Fourth Quarter Results Overview:
- Net revenue was $96.1 million, a decrease of $19.1 million or 16.6% from the prior year period.
- Gross margin as a percentage of total revenue increased to 17.3% compared to 12.1% for the prior year period.
- Operating expenses decreased $4.8 million or 25.0% to $14.4 million.
- EBITDA from continuing operations increased $8.1 million from the prior year period.
- Adjusted EBITDA from continuing operations improvement for third consecutive quarter.
- Cash from operating activities decreased $32.8 million from the prior year period.
Sam Solomon, Chief Executive Officer of EveryWare stated, “Our revenue decline is a lingering consequence of earlier operational challenges. We improved customer service in the fourth quarter and expect service levels will continue to rise. Twelve months of operational improvements enabled us to achieve positive EBITDA for the first time in a year while providing a stronger base to build upon.”
Mr. Solomon continued, “As previously reported, we reached an important restructuring agreement with our lenders. That process will eliminate our current term loan debt and reduce cash interest going forward. Our lenders have further provided $40 million worth of financing through our prepackaged bankruptcy to ensure our business continues to perform in the short term and provides a good starting point for long term success.”
For more information, go here:
http://investors.everywareglobal.com/releasedetail.cfm?ReleaseID=906365
