Delaware | 001-36051 | 46-2888322 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title: | Senior Vice President and Chief Financial Officer |
• | Net sales of $167.3 million decreased 4.5 percent and included a negative 5.3 percent impact from the divestiture and planned exit of non-core businesses and a positive 2.9 percent from foreign currency translation. |
• | Operating income of $7.3 million, or 4.4 percent of net sales, increased from 4.3 percent of net sales on improved operational results. |
• | Net loss of $0.8 million, or $0.09 diluted loss per share, increased $0.3 million and $0.04 per share. Diluted loss per share was impacted $0.04 per share by the redemption premium on the conversion of preferred stock into common stock. |
• | Free cash flow was $0.2 million, an increase of $0.7 million, due to higher cash flows generated by operations. |
• | Adjusted EBITDA of $19.7 million, or 11.8 percent of net sales, increased $1.2 million and improved from 10.6 percent of net sales, driven by margin expansion from pricing and improved operational efficiencies. |
• | Adjusted Net Income of $0.7 million, or $0.02 Adjusted Earnings Per Share, improved $0.01 per share. |
• | Total Cost Reduction and Margin Expansion program savings were $0.3 million in the first quarter with a total of $20 million since the inception of the program. Actions taken and announced to-date are expected to achieve $24 million in annual run-rate cost savings. |
• | Completed the exit of a facility in Libertyville, IL, previously announced as part of the Cost Reduction and Margin Expansion program. |
• | Initiated move of Acoustics Richmond, IN facility into other existing facilities; project expected to be completed by the end of the second quarter. |
• | Achieved organic growth of 6.0 percent in Components and 1.5 percent in Finishing. Organic growth was achieved through strong industrial markets and targeted growth initiatives, while exiting low margin business and products. |
• | Finishing net sales of $54.0 million increased $4.5 million, or 9.1 percent, including a positive foreign currency translation impact of 8.9 percent and a negative 1.3 percent impact from the exit of a non-core market in Brazil. Organic sales increased 1.5 percent and were impacted by pricing and higher volumes in industrial end markets, partially offset by strategic decisions to exit low-margin business and products. Adjusted EBITDA was $7.8 million, or 14.4 percent of net sales, an increase of $0.7 million from 14.3 percent of net sales. Adjusted EBITDA margin increased on improved pricing and savings resulting from the cost reduction program. |
• | Components net sales of $22.4 million increased $1.3 million, or 6.0 percent due to pricing and higher volumes in the rail market. Adjusted EBITDA was $3.1 million, or 13.7 percent of net sales, an increase of $0.4 million from 12.9 percent of net sales, with margins positively impacted by increased pricing and higher volumes. |
• | Seating net sales of $47.0 million decreased $0.3 million, or 0.7 percent, including a positive foreign currency translation impact of 0.9 percent. Organic sales decreased 1.6 percent on lower volumes in the motorcycle market and a delayed start to the spring turf care season, partially offset by volume growth in heavy industry. Adjusted EBITDA was |
• | Acoustics net sales of $43.8 million decreased $13.4 million, or 23.4 percent, including a negative 15.3 percent impact from the divestiture of the Acoustics European operations. Organic sales decreased 8.1 percent due to lower overall North American vehicle demand and a shift from cars to light truck vehicles. Adjusted EBITDA was $5.8 million, or 13.2 percent of net sales, an improvement from 11.7 percent of net sales in the prior year. Adjusted EBITDA margin increased on improved material efficiencies and continuous improvement projects, partially offset by higher raw material costs. |
• | Corporate expenses of $2.9 million decreased $0.6 million on lower third-party professional fees and lower health care costs. |
• | Net debt to Adjusted EBITDA on a trailing twelve-month basis was 5.3x as of the end of the first quarter, a decrease from 5.5x as of the end of 2017. Total liquidity as of the end of the first quarter was $95.0 million, comprised of $48.0 million of cash and cash equivalents and $47.0 million of availability on revolving loan facilities globally. |
• | In the first quarter the Company completed a transaction in which the Company exchanged 1,395,640 shares of common stock for 12,136 shares of 8.0% Series A Convertible Perpetual Preferred Stock. The shares of Preferred Stock exchanged had an aggregate liquidation preference of $12.1 million, representing 24.4% of the Company’s outstanding Preferred Stock. With the completion of the exchange transaction, the Company has 27,362,021 common shares issued and outstanding, and 37,529 shares of Preferred Stock outstanding. |
Three Months Ended | |||||||
March 30, 2018 | March 31, 2017 | ||||||
Net sales | $ | 167,254 | $ | 175,193 | |||
Cost of goods sold | 131,582 | 140,584 | |||||
Gross profit | 35,672 | 34,609 | |||||
Selling and administrative expenses | 27,524 | 26,656 | |||||
Loss (gain) on disposals of property, plant and equipment - net | 234 | (330 | ) | ||||
Restructuring | 602 | 681 | |||||
Operating income | 7,312 | 7,602 | |||||
Interest expense | (8,027 | ) | (8,366 | ) | |||
Equity income | 100 | 143 | |||||
Other income - net | 71 | 113 | |||||
Loss before income taxes | (544 | ) | (508 | ) | |||
Tax provision (benefit) | 275 | (15 | ) | ||||
Net loss | $ | (819 | ) | $ | (493 | ) | |
Less net gain attributable to noncontrolling interests | — | 5 | |||||
Net loss attributable to Jason Industries | $ | (819 | ) | $ | (498 | ) | |
Redemption premium and accretion of dividends on preferred stock | 1,727 | 918 | |||||
Net loss available to common shareholders of Jason Industries | $ | (2,546 | ) | $ | (1,416 | ) | |
Net loss per share available to common shareholders of Jason Industries: | |||||||
Basic and diluted | $ | (0.09 | ) | $ | (0.05 | ) | |
Weighted average number of common shares outstanding: | |||||||
Basic and diluted | 27,329 | 25,784 |
March 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 47,991 | $ | 48,887 | |||
Accounts receivable - net | 83,890 | 68,626 | |||||
Inventories - net | 75,372 | 70,819 | |||||
Other current assets | 18,093 | 15,655 | |||||
Total current assets | 225,346 | 203,987 | |||||
Property, plant and equipment - net | 151,693 | 154,196 | |||||
Goodwill | 45,838 | 45,142 | |||||
Other intangible assets - net | 128,041 | 131,499 | |||||
Other assets - net | 12,873 | 11,499 | |||||
Total assets | $ | 563,791 | $ | 546,323 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 9,430 | $ | 9,704 | |||
Accounts payable | 62,418 | 53,668 | |||||
Accrued compensation and employee benefits | 21,521 | 17,433 | |||||
Accrued interest | 215 | 276 | |||||
Other current liabilities | 21,169 | 19,806 | |||||
Total current liabilities | 114,753 | 100,887 | |||||
Long-term debt | 391,694 | 391,768 | |||||
Deferred income taxes | 25,324 | 25,699 | |||||
Other long-term liabilities | 22,505 | 22,285 | |||||
Total liabilities | 554,276 | 540,639 | |||||
Shareholders’ Equity | |||||||
Preferred stock | 38,277 | 49,665 | |||||
Jason Industries common stock | 3 | 3 | |||||
Additional paid-in capital | 155,397 | 143,788 | |||||
Retained deficit | (168,019 | ) | (167,710 | ) | |||
Accumulated other comprehensive loss | (16,143 | ) | (20,062 | ) | |||
Total shareholders’ equity | 9,515 | 5,684 | |||||
Total liabilities and shareholders’ equity | $ | 563,791 | $ | 546,323 |
Three Months Ended | |||||||
March 30, 2018 | March 31, 2017 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (819 | ) | $ | (493 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation | 6,709 | 6,943 | |||||
Amortization of intangible assets | 4,098 | 3,060 | |||||
Amortization of deferred financing costs and debt discount | 711 | 752 | |||||
Equity income | (100 | ) | (143 | ) | |||
Deferred income taxes | (1,073 | ) | (2,672 | ) | |||
Loss (gain) on disposals of property, plant and equipment - net | 234 | (330 | ) | ||||
Share-based compensation | 231 | 349 | |||||
Net increase (decrease) in cash, excluding effect of divestitures, due to changes in: | |||||||
Accounts receivable | (14,500 | ) | (9,985 | ) | |||
Inventories | (4,076 | ) | 2,513 | ||||
Other current assets | (1,150 | ) | 318 | ||||
Accounts payable | 8,980 | (898 | ) | ||||
Accrued compensation and employee benefits | 3,985 | 3,615 | |||||
Accrued interest | (61 | ) | (54 | ) | |||
Accrued income taxes | 17 | 1,293 | |||||
Other - net | 631 | (1,367 | ) | ||||
Total adjustments | 4,636 | 3,394 | |||||
Net cash provided by operating activities | 3,817 | 2,901 | |||||
Cash flows from investing activities | |||||||
Proceeds from disposals of property, plant and equipment | 49 | 674 | |||||
Payments for property, plant and equipment | (3,622 | ) | (3,396 | ) | |||
Acquisitions of patents | (9 | ) | (33 | ) | |||
Net cash used in investing activities | (3,582 | ) | (2,755 | ) | |||
Cash flows from financing activities | |||||||
Payments of First and Second Lien term loans | (775 | ) | (775 | ) | |||
Proceeds from other long-term debt | 1,247 | 2,555 | |||||
Payments of other long-term debt | (1,963 | ) | (1,520 | ) | |||
Other financing activities - net | (13 | ) | (8 | ) | |||
Net cash (used in) provided by financing activities | (1,504 | ) | 252 | ||||
Effect of exchange rate changes on cash and cash equivalents | 373 | 217 | |||||
Net (decrease) increase in cash and cash equivalents | (896 | ) | 615 | ||||
Cash and cash equivalents, beginning of period | 48,887 | 40,861 | |||||
Cash and cash equivalents, end of period | $ | 47,991 | $ | 41,476 |
2017 | 2018 | ||||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | YTD | ||||||||||||||||||||||||
Finishing | |||||||||||||||||||||||||||||||||
Net sales | $ | 49,476 | $ | 49,757 | $ | 51,065 | $ | 49,986 | $ | 200,284 | $ | 53,978 | $ | 53,978 | |||||||||||||||||||
Adjusted EBITDA | 7,067 | 7,324 | 7,503 | 5,767 | 27,661 | 7,799 | 7,799 | ||||||||||||||||||||||||||
Adjusted EBITDA % net sales | 14.3 | % | 14.7 | % | 14.7 | % | 11.5 | % | 13.8 | % | 14.4 | % | 14.4 | % | |||||||||||||||||||
Components | |||||||||||||||||||||||||||||||||
Net sales | $ | 21,117 | $ | 21,713 | $ | 19,945 | $ | 19,846 | $ | 82,621 | $ | 22,393 | $ | 22,393 | |||||||||||||||||||
Adjusted EBITDA | 2,720 | 2,451 | 2,445 | 2,272 | 9,888 | 3,070 | 3,070 | ||||||||||||||||||||||||||
Adjusted EBITDA % net sales | 12.9 | % | 11.3 | % | 12.3 | % | 11.4 | % | 12.0 | % | 13.7 | % | 13.7 | % | |||||||||||||||||||
Seating | |||||||||||||||||||||||||||||||||
Net sales | $ | 47,373 | $ | 44,921 | $ | 32,963 | $ | 33,872 | $ | 159,129 | $ | 47,034 | $ | 47,034 | |||||||||||||||||||
Adjusted EBITDA | 5,530 | 5,897 | 2,621 | 2,300 | 16,348 | 5,933 | 5,933 | ||||||||||||||||||||||||||
Adjusted EBITDA % net sales | 11.7 | % | 13.1 | % | 8.0 | % | 6.8 | % | 10.3 | % | 12.6 | % | 12.6 | % | |||||||||||||||||||
Acoustics | |||||||||||||||||||||||||||||||||
Net sales | $ | 57,227 | $ | 56,086 | $ | 51,457 | $ | 41,812 | $ | 206,582 | $ | 43,849 | $ | 43,849 | |||||||||||||||||||
Adjusted EBITDA | 6,721 | 7,983 | 6,640 | 5,997 | 27,341 | 5,778 | 5,778 | ||||||||||||||||||||||||||
Adjusted EBITDA % net sales | 11.7 | % | 14.2 | % | 12.9 | % | 14.3 | % | 13.2 | % | 13.2 | % | 13.2 | % | |||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (3,477 | ) | $ | (3,075 | ) | $ | (3,073 | ) | $ | (3,861 | ) | $ | (13,486 | ) | $ | (2,867 | ) | $ | (2,867 | ) | ||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Net sales | $ | 175,193 | $ | 172,477 | $ | 155,430 | $ | 145,516 | $ | 648,616 | $ | 167,254 | $ | 167,254 | |||||||||||||||||||
Adjusted EBITDA | 18,561 | 20,580 | 16,136 | 12,475 | 67,752 | 19,713 | 19,713 | ||||||||||||||||||||||||||
Adjusted EBITDA % net sales | 10.6 | % | 11.9 | % | 10.4 | % | 8.6 | % | 10.4 | % | 11.8 | % | 11.8 | % |
1Q 2018 | |||||||||
Finishing | Components | Seating | Acoustics | Jason Consolidated | |||||
Net sales | |||||||||
Organic sales growth | 1.5% | 6.0% | (1.6)% | (8.1)% | (2.1)% | ||||
Currency impact | 8.9% | —% | 0.9% | —% | 2.9% | ||||
Divestiture & Non-Core Exit | (1.3)% | —% | —% | (15.3)% | (5.3)% | ||||
Growth as reported | 9.1% | 6.0% | (0.7)% | (23.4)% | (4.5)% |
1Q | |||||||
2017 | 2018 | ||||||
Operating Cash Flow | $ | 2,901 | $ | 3,817 | |||
Less: Capital Expenditures | (3,396 | ) | (3,622 | ) | |||
Free Cash Flow | $ | (495 | ) | $ | 195 |
March 30, 2018 | |||
Current and long-term debt | $ | 401,124 | |
Add: Debt discounts and deferred financing costs | 8,581 | ||
Less: Cash and cash equivalents | (47,991 | ) | |
Net Debt | $ | 361,714 | |
Adjusted EBITDA | |||
2Q17 | $ | 20,580 | |
3Q17 | 16,136 | ||
4Q17 | 12,475 | ||
1Q18 | 19,713 | ||
TTM Adjusted EBITDA | 68,904 | ||
Divestiture TTM Adjusted EBITDA* | (1,275 | ) | |
Pro Forma TTM Adjusted EBITDA | 67,629 | ||
Net Debt to Adjusted EBITDA** | 5.3x |
2017 | 2018 | ||||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | YTD | ||||||||||||||||||||||||
Net (loss) income | $ | (493 | ) | $ | (4,737 | ) | $ | (1,601 | ) | $ | 2,358 | $ | (4,473 | ) | $ | (819 | ) | $ | (819 | ) | |||||||||||||
Interest expense | 8,366 | 8,395 | 8,203 | 8,125 | 33,089 | 8,027 | 8,027 | ||||||||||||||||||||||||||
Tax (benefit) provision | (15 | ) | 179 | (1,602 | ) | (8,946 | ) | (10,384 | ) | 275 | 275 | ||||||||||||||||||||||
Depreciation and amortization | 10,003 | 9,487 | 9,749 | 9,695 | 38,934 | 10,807 | 10,807 | ||||||||||||||||||||||||||
EBITDA | 17,861 | 13,324 | 14,749 | 11,232 | 57,166 | 18,290 | 18,290 | ||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||
Restructuring(1) | 681 | 543 | 1,772 | 1,270 | 4,266 | 602 | 602 | ||||||||||||||||||||||||||
Integration and other restructuring costs(2) | — | — | — | (569 | ) | (569 | ) | 356 | 356 | ||||||||||||||||||||||||
Share-based compensation(3) | 349 | 324 | 231 | 215 | 1,119 | 231 | 231 | ||||||||||||||||||||||||||
(Gain) loss on disposals of fixed assets—net(4) | (330 | ) | 65 | (639 | ) | 145 | (759 | ) | 234 | 234 | |||||||||||||||||||||||
(Gain) loss on extinguishment of debt(5) | — | (1,564 | ) | (819 | ) | 182 | (2,201 | ) | — | — | |||||||||||||||||||||||
Loss on divestitures(6) | — | 7,888 | 842 | — | 8,730 | — | — | ||||||||||||||||||||||||||
Total adjustments | 700 | 7,256 | 1,387 | 1,243 | 10,586 | 1,423 | 1,423 | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 18,561 | $ | 20,580 | $ | 16,136 | $ | 12,475 | $ | 67,752 | $ | 19,713 | $ | 19,713 |
(1) | 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. |
(2) | During 2018, integration and other restructuring costs includes costs associated with a $0.4 million force majeure incident at a supplier in the seating segment that resulted in incremental costs to maintain production and related insurance recoveries in subsequent periods. During 2017, integration and other restructuring costs includes a $0.6 million reversal of a liability recorded in acquisition accounting for the business combination in 2014. |
(3) | Represents non-cash share based compensation expense for awards under the Company’s 2014 Omnibus Incentive Plan. |
(4) | (Gain) loss on disposals of fixed assets for the third quarter of 2017 includes a gain of $0.5 million on the sale of a building related to the closure of the finishing segment’s Richmond, Virginia facility and for the first quarter of 2017 includes a gain of $0.4 million on the sale of equipment related to the closure of the components segment’s Buffalo Grove, Illinois facility. |
(5) | Represents a (gain) loss on extinguishment of Second Lien Term Loan debt in both the second and third quarter of 2017 and a $0.2 million prepayment fee to retire foreign debt in the fourth quarter of 2017. |
(6) | Represents the completed divestiture of the Company’s Acoustics European operations. A pre-tax loss of $7.9 million was recorded in the second quarter of 2017 when the business was classified as held for sale and a pre-tax loss of $0.8 million was recorded in the third quarter of 2017 upon closing of the divestiture. |
2017 | 2018 | ||||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | YTD | ||||||||||||||||||||||||
GAAP Net (loss) income | $ | (493 | ) | $ | (4,737 | ) | $ | (1,601 | ) | $ | 2,358 | $ | (4,473 | ) | $ | (819 | ) | $ | (819 | ) | |||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||
Restructuring | 681 | 543 | 1,772 | 1,270 | 4,266 | 602 | 602 | ||||||||||||||||||||||||||
Integration and other restructuring costs | — | — | — | (569 | ) | (569 | ) | 356 | 356 | ||||||||||||||||||||||||
Share based compensation | 349 | 324 | 231 | 215 | 1,119 | 231 | 231 | ||||||||||||||||||||||||||
(Gain) loss on disposal of fixed assets - net | (330 | ) | 65 | (639 | ) | 145 | (759 | ) | 234 | 234 | |||||||||||||||||||||||
(Gain) loss on extinguishment of debt | — | (1,564 | ) | (819 | ) | 182 | (2,201 | ) | — | — | |||||||||||||||||||||||
Loss on divestitures | — | 7,888 | 842 | — | 8,730 | — | — | ||||||||||||||||||||||||||
Tax effect on adjustments(1) | (55 | ) | (582 | ) | (214 | ) | (122 | ) | (973 | ) | (314 | ) | (314 | ) | |||||||||||||||||||
Tax (benefit) provision(2) | — | — | — | (3,787 | ) | (3,787 | ) | 410 | 410 | ||||||||||||||||||||||||
Adjusted net income (loss) | $ | 152 | $ | 1,937 | $ | (428 | ) | $ | (308 | ) | $ | 1,353 | $ | 700 | $ | 700 | |||||||||||||||||
Effective tax rate on adjustments(1) | 16 | % | 8 | % | 16 | % | 10 | % | 9 | % | 22 | % | 22 | % | |||||||||||||||||||
Diluted weighted average number of common shares outstanding (GAAP): | 25,784 | 26,042 | 26,241 | 26,255 | 26,082 | 27,329 | 27,329 | ||||||||||||||||||||||||||
Plus: effect of dilutive share-based compensation (non-GAAP)(3) | — | — | — | 530 | — | — | — | ||||||||||||||||||||||||||
Plus: effect of convertible preferred stock and rollover shares (non-GAAP)(3) | 3,967 | 3,815 | 3,889 | 3,982 | 3,917 | 3,309 | 3,309 | ||||||||||||||||||||||||||
Diluted weighted average number of common shares outstanding (non-GAAP)(3) | 29,751 | 29,857 | 30,130 | 30,767 | 29,999 | 30,638 | 30,638 | ||||||||||||||||||||||||||
Adjusted earnings (loss) per share | $ | 0.01 | $ | 0.06 | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.05 | $ | 0.02 | $ | 0.02 | |||||||||||||||||
GAAP Net (loss) income per share available to common shareholders of Jason Industries | $ | (0.05 | ) | $ | (0.22 | ) | $ | (0.10 | ) | $ | 0.05 | $ | (0.32 | ) | $ | (0.09 | ) | $ | (0.09 | ) | |||||||||||||
Adjustments net of income taxes: | |||||||||||||||||||||||||||||||||
Restructuring | 0.02 | 0.01 | 0.04 | 0.04 | 0.13 | 0.02 | 0.02 | ||||||||||||||||||||||||||
Integration and other restructuring costs | — | — | — | (0.02 | ) | (0.02 | ) | 0.01 | 0.01 | ||||||||||||||||||||||||
Share based compensation | 0.02 | 0.02 | 0.01 | 0.01 | 0.06 | 0.01 | 0.01 | ||||||||||||||||||||||||||
(Gain) loss on disposal of fixed assets - net | (0.01 | ) | — | (0.01 | ) | — | (0.02 | ) | 0.01 | 0.01 | |||||||||||||||||||||||
(Gain) loss on extinguishment of debt | — | (0.04 | ) | (0.02 | ) | 0.01 | (0.06 | ) | — | — | |||||||||||||||||||||||
Loss on divestitures | — | 0.26 | 0.03 | — | 0.29 | — | — | ||||||||||||||||||||||||||
Tax (benefit) provision(2) | — | — | — | (0.12 | ) | (0.13 | ) | 0.02 | 0.02 | ||||||||||||||||||||||||
Redemption premium on preferred stock conversion | — | — | — | — | — | 0.04 | 0.04 | ||||||||||||||||||||||||||
GAAP to non-GAAP impact per share(3) | 0.03 | 0.03 | 0.04 | 0.02 | 0.12 | — | — | ||||||||||||||||||||||||||
Adjusted earnings (loss) per share | $ | 0.01 | $ | 0.06 | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.05 | $ | 0.02 | $ | 0.02 |
(1) | The effective tax rate on adjustments is impacted by nondeductible foreign transaction and restructuring costs, 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) | Represents discrete tax items associated with The Tax Cuts and Jobs Act enacted in December 2017. |
(3) | Adjusted earnings (loss) 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, the conversion of 12,136 shares of preferred stock at a conversion rate of 115 preferred shares to common shares and the conversion of all remaining preferred stock at the voluntary conversion ratio. |
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