Williams Industrial Services Group Inc. (NYSE American: WLMS)
(“Williams” or the “Company”), an infrastructure services company,
today announced that, on February 24, 2023, it entered into a
fourth amendment to its existing senior secured term loan and
revolving credit facilities to provide more liquidity to fund the
Company’s operations; additional details about the amendments and a
liquidity update are provided in a Form 8-K filed with the
Securities and Exchange Commission. Williams continues to work with
Greenhill & Company on strategic alternatives designed to
strengthen the business and enhance shareholder value.
“While our engagement with Greenhill is well underway, we found
it necessary to once again amend our credit agreements to support
the working capital needs of the Company over the coming months,
driven in part by more scope on a major customer contract,” said
Tracy Pagliara, President and CEO of Williams. “We are encouraged
by our performance thus far in 2023, with favorable execution on a
key client project and revenue trending higher versus last year’s
first quarter as well as, sequentially, versus the fourth quarter
of 2022. We continue to cut costs and address underperforming
operations while evaluating additional streamlining activities, and
we remain committed to taking all appropriate measures to advance
the best interests of our shareholders.”
The Company has not set a timetable for the conclusion of the
previously announced review of strategic alternatives, nor has it
made any decisions related to any further actions or possible
strategic alternatives at this time. There can be no assurance that
the review will result in any transaction or other strategic change
or outcome. The Company does not intend to comment further until it
determines that further disclosure is appropriate or necessary.
About Williams Industrial Services Group
Williams Industrial Services Group Inc. has been safely helping
plant owners and operators enhance asset value for more than 50
years. The Company provides a broad range of building, maintenance
and support services to infrastructure customers in the energy,
power and industrial end markets. Williams’ mission is to be the
preferred provider of construction, maintenance, and specialty
services through commitment to superior safety performance, focus
on innovation, and dedication to delivering unsurpassed value to
its customers. Additional information can be found at
www.wisgrp.com.
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within
the meaning of the term set forth in the Private Securities
Litigation Reform Act of 1995. The forward-looking statements
include statements or expectations regarding the Company’s 2023
performance, the Company’s liquidity situation and the outcome of
the Company’s review of strategic alternatives, including engaging
in a potential sale, restructuring or refinancing its debt, seeking
additional debt or equity capital, reducing or delaying its
business activities and strategic initiatives, or selling assets,
other strategic transactions and/or other measures, including
obtaining relief under the U.S. Bankruptcy Code, the Company’s
ability to successfully implement its liquidity improvement plan
and, if necessary, to obtain additional funding on reasonable
terms, or at all, the Company’s ability to obtain support from
customers in dealing with its liquidity challenges, future demand
for the Company’s services, the Company’s funding levels and
ability to continue operations, and expectations regarding future
revenues, cash flow, and other related matters. These statements
reflect the Company’s current views of future events and financial
performance and are subject to a number of risks and uncertainties,
including the Company’s ability to continue to implement its
liquidity improvement plan and to continue as a going concern; the
Company’s level of indebtedness and ability to make payments on,
and satisfy the financial and other covenants contained in, its
amended debt facilities, as well as its ability to engage in
certain transactions and activities due to limitations and
covenants contained in such facilities; its ability to generate
sufficient cash resources to continue funding operations, including
investments in working capital required to support growth-related
commitments that it makes to customers, and the possibility that it
may be unable to obtain any additional funding as needed or incur
losses from operations in the future; exposure to market risks from
changes in interest rates; the Company’s ability to obtain adequate
surety bonding and letters of credit; the Company’s ability to
maintain effective internal control over financial reporting and
disclosure controls and procedures; the Company’s ability to
attract and retain qualified personnel, skilled workers, and key
officers; failure to successfully implement or realize its business
strategies, plans and objectives of management, and liquidity,
operating and growth initiatives and opportunities, including any
expansion into new markets and its ability to identify potential
candidates for, and consummate, acquisition, disposition, or
investment transactions (including any that may result from the
Company’s review of strategic alternatives); the loss of one or
more of its significant customers; its competitive position; market
outlook and trends in the Company’s industry, including the
possibility of reduced investment in, or increased regulation of,
nuclear power plants, declines in public infrastructure
construction, and reductions in government funding; costs exceeding
estimates the Company uses to set fixed-price contracts; harm to
the Company’s reputation or profitability due to, among other
things, internal operational issues, poor subcontractor performance
or subcontractor insolvency; potential insolvency or financial
distress of third parties, including customers and suppliers; the
Company’s contract backlog and related amounts to be recognized as
revenue; its ability to maintain its safety record, the risks of
potential liability and adequacy of insurance; adverse changes in
the Company’s relationships with suppliers, vendors, and
subcontractors, including increases in cost, disruption of supply
or shortage of labor, freight, equipment or supplies, including as
a result of the COVID-19 pandemic; compliance with environmental,
health, safety and other related laws and regulations, including
those related to climate change; limitations or modifications to
indemnification regulations of the U.S.; the Company’s expected
financial condition, future cash flows, results of operations and
future capital and other expenditures; the impact of unstable
market and economic conditions on our business, financial condition
and stock price, including inflationary cost pressures, supply
chain disruptions and constraints, labor shortages, the effects of
the Ukraine-Russia conflict and ongoing impact of COVID-19, and a
possible recession; our ability to meet expectations about our
business, key metrics and future operating results; the impact of
the COVID-19 pandemic on the Company’s business, results of
operations, financial condition, and cash flows, including global
supply chain disruptions and the potential for additional COVID-19
cases to occur at the Company’s active or future job sites, which
potentially could impact cost and labor availability; information
technology vulnerabilities and cyberattacks on the Company’s
networks; the Company’s failure to comply with applicable laws and
regulations, including, but not limited to, those relating to
privacy and anti-bribery; the Company’s ability to successfully
implement its new enterprise resource planning (ERP) system; the
Company’s participation in multiemployer pension plans; the impact
of any disruptions resulting from the expiration of collective
bargaining agreements; the impact of natural disasters, which may
worsen or increase due to the effects of climate change, and other
severe catastrophic events (such as the ongoing COVID-19 pandemic);
the impact of corporate citizenship and environmental, social and
governance matters; the impact of changes in tax regulations and
laws, including future income tax payments and utilization of net
operating loss and foreign tax credit carryforwards; volatility of
the market price for the Company’s common stock; the Company’s
ability to maintain its stock exchange listing; the effects of
anti-takeover provisions in the Company’s organizational documents
and Delaware law; the impact of future offerings or sales of the
Company’s common stock on the market price of such stock; expected
outcomes of legal or regulatory proceedings and their anticipated
effects on the Company’s results of operations; and any other
statements regarding future growth, future cash needs, future
operations, business plans and future financial results.
Other important factors that may cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in the Company’s filings with the U.S. Securities and
Exchange Commission, including the "Risk Factors" section of the
Annual Report on Form 10-K for its 2021 fiscal year and its
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022. Any forward-looking statement speaks only as of the date of
this press release. Except as may be required by applicable law,
the Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, and you are cautioned not
to rely upon them unduly.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230302005295/en/
Investor Contact: Chris Witty Darrow Associates
646-345-0998 cwitty@darrowir.com
Williams Industrial Serv... (AMEX:WLMS)
Historical Stock Chart
From Dec 2024 to Jan 2025
Williams Industrial Serv... (AMEX:WLMS)
Historical Stock Chart
From Jan 2024 to Jan 2025
