Milwaukee-based Jason Industries Inc. today reported a second quarter net loss of $865,000, or 7 cents lost per share, compared with net income of $5.2 million, or $5,237 per share, for its predecessor company in the second quarter of 2014.
Jason Industries was formed when Milwaukee-based Jason Inc. merged with Quinpario Acquisition Corp. in June 2014, forming a global family of seating, finishing, components and automotive acoustics manufacturers. These quarterly results include $2.8 million in pre-tax restructuring, integration and transaction costs and $2.9 million in pre-tax share based compensation expense.
Operating income was $7.4 million, down from $9 million in the same period a year ago.
Revenue totaled $187.6 million, down from $190.6 million in the second quarter of 2014. Revenue was impacted by $7.8 million in foreign currency translation. However, the recent acquisition of DRONCO added $3.5 million in revenue.
“We achieved solid performance in the second quarter, driven by volume strength and margin expansion in Acoustics and Components,” said David Westgate, chief executive officer. “Our focus on strong operational execution helped us overcome market softness in Seating and Finishing and continued foreign currency headwinds. We also successfully completed our strategic DRONCO acquisition, and our integration efforts are well underway.”
