Jason Industries, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. Net Sales were $170.1 million decreased $1.1 million, or 0.6%, compared to $171.174 million a year ago. Net sales were negatively impacted by $0.8 million, or 0.4%, of foreign currency translation. Excluding the impact of foreign currency, organic sales decreased 0.2%. Net loss was $2.5 million compared with net loss of $3.2 million. Basic and diluted loss per share was $0.13 compared with diluted loss per share of $0.16. Adjusted net loss was $1.8 million compared with adjusted net loss of $0.5 million. Adjusted loss per share was $0.06 compared with adjusted loss per share of $0.02. Adjusted EBITDA was $16.5 million compared with $18.6 million a year ago. Adjusted EBITDA decreased $2.1 million on lower volumes in Seating, Components and Finishing, and corporate investments in supply chain initiatives. Net loss attributable to company was $2.037 million against $2.639 million a year ago. Net loss available to common shareholders of the company was $2.937 million against $3.539 million a year ago. Operating income was $4.404 million against $2.822 million a year ago. Loss before income taxes was $3.109 million against $4.990 million a year ago. Net cash provided by operating activities during the quarter was $2.1 million and free cash flow was negative $1.9 million. Capital expenditures were $3.982 million against $8.546 million a year ago. EBITDA was $15.734 million against $14.697 million a year ago.

For the nine months, the company reported net sales of $546.769 million against $534.588 million a year ago. Operating income was $13.688 million against $15.757 million a year ago. Loss before income taxes was $9.100 million against $6.852 million a year ago. Net loss attributable to company was $6.513 million against $4.101 million a year ago. Net loss available to common shareholders of the company was $9.213 million against $6.801 million a year ago. Net loss was $7.838 million or $0.41 per basic and diluted share against $4.935 million or $0.31 per basic and diluted share a year ago. For the nine months ended September 30, 2016, net cash provided by operating activities was $22.9 million compared with $33.0 million. Capital expenditures were $16.1 million, a decrease of $7.8 million. Free cash flow was $4.1 million compared with free cash flow of $6.5 million, and was reduced by $6.6 million due to timing of interest payments relative to the end of the fiscal period. Adjusted EBITDA was $53.616 million. EBITDA was $47.367 million. Adjusted net loss was $3.079 million or $0.10 per share. Net debt as on September 30, 2016 $405.302 million.

For 2016, the company now expects net sales in the range of $695 to $705 million and Adjusted EBITDA in the range of $62 to $65 million. Prior guidance was net sales in the range of $715 to $730 million and Adjusted EBITDA in the range of $73 to $76 million. The decline in net sales is indicative of steeper volume declines in the Seating segment and continued general industrial softness in the fourth quarter. These volumes significantly impact adjusted EBITDA expectations due to the margin profile and fixed cost in these businesses. The adjusted EBITDA decline also represents the lower operational execution in Acoustics business experienced in the third quarter and expected in the fourth quarter. The company continues to expect capital expenditures at approximately 3% of net sales. The company will achieve year-over-year improvements in working capital and lower CapEx, however, now expects to deliver $2 million to $7 million for the year on lower EBITDA.