Gannett Co., Inc. (NYSE:GCI) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 08:30 am ET

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Gannett Co., Inc. (NYSE:GCI) Q2 2020 Earnings Conference Call - Final Transcript

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Q & A
Operator
Operator

[Operator Instructions] Okay. There are no questions. I will turn the call back over to Mr. Mike Reed.

Executive
Michael E. Reed

Thank you. And thanks, Doug, for that wrap up of the quarter. And just to reiterate for everybody, Doug mentioned towards the end there that we are putting an at-the-market equity offering program in place. And, obviously, we have no current intentions to sell stock at these prices. We're just putting it in place now for future added flexibility. We think it's good housekeeping, as Doug mentioned. But just wanted to reassure everybody. We think we're undervalued today, and at these price levels, we wouldn't have any intention to use it.

And then just to wrap up, while the second quarter was significantly impacted by the health and economic crisis, we moved quickly to execute additional cost savings measures that preserved our EBITDA margins, and we expect to roll those cost actions through Q3 and Q4, making -- switching them from temporary to permanent. We do expect the remainder of the year to be challenged, though, we are encouraged by the continuous trend improvement we have seen on our revenue line. We ended the quarter, as Doug mentioned, with a strong liquidity position, with over $158 million of cash on the balance sheet, and as I just mentioned, are extending our pandemic-related cost efforts through the end of the year. We continue to reduce our outstanding debt, and remain highly confident in our ability to meet our obligations under the term loan. Despite the tough backdrop in our country, we remain confident in our ability to execute on our plans, including the integration of our two companies, debt repayment, investment and revenue growth categories, and our overall cost reductions. We remain very optimistic about the future and our ability to create value.

Thanks for joining us this morning, and we look forward to updating you again in three months on how Q3 went. Thanks. Have a great day, everyone.

Operator
Operator

[Operator Closing Remarks]