Jason Industries reports loss
Jason Industries Inc. reported a first quarter net loss of $3.0 million and diluted loss per share of 15 cents, on net sales of $191.0 million.
Net sales growth in Acoustics and Seating offset volume softness in Finishing and Components, excluding the impact of foreign currency. Net sales of $191.0 million increased $15.1 million, or 8.6 percent.
Jason's Finishing segment, which includes Osborn, reported net sales of $50.3 million, a 17.3 percent increase, including net sales of $9.5 million from the acquisition of DRONCO, and a negative foreign currency translation impact of $1.3 million, or 3.1 percent. Excluding the impact of foreign currency and acquisitions, organic sales decreased 1.8 percent with lower global industrial demand.
“In the quarter, we implemented our global cost reduction program across all of our businesses. This program will reduce costs by $5 million to $7 million in 2016 compared with 2015, through reduced selling and administrative costs, and operational optimization. We are also making investments in our organization to improve operational performance and reliability,” said Jeffry N. Quinn, chairman and chief executive officer of Jason.