Jason Industries reports 4Q loss
Jason Industries reported a fourth-quarter 2015 net loss of $84.7 million on sales of $173.8 million.
That compares to a loss of $4.2 million on sales of $164.2 million in the same period last year.
The results include pre-tax goodwill and intangible asset impairment charges of $94.1 million, restructuring and integration costs of $5.9 million and pre-tax share based compensation expense of $1.5 million.
For the full year, net sales were $708.4 million, compared to $702.5 million in 2014, with a net loss of $89.6 million, compared to a loss of $18.9 million.
“We ended the year with strong organic growth in Acoustics and Seating on volumes from new business awards and continued strength in heavy weight motorcycle during the quarter. Demand from general industrial end markets remained soft during the quarter, impacting Finishing and Components,” said Jeffry N. Quinn, chairman and chief executive officer of Jason. “
“In light of our challenges, we have initiated specific actions to increase shareholder value. We will renew the focus on our customers, reduce costs to improve margins, enhance cash generation to de-lever, and optimize our business portfolio,” Quinn added. “I believe for these actions to be successful, we must make investments in our organization to increase reliability and sustainability to meet our commitments.”
Jason's Finishing segment, which includes abrasives and brush manufacturer Osborn, had net sales of $49.6 million, an increase of 8.4 percent, including net sales of $9.4 million from the acquisition of DRONCO.