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EveryWare reports $8.36 million of adjusted EBITDA for fourth quarter
By Caroline Salls
Pittsburgh, April 14 – EveryWare Global, Inc. reported $8.36 million in adjusted EBITDA from continuing operations for the quarter ended Dec. 31 on $96.1 million in revenue, according to a company news release.
In comparison, EveryWare posted $8.98 million of adjusted EBITDA from continuing operations for the quarter ended Dec. 31, 2013 on $115.26 million in net revenue.
Non-adjusted EBITDA was $7 million for the quarter ended Dec. 31, improving from negative $1.1 million for the three months ended Dec. 31, 2013.
“Our revenue decline is a lingering consequence of earlier operational challenges,” chief executive officer Dam Solomon said in the release.
“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.”
EveryWare said the year-over-year increase in non-adjusted EBITDA primarily resulted from lower consulting and legal fees related to cost savings and restructuring initiatives, lower selling and incentive related costs and an unfavorable inventory adjustment recorded in the prior year period, partially offset by lower factory overhead absorption resulting from reduced glass production levels.
The net loss for the fourth quarter of 2014 was $4.88 million, narrowing from a $14.31 million net loss for the same period of 2013.
For the 12 months ended Dec. 31, the company had $3.19 million of adjusted EBITDA from continuing operations on $353.98 million of revenue, compared with $43.41 million of adjusted EBITDA from continuing operations for 2013 on $407.56 million in revenue.
Non-adjusted EBITDA for 2014 was negative $39.5 million, declining from $22.74 million as of Dec. 31, 2013.
The company had $7.84 million in cash at Dec. 31, up from $2.14 million at Dec. 31, 2013.
EveryWare Global is a Lancaster, Ohio-based supplier of food preparation products that filed for bankruptcy on April 7 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 15-10743.
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