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MILWAUKEE, July 17, 2017 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (the "Company" or "Jason Industries") today announced the Company will release its second quarter 2017 results before the market opens on Thursday, August 3, 2017. Jason Industries will also hold a conference call to discuss the results at 10:00 am (Eastern Time) that day. The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). A telephonic replay will be available approximately three hours after the call and can be accessed by dialing 844-512-2921, or for international callers, 1-412-317-6671. The participant passcode for the live call and the replay is 13642137. The telephonic replay will be available until 11:59 pm (Eastern Time) on August 10, 2017. Interested investors and other parties may also listen to a simultaneous webcast of the live conference call by visiting the Investor Relations section of the Company's website at investors.jasoninc.com. The online replay will be available on the website immediately following the call. To learn more about Jason Industries, please visit our website, investors.jasoninc.com. The Company is the parent company to a global family of manufacturing leaders within the finishing, components, seating and automotive acoustics markets, including DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., Jason employs more than 4,400 people in 14 countries. To learn more, please visit www.jasoninc.com.


News Article | December 15, 2016
Site: globenewswire.com

MILWAUKEE, Dec. 15, 2016 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (the "Company" or "Jason") today announced that its Board of Directors has declared a quarterly dividend payment on the Company's 8.0% Series A Convertible Perpetual Preferred Stock ("Series A Preferred Stock"). The dividend on the Series A Preferred Stock will be payable on January 1, 2017, to holders of record at the close of business on November 15, 2016. The quarterly payment will be by delivery of additional shares of Series A Preferred Stock. About Jason Industries, Inc. The Company is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., Jason employs more than 4,400 people in 14 countries.


MILWAUKEE, Oct. 18, 2016 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (the "Company" or "Jason Industries") today announced the Company will release its third quarter 2016 results before the market opens on Friday, November 4, 2016. Jason Industries will also hold a conference call to discuss the results at 10:00 am (Eastern Time) that day. The conference call can be accessed by dialing 1-877-407-3982 (domestic) or 1-201-493-6780 (international). A telephonic replay will be available approximately three hours after the call and can be accessed by dialing 877-870-5176, or for international callers, 1-858-384-5517. The participant passcode for the live call and the replay is 13642137. The telephonic replay will be available until 11:59 pm (Eastern Time) on November 11, 2016. Interested investors and other parties may also listen to a simultaneous webcast of the live conference call by visiting the Investor Relations section of the Company's website at investors.jasoninc.com. The online replay will be available on the website immediately following the call. To learn more about Jason Industries, please visit our website, investors.jasoninc.com. The Company is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., Jason employs more than 4,400 people in 14 countries. To learn more, please visit www.jasoninc.com.


MILWAUKEE, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (Nasdaq:JASNW) (the "Company" or "Jason Industries") today announced the Company will release its fourth quarter 2016 results before the market opens on Thursday, March 2, 2017. Jason Industries will also hold a conference call to discuss the results at 10:00 am (Eastern Time) that day. The conference call can be accessed by dialing 1-877-407-3982 (domestic) or 1-201-493-6780 (international). A telephonic replay will be available approximately three hours after the call and can be accessed by dialing 844-512-2921, or for international callers, 1-412-317-6671. The participant passcode for the live call and the replay is 13642137. The telephonic replay will be available until 11:59 pm (Eastern Time) on March 9, 2017. Interested investors and other parties may also listen to a simultaneous webcast of the live conference call by visiting the Investor Relations section of the Company's website at investors.jasoninc.com. The online replay will be available on the website immediately following the call. To learn more about Jason Industries, please visit our website, investors.jasoninc.com. The Company is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., Jason employs more than 4,400 people in 14 countries. To learn more, please visit www.jasoninc.com.


News Article | November 18, 2016
Site: globenewswire.com

MILWAUKEE, Nov. 18, 2016 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (“Jason” or “the Company”), today announced Mr. Brian K. (“Koby”) Kobylinski will transition to the role of President and Chief Executive Officer, effective December 1, 2016, consistent with the Company’s planned succession process. Mr. Jeffry N. Quinn will remain Chairman of the board of directors. “Since joining Jason earlier this year, Koby has been aggressively addressing the operational issues within the organization, strengthening our relationships with key customers and driving cost synergies across our businesses,” said Quinn. “We recruited Koby knowing he had the experience, skills and leadership ability to be our next chief executive officer. I have seen the positive impact he has had within the organization, and have full confidence in his ability to lead Jason to achieve its full potential.” “We appreciate Jeff’s willingness to lead Jason during this past year of transition and his ongoing commitment to supporting the actions necessary to position Jason for its best future. His high-caliber leadership, significant personal investment and commitment to Jason’s long-term success will continue to serve the Company well,” said Mitchell Quain, lead independent director of Jason. Prior to joining Jason, Mr. Kobylinski served as Executive Vice President, Energy Segment and China for Actuant Corporation based in Milwaukee. During his 23 years with Actuant, Kobylinski progressed through a number of management roles, including Vice President - Industrial and Energy Segments, Vice President – Business Development and Global Business Leader – Hydratight. Mr. Kobylinski received his masters of business administration from the University of Wisconsin - Madison and his bachelors of art from St. Norbert College. About Jason Industries, Inc. The Company is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., Jason employs more than 4,400 people in 14 countries. To learn more, please visit www.jasoninc.com. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “guidance,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the Company’s businesses are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. Such factors include, but are not limited to, the level of demand for the Company’s products; competition in the Company’s markets; the Company’s ability to grow and manage growth profitably; the Company’s ability to access additional capital; changes in applicable laws or regulations; the Company’s ability to attract and retain qualified personnel; the possibility that the Company may be adversely affected by other economic, business and/or competitive factors; and other risks and uncertainties identified in the Company’s most recent Annual Report on Form 10-K, as such may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results and cause them to differ materially from those anticipated in the forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.


News Article | November 4, 2016
Site: globenewswire.com

MILWAUKEE, Nov. 04, 2016 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (“Jason” or the “Company”) today reported third quarter 2016 net sales of $170.1 million, net loss of $2.5 million and diluted loss per share of $0.13. These results included pre-tax restructuring of $0.6 million. For the third quarter of 2016, adjusted net loss was $1.8 million and adjusted loss per share was $0.06. Third quarter Adjusted EBITDA was $16.5 million or 9.7 percent of net sales. Net cash provided by operating activities during the quarter was $2.1 million and free cash flow was negative $1.9 million. “We continue to operate in a challenged industrial demand environment, with several declining end markets,” said Jeffry N. Quinn, chairman and chief executive officer of Jason. “Seating was impacted by decreases in heavyweight motorcycle volumes which were driven by our customers’ lower new equipment builds. Components experienced lower railcar volumes as expected, and Finishing saw softness in general industrial markets.” “In spite of our top-line headwinds, we are making progress on initiatives to structurally improve our margins. While we did not see the operational improvement at the speed and magnitude we anticipated during the quarter and are disappointed with the results, we are confident we will deliver on our cost reduction and margin expansion commitments. We will continue to devote significant resources to improving manufacturing efficiency in our plants and improving our operational talent. Our team is committed to investing in our businesses for long-term success with our customers and employees, and value creation for our shareholders,” added Quinn. As part of the previously announced Cost Reduction and Margin Expansion program, the Company announced the following business portfolio optimization and cost reduction actions: In addition to these actions, the Company announced it has commenced a process to evaluate monetizing certain real estate assets through a sale leaseback transaction to accelerate net debt reduction. “We reviewed our portfolio and identified assets that are not core to our strategy. We are in the process of monetizing the value of our Acoustics European operations, redeploying capital to invest in our other businesses and restructuring projects, and reducing net debt. In Finishing, we will expand margins by exiting a break-even business in Brazil, simplifying the business and focusing our resources on growing our core,” said Brian Kobylinski, president and chief operating officer of Jason. “We are also responding to the rapidly declining railcar volumes by consolidating facilities and right-sizing our capacity in Components.” Cost Reduction and Margin Expansion actions taken and announced to-date will achieve $11 million in annual run-rate savings in selling and administrative costs, and $11 million in annual run-rate savings in supply chain and footprint rationalization savings by the end of 2017.  Global cost reduction program savings were $2.4 million in the third quarter and $4.8 million year-to-date in 2016. Third Quarter 2016 Financial Results (versus the year ago period): Lower volumes in Seating, Components and Finishing offset growth in Acoustics. Net sales of $170.1 million decreased $1.1 million, or 0.6 percent. Net sales were negatively impacted by $0.8 million, or 0.4 percent, of foreign currency translation. Excluding the impact of foreign currency, organic sales decreased 0.2 percent. Net loss was $2.5 million compared with net loss of $3.2 million. Diluted loss per share was $0.13 compared with diluted loss per share of $0.16. Adjusted net loss was $1.8 million compared with adjusted net loss of $0.5 million. Adjusted loss per share was $0.06 compared with adjusted loss per share of $0.02. Adjusted EBITDA was $16.5 million, or 9.7 percent of net sales, compared with $18.6 million, or 10.9 percent of net sales. Adjusted EBITDA decreased $2.1 million on lower volumes in Seating, Components and Finishing, and corporate investments in supply chain initiatives. Global cost reduction program savings and lower incentive compensation expense of $1.4 million favorably impacted Adjusted EBITDA compared with prior year. For the nine months ended September 30, 2016, net cash provided by operating activities was $22.9 million compared with $33.0 million. Capital expenditures were $16.1 million, a decrease of $7.8 million. Free cash flow was $4.1 million compared with free cash flow of $6.5 million, and was reduced by $6.6 million due to timing of interest payments relative to the end of the fiscal period. Net debt to Adjusted EBITDA on a pro forma trailing twelve-month basis was 5.8x as of the end of the third quarter. Total liquidity as of the end of the third quarter was $85.4 million, comprised of $39.5 million of cash and cash equivalents and $45.9 million of availability on revolving loan facilities globally. Seating Seating net sales of $32.3 million decreased $4.9 million, or 13.1 percent, with lower volumes in motorcycle, construction and turf care. Excluding the impact of foreign currency, organic sales decreased 12.5 percent. Adjusted EBITDA was $2.5 million, or 7.8 percent of net sales, compared with $2.9 million, or 7.8 percent of net sales. Adjusted EBITDA was negatively impacted by lower volumes and favorably impacted by savings resulting from the global cost reduction program. Finishing Finishing net sales of $49.2 million decreased $3.2 million, or 6.1 percent, including a negative foreign currency translation impact of $0.6 million, or 1.0 percent. Excluding the impact of foreign currency, organic sales decreased 5.1 percent with lower global industrial demand. Adjusted EBITDA was $7.0 million, or 14.3 percent of net sales, compared with $7.2 million, or 13.8 percent of net sales, and was negatively impacted by lower volumes and favorably impacted by $1.1 million of savings resulting from the global cost reduction program. Acoustics Acoustics net sales of $63.7 million increased $12.0 million, or 23.2 percent, driven by increased volumes on new platform awards. Adjusted EBITDA was $7.4 million, or 11.6 percent of net sales, compared with $7.0 million, or 13.6 percent of net sales. Adjusted EBITDA margin decreased due to operational inefficiencies resulting in lower labor and material productivity, and was favorably impacted by lower incentive compensation expense, and savings resulting from the global cost reduction program. Components Net sales in Components of $24.9 million decreased $5.0 million, or 16.8 percent, with significantly lower rail car component volumes and lower demand for industrial metal products. Adjusted EBITDA was $3.7 million, or 14.7 percent of net sales, compared with $5.2 million, or 17.4 percent of net sales. Adjusted EBITDA decreased on lower volumes and unfavorable product mix, and was favorably impacted by lower raw material costs and incentive compensation expense. Corporate Corporate expenses of $4.1 million increased $0.3 million, primarily due to $1.2 million of costs for manufacturing and supply chain improvement initiatives, and investments in enhancing the Company’s organizational structure, and was favorably impacted by lower incentive compensation expenses. “We expect fourth quarter demand to remain challenged with a more significant impact to higher margin products, and as a result, we have lowered our guidance for the full year. We continue to focus on improving free cash flow through reductions in working capital and non-essential capital expenditures to mitigate the impact of lower earnings and reduce leverage,” added Kobylinski. For 2016, Jason now expects net sales in the range of $695 to $705 million and Adjusted EBITDA in the range of $62 to $65 million. Prior guidance was net sales in the range of $715 to $730 million and Adjusted EBITDA in the range of $73 to $76 million. Kobylinski noted, “Since joining Jason, I’ve immersed myself in our businesses and I see opportunity for significant long-term improvement. In addition to the larger actions that we have announced, there are many basic operational process changes that will be made that drive simplification, consistency, and better performance over time.” The Company will hold a conference call to discuss its third quarter results today at 10:00 a.m. Eastern time. A live webcast of the call may be accessed over the Internet from the Company’s Investor Relations website at investors.jasoninc.com. Participants should follow the instructions provided on the website to download and install the necessary audio applications. The conference call is also available by dialing 877-407-3982 (domestic) or 201-493-6780 (international). Participants should ask for the Jason Industries Third Quarter Earnings conference call. A replay of the live conference call will be available beginning approximately one hour after the call. The replay will be available on the Company’s website or by dialing 877-870-5176 (domestic) or 858-384-5517 (international) and entering the replay passcode 13642137. The telephonic replay will be available until 11:59 pm (Eastern Time), November 11, 2016. The online replay will be available on the website immediately following the call. About Jason Industries, Inc. The Company is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., Jason employs more than 4,400 people in 14 countries. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “guidance,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the Company’s businesses are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. Such factors include, but are not limited to, the level of demand for the Company’s products; competition in the Company’s markets; the Company’s ability to grow and manage growth profitably; the Company’s ability to access additional capital; changes in applicable laws or regulations; the Company’s ability to attract and retain qualified personnel; the possibility that the Company may be adversely affected by other economic, business and/or competitive factors; and other risks and uncertainties identified in the Company’s most recent Annual Report on Form 10-K, as such may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results and cause them to differ materially from those anticipated in the forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Non-GAAP and Other Company Information Included in this press release are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors. Because the Company’s calculations of these measures may differ from similar measures used by other companies, you should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. In this earnings release, we disclose the following non-GAAP financial measures, and we reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt to Adjusted EBITDA, and Free Cash Flow. EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin - The Company defines EBITDA as net income (loss) before interest expense, provision (benefit) for income taxes, depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA, excluding the impact of operational restructuring charges and non-cash or non-operational losses or gains, including goodwill and long-lived asset impairment charges, gains or losses on disposal of property, plant and equipment, integration and other operational restructuring charges, transactional legal fees, other professional fees, purchase accounting adjustments, and non-cash share based compensation expense. The Company defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net sales. Management believes that Adjusted EBITDA provides a more clear picture of the Company’s operating results by eliminating expenses and income that are not reflective of the underlying business performance. The Company uses this metric to facilitate a comparison of operating performance on a consistent basis from period to period and to analyze the factors and trends affecting its segments. The Company’s internal plans, budgets and forecasts use Adjusted EBITDA as a key metric and the Company uses this measure to evaluate its operating performance and segment operating performance and to determine the level of incentive compensation paid to its employees. Adjusted Net Income and Adjusted Earnings Per Share - The Company defines Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) as net income and earnings per share (as defined by GAAP), excluding the impact of operational restructuring charges and non-cash or non-operational losses or gains, including goodwill and long-lived asset impairment charges, gains or losses on disposal of property, plant and equipment, integration and other operational restructuring charges, transactional legal fees, other professional fees, purchase accounting adjustments, and non-cash share based compensation expense, net of their income tax impact. The tax rates used to calculate adjusted net income and adjusted earnings per share are based on a transaction specific basis. Adjusted earnings per share includes the impact of share based compensation to the extent it is dilutive in each period. Adjusted earnings per share includes the impact to Jason Industries common shares upon conversion of JPHI Holdings Inc. rollover shares and conversion of preferred stock. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance. Net Debt to Adjusted EBITDA - The Company defines Net Debt to Adjusted EBITDA as current and long-term debt plus debt discounts less cash and cash equivalents, divided by pro forma Adjusted EBITDA for the trailing twelve months.  Pro forma Adjusted EBITDA is calculated as Adjusted EBITDA as reported plus Adjusted EBITDA of acquisitions prior to the date of the acquisition during the trailing twelve months. Management believes that Net Debt to Adjusted EBITDA is useful in assessing the Company’s financial leverage. Free Cash Flow - The Company defines Free Cash Flow as net cash flows from operating activities (as defined by GAAP) less capital expenditures and cash dividends on preferred stock.  Management believes that Free Cash Flow is useful in assessing our ability to generate cash from business operations that is available for strategic capital decisions. In addition to these non-GAAP financial measures, we also use the term “organic sales” to refer to GAAP net sales from existing operations excluding (i) sales from acquired businesses recorded prior to the first anniversary of the acquisition, and (ii) the impact of foreign currency translation. The impact of foreign currency translation is calculated as the difference between (a) the period-to-period change in results (excluding acquisitions) and (b) the period-to-period change in results (excluding acquisitions) after applying current period average foreign exchange rates to the prior year period. We use the term “organic sales growth” to refer to the measure of comparing current period organic sales with the corresponding period of the prior year. *Note the consolidated first lien net leverage ratio under the Company’s senior secured credit facilities was 3.75x as of September 30, 2016. See Form 10-Q for further discussion of the Company’s senior secured credit facilities. (1) Represents non-cash impairment charges of $58.8 million and $35.3 million related to impairment of goodwill and other intangible assets, respectively, in the seating segment. (2) Restructuring includes costs associated with exit or disposal activities as defined by GAAP related to facility consolidation, including one-time employee termination benefits, costs to close facilities and relocate employees, and costs to terminate contracts other than capital leases. (3) Transaction-related expenses primarily consist of professional service fees related to the Company’s acquisition and divestiture activities. (4) During 2016, integration and other restructuring costs primarily includes costs incurred in connection with the start-up of a new acoustics segment facility in Richmond, Indiana, and during the third quarter of 2016 includes a $0.6 million reversal of a reserve related to the Newcomerstown fire recorded in acquisition accounting for the business combination in 2014. During 2015, integration and other restructuring costs includes 1) equipment move costs and incremental facility preparation and related costs incurred in connection with the start-up of new acoustics segment facilities in Warrensburg, Missouri and Richmond, Indiana, and 2) $5.9 million of severance and expenses related to the transitions of the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), partially offset by 3) a $0.8 million gain resulting from termination of an unfavorable lease recorded in acquisition accounting. Such costs are not included in restructuring for GAAP purposes. (5) Represents non-cash share based compensation expense (income) for awards under the Company’s 2014 Omnibus Incentive Plan. During the second quarter of 2016, share-based compensation includes $2.5 million of expense reversal as a result of the lowering of assumed vesting levels for Adjusted EBITDA performance share units. During 2015, share based compensation includes $2.9 million of expense due to accelerated vesting of RSU’s related to the transition of the Company’s CEO and CFO. (6) Loss (gain) on disposals of fixed assets for the first quarter of 2016 includes a loss of $0.6 million on the sale of a seating segment facility. (1) The effective tax rate on adjustments is impacted by nondeductible foreign transaction and restructuring costs, nondeductible impairment of goodwill, restructuring charges in foreign jurisdictions at statutory tax rates, and discrete non-cash tax expense related to the vesting of restricted stock units for which no tax benefit will be realized. (2) Adjusted earnings per share includes the impact of share-based compensation to the extent it is dilutive in each period. Adjusted earnings per share includes the impact to Jason Industries common shares upon conversion of JPHI Holdings Inc. rollover shares and conversion of preferred stock. (3) In 2015, the Company did not exclude losses and gains on disposals of fixed assets from adjusted net income due to insignificance. Loss (gain) on disposals of fixed assets for the first quarter of 2016 includes a loss of $0.6 million on the sale of a seating segment facility.


News Article | March 2, 2017
Site: globenewswire.com

MILWAUKEE, March 02, 2017 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (“Jason” or “the Company”) today reported fourth quarter 2016 net sales of $158.8 million, net loss of $69.9 million and diluted loss per share of $2.69. These results include pre-tax goodwill impairment charges of $63.3 million and restructuring and integration costs of $2.9 million. For fourth quarter 2016, adjusted net loss was $4.1 million and adjusted loss per share was $0.14. Fourth quarter Adjusted EBITDA was $10.5 million or 6.6 percent of net sales. Net cash provided by operating activities during the quarter was $12.2 million and free cash flow was $7.7 million. “Volumes in our Seating and Components businesses were down significantly on lower motorcycle and rail car demand, in line with our expectations,” said Brian Kobylinski, chief executive officer of Jason. “Finishing continued to see lower general industrial demand in Europe and the U.S., while Acoustics continued to benefit from new platforms, as vehicle production volumes were flat.  Despite these top-line challenges, we were able to deliver improved free cash flow through more effective working capital management.” Full-year 2016 results were net sales of $705.5 million, net loss of $77.7 million and diluted loss per share of $3.13. These results included pre-tax goodwill impairment charges of $63.3 million and restructuring and integration costs of $9.2 million. For full-year 2016, adjusted net loss was $7.1 million and adjusted loss per share was $0.24. Full-year Adjusted EBITDA was $64.2 million or 9.1 percent of net sales. Net cash provided by operating activities for full-year 2016 was $35.1 million and free cash flow was $11.7 million. In the first year of Jason’s global cost reduction and margin expansion program, actions taken and announced to-date will achieve $22 million in annual run-rate cost savings of the $30 million target to be achieved over three years. Global cost reduction program savings were $10 million in 2016. During 2016 Jason exited Finishing operations in Brazil and low-margin product lines in Components with approximately $20 million of non-core annual revenue. “While we faced significant headwinds in some of our end-markets during 2016, we successfully executed on actions to reduce our cost structure and exit non-core low margin business. We remain focused on operations in our key facilities to improve profitability and exceed quality and delivery commitments to our customers. Improvements in serving our customers have resulted in new platform opportunities and wins, and provide commercial traction heading into 2017,” added Kobylinski. Lower volumes in Components, Seating, and Finishing offset growth in Acoustics. Net sales of $158.8 million decreased $15.0 million, or 8.6 percent. Net sales were negatively impacted by $1.4 million, or 0.8 percent, of foreign currency translation and negative $3.6 million from the exit of non-core markets and product lines in Finishing and Components. Excluding the impact of foreign currency and non-core exit, organic sales decreased 5.8 percent. Net loss was $69.9 million including non-cash goodwill impairment charges of $63.3 million, compared with net loss of $84.7 million including non-cash goodwill and intangibles impairment charges of $94.1 million in the prior year. Diluted loss per share was $2.69 compared with diluted loss per share of $3.20.  Adjusted net loss was $4.1 million compared with adjusted net income of $0.7 million. Adjusted loss per share was $0.14 compared with adjusted earnings per share of $0.02. Adjusted EBITDA was $10.5 million, or 6.6 percent of net sales, compared with $16.7 million, or 9.6 percent of net sales. Adjusted EBITDA decreased $6.2 million on lower volumes in Components, Finishing, and Seating, and $1.0 million of corporate investments in supply chain initiatives.  Global cost reduction program savings of $2.4 million favorably impacted the quarter. Net cash provided by operating activities was $12.2 million, compared with $5.6 million. Capital expenditures were $3.7 million, a decrease of $5.2 million. Free cash flow was $7.7 million compared with negative $4.2 million driven by reductions in working capital and lower capital expenditures. Net debt to Adjusted EBITDA on a trailing twelve-month basis was 6.2x as of the end of the fourth quarter. Total liquidity as of the end of the fourth quarter was $89.3 million, comprised of $40.9 million of cash and cash equivalents and $48.4 million of availability on revolving loan facilities globally. Seating Seating net sales of $32.1 million decreased $4.6 million, or 12.6 percent, negatively impacted by foreign currency translation of $0.2 million, or 0.8 percent. Sales decreased on significantly lower volumes in heavyweight motorcycle. Adjusted EBITDA was $1.4 million, or 4.3 percent of net sales, compared with negative $0.4 million, or negative 1.1 percent of net sales. The improvement in Adjusted EBITDA was impacted by a $1.0 million charge for excess and obsolete inventory in the prior year, current year improvements in operations, and lower selling and administrative expenses, and was negatively impacted by lower volumes and unfavorable product mix. Finishing Finishing net sales of $44.3 million decreased $5.3 million, or 10.6 percent, including a negative foreign currency translation impact of $0.9 million, or 1.9 percent, and a negative $0.7 million, or 1.4% impact from the exit of a non-core market in Brazil. Excluding the impact of foreign currency and non-core exit, organic sales growth was negative 7.3 percent with lower volumes on softer global industrial demand. Adjusted EBITDA was $4.3 million, or 9.7 percent of net sales, compared with $5.5 million, or 11.2 percent of net sales, and was negatively impacted by lower volumes and labor absorption. Acoustics Acoustics net sales of $61.0 million increased $1.7 million, or 2.9 percent, and were negatively impacted by foreign currency translation of $0.1 million, or 0.2 percent. Excluding the impact of foreign currency, organic sales growth was 3.1 percent driven by increased volumes on new platform awards. Adjusted EBITDA was $6.4 million, or 10.5 percent of net sales, compared with $8.3 million, or 14.0 percent of net sales. Adjusted EBITDA margin decreased due to operational inefficiencies resulting in higher labor and material costs, and increased overhead. A non-cash goodwill impairment charge of $29.8 million was recorded in Acoustics due to lower growth expectations in part resulting from a projected decline in North American automotive end-markets. Components Net sales in Components of $21.3 million decreased $6.9 million, or 24.3 percent, including a negative $2.9 million, or 10.1 percent impact from the exit of non-core product lines upon closure of the Buffalo Grove facility in the fourth quarter.  Excluding the impact of non-core exit, organic sales growth was negative 14.2 percent with lower volumes of rail car and industrial metal products, and increased volumes of smart utility meter components. Adjusted EBITDA was $2.6 million, or 12.4 percent of net sales, compared with $5.0 million, or 17.9% of net sales. Adjusted EBITDA margin was negatively impacted by lower volumes. A non-cash goodwill impairment charge of $33.2 million was recorded in Components due to lower growth expectations primarily resulting from the current and projected cyclical decline in the rail car end-markets. “We have allocated resources and capital to focus on growing our core and simplifying our operations. We enter 2017 having recently exited a non-core Brazil market in Finishing, and with momentum to consolidate our footprint in Components. While we expect lower sales with on-going declines in some of our end markets, we are winning new business and right-sizing our cost structure and footprint to maintain our EBITDA and improve our margins,” added Kobylinski. “We will continue to drive free cash flow generation in our businesses to strengthen our balance sheet.” For 2017, Jason expects net sales in the range of $650 to $670 million and Adjusted EBITDA is expected in the range of $64 to $67 million. The Company will hold a conference call to discuss its fourth quarter results today at 10:00 a.m. Eastern time. A live webcast of the call may be accessed over the Internet from the Company’s Investor Relations website at investors.jasoninc.com. Participants should follow the instructions provided on the website to download and install the necessary audio applications. The conference call is also available by dialing 877-407-3982 (domestic) or 201-493-6780 (international). Participants should ask for the Jason Industries Fourth Quarter Earnings conference call. A replay of the live conference call will be available beginning approximately one hour after the call. The replay will be available on the Company’s website or by dialing 844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the replay passcode 13642137. The telephonic replay will be available until 11:59 pm (Eastern Time), March 9, 2017. The online replay will be available on the website immediately following the call. About Jason Industries, Inc. The Company is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., Jason employs more than 4,400 people in 14 countries. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “guidance,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the Company’s businesses are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. Such factors include, but are not limited to, the level of demand for the Company’s products; competition in the Company’s markets; the Company’s ability to grow and manage growth profitably; the Company’s ability to access additional capital; changes in applicable laws or regulations; the Company’s ability to attract and retain qualified personnel; the possibility that the Company may be adversely affected by other economic, business and/or competitive factors; and other risks and uncertainties identified in the Company’s most recent Annual Report on Form 10-K, as such may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results and cause them to differ materially from those anticipated in the forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Non-GAAP and Other Company Information Included in this press release are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors. Because the Company’s calculations of these measures may differ from similar measures used by other companies, you should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. In this earnings release, we disclose the following non-GAAP financial measures, and we reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt to Adjusted EBITDA, and Free Cash Flow. EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin - The Company defines EBITDA as net income (loss) before interest expense, provision (benefit) for income taxes, depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA, excluding the impact of operational restructuring charges and non-cash or non-operational losses or gains, including goodwill and long-lived asset impairment charges, gains or losses on disposal of property, plant and equipment, integration and other operational restructuring charges, transactional legal fees, other professional fees, purchase accounting adjustments, and non-cash share based compensation expense. The Company defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net sales. Management believes that Adjusted EBITDA provides a more clear picture of the Company’s operating results by eliminating expenses and income that are not reflective of the underlying business performance. The Company uses this metric to facilitate a comparison of operating performance on a consistent basis from period to period and to analyze the factors and trends affecting its segments. The Company’s internal plans, budgets and forecasts use Adjusted EBITDA as a key metric and the Company uses this measure to evaluate its operating performance and segment operating performance and to determine the level of incentive compensation paid to its employees. Adjusted Net Income and Adjusted Earnings Per Share - The Company defines Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) as net income and earnings per share (as defined by GAAP), excluding the impact of operational restructuring charges and non-cash or non-operational losses or gains, including goodwill and long-lived asset impairment charges, gains or losses on disposal of property, plant and equipment, integration and other operational restructuring charges, transactional legal fees, other professional fees, purchase accounting adjustments, and non-cash share based compensation expense, net of their income tax impact. The tax rates used to calculate adjusted net income and adjusted earnings per share are based on a transaction specific basis. Adjusted earnings per share includes the impact of share based compensation to the extent it is dilutive in each period. Adjusted earnings per share includes the impact to Jason Industries common shares upon conversion of JPHI Holdings Inc. rollover shares and conversion of preferred stock. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance. Net Debt to Adjusted EBITDA - The Company defines Net Debt to Adjusted EBITDA as current and long-term debt plus debt discounts less cash and cash equivalents, divided by pro forma Adjusted EBITDA for the trailing twelve months.  Pro forma Adjusted EBITDA is calculated as Adjusted EBITDA as reported plus Adjusted EBITDA of acquisitions prior to the date of the acquisition during the trailing twelve months. Management believes that Net Debt to Adjusted EBITDA is useful in assessing the Company’s financial leverage. Free Cash Flow - The Company defines Free Cash Flow as net cash flows from operating activities (as defined by GAAP) less capital expenditures and cash dividends on preferred stock.  Management believes that Free Cash Flow is useful in assessing our ability to generate cash from business operations that is available for strategic capital decisions. In addition to these non-GAAP financial measures, we also use the term “organic sales” to refer to GAAP net sales from existing operations excluding (i) sales from acquired businesses recorded prior to the first anniversary of the acquisition, (ii) sales from divested businesses or exited non-core businesses, and (iii) the impact of foreign currency translation. The impact of foreign currency translation is calculated as the difference between (a) the period-to-period change in results (excluding acquisitions, divestitures, and exited non-core businesses) and (b) the period-to-period change in results (excluding acquisitions, divestitures, and exited non-core businesses) after applying current period average foreign exchange rates to the prior year period. We use the term “organic sales growth” to refer to the measure of comparing current period organic sales with the corresponding prior year period organic sales. *Note the consolidated first lien net leverage ratio under the Company’s senior secured credit facilities was 4.02x as of December 31, 2016. See Form 10-K for further discussion of the Company’s senior secured credit facilities. (1)  Charges in 2016 primarily relate to non-cash impairment of goodwill of $29.8 million and $33.2 million in the acoustics and components segments, respectively. Charges in 2015 represent non-cash impairment charges of $58.8 million and $35.3 million related to impairment of goodwill and other intangible assets, respectively, in the seating segment. (2)  Restructuring includes costs associated with exit or disposal activities as defined by GAAP related to facility consolidation, including one-time employee termination benefits, costs to close facilities and relocate employees, and costs to terminate contracts other than capital leases. (3)  Transaction-related expenses primarily consist of professional service fees related to the Company’s acquisition and divestiture activities. (4)  During 2016, integration and other restructuring costs primarily includes costs incurred in connection with the start-up of a new acoustics segment facility in Richmond, Indiana and costs incurred in connection with the closure of Finishing operations in Brazil, and during the third quarter of 2016 includes a $0.6 million reversal of a reserve related to the Newcomerstown fire recorded in acquisition accounting for the business combination in 2014. During 2015, integration and other restructuring costs includes 1) equipment move costs and incremental facility preparation and related costs incurred in connection with the start-up of new acoustics segment facilities in Warrensburg, Missouri and Richmond, Indiana, and 2) $5.9 million of severance and expenses related to the transitions of the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), partially offset by 3) a $0.8 million gain resulting from termination of an unfavorable lease recorded in acquisition accounting. Such costs are not included in restructuring for GAAP purposes. (5)  Represents non-cash share based compensation expense (income) for awards under the Company’s 2014 Omnibus Incentive Plan. During the second quarter of 2016, share-based compensation includes $2.5 million of expense reversal as a result of the lowering of assumed vesting levels for Adjusted EBITDA performance share units. During 2015, share based compensation includes $2.9 million of expense due to accelerated vesting of RSU’s related to the transition of the Company’s CEO and CFO. (6)  Loss (gain) on disposals of fixed assets for the first quarter of 2016 includes a loss of $0.6 million on the sale of a seating segment facility. (1)  The effective tax rate on adjustments is impacted by nondeductible foreign transaction and restructuring costs, nondeductible impairment of goodwill, restructuring charges in foreign jurisdictions at statutory tax rates, and discrete non-cash tax expense related to the vesting of restricted stock units for which no tax benefit will be realized. (2)  Adjusted earnings per share includes the impact of share-based compensation to the extent it is dilutive in each period. Adjusted earnings per share includes the impact to Jason Industries common shares upon conversion of JPHI Holdings Inc. rollover shares and conversion of preferred stock. (3)  In 2015, the Company did not exclude losses and gains on disposals of fixed assets from adjusted net income due to insignificance. Loss (gain) on disposals of fixed assets for the first quarter of 2016 includes a loss of $0.6 million on the sale of a seating segment facility.


Adasch V.,DRONCO AG | Schroeder M.,Albert Ludwigs University of Freiburg | Kotzott D.,Albert Ludwigs University of Freiburg | Ludwig T.,Albert Ludwigs University of Freiburg | And 2 more authors.
Journal of the American Chemical Society | Year: 2010

Single crystals of a new magnesium boride carbide MgxB 50C8 (x = 2.4-4) were synthesized from the elements in a metallic melt using tantalum ampules. Crystals were characterized by single crystal X-ray diffraction and electron microprobe analysis. The variation of the Mg content results from different reaction conditions. The composition Mg ∼3B50C8 is by far the most favored. It fulfills the electron counting rules of Wade and Longuet-Higgins and thus explains the light-green to yellow transparent color. The structure of Mg ∼3B50C8 (C2/m, Z = 1, a = 8.9384(12) Å, b = 5.6514(9) Å, c = 9.6021(13) Å, β = 105.86(1)°) consists of B12 icosahedra. The icosahedra are interconnected by four exohedral B-B bonds to layers. The layers are connected to a three-dimensional covalent network by C2 and CBC units and further exohedral B-B bonds. The Mg sites are partially occupied. Different site occupation factors cause the various compositions and colors (Mg 2.4B50C8, brown; Mg4B 50C8, black). The vibrational spectra show the modes of B12 icosahedra and C2 and CBC units as well. Measurements of the microhardness according to Vickers and Knoop revealed remarkably high values of HV = 3286 (32.0 GPa) and HK = 3165 (31.5 GPa), which exceed the values of B4C. Optical spectra reveal a band gap of 2.7 eV for Mg∼3B50C8, in agreement to the observed color. This justifies an ionic description, and the formula can be written as (Mg2+)3(B12 2-) 4(CBC+)2(C2)2. © 2010 American Chemical Society.


SchUtz M.R.,University of Bayreuth | Sattler K.,University of Bayreuth | Deeken S.,Dronco AG | Klein O.,Dronco AG | And 5 more authors.
Journal of Applied Polymer Science | Year: 2010

Silsesquioxanes are formed in situ during mixing and curing of a phenolic resin and a molecular silane precursor (3-(triethoxysilyl)-1-propaneamine) yielding a nanocomposite. As indicated by a higher onset temperature, a higher characteristic decomposition temperature, and a lower maximum heat flow, the thermal stability of the nanocomposite is significantly improved over the pristine resin. Moreover, the bending strength and the strain at break could also be enhanced by 36% and 51%, respectively. The nanocomposite was characterized by 29Si solid- state NMR, STEM/EDS, TGA, DSC, and three point bending tests. The STEM/EDS measurements showed a homogenous distribution of silsesquioxanes in the phenolic resin. © 2010 Wiley Periodicals, Inc.

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