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EveryWare Global, Inc., parent company of the Oneida and Anchor Hocking brands, announced yesterday financial results for the three months ended September 30, 2014. Led by the iconic Oneida and Anchor Hocking brands, EveryWare is a leading marketer of tabletop and food preparation products for the consumer and foodservice markets. Third Quarter Results Overview: ● Third quarter net revenue was $81.2 million, a decrease of $19.7 million or 19.6% from the prior year period. ● Operating loss from continuing operations for the third quarter was $9.7 million, a decrease of $12.6 million from the prior year period. ● Production restarted at their Lancaster, Ohio and Monaca, Pennsylvania facilities in mid-July. ● Completed a comprehensive debt restructuring and new $20.0 million equity investment; recorded a $22.2 million loss on debt extinguishment. ● Inventory reduced by $23.7 million since year end 2013. ● Revised labor agreements at the Company's Lancaster, Ohio operations. Sam Solomon, Chief Executive Officer of EveryWare stated, "The third quarter financial results reflect the residual effects from our factory shutdowns and our liquidity issues that we addressed through our restructuring efforts. We are focused on the operational initiatives required to stabilize the business and create long term value. This includes restoring normal service levels and customer confidence. While operational improvements take time to produce improved results, I believe that we are on the right path." To read the entire release from EveryWare, go here: EveryWare Global Q3 2014
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EveryWare Global, Inc., parent of the iconic Oneida and Anchor Hocking brands, announced recently financial results for the three and six months ended June 30, 2014. Total quarterly revenue was down 1 percent to $99.8 million. Much of the revenue declines occurred in the food-service segment and consumer segment, and because of EveryWare’s decision to temporarily close its two U.S. manufacturing plants to preserve cash and right-size inventory. Reduced order fulfillment rates and the company’s decision not to pursue lower margin business also played a part in the revenue downturn. Cash flow from operating activities improved by approximately $30.1 million from the prior year period, primarily due to a reduction in inventory resulting from the Company's efforts to right size manufacturing capacity and tightly manage working capital. Sam Solomon, Chief Executive Officer of EveryWare stated, "We resolved our liquidity and covenant issues and right sized our manufacturing capacity. Now we are focused on operational initiatives and providing excellent service to our customers. Our operational improvements will take time to produce results, but we believe they will deliver earnings and cash flow growth over the long-term. I look forward to the opportunities ahead." In a conference call for financial analysts, CEO Solomon responded to one analyst’s question about the decline in Everyware Global’s foodservice business and customer’s concern for the company’s liquidity: “I think from my customers perspective, we are having a number of conversion with them to some sort of ease their concerns about our financial position, as we have those conversations I can tell you they are going extremely well, customer are returning to normal order levels the only challenge that we have is on the supply side, during the same period some of our manufactures got a bit concerned in delayed shipment so us. So we do have a couple of bubbles in the supply chain. That said, we were working through those and expect those to be resolved shortly.” For more on Everyware Global’s financial results, go here: http://investors.everywareglobal.com/releases.cfm Analysts call transcript provided by Seeking Alpha. For the entire transcript go here: http://seekingalpha.com/ To learnmore about EveryWare Global/Oneida foodservice line of tabletop products, go here: http://foodservice.oneida.com/ Oneida Foodservice Parent, EveryWare Global Amends Credit Agreements & Announces Equity Investment7/31/2014
EveryWare Global, Inc., parent company of Oneida Foodservice, announced it amended its Term Loan Agreement and ABL Facility. The Company also announced that it entered into a Securities Purchase Agreement with Monomoy Capital Partners, whereby Monomoy agreed to invest $20 million in return for EveryWare's Series A Senior Redeemable Preferred Stock with a liquidation preference of $21.2 million and warrants to purchase 4,438,005 shares of the Company's common stock. Sam Solomon, Chief Executive Officer of EveryWare Global stated, "We are pleased to amend our credit agreements and complete the Securities Purchase Agreement. These transactions solve our covenant and liquidity challenges. Now we can focus on taking care of our customers and improving our operations. We appreciate the continued support from our lenders, suppliers, employees, customers and Monomoy." To read the entire announcement from EveryWare Global, go here: http://investors.everywareglobal.com/releasedetail.cfm?ReleaseID=863187 EveryWare Global, Inc. , announced yesterday financial results for the three months ended March 31, 2014, reported Marketwatch.com. Led by the iconic Oneida and Anchor Hocking brands, EveryWare is a leading global marketer of tabletop and food preparation products for the consumer and foodservice markets.
Sam Solomon, interim Chief Executive Officer of EveryWare stated, "While our results over the past several quarters have been disappointing, we are taking actions that we believe will better position us for future growth. We are temporarily idling our North American manufacturing facilities and furloughing a number of hourly and salaried employees to reduce inventory and improve liquidity. We intend to resume manufacturing in 3 to 4 weeks and as usual during plant shutdowns, we will continue to service our customers and distribute products from existing inventory. We are also expanding Alvarez & Marsal's role to intensify our efforts to improve product profitability, consolidate our supply base, and further reduce costs. While our initiatives will take time to have an impact on the business, I remain confident in the long-term prospects of this business." According to Marketwatch, the company’s total revenue for the first quarter of 2014 decreased $4.5 million, or 4.5%, to $94.8 million from $99.3 million in the first quarter of 2013. The decrease in revenue is primarily attributable to a $5.5 million decline (17.7%) in foodservice segment revenues and a $2.2 million decline in consumer segment revenues. Meanwhile, the company’s stock fell to under $1 per share today after trading as high as nearly $14 per share during the past year. Additionally, Everyware furloughed 400 people from its Monaca, PA plant as part of a short-term cost savings effort. To learn more, you can read the entire article by going here:http://www.marketwatch.com/story/everyware-global-inc-announces-first-quarter-2014-financial-results-2014-05-15?reflink=MW_news_stmp According to the Wall Street Journal….EveryWare Global, Inc., parent of Oneida Foodservice, announced today financial results for the last three months and full year for 2013. Led by the iconic Oneida and Anchor Hocking brands, EveryWare is the leading global marketer of tabletop and food preparation products for the consumer and foodservice markets. Financial Highlights for the Quarter ended December 31, 2013: -- Total revenue increased 4.6% to $129.3 million. -- Adjusted EBITDA increased 10.2% to $15.1million -- EBITDA decreased 113.0% to $(1.2) million versus the prior year period. The decrease was primarily due to one-time items, including an adjustment to inventory reflecting a change in estimate in the capitalization of manufacturing variances. -- Net loss for the fourth quarter totaled $(14.3) million. Financial Highlights for 2013: -- Total revenue increased 4.3% to $439.8 million. -- Adjusted EBITDA increased 4.1% to $51.5 million. -- EBITDA decreased 8.9% to $29.7 million. -- Net loss totaled $(17.4) million. Sam Solomon, interim Chief Executive Officer of EveryWare stated, "I am pleased to join the EveryWare team and I am excited about the Company's prospects. With a renewed focus on our most important channels and by leveraging our iconic brands, we are taking actions that will create more customer value, improve margins, reduce costs, more efficiently allocate capital and ultimately generate free cash that can be used to invest in the business and pay down debt." "My first 4 weeks have been very busy. While getting to know key members of the EveryWare team, I prioritized initiatives to drive cash flow and met with key customers and suppliers. The team completed the Company's first 10K and secured an equity commitment letter from our largest shareholder. I look forward to the hard work ahead and sharing more as the team refines the Company's strategy." continued Solomon. To read the entire Wall Street Journal article, go here: http://online.wsj.com/article/PR-CO-20140331-911544.html EveryWare Global, Inc., - parent to hospitality tabletop brands Oneida and Anchor Hocking - and a global leader in the consumer tabletop and foodservice markets, announced today that it plans to close its regional office in Oneida, N.Y., as part of its ongoing integration of the Oneida business. A smaller satellite office in Melville, New York, also will be closed.
Certain functional and administrative roles now based at the Oneida regional office will gradually be relocated to the company's headquarters in central Ohio, as will certain roles based in Melville. The changes will take place in several phases beginning in April with full completion scheduled in 2015. "This is a difficult but necessary decision as we work to complete the full integration of the Oneida business into EveryWare," said John Sheppard, EveryWare Chief Executive Officer. "This move will enable us to achieve the greater efficiencies and synergy of having all of our key business, functional and administrative positions in a single North American location." EveryWare is providing affected associates with severance and other support. The Company intends to divest the Oneida office building, located at 163 Kenwood Ave. Mr. Sheppard continued, "We are extremely proud of the rich history we have built with the town of Oneida and we want to thank the local community and all of our employees for their time and dedication in helping make Oneida into the iconic brand name that it is today. We remain dedicated to continuing the brand's legacy and are excited for the opportunities ahead." Monomoy Capital Partners acquired Oneida in 2011 and combined it and Anchor Hocking under the EveryWare name in March 2012. The company became publicly traded in May 2013. |
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