May 3, 2016 / 12:02 PM / a year ago

BRIEF-Wajax Q1 loss per share c$0.49

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May 3 (Reuters) - Wajax Corp

* Wajax announces 2016 first quarter results, including $12.5 million of restructuring costs

* Q1 revenue c$285 million versus i/b/e/s view c$291.9 million

* Q1 adjusted loss per share c$0.03 excluding items

* Q1 loss per share c$0.49

* Q1 earnings per share view c$0.17 -- Thomson Reuters I/B/E/S

* Wajax corp says reorganization announced last quarter is proceeding on schedule

* Consistent with last quarter, our outlook for 2016 is that market conditions will remain very challenging

* Says anticipated annual cost savings of approximately $15 million to be realized in 2017

* During h2 2016 earnings are expected to improve compared to first half of 2016

* Consolidated backlog at march 31, 2016 of $205.8 million increased 22% compared to december 31, 2015

* Says estimated net benefit of between $6 million and $7 million is expected to occur in 2016

* Expect lower year-over-year earnings in first half of 2016

* Wajax corp says expect to realize savings in 2016 of between $6 million and $7 million from reorganization

* Upon successful completion of reorganization, corp will have reduced its headcount across canada by approximately 10% since beginning of 2015

* Continue to expect earnings will be under significant pressure due to difficult market conditions in western canada

* Expect earnings will be under significant pressure also due to reductions in resource customer capital and operating expenditures Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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