BUSINESS OUTLOOK & COMPANY HEALTH UPDATE
UPDATE #01 – 3.18.20
I feel it is important to start providing daily updates to the health of the company. Please check your emails daily for new messaging and supervisors be sure everyone is seeing the emails, so we can make sure they are on the list. Also, we will post everything to the Weifield Weekly.
Late last night, I sent an email that I am sure drove a lot of questions. I am planning on having a weekly town hall meeting with all the field supervisors and office leaders via Zoom (https://zoom.us/about) so that questions can be asked and answered. Please, be patient as we figure this out. I am also encouraging people to email me directly and, please, be as candid as possible. I know there is fear and worry, so this will be a judgment-free zone. It is more important for me to hear your concerns to make sure we are addressing them or finding the right resources. New information is moving so fast, it is hard to keep up – so I need everyone’s help.
Here are the facts as we know it today:
Weifield’s Business Outlook:
- We have 1 project that has been shut down due to the Owner being cautious about the virus. All employees have been relocated with 0 job-attached layoffs.
- Some projects have limited access to areas, but are not shut down. Some remodels had the office clear out, but the construction is still taking place.
- As of now, there has been 0 layoffs due to this pandemic
- As of now, there has been 0 employees who have tested positive for the virus
- As of now, there have been 5-10 people that have gone into self –quarantine due to exposure to 3rd parties or from travel.
- We have had NO project cancelations. We have 3 projects that could be at risk equating to $30M of revenue. Preconstruction has been working on a plan around this potential.
- We have determined we have 10% of future work that may be directly impacted by cancellations (around $17M in project)
- We have tightened up all spending to conserve cash. Discretionary spend should be cut to a minimum.
- We have landed $15.3M in LOI in the last week and we were just awarded another $8.3M +/- budgetary project yesterday. We are also being asked by clients to take over work where others are not completing.
- We are continuing to hire field labor. However, we froze all non-essential hires.
- We are planning on project ramping up in full steam in the next 30-45 days.
- Some jobs may be going to OT to get ahead and if you want to be added to a OT list please submit your name.
- We had a call this afternoon where the Supervisors addressed many question they had from the field. Answer to these questions will start coming out daily.
Current things we are hearing the government is doing or planning on doing (click each bullet below for hyperlinks to more information):
* Unemployment for people affected
* Family First Coronavirus Response Act
* Cut Interest Rates to 0
* CDC Guidelines
* OSHA Issues New Guidance On Preparing Workplaces For COVID-19 http://va.topbuzz.com/s/sfRkxe
* Tax Payment Extension
Website urging people to stay home – especially if you have the ability to work at home (Please avoid any unnecessary trips out of your house to help the health care provider catch up and get a handle on things.)
This update — our daily ‘Business Outlook & Company Health’ update — will be posted to the Weifield Weekly in the ‘C-Connection’ section (upper left of main page) and updated on a daily basis, so you can check there for new information as we go, as well.
Thank you for your help in ensuring Weifield’s continued productivity and health as we go forward!
Chief Executive Officer | Weifield Group Contracting