EveryWare Turns Net Loss into Net Gain in Q1
Posted on May 6, 2013 by
NEW YORK-EveryWare Global's financial results improved in its first quarter, which ended on March 31.
According to a preliminary report on the quarter, EveryWare posted net income of $197,000, compared to a net loss of $6.3 million in the first quarter of last year. Total revenue increased 3.1 percent to $99.3 million. The company also reported a 58.1 percent gain in operating income (earnings before interest, taxes, depreciation and amortization) to $9.1 million.
John Sheppard, EveryWare's CEO, said the combination of the Anchor Hocking and Oneida brands under its corporate umbrella helped elevate EveryWare to results that were ahead of its budget for the quarter. "We delivered meaningful growth in our core North American markets," Sheppard said, "and we expect to see growth accelerate in our international segment in the coming quarters, as we leverage our iconic brands, diversified product portfolio and distribution infrastructure."
EveryWare was formed by the merger of Anchor Hocking and Oneida in March 2012. In January of this year, the company announced its plans to merge with ROI Acquisition Corp., a special-purpose acquisition company sponsored by affiliates of Clinton Group.