference call.

Liquidity Update
As of March 31, 2020, the company’s total liquidity was $277 million with cash and cash equivalents of $155 million and $122 million of available borrowings under its existing revolving credit facility. As a result of uncertainty caused by COVID-19, the company drew $45 million under its existing revolving credit facility in March 2020.

“Wabash National is well-positioned from a liquidity perspective as we have prepared for an eventual downturn in our industry over the last two years. We recently bolstered our cash balance by drawing on our revolving credit facility and we expect existing cash on hand to be more than adequate to cover cash needs over this extraordinary period of time,” said Chief Financial Officer, Mike Pettit. “We have modeled numerous scenarios and we believe that even under the most extreme assumptions the company has sufficient liquidity to comfortably meet its cash obligations for at least the next 12 months.”

Cost Containment Measures
The company also announced plans to implement a two-week idling of operations and company-wide furlough from April 20 to May 3. Customer support functions will continue to operate during the furlough.

“We are moving rapidly to adjust to the current environment while prioritizing the safety of our employees and ensuring the liquidity and financial well-being of the company. We are taking the difficult, but necessary, decisions at all levels of the company to contain cost and preserve the strength of our balance sheet,” said President and Chief Executive Officer, Brent Yeagy.

First Quarter 2020 Earnings Date
The company-wide furlough and the ongoing impact of the COVID-19 pandemic will push the company’s first quarter 2020 earnings conference call to May 14, 2020. The company will webcast its quarterly earnings conference call to review and discuss its financial results for the first quarter 2020 beginning at 10:00 a.m. ET on May 14.

The call and an accompanying slide presentation will be accessible on the "Investors" section of Wabash National’s website, www.wabashnational.com, under the subheading "Events". The conference call will be accessible by dialing 844-778-4139, conference ID 8099552. A replay of the call will be available shortly after the conclusion of the presentation and will remain available for one year following the date of the call. Access to the replay will be available on the "Investors" section of Wabash National’s website under the subheading "Events".