August 5, 2016 / 12:20 PM / in a year

BRIEF-Wajax Q2 adjusted earnings per share $0.21

Aug 5 (Reuters) - Wajax Corp

* Wajax announces 2016 second quarter results

* Q2 earnings per share C$0.22

* Qtrly adjusted diluted earnings per share $0.21

* Q2 earnings per share view c$0.15 -- Thomson Reuters I/B/E/S

* Q2 revenue c$336.6 million versus i/b/e/s view c$305.3 million

* Reorganization announced in March 2016 is proceeding on schedule and we are on track to complete it by end of 2016

* Reorganization announced in March 2016 is proceeding on schedule and we are on track to complete it by end of 2016

* Revenue in the branches shutdown declined approximately $8.3 million during quarter compared to Q2 of 2015

* Company says “we continue to reduce staffing levels in response to a slower western canada market”

* Company says “our outlook for 2016 is that market conditions will remain very challenging”

* Continue to expect that revenue and margins will be under pressure in 2016

* Consolidated backlog at June 30, 2016 of $165.2 million decreased $40.6 million compared to March 31, 2016.

* Expect to realize savings in 2016 of between $6 million and $7 million, with full $15 million in estimated cost savings expected to be realized in 2017

* Wildfires in Fort Mcmurray area during Q2 resulted in temporary shutdown of three branches in Fort Mcmurray and its branch in Fort Mackay

* Estimates that loss from fort Mcmurray wildfires at least $1.0 million, of which majority is expected to be recovered from insurance coverage

* For ful-year 2016 company expects “revenue, margins will be under pressure due to difficult market conditions in Western Canada”

* Announced planned retirement of John Hamilton, senior vice president, finance and chief financial officer

* Search for Hamilton’s successor will begin in August 2016

* Expect to realize savings in 2016 of between $6 million and $7 million, with full $15 million in estimated cost savings expected to be realized in 2017 Source text for Eikon: Further company coverage:

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