Third Quarter Results Overview:
● Third quarter net revenue was $81.2 million, a decrease of $19.7 million or 19.6% from the prior year period.
● Operating loss from continuing operations for the third quarter was $9.7 million, a decrease of $12.6 million from the prior year period.
● Production restarted at their Lancaster, Ohio and Monaca, Pennsylvania facilities in mid-July.
● Completed a comprehensive debt restructuring and new $20.0 million equity investment; recorded a $22.2 million loss on debt extinguishment.
● Inventory reduced by $23.7 million since year end 2013.
● Revised labor agreements at the Company’s Lancaster, Ohio operations.
Sam Solomon, Chief Executive Officer of EveryWare stated, “The third quarter financial results reflect the residual effects from our factory shutdowns and our liquidity issues that we addressed through our restructuring efforts. We are focused on the operational initiatives required to stabilize the business and create long term value. This includes restoring normal service levels and customer confidence. While operational improvements take time to produce improved results, I believe that we are on the right path.”
To read the entire release from EveryWare, go here:
EveryWare Global Q3 2014
