EveryWare Global Posts Q2 Net Loss
LANCASTER, Ohio-A jump in interest expense and one-time charges relating to the company's public offering pushed EveryWare Global to a net loss of $2.2 million in its fiscal second quarter, compared to net income of $2.6 million in the second quarter of last year.
Interest expense was up 251.8 percent in the quarter, which ended on June 30. Along with the charges from the IPO this past May, costs related to the shutdown of EveryWare's Monaca plant also had an impact on the bottom line, the company said.
Total revenue increased 2.5 percent to $100.8 million. EveryWare posted a sales gain of 10.8 percent from its specialty division and 25.2 percent from its international segment, which combined to offset a drop of 5.2 percent in sales from its consumer division.
Total operating expenses dropped 12.3 percent in dollars and 307 basis points as a percentage of sales, to 18.1 percent. Gross margin fell 300 basis points to 27.9 percent.
John Sheppard, EveryWare's CEO, said the quarter's results were in line with the company's internal expectations. "The fundamentals and outlook for our business and industry remain strong," Sheppard said. "Given our continued focus on innovation, as well as our world-class brands and customer service, we believe that we are well positioned for a strong second half of the year."