In announcing its financial results, EveryWare Global, Inc. reported more than 4% increases in revenues for Q4 2013 as well as for the 2013 fiscal year. While the company still posted net losses for both the quarter and year, Sam Solomon, EveryWare’s interim CEO, said the company will focus on continuing to build its brands and reduce expenses going forward.
For the quarter ended December 31, 2013, the company said, total revenue increased 4.6% to $129.3 million; with adjusted EBITDA increasing 10.2% to $15.1 million; EBITDA for the quarter decreased 113% to $1.2 million versus the prior year period; and net loss for the fourth quarter totaled $14.3 million.
Financial highlights for the year included a revenue increase of 4.3% to $439.8 million; adjusted EBITDA increased 4.1% to $51.5 million; EBITDA decreased 8.9% to $29.7 million; and net loss totaled $17.4 million.
“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,” Solomon said. “I [have]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.”