EXELA TECHNOLOGIES INC - XELA STOCK NEWS

Exela Technologies, Inc. (NASDAQ: XELA) announced a fireside chat featuring CEO Ron Cogburn and CFO Shrikant Sortur at the Credit Suisse 3rd Annual FinTech Conference on August 19, 2020, at 12:10 p.m. ET. The event will be available via live webcast, with an archived version accessible on Exela's Investors page shortly after the discussion. Exela, a leader in business process automation, serves over 4,000 customers across more than 50 countries, leveraging technology to enhance digital transformation in various sectors.

Exela Technologies reported second quarter 2020 revenue of $307.7 million, a 21.3% decline year-over-year. The gross profit margin increased to 21.4%, up 148 basis points from Q1 2020. Operating loss stood at $5.1 million, while net loss was $48.7 million. Adjusted EBITDA was $43.1 million, reflecting a margin of 14.0%. As part of its liquidity improvement plan, Exela sold its records storage business for $12.3 million. The company expects revenue for Q3 2020 between $305 million and $312 million, amid uncertainties due to COVID-19.

Exela Technologies has officially launched DrySign, its proprietary eSignature platform, after a successful beta phase with 3,000 users. The platform enables secure, legally enforceable electronic signatures from anywhere, aiming to facilitate the transition to remote work due to the COVID-19 pandemic. DrySign offers individual and multi-party workflows, document delivery, and is integrated with Exela's existing solutions. It is cloud-enabled, accessible via free trials and subscriptions, and designed to enhance productivity and save costs for users.

Exela Technologies will host a conference call on August 11, 2020, at 11:00 a.m. ET to discuss its second quarter 2020 results. The company will issue a press release prior to the call. Ron Cogburn, CEO, and Shrikant Sortur, CFO, will lead the discussion, followed by a Q&A session. The call will be available for live streaming on Exela’s Investor Relations website. A replay will be accessible until August 18, 2020. Exela, a leader in business process automation, serves over 4,000 clients globally, including over 60% of the Fortune 100.

Exela Technologies (NASDAQ: XELA) has finalized the sale of its physical records storage and logistics business for $12.3 million, which generated approximately $1 million in EBITDA in 2019. This sale is part of Exela's strategy to divest non-core assets, aiming to raise $150 million to $200 million over two years. With this transaction, Exela has now accumulated over $50 million for reinvestment in its core operations, as stated by President Suresh Yannamani, highlighting progress despite a challenging market.

Exela Technologies (NASDAQ: XELA) reported its Q1 2020 financial results, showing a 9.6% decline in revenue to $365.5 million year-over-year. The company experienced an operating loss of $2.2 million and a net loss of $12.7 million, though this was an improvement over last year's loss. Adjusted EBITDA fell to $44.4 million, marking a 42% decrease from 2019. Exela forecasts Q2 2020 revenue between $300 million and $305 million, anticipating $35 million to $40 million in COVID-19 related impacts. The company has undertaken debt reduction initiatives to improve liquidity.

Exela Technologies, Inc. (NASDAQ:XELA) announces a conference call scheduled for June 30, 2020, at 5:00 p.m. ET to discuss its first-quarter 2020 results. CEO Ron Cogburn and CFO Shrikant Sortur will lead the call, which will include a question and answer session. A press release detailing the financial results will be issued prior to the call. Investors can access the call live through Exela's Investor Relations website, with a replay available shortly after the call until July 7, 2020.

Exela Technologies filed its 2019 Form 10-K, which includes restated results for previous years, revealing a revenue of $1,562.3 million, down 1.5% from 2018. The company reported a net loss of $509.1 million for the year. In Q4 2019, revenue was $393.6 million, a slight decline year-over-year, while adjusted EBITDA was $53 million. Exela continues to focus on debt reduction, liquidity improvement, and maintaining service delivery amidst the COVID-19 pandemic. The first quarter of 2020 is projected to generate revenue between $362 million and $365 million.

Exela Technologies, Inc. (NASDAQ: XELA) announces the promotion of Shrikant Sortur to Chief Financial Officer as part of succession planning. Sortur, who has been with Exela since 2017 and held various financial roles, is praised for his extensive experience in managing global finance operations. Jim Reynolds, the former CFO, will remain a board member. Exela provides business process automation solutions and serves over 4,000 clients worldwide, including more than 60% of the Fortune 100 companies.