April 11, 2018 / 8:35 PM / 7 months ago

BRIEF-Providence Service Corporation Announces Organizational Consolidation

April 11 (Reuters) - Providence Service Corp:

* CONSOLIDATION EXPECTED TO TAKE ABOUT 12 MONTHS TO COMPLETE, OVER WHICH TIME IMPLEMENTATION COSTS WILL NEGATIVELY IMPACT EARNINGS

* ONCE COMPLETED, ORGANIZATIONAL CONSOLIDATION IS EXPECTED TO GENERATE ANNUAL SAVINGS OF AT LEAST $10 MILLION

* AS PART OF CONSOLIDATION PROCESS, COMPANY’S CURRENT STAMFORD, CT HEADQUARTERS AND TUCSON, AZ SATELLITE OFFICE WILL BE CLOSED

* PLAN TO INTEGRATE SUBSTANTIALLY ALL ACTIVITIES PERFORMED AT CORPORATE HOLDING CO LEVEL INTO LOGISTICARE, CO’S LARGEST UNIT

* BILL SEVERANCE WILL MOVE FROM HIS CURRENT POSITION AS CHIEF ACCOUNTING OFFICER TO INTERIM CFO Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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