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BRIEF-Apollo Tourism & Leisure To Put U.S. Operations Into Hibernation Until Summer 2021

Published 13/05/2020, 11:14 am
© Reuters.

May 13 (Reuters) - Apollo Tourism & Leisure Ltd ATL.AX :

* PLANNING FOR DOMESTIC ONLY RENTAL OFFERING IN ALL MARKETS AND A MODEST RECOVERY IN RETAIL SALES

* CONTINUING TO REVIEW A RANGE OF ADDITIONAL LIQUIDITY MEASURES

* SENIOR EXECUTIVES & BOARD MEMBERS TAKEN 30% SALARY & FEE REDUCTION FOR REMAINDER OF FY20

* DECIDED TO PUT ITS USA OPERATIONS INTO HIBERNATION UNTIL SUMMER 2021

* ALL POTENTIAL BONUSES FOR EMPLOYEES FOR FY20 CANCELLED

* WILL SEE A 70% DECREASE IN PREVIOUSLY PLANNED EMPLOYMENT COSTS OVER SIX MONTHS

* CLOSED MANUFACTURING FACILITY IN NEW ZEALAND

* TOTAL BOOK LOSSES ON USA FLEET SALES FOR FY20 EXPECTED TO BE IN RANGE OF A$12 MILLION TO A$12.5 MILLION

* CASH BALANCES MOVED FROM A$17.3 MILLION AS DEC-END 2019, TO A$12.4 MILLION AT MAY 12

* AUSTRALIAN MANUFACTURING FACILITY CONTINUES TO OPERATE BUT ON SUBSTANTIALLY SCALED DOWN BASIS

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