The company reported revenue of $120.2-million for its fiscal first quarter ended Sept. 30, which it said was an increase of 7 per cent, from the same period in the prior year. The expectation was for revenue to come in at $122.7-million, according to S&P Capital IQ.
The company also announced initiatives to reduce its current operational costs by at least 10 per cent starting in the second quarter of fiscal 2023. “Given the macro-economic environment remains exceptionally challenging and continues to deteriorate, the Company has decided it needs to act more aggressively and decisively to protect its business and financial position,” it stated.
Dye & Durham also plans to buy and cancel up to $150-million of its outstanding common stock, under which it will pay an as-yet undetermined purchase price that will be between $12.50 and $15 per share. That would equate to between 10 million and 12 million shares. The company said it expected to announce the terms and start the offer, which is being managed by Canaccord Genuity, on Friday.
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