Jason Industries, Inc. Reports Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2018; Reaffirms Earnings Guidance for the Year 2018
Jason Industries, Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net sales were $167,254,000 as compared to $175,193,000 for the same period last year. Operating income was $7,312,000 as compared to $7,602,000 for the same period last year. Loss before income taxes was $544,000 as compared to $508,000 for the same period last year. Net loss was $819,000 as compared to $493,000 for the same period last year. Net loss attributable to Jason Industries was $819,000 as compared to $498,000 for the same period last year. Basic and diluted net loss per share was $0.09 as compared to $0.05 for the same period last year. Net cash provided by operating activities was $3,817,000 as compared to $2,901,000 for the same period last year. Payments for property, plant and equipment was $3,622,000 as compared to $3,396,000 for the same period last year. Acquisitions of patents was $9,000 as compared to $33,000 for the same period last year. Adjusted EBITDA was $19,713,000 as compared to $18,561,000 for the same period last year. EBITDA was $18,290,000 as compared to $17,861,000 for the same period last year. Adjusted net income was $700,000 as compared to $152,000 for the same period last year. Adjusted earnings per share was $0.02 as compared to $0.01 for the same period last year.
For the full year 2018, Jason reaffirms guidance of net sales in the range of $600 to $615 million, Adjusted EBITDA of $66 to $70 million, and free cash flow of $13 to $17 million, resulting in an implied net debt to Adjusted EBITDA range of 5.3 to 4.9 times.