News: ATL Apollo Tourism & Leisure To Put U.S. Operations Into Hibernation Until Summer 2021

May 13 (Reuters) - Apollo Tourism & Leisure Ltd (ATL) :

• PLANNING FOR DOMESTIC ONLY RENTAL OFFERING IN ALL MARKETS AND A MODEST RECOVERY IN RETAIL SALES
• CONTINUING TO REVIEW A RANGE OF ADDITIONAL LIQUIDITY MEASURES
• SENIOR EXECUTIVES & BOARD MEMBERS TAKEN 30% SALARY & FEE REDUCTION FOR REMAINDER OF FY20
• DECIDED TO PUT ITS USA OPERATIONS INTO HIBERNATION UNTIL SUMMER 2021
• ALL POTENTIAL BONUSES FOR EMPLOYEES FOR FY20 CANCELLED
• WILL SEE A 70% DECREASE IN PREVIOUSLY PLANNED EMPLOYMENT COSTS OVER SIX MONTHS
• CLOSED MANUFACTURING FACILITY IN NEW ZEALAND
• TOTAL BOOK LOSSES ON USA FLEET SALES FOR FY20 EXPECTED TO BE IN RANGE OF A$12 MILLION TO A$12.5 MILLION
• CASH BALANCES MOVED FROM A$17.3 MILLION AS DEC-END 2019, TO A$12.4 MILLION AT MAY 12
• AUSTRALIAN MANUFACTURING FACILITY CONTINUES TO OPERATE BUT ON SUBSTANTIALLY SCALED DOWN BASIS