Shiloh Industries, Inc. Withdraws FY2020 Outlook Due to COVID-19 Uncertainty
May 08 2020 - 3:19PM
Business Wire
Shiloh Industries, Inc. (NASDAQ: SHLO), an environmentally
focused global supplier of lightweighting, noise and vibration
solutions, announced today that it is withdrawing its fiscal year
2020 guidance provided on December 19, 2019 due to the economic
uncertainty caused by the COVID-19 pandemic.
Shiloh will provide a business update and a more detailed
analysis of how it has been impacted by the COVID-19 pandemic in
conjunction with its next earnings report.
"The effects of the coronavirus pandemic are impacting companies
worldwide, and the health and safety of our employees is our top
priority," said Lillian Etzkorn, senior vice president and CFO. “We
continue to respond to the changing environment with decisive
action across our organization. While we cannot determine the full
extent of the COVID-19 impact on our business, we are continuing to
support our customers and taking prudent steps to ensure the safe
restart of production, while protecting our business for the long
term.”
Investor Contact:
For inquiries, please contact our Investor Relations department
at 1-646-378-2986 or at investors@shiloh.com.
About Shiloh Industries,
Inc.
Shiloh Industries, Inc. (NASDAQ: SHLO) is a global innovative
solutions provider focusing on lightweighting technologies that
provide environmental and safety benefits to the mobility market.
Shiloh designs and manufactures products within body structure,
chassis and propulsion systems. Shiloh’s multi-component,
multi-material solutions are comprised of a variety of alloys in
aluminum, magnesium and steel grades, along with its proprietary
line of noise and vibration reducing ShilohCore® acoustic laminate
products. The strategic BlankLight®, CastLight® and StampLight®
brands combine to maximize lightweighting solutions without
compromising safety or performance. Shiloh has approximately 3,600
dedicated employees with operations, sales and technical centers
throughout Asia, Europe and North America.
Forward-Looking
Statements
Certain statements made by Shiloh in this press release
regarding our operating performance, events or developments that we
believe or expect to occur in the future, including those that
discuss strategies, goals, outlook or other non-historical matters,
or which relate to future expectations regarding Shiloh’s business
or future operating results are "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The forward-looking statements are made on the basis of
management's assumptions and expectations. As a result, there can
be no guarantee or assurance that these assumptions and
expectations will in fact occur. The forward-looking statements are
subject to risks and uncertainties that may cause actual results to
materially differ from those contained in the statements due to a
variety of factors, including (1) our ability to accomplish our
strategic objectives; (2) our ability to obtain future sales; (3)
changes in worldwide economic and political conditions, including
adverse effects from COVID-19, terrorism or related hostilities;
(4) costs related to legal and administrative matters; (5) our
ability to realize cost savings expected to offset price
concessions; (6) our ability to successfully integrate acquired
businesses, including businesses located outside of the United
States; (7) risks associated with doing business internationally,
including economic, political and social instability, foreign
currency exposure and the lack of acceptance of our products; (8)
inefficiencies related to production and product launches that are
greater than anticipated; (9) changes in technology and
technological risks; (10) work stoppages and strikes at our
facilities and that of our customers or suppliers; (11) our
dependence on the automotive and heavy truck industries, which are
highly cyclical; (12) the dependence of the automotive industry on
consumer spending, which is subject to the impact of domestic and
international economic conditions affecting car and light truck
production; (13) regulations and policies regarding international
trade; (14) financial and business downturns of our customers or
vendors, including any production cutbacks or bankruptcies; (15)
increases in the price of, or limitations on the availability of
aluminum, magnesium or steel, our primary raw materials, or
decreases in the price of scrap steel; (16) the successful launch
and consumer acceptance of new vehicles for which we supply parts;
(17) the impact on financial statements of any known or unknown
accounting errors or irregularities; and the magnitude of any
adjustments in restated financial statements of our operating
results; (18) the occurrence of any event or condition that may be
deemed a material adverse effect under agreements related to our
outstanding indebtedness or a decrease in customer demand which
could cause a covenant default under agreements related to our
outstanding indebtedness; (19) increases in pension plan funding
requirements; (20) our ability to derive a substantial portion of
our sales from large customers; (21) the potential adverse effect
of the COVID-19 pandemic on the financial condition, results of
operations, cash flows and performance of the Company and its
customers, the automotive market and the global economy and
financial markets, (22) a successful transition of the chief
executive officer position to a qualified and effective full-time
chief executive officer; and (23) other factors besides those
listed here could also materially affect our business. See "Part I,
Item 1A. Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended October 31, 2019 and “Part II, Item 1A. Risk
Factors” in our Quarterly Report on Form 10-Q for the three months
ended January 31, 2020 for a more complete discussion of these
risks and uncertainties. Any or all of these risks and
uncertainties could cause actual results to differ materially from
those reflected in the forward-looking statements. These
forward-looking statements reflect management's analysis only as of
the date of this Press Release. We undertake no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date of filing this Press
Release. In addition to the disclosures contained herein, readers
should carefully review risks and uncertainties contained in other
documents we file from time to time with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200508005513/en/
Kevin Doherty 1-646-378-2986 investors@shiloh.com
Shiloh Industries (NASDAQ:SHLO)
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