Limbach Holdings Issues Statement in Response to Amended 13D Filing; Company to Report Profitable Operations for Its Second Quarter Ended June 30, 2020
Limbach Holdings, Inc. (NASDAQ: LMB) (“Limbach” or “the Company”) today issued the following statement in response to the amended Schedule 13D filed with the U.S. Securities and Exchange Commission by Mr. Brian Pratt, which included the presentation of a non-binding term sheet to the Company concerning a proposed equity investment in the Company.
While the Company does not generally comment on specific inputs from our investors, the Company is committed, subject to legal and other restrictions imposed on it, to maintaining engaged dialogue with stockholders where and when appropriate. The Company’s Board of Directors and management team are focused on maximizing value for all of our stockholders.
Charlie Bacon, Limbach’s President and Chief Executive Officer, said, “As a company, we believe Limbach continues to combat the challenges posed by the COVID-19 pandemic. Many of our services continue to remain essential during the COVID-19 pandemic and we continue to execute on project backlog and service work. Our market sector diversity in a variety of industry verticals, including our largest end-market, healthcare, is allowing us to continue to book new business, including emergency related work due to the COVID-19 crisis. We expect to report that second quarter financial results, scheduled for release on Thursday, August 13, are in line with the Company’s expectations for revenue growth in both our construction and service segments, and gross margin expansion company-wide.”
Mr. Bacon continued, “We have prioritized cash flow generation through the first half of the year and are in the Company’s strongest liquidity position in several years. As of June 30, 2020, we had cash and cash equivalents of $28.8 million and $10.5 million of net revolver availability including no draws on our credit facility, after adjusting for outstanding letters of credit as of that date. This overall improvement in liquidity and balance sheet efficiency further expands the Company’s options for an accretive re-financing of our current credit facility.”
Conference Call Scheduled for August 14, 2020
Limbach will be releasing its second quarter 2020 financial results after the close of the stock market on Thursday, August 13, 2020.
The Company will also be hosting a conference call for investors and analysts on Friday, August 14, 2020 at 9:00 am EDT. Chief Executive Officer Charlie Bacon and Chief Financial Officer Jayme Brooks will host the call.