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ARC reported first quarter 2020 sales of $88.4 million, down from $97.1 million in the first quarter of 2019. However, the company's adjusted EBIDTA was $11.4 million, up from $11.2 million last year.
"The actions we took last year to adapt to a transforming market drove a good start to the new year, and also put us in a good position to manage through the COVID-19 pandemic," said Suri Suriyakumar, Chairman, President and CEO of ARC. "ARC is considered an essential business serving industries such as construction, utilities, healthcare and others, so all but five of our service centers have remained open throughout the pandemic. While business levels have been lower than normal since mid-March, we've responded with appropriate reductions in labor, wages and work hours, and have taken steps to preserve cash during this time of uncertainty."