Dorman products withdraws fiscal 2020 guidance

Dorman products, inc. provides business update on covid-19 and announces date to report first quarter 2020 financial results.dorman products inc - given uncertainty of covid-19 pandemic, dorman withdraws fiscal 2020 guidance.dorman products inc - withdraws fiscal 2020 guidance.dorman products inc - drawing down $99 million from its $100 million revolving credit facility, which matures in december 2022.dorman products inc - temporarily suspending its share repurchase program.dorman products inc - managing inventories and operating costs to quickly adjust to demand dynamics.dorman products inc - deferring capital expenditures, as appropriate.dorman products inc - increased its cash position and, as of april 7, 2020, company had approximately $300 million in cash and cash equivalents.dorman products inc - believe our strong balance sheet and liquidity position us well to navigate these conditions.dorman products inc - intends to conduct its 2020 annual meeting of shareholders virtually.dorman products inc - started to see a drop in demand toward end of march, which we expect to continue during q2, possibly longer.dorman products inc - are withdrawing our previously announced guidance for fiscal 2020, which did not contemplate impact of covid-19 pandemic.
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