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Jason Industries, Inc. (JASN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Jason Industries, Inc.

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CIK: 1579252 Ticker: JASN


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Jason Industries Reports Fourth Quarter and Full-Year 2018 Results
Delivers Full Year Guidance, Adjusted EBITDA Margin Improved 60 Basis Points
Simplifies Operating Structure

MILWAUKEE, March 5, 2019 -- Jason Industries, Inc. (NASDAQ: JASN, JASNW) (“Jason” or “the Company”) today reported results for both fourth quarter and full-year 2018.

Key financial results for the fourth quarter 2018 versus the year ago period include:

•
Net sales of $132.0 million decreased 9.3 percent and included a negative 1.1 percent impact from the divestiture and planned exit of non-core businesses in the margin expansion program and a negative 0.9 percent from foreign currency translation.
•
Operating loss of $0.4 million or 0.3 percent of net sales, increased $1.9 million, impacted by $1.4 million of accelerated depreciation related to the closure of the Richmond, Indiana Acoustics facility and a $1.3 million gain on the sale of the Nuneaton, United Kingdom Seating facility.
•
Net loss of $12.4 million, or $0.48 diluted loss per share, increased $14.8 million or $0.53 per share, significantly impacted by a discrete tax benefit in 2017 of $3.8 million from enactment of the Tax Cut and Jobs Act (the “Tax Act”), and incremental tax expense in 2018 of $6.0 million resulting from provisions of the Tax Act.
•
Free cash flow was $5.6 million, an increase of $5.5 million, due to lower working capital and capital expenditures.

On an adjusted basis, fourth quarter 2018 results versus the year ago period include:

•
Adjusted EBITDA of $10.9 million, or 8.3 percent of net sales, decreased $1.6 million from 8.6 percent of net sales, driven primarily by lower sales volumes with material inflation largely offset by operational improvements and price.
•
Adjusted net loss of $12.5 million, or $0.40 Adjusted loss per share, decreased $0.39 per share.

Key financial results for the full year 2018 versus the year ago period include:

•
Net sales of $612.9 million decreased 5.5 percent and included a negative 2.9 percent impact from the divestiture and planned exit of non-core businesses and a positive 0.8 percent from foreign currency translation.
•
Adjusted EBITDA of $67.2 million, or 11.0 percent of net sales, with Adjusted EBITDA margins increasing from 10.4 percent of net sales. Adjusted EBITDA margin expansion was driven by improved operational efficiencies.
•
Free cash flow was $16.0 million, an increase of $1.8 million, due to lower capital expenditures, reduced working capital, partially offset by higher cash restructuring.

“We delivered our full year guidance on all key measures for a second consecutive year,” said Brian Kobylinski, chief executive officer of Jason. “While our fourth quarter was impacted by select market headwinds and input cost inflation, our team continues to pursue growth opportunities and margin expansion plans to generate cash and drive further leverage reduction.”

Highlights during the quarter include:

•
Total Cost Reduction and Margin Expansion program savings were $0.4 million in the fourth quarter with a total of $23 million since the inception of the program. Actions taken and announced to-date will achieve the three-year program goal of $25 million, and the Company will continue to evaluate cost reduction and footprint rationalization opportunities as part of its normal operating activities.

•
Completed the sale and consolidation of the Nuneaton, United Kingdom Seating facility. Net proceeds from the sale were $3.5 million.

Key financial results within the segments for the fourth quarter 2018 versus the year ago period include:

•
Finishing net sales of $47.2 million decreased $2.8 million, or 5.6 percent, including a negative foreign currency translation impact of 2.5 percent. Organic sales decreased 3.1 percent and were impacted by lower volumes in a weakening European industrial economy partially offset by growth in North America end markets. Adjusted EBITDA was $5.2 million, or 10.9 percent of net sales, a decrease of $0.6 million from 11.5 percent of net sales. Adjusted EBITDA decreased on lower volumes and investments in selling resources to drive targeted growth.

•
Components net sales of $14.7 million decreased $5.2 million, or 26.1 percent, including a negative 8.1 percent impact from the exit of the non-core smart meter product line. Organic sales decreased 18.0 percent due to decreased rail and expanded metals product volumes resulting from unfavorable content mix and heightened competitive pressures.

1
The following information was filed by Jason Industries, Inc. (JASN) on Tuesday, March 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Jason Industries, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' (Deficit) Equity
(Other Information By Segment) (Details)
Business Segments, Geographic And Customer Information
Business Segments, Geographic And Customer Information (Ebitda Reconciliation) (Details)
Business Segments, Geographic And Customer Information (Geographical Information) (Details)
Business Segments, Geographic And Customer Information (Reportable Segments) (Details)
Business Segments, Geographic And Customer Information (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Hedging Instruments
Debt And Hedging Instruments (Foreign Debt Narrative) (Details)
Debt And Hedging Instruments (Interest Rate Hedge Contracts Narrative) (Details)
Debt And Hedging Instruments (Schedule Of Debt) (Details)
Debt And Hedging Instruments (Schedule Of Foreign Debt Obligations) (Details)
Debt And Hedging Instruments (Schedule Of Future Maturities Of Long-Term Debt) (Details)
Debt And Hedging Instruments (Schedule Of Interest Rate Swaps) (Details)
Debt And Hedging Instruments (Senior Secured Credit Facilities Narrative) (Details)
Debt And Hedging Instruments (Tables)
Divestiture
Divestiture (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Aoci) (Details)
Employee Benefit Plans (Asset Allocation) (Details)
Employee Benefit Plans (Expected Future Benefit Payments) (Details)
Employee Benefit Plans (Fair Value Of Pension Plan Assets) (Details)
Employee Benefit Plans (Multi-Employer Estimated Projected Benefit Payments) (Details)
Employee Benefit Plans (Narrative) (Details)
Employee Benefit Plans (Net Periodic Benefit Costs) (Details)
Employee Benefit Plans (Other Postretirement Benefits Aoci) (Details)
Employee Benefit Plans (Postretirement Health Coverage And Life Insurance (Details)
Employee Benefit Plans (Postretirement Health Coverage And Life Insurance Components Of Net Period Benefit Costs) (Details)
Employee Benefit Plans (Reconciliation Of Changes In Plan Assets) (Details)
Employee Benefit Plans (Schedule Of Changes In Plan Assets And Funded Status) (Details)
Employee Benefit Plans (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Amortizable Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Carrying Amount Of Goodwill) (Details)
Goodwill And Other Intangible Assets (Future Annual Amortization) (Details)
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Components Of Income Tax Expense) (Details)
Income Taxes (Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Effective Tax Rate Reconciliation) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Source Of Income Before Taxes) (Details)
Income Taxes (Tables)
Income Taxes (Unrecognized Tax Benefits) (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Details)
Leases (Tables)
Net Sales
Net Sales (Tables)
Net Sales - Disaggregation Of Net Sales (Details)
Net Sales - Narrative (Details)
Property, Plant And Equipment
Property, Plant And Equipment ( Narrative) (Details)
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details)
Property, Plant And Equipment (Tables)
Restructuring Costs
Restructuring Costs (Narrative) (Details)
Restructuring Costs (Restructuring Liabilities) (Details)
Restructuring Costs (Schedule Of Restructuring Costs) (Details)
Restructuring Costs (Tables)
Schedule Ii - Consolidated Valuation And Qualifying Accounts
Schedule Ii - Consolidated Valuation And Qualifying Accounts (Details)
Share Based Compensation
Share Based Compensation (Narrative) (Details)
Share Based Compensation (Schedule Of Adjusted Ebitda Vesting Awards Activity) (Details)
Share Based Compensation (Schedule Of Restricted Stock Unit Activity) (Details)
Share Based Compensation (Schedule Of Roic Vesting Awards) (Details)
Share Based Compensation (Schedule Of Share Based Compensation Expense) (Details)
Share Based Compensation (Tables)
Shareholders' (Deficit) Equity
Shareholders' (Deficit) Equity (Accumulated Other Comprehensive Income) (Details)
Shareholders' (Deficit) Equity (Dividends) (Details)
Shareholders' (Deficit) Equity (Narrative) (Details)
Shareholders' (Deficit) Equity (Tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Useful Lives Of Assets) (Details)
Ticker: JASN
CIK: 1579252
Form Type: 10-K Annual Report
Accession Number: 0001579252-19-000028
Submitted to the SEC: Tue Mar 05 2019 11:32:03 AM EST
Accepted by the SEC: Tue Mar 05 2019
Period: Monday, December 31, 2018
Industry: Miscellaneous Manufacturing Industries

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