March 12, 2009 / 2:26 PM / in 9 years

UPDATE 1-Eveready posts Q4 loss, suspends dividend

* Posts Q4 loss hurt by impairment, goodwill charges

* Revenue up 18 pct

* Suspends dividend

* Says salary, wage freeze company-wide

* To implement selective layoffs

March 12 (Reuters) - Canada’s Eveready Inc EIS.TO swung to a fourth-quarter loss, announced dividend suspension, and implemented salary and wage freezes.

Eveready, formerly Eveready Income Fund, also said it would do selective layoffs, and added that its senior management had agreed to a salary rollback of 10 percent.

Eveready said it is currently in the process of renewing a C$100 million ($77.34 million) revolving credit facility, which is due to mature on April 24, 2009.

The provider of industrial, oilfield maintenance and production services reported a net loss of C$84.4 million, or C$4.66 a share, compared with net income of C$2.7 million, or 15 Canadian cents a share, in the year-ago period.

Excluding the C$90.3 million charge, the company said net earnings would be C$3.11 million, or 17 Canadian cents a share, for the latest quarter.

Revenue increased 18 percent to $161.99 million from $137.15 million last year.

Analysts on average expected a profit, excluding items, of 22 Canadian cents a share on revenue of C$158.20 million according to Reuters Estimates.

For 2009, Eveready expects the capital expenditure program will range between C$10 million and C$12 million.

Eveready shares, which have lost more than 80 percent of their value in the last six months, were up 5 percent, or 9 Canadian cents a share, at C$1.65 Thursday morning on the Toronto Stock Exchange. ($1=1.293 Canadian Dollar) (Reporting by Krishna Chaithanya in Bangalore; Editing by Anil D’Silva)

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