Jason Industries, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended July 1, 2016. For the quarter, the company's net loss available to common shareholders of the company was $2.9 million compared with net loss of $1.6 million. Basic and diluted loss per share was $0.13 compared with basic and diluted loss per share of $0.07. Adjusted net loss was $1.9 million compared with adjusted net income of $3.4 million. Adjusted loss per share was $0.07 compared with adjusted earnings per share of $0.12. Adjusted EBITDA was $18.8 million, compared with $24.9 million a year ago. Adjusted EBITDA decreased $6.1 million on lower volumes in Seating and Components, new platform launch inefficiencies in Acoustics, and corporate investments in operational improvement initiatives. Net sales were $185.7 million compared with $187.6 million a year ago. Operating income was $7.1 million compared with $7.4 million a year ago. Loss before income taxes was $0.42 million compared with $0.22 million a year ago. Operating cash flow was $10.5 million compared with $18.3 million a year ago. Capital Expenditures were $5.7 million compared with $8.1 million a year ago. EBITDA was $18.9 million, compared with $19.2 million a year ago.

For the six months, the company's net sales were $376.7 million compared with $363.4 million a year ago. Operating income was $9.3 million compared with $12.9 million a year ago. Loss before income taxes was $5.99 million compared with $1.9 million a year ago. Net loss available to common shareholders of the company was $6.3 million or $0.28 per basic and diluted share compared with $3.3 million or $0.15 per basic and diluted share a year ago. Net cash provided by operating activities was $20.8 million compared with $21.5 million a year ago. Payments for property, plant and equipment was $12.1 million compared with $15.3 million a year ago. Adjusted EBITDA was $37.1 million. As on July 1, 2016, the company's net debt was $403.2 million. EBITDA was $31.6 million. Adjusted net loss was $1.3 million or $0.04 per share. Operating cash flow for the first half of 2016 improvement was achieved through significant reduction of $17.3 million in working capital and $3.2 million of lower capital expenditure.

For 2016, the company now expects net sales in the range of $715 million to $730 million and adjusted EBITDA in the range of $73 million to $76 million. Prior guidance was net sales in the range of $735 million to $750 million and adjusted EBITDA in the range of $84 million to $90 million.