Jason Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 1, 2016; Revises Earnings Guidance for the Year 2016
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.