Limbach Holding lowers FY18 EBITDA view to $8M-$10M from $18M-$20M
Backs FY18 revenue view of $530M-$550M, consensus $541.82M. Limbach Holding states: "The company experienced continued challenges in its Mid-Atlantic Branch, with higher than expected costs. As a result, as of September 30, 2018, the company was not in compliance with the senior leverage and fixed charge coverage ratio requirements under its senior credit facility. This caused the company to be delayed in completing its Form 10-Q while it analyzed the impact of such noncompliance on its financial statements. The company is actively negotiating with its lenders for a waiver of the noncompliance under the Credit Agreement and expects to enter into an agreement for such waiver on or prior to November 19, 2018, which is the date on which the Company plans to file the Form 10-Q. No assurance can be made as to whether the Company will obtain such waiver on acceptable terms or at all. The Company expects to report revenue in the range of $393 million to $397 million and net loss in the range of ($5.0) million to ($6.0) million, in each case for the nine months ended September 30, 2018, compared to revenue of $354.3 million and net loss of $0.4 million for the same period of the prior year. "