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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jason Industries Inc | NASDAQ:JASN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2401 | 0.2402 | 0.2499 | 0 | 01:00:00 |
|
Delaware
|
|
46-2888322
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
833 East Michigan Street
Suite 900
Milwaukee, Wisconsin
|
|
53202
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
¨
|
|
Accelerated filer
¨
|
Non-accelerated filer
ý
|
|
Smaller reporting company
¨
|
Emerging growth company
ý
|
|
|
|
||
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Net sales
|
$
|
168,424
|
|
|
$
|
172,477
|
|
|
$
|
335,678
|
|
|
$
|
347,670
|
|
Cost of goods sold
|
131,302
|
|
|
136,833
|
|
|
262,884
|
|
|
277,417
|
|
||||
Gross profit
|
37,122
|
|
|
35,644
|
|
|
72,794
|
|
|
70,253
|
|
||||
Selling and administrative expenses
|
28,888
|
|
|
25,242
|
|
|
56,412
|
|
|
51,898
|
|
||||
Loss (gain) on disposals of property, plant and equipment - net
|
11
|
|
|
65
|
|
|
245
|
|
|
(265
|
)
|
||||
Restructuring
|
1,464
|
|
|
543
|
|
|
2,066
|
|
|
1,224
|
|
||||
Operating income
|
6,759
|
|
|
9,794
|
|
|
14,071
|
|
|
17,396
|
|
||||
Interest expense
|
(8,403
|
)
|
|
(8,395
|
)
|
|
(16,430
|
)
|
|
(16,761
|
)
|
||||
Gain on extinguishment of debt
|
—
|
|
|
1,564
|
|
|
—
|
|
|
1,564
|
|
||||
Equity income
|
335
|
|
|
277
|
|
|
435
|
|
|
420
|
|
||||
Loss on divestiture
|
—
|
|
|
(7,888
|
)
|
|
—
|
|
|
(7,888
|
)
|
||||
Other income - net
|
484
|
|
|
90
|
|
|
555
|
|
|
203
|
|
||||
Loss before income taxes
|
(825
|
)
|
|
(4,558
|
)
|
|
(1,369
|
)
|
|
(5,066
|
)
|
||||
Tax (benefit) provision
|
(238
|
)
|
|
179
|
|
|
37
|
|
|
164
|
|
||||
Net loss
|
(587
|
)
|
|
(4,737
|
)
|
|
(1,406
|
)
|
|
(5,230
|
)
|
||||
Less net gain attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Net loss attributable to Jason Industries
|
(587
|
)
|
|
(4,737
|
)
|
|
(1,406
|
)
|
|
(5,235
|
)
|
||||
Redemption premium and accretion of dividends on preferred stock
|
765
|
|
|
936
|
|
|
2,493
|
|
|
1,854
|
|
||||
Net loss available to common shareholders of Jason Industries
|
$
|
(1,352
|
)
|
|
$
|
(5,673
|
)
|
|
$
|
(3,899
|
)
|
|
$
|
(7,089
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share available to common shareholders of Jason Industries:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
$
|
(0.05
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
27,677
|
|
|
26,042
|
|
|
27,505
|
|
|
25,914
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Net loss
|
$
|
(587
|
)
|
|
$
|
(4,737
|
)
|
|
$
|
(1,406
|
)
|
|
$
|
(5,230
|
)
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
||||||||
Employee retirement plan adjustments, net of tax
|
6
|
|
|
30
|
|
|
9
|
|
|
30
|
|
||||
Foreign currency translation adjustments
|
(5,009
|
)
|
|
5,854
|
|
|
(2,594
|
)
|
|
7,026
|
|
||||
Net change in unrealized gains (losses) on cash flow hedges, net of tax expense (benefit) of $125, ($218), $656, ($24), respectively
|
383
|
|
|
(350
|
)
|
|
2,010
|
|
|
(37
|
)
|
||||
Total other comprehensive (loss) income
|
(4,620
|
)
|
|
5,534
|
|
|
(575
|
)
|
|
7,019
|
|
||||
Comprehensive (loss) income
|
(5,207
|
)
|
|
797
|
|
|
(1,981
|
)
|
|
1,789
|
|
||||
Less: Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
||||
Comprehensive (loss) income attributable to Jason Industries
|
$
|
(5,207
|
)
|
|
$
|
797
|
|
|
$
|
(1,981
|
)
|
|
$
|
1,746
|
|
|
|
||||||
|
June 29, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
46,232
|
|
|
$
|
48,887
|
|
Accounts receivable - net of allowances for doubtful accounts of $2,565 at June 29, 2018 and $2,959 at December 31, 2017
|
79,436
|
|
|
68,626
|
|
||
Inventories - net
|
68,424
|
|
|
70,819
|
|
||
Other current assets
|
16,344
|
|
|
15,655
|
|
||
Total current assets
|
210,436
|
|
|
203,987
|
|
||
Property, plant and equipment - net of accumulated depreciation of $99,560 at June 29, 2018 and $88,134 at December 31, 2017
|
145,299
|
|
|
154,196
|
|
||
Goodwill
|
44,480
|
|
|
45,142
|
|
||
Other intangible assets - net
|
122,619
|
|
|
131,499
|
|
||
Other assets - net
|
14,254
|
|
|
11,499
|
|
||
Total assets
|
$
|
537,088
|
|
|
$
|
546,323
|
|
|
|
|
|
||||
Liabilities and Shareholders
’
Equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Current portion of long-term debt
|
$
|
6,652
|
|
|
$
|
9,704
|
|
Accounts payable
|
55,652
|
|
|
53,668
|
|
||
Accrued compensation and employee benefits
|
17,322
|
|
|
17,433
|
|
||
Accrued interest
|
79
|
|
|
276
|
|
||
Other current liabilities
|
16,279
|
|
|
19,806
|
|
||
Total current liabilities
|
95,984
|
|
|
100,887
|
|
||
Long-term debt
|
389,768
|
|
|
391,768
|
|
||
Deferred income taxes
|
24,986
|
|
|
25,699
|
|
||
Other long-term liabilities
|
21,491
|
|
|
22,285
|
|
||
Total liabilities
|
532,229
|
|
|
540,639
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 15)
|
|
|
|
||||
|
|
|
|
||||
Shareholders
’
Equity
|
|
|
|
||||
Preferred stock, $0.0001 par value (5,000,000 shares authorized, 39,040 shares issued and outstanding at June 29, 2018, including 763 shares declared on May 3, 2018 and issued on July 1, 2018, and 49,665 shares issued and outstanding at December 31, 2017, including 968 shares declared on November 28, 2017 and issued on January 1, 2018)
|
39,040
|
|
|
49,665
|
|
||
Jason Industries common stock, $0.0001 par value (120,000,000 shares authorized; issued and outstanding: 27,394,978 shares at June 29, 2018 and 25,966,381 shares at December 31, 2017)
|
3
|
|
|
3
|
|
||
Additional paid-in capital
|
155,185
|
|
|
143,788
|
|
||
Retained deficit
|
(168,606
|
)
|
|
(167,710
|
)
|
||
Accumulated other comprehensive loss
|
(20,763
|
)
|
|
(20,062
|
)
|
||
Total shareholders
’
equity
|
4,859
|
|
|
5,684
|
|
||
Total liabilities and shareholders
’
equity
|
$
|
537,088
|
|
|
$
|
546,323
|
|
Jason Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
|
|||||||
|
Six Months Ended
|
||||||
|
June 29, 2018
|
|
June 30, 2017
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net loss
|
$
|
(1,406
|
)
|
|
$
|
(5,230
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
13,543
|
|
|
13,383
|
|
||
Amortization of intangible assets
|
8,310
|
|
|
6,107
|
|
||
Amortization of deferred financing costs and debt discount
|
1,468
|
|
|
1,498
|
|
||
Equity income
|
(435
|
)
|
|
(420
|
)
|
||
Deferred income taxes
|
(1,090
|
)
|
|
(5,375
|
)
|
||
Loss (gain) on disposals of property, plant and equipment - net
|
245
|
|
|
(265
|
)
|
||
Gain on extinguishment of debt
|
—
|
|
|
(1,564
|
)
|
||
Loss on divestiture
|
—
|
|
|
7,888
|
|
||
Share-based compensation
|
784
|
|
|
673
|
|
||
Net increase (decrease) in cash due to changes in:
|
|
|
|
||||
Accounts receivable
|
(11,262
|
)
|
|
(6,316
|
)
|
||
Inventories
|
1,428
|
|
|
4,417
|
|
||
Other current assets
|
514
|
|
|
542
|
|
||
Accounts payable
|
2,636
|
|
|
1,156
|
|
||
Accrued compensation and employee benefits
|
99
|
|
|
4,955
|
|
||
Accrued interest
|
(197
|
)
|
|
(63
|
)
|
||
Accrued income taxes
|
(1,947
|
)
|
|
2,122
|
|
||
Other - net
|
(1,550
|
)
|
|
(2,676
|
)
|
||
Total adjustments
|
12,546
|
|
|
26,062
|
|
||
Net cash provided by operating activities
|
11,140
|
|
|
20,832
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Proceeds from disposals of property, plant and equipment
|
84
|
|
|
6,400
|
|
||
Payments for property, plant and equipment
|
(6,939
|
)
|
|
(7,161
|
)
|
||
Acquisitions of patents
|
(25
|
)
|
|
(33
|
)
|
||
Net cash used in investing activities
|
(6,880
|
)
|
|
(794
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Payments of deferred financing costs
|
(609
|
)
|
|
—
|
|
||
Payments of First and Second Lien term loans
|
(4,050
|
)
|
|
(9,549
|
)
|
||
Proceeds from other long-term debt
|
2,241
|
|
|
6,134
|
|
||
Payments of other long-term debt
|
(3,956
|
)
|
|
(3,671
|
)
|
||
Other financing activities - net
|
(16
|
)
|
|
(39
|
)
|
||
Net cash used in financing activities
|
(6,390
|
)
|
|
(7,125
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(525
|
)
|
|
1,145
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(2,655
|
)
|
|
14,058
|
|
||
Cash and cash equivalents, beginning of period
|
48,887
|
|
|
40,861
|
|
||
Cash and cash equivalents, end of period
|
$
|
46,232
|
|
|
$
|
54,919
|
|
Supplemental disclosure of cash flow information
|
|
|
|
||||
Non-cash investing activities:
|
|
|
|
||||
Property, plant and equipment acquired through additional liabilities
|
$
|
822
|
|
|
$
|
1,190
|
|
Non-cash financing activities:
|
|
|
|
||||
Non-cash preferred stock created from dividends declared
|
$
|
1,511
|
|
|
$
|
1,846
|
|
Exchange of common stock of JPHI Holdings, Inc. for common stock of Jason Industries, Inc.
|
$
|
—
|
|
|
$
|
62
|
|
Exchange of preferred stock for common stock of Jason Industries, Inc.
|
$
|
12,136
|
|
|
$
|
—
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-In Capital |
|
Retained
Deficit |
|
Accumulated
Other Comprehensive Loss |
|
Shareholders’
Equity Attributable to Jason Industries, Inc. |
|
Noncontrolling
Interests |
|
Total
Shareholders' Equity |
||||||||||||||||
Balance at December 31, 2017
|
$
|
49,665
|
|
|
$
|
3
|
|
|
$
|
143,788
|
|
|
$
|
(167,710
|
)
|
|
$
|
(20,062
|
)
|
|
$
|
5,684
|
|
|
$
|
—
|
|
|
$
|
5,684
|
|
Cumulative impact of accounting changes
|
—
|
|
|
—
|
|
|
—
|
|
|
510
|
|
|
(126
|
)
|
|
384
|
|
|
—
|
|
|
384
|
|
||||||||
Dividends declared
|
1,511
|
|
|
—
|
|
|
(1,516
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
784
|
|
|
—
|
|
|
—
|
|
|
784
|
|
|
—
|
|
|
784
|
|
||||||||
Tax withholding related to vesting of restricted stock units
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,406
|
)
|
|
—
|
|
|
(1,406
|
)
|
|
—
|
|
|
(1,406
|
)
|
||||||||
Employee retirement plan adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,594
|
)
|
|
(2,594
|
)
|
|
—
|
|
|
(2,594
|
)
|
||||||||
Net changes in unrealized gains on cash flow hedges, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,010
|
|
|
2,010
|
|
|
—
|
|
|
2,010
|
|
||||||||
Exchange of preferred stock for common stock of Jason Industries, Inc.
|
(12,136
|
)
|
|
—
|
|
|
12,136
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balance at June 29, 2018
|
$
|
39,040
|
|
|
$
|
3
|
|
|
$
|
155,185
|
|
|
$
|
(168,606
|
)
|
|
$
|
(20,763
|
)
|
|
$
|
4,859
|
|
|
$
|
—
|
|
|
$
|
4,859
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-In Capital |
|
Retained
Deficit |
|
Accumulated
Other Comprehensive Loss |
|
Shareholders’ Deficit
Attributable to Jason Industries |
|
Noncontrolling
Interests |
|
Total
Shareholders’
Deficit
|
||||||||||||||||
Balance at December 31, 2016
|
$
|
45,899
|
|
|
$
|
2
|
|
|
$
|
144,666
|
|
|
$
|
(163,232
|
)
|
|
$
|
(30,372
|
)
|
|
$
|
(3,037
|
)
|
|
$
|
(105
|
)
|
|
$
|
(3,142
|
)
|
Dividends declared
|
1,846
|
|
|
—
|
|
|
(1,854
|
)
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
673
|
|
|
—
|
|
|
—
|
|
|
673
|
|
|
—
|
|
|
673
|
|
||||||||
Tax withholding related to vesting of restricted stock units
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
|
(35
|
)
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,235
|
)
|
|
—
|
|
|
(5,235
|
)
|
|
5
|
|
|
(5,230
|
)
|
||||||||
Employee retirement plan adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,990
|
|
|
6,990
|
|
|
36
|
|
|
7,026
|
|
||||||||
Net changes in unrealized losses on cash flow hedges, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
(39
|
)
|
|
2
|
|
|
(37
|
)
|
||||||||
Exchange of common stock of JPHI Holdings, Inc. for common stock of Jason Industries, Inc.
|
—
|
|
|
1
|
|
|
1,821
|
|
|
—
|
|
|
(1,884
|
)
|
|
(62
|
)
|
|
62
|
|
|
—
|
|
||||||||
Balance at June 30, 2017
|
$
|
47,745
|
|
|
$
|
3
|
|
|
$
|
145,271
|
|
|
$
|
(168,467
|
)
|
|
$
|
(25,275
|
)
|
|
$
|
(723
|
)
|
|
$
|
—
|
|
|
$
|
(723
|
)
|
1.
|
Description of Business and Basis of Presentation
|
2.
|
Revision of Previously Reported Financial Information
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2017
|
||||||||||||||||||||
|
As Reported
|
|
Adjustments
|
|
As Revised
|
|
As Reported
|
|
Adjustments
|
|
As Revised
|
||||||||||||
Cost of goods sold
|
$
|
136,758
|
|
|
$
|
75
|
|
|
$
|
136,833
|
|
|
$
|
277,187
|
|
|
$
|
230
|
|
|
$
|
277,417
|
|
Gross profit
|
35,719
|
|
|
(75
|
)
|
|
35,644
|
|
|
70,483
|
|
|
(230
|
)
|
|
70,253
|
|
||||||
Operating income
|
9,869
|
|
|
(75
|
)
|
|
9,794
|
|
|
17,626
|
|
|
(230
|
)
|
|
17,396
|
|
||||||
Loss on divestiture
|
(6,686
|
)
|
|
(1,202
|
)
|
|
(7,888
|
)
|
|
(6,686
|
)
|
|
(1,202
|
)
|
|
(7,888
|
)
|
||||||
Loss before income taxes
|
(3,281
|
)
|
|
(1,277
|
)
|
|
(4,558
|
)
|
|
(3,634
|
)
|
|
(1,432
|
)
|
|
(5,066
|
)
|
||||||
Tax provision (benefit)
|
200
|
|
|
(21
|
)
|
|
179
|
|
|
228
|
|
|
(64
|
)
|
|
164
|
|
||||||
Net loss
|
(3,481
|
)
|
|
(1,256
|
)
|
|
(4,737
|
)
|
|
(3,862
|
)
|
|
(1,368
|
)
|
|
(5,230
|
)
|
||||||
Net loss attributable to Jason Industries
|
(3,481
|
)
|
|
(1,256
|
)
|
|
(4,737
|
)
|
|
(3,867
|
)
|
|
(1,368
|
)
|
|
(5,235
|
)
|
||||||
Net loss available to common shareholders of Jason Industries
|
(4,417
|
)
|
|
(1,256
|
)
|
|
(5,673
|
)
|
|
(5,721
|
)
|
|
(1,368
|
)
|
|
(7,089
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loss per share available to common shareholders of Jason Industries:
|
|||||||||||||||||||||||
Basic and diluted
|
(0.17
|
)
|
|
(0.05
|
)
|
|
(0.22
|
)
|
|
(0.22
|
)
|
|
(0.05
|
)
|
|
(0.27
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss)
|
2,053
|
|
|
(1,256
|
)
|
|
797
|
|
|
3,157
|
|
|
(1,368
|
)
|
|
1,789
|
|
||||||
Comprehensive income (loss) attributable to Jason Industries
|
$
|
2,053
|
|
|
$
|
(1,256
|
)
|
|
$
|
797
|
|
|
$
|
3,114
|
|
|
$
|
(1,368
|
)
|
|
$
|
1,746
|
|
3.
|
Net Sales
|
|
Three Months Ended June 29, 2018
|
||||||||||||||||||
|
Finishing
|
|
Components
|
|
Seating
|
|
Acoustics
|
|
Total
|
||||||||||
United States
|
$
|
17,993
|
|
|
$
|
24,559
|
|
|
$
|
43,385
|
|
|
$
|
34,463
|
|
|
$
|
120,400
|
|
Europe
|
34,317
|
|
|
—
|
|
|
1,608
|
|
|
—
|
|
|
35,925
|
|
|||||
Mexico
|
2,049
|
|
|
—
|
|
|
—
|
|
|
8,955
|
|
|
11,004
|
|
|||||
Other
|
1,095
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,095
|
|
|||||
Total
|
$
|
55,454
|
|
|
$
|
24,559
|
|
|
$
|
44,993
|
|
|
$
|
43,418
|
|
|
$
|
168,424
|
|
|
Six Months Ended June 29, 2018
|
||||||||||||||||||
|
Finishing
|
|
Components
|
|
Seating
|
|
Acoustics
|
|
Total
|
||||||||||
United States
|
$
|
35,781
|
|
|
$
|
46,952
|
|
|
$
|
88,396
|
|
|
$
|
67,844
|
|
|
$
|
238,973
|
|
Europe
|
67,555
|
|
|
—
|
|
|
3,631
|
|
|
—
|
|
|
71,186
|
|
|||||
Mexico
|
4,070
|
|
|
—
|
|
|
—
|
|
|
19,423
|
|
|
23,493
|
|
|||||
Other
|
2,026
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,026
|
|
|||||
Total
|
$
|
109,432
|
|
|
$
|
46,952
|
|
|
$
|
92,027
|
|
|
$
|
87,267
|
|
|
$
|
335,678
|
|
|
Three Months Ended June 29, 2018
|
||||||||||||||||||
|
Finishing
|
|
Components
|
|
Seating
|
|
Acoustics
|
|
Total
|
||||||||||
Direct
|
$
|
29,464
|
|
|
$
|
23,800
|
|
|
$
|
43,681
|
|
|
$
|
43,418
|
|
|
$
|
140,363
|
|
Distribution
|
25,990
|
|
|
759
|
|
|
1,312
|
|
|
—
|
|
|
28,061
|
|
|||||
Total
|
$
|
55,454
|
|
|
$
|
24,559
|
|
|
$
|
44,993
|
|
|
$
|
43,418
|
|
|
$
|
168,424
|
|
|
Six Months Ended June 29, 2018
|
||||||||||||||||||
|
Finishing
|
|
Components
|
|
Seating
|
|
Acoustics
|
|
Total
|
||||||||||
Direct
|
$
|
60,212
|
|
|
$
|
45,572
|
|
|
$
|
90,082
|
|
|
$
|
87,267
|
|
|
$
|
283,133
|
|
Distribution
|
49,220
|
|
|
1,380
|
|
|
1,945
|
|
|
—
|
|
|
52,545
|
|
|||||
Total
|
$
|
109,432
|
|
|
$
|
46,952
|
|
|
$
|
92,027
|
|
|
$
|
87,267
|
|
|
$
|
335,678
|
|
4.
|
Divestiture
|
5.
|
Restructuring Costs
|
2016 Program
|
|
Finishing
|
|
Components
|
|
Seating
|
|
Acoustics
|
|
Corporate
|
|
Total
|
||||||||||||
Restructuring charges - three months ended June 29, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Severance costs
|
|
$
|
98
|
|
|
$
|
164
|
|
|
$
|
144
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
510
|
|
Other costs
|
|
(175
|
)
|
|
436
|
|
|
—
|
|
|
693
|
|
|
—
|
|
|
954
|
|
||||||
Total
|
|
$
|
(77
|
)
|
|
$
|
600
|
|
|
$
|
144
|
|
|
$
|
797
|
|
|
$
|
—
|
|
|
$
|
1,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring charges - six months ended June 29, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Severance costs
|
|
$
|
19
|
|
|
$
|
164
|
|
|
$
|
144
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
431
|
|
Lease termination costs
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
||||||
Other costs
|
|
(126
|
)
|
|
710
|
|
|
—
|
|
|
1,015
|
|
|
—
|
|
|
1,599
|
|
||||||
Total
|
|
$
|
(71
|
)
|
|
$
|
874
|
|
|
$
|
144
|
|
|
$
|
1,119
|
|
|
$
|
—
|
|
|
$
|
2,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring charges - three months ended June 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Severance costs
|
|
$
|
254
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
(9
|
)
|
|
$
|
248
|
|
Lease termination costs
|
|
5
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
53
|
|
||||||
Other costs
|
|
120
|
|
|
110
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
242
|
|
||||||
Total
|
|
$
|
379
|
|
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
$
|
(9
|
)
|
|
$
|
543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring charges - six months ended June 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Severance costs
|
|
$
|
261
|
|
|
$
|
—
|
|
|
$
|
(17
|
)
|
|
$
|
28
|
|
|
$
|
(9
|
)
|
|
$
|
263
|
|
Lease termination costs
|
|
25
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
—
|
|
|
136
|
|
||||||
Other costs
|
|
222
|
|
|
474
|
|
|
—
|
|
|
129
|
|
|
—
|
|
|
825
|
|
||||||
Total
|
|
$
|
508
|
|
|
$
|
474
|
|
|
$
|
(17
|
)
|
|
$
|
268
|
|
|
$
|
(9
|
)
|
|
$
|
1,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Program
|
|
Finishing
|
|
Components
|
|
Seating
|
|
Acoustics
|
|
Corporate
|
|
Total
|
||||||||||||
Cumulative restructuring charges - period ended June 29, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Severance costs
|
|
$
|
4,484
|
|
|
$
|
600
|
|
|
$
|
203
|
|
|
$
|
1,043
|
|
|
$
|
588
|
|
|
$
|
6,918
|
|
Lease termination costs
|
|
468
|
|
|
—
|
|
|
—
|
|
|
172
|
|
|
—
|
|
|
640
|
|
||||||
Other costs
|
|
2,112
|
|
|
2,500
|
|
|
—
|
|
|
1,394
|
|
|
—
|
|
|
6,006
|
|
||||||
Total
|
|
$
|
7,064
|
|
|
$
|
3,100
|
|
|
$
|
203
|
|
|
$
|
2,609
|
|
|
$
|
588
|
|
|
$
|
13,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
Lease
termination
costs
|
|
Other costs
|
|
Total
|
||||||||
Balance - December 31, 2017
|
$
|
907
|
|
|
$
|
76
|
|
|
$
|
1,079
|
|
|
$
|
2,062
|
|
Current period restructuring charges
|
431
|
|
|
36
|
|
|
1,599
|
|
|
2,066
|
|
||||
Cash payments
|
(636
|
)
|
|
(64
|
)
|
|
(2,006
|
)
|
|
(2,706
|
)
|
||||
Foreign currency translation adjustments
|
(32
|
)
|
|
(2
|
)
|
|
(37
|
)
|
|
(71
|
)
|
||||
Balance - June 29, 2018
|
$
|
670
|
|
|
$
|
46
|
|
|
$
|
635
|
|
|
$
|
1,351
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Severance
costs
|
|
Lease
termination
costs
|
|
Other costs
|
|
Total
|
||||||||
Balance - December 31, 2016
|
$
|
1,281
|
|
|
$
|
333
|
|
|
$
|
1,085
|
|
|
$
|
2,699
|
|
Current period restructuring charges
|
263
|
|
|
136
|
|
|
825
|
|
|
1,224
|
|
||||
Cash payments
|
(955
|
)
|
|
(360
|
)
|
|
(1,175
|
)
|
|
(2,490
|
)
|
||||
Foreign currency translations adjustments
|
33
|
|
|
8
|
|
|
(9
|
)
|
|
32
|
|
||||
Balance - June 30, 2017
|
$
|
622
|
|
|
$
|
117
|
|
|
$
|
726
|
|
|
$
|
1,465
|
|
6.
|
Inventories
|
|
June 29, 2018
|
|
December 31, 2017
|
||||
Raw material
|
$
|
34,998
|
|
|
$
|
35,925
|
|
Work-in-process
|
4,902
|
|
|
4,375
|
|
||
Finished goods
|
28,524
|
|
|
30,519
|
|
||
Total inventories
|
$
|
68,424
|
|
|
$
|
70,819
|
|
7.
|
Goodwill and Other Intangible Assets
|
|
|
||
Balance as of December 31, 2017
|
$
|
45,142
|
|
Foreign currency impact
|
(662
|
)
|
|
Balance as of June 29, 2018
|
$
|
44,480
|
|
|
|
||||||||||||||||||||||
|
June 29, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Patents
|
$
|
2,000
|
|
|
$
|
(844
|
)
|
|
$
|
1,156
|
|
|
$
|
1,985
|
|
|
$
|
(671
|
)
|
|
$
|
1,314
|
|
Customer relationships
|
109,726
|
|
|
(30,828
|
)
|
|
78,898
|
|
|
110,210
|
|
|
(24,775
|
)
|
|
85,435
|
|
||||||
Trademarks and other intangibles
|
57,070
|
|
|
(14,505
|
)
|
|
42,565
|
|
|
57,373
|
|
|
(12,623
|
)
|
|
44,750
|
|
||||||
Total other intangible assets - net
|
$
|
168,796
|
|
|
$
|
(46,177
|
)
|
|
$
|
122,619
|
|
|
$
|
169,568
|
|
|
$
|
(38,069
|
)
|
|
$
|
131,499
|
|
8.
|
Debt and Hedging Instruments
|
|
June 29, 2018
|
|
December 31, 2017
|
||||
First Lien Term Loans
|
$
|
294,090
|
|
|
$
|
298,018
|
|
Second Lien Term Loans
|
89,887
|
|
|
90,007
|
|
||
Debt discount on Term Loans
|
(3,127
|
)
|
|
(3,602
|
)
|
||
Deferred financing costs on Term Loans
|
(4,801
|
)
|
|
(5,586
|
)
|
||
Foreign debt
|
19,687
|
|
|
21,795
|
|
||
Capital lease obligations
|
684
|
|
|
840
|
|
||
Total debt
|
396,420
|
|
|
401,472
|
|
||
Less: Current portion
|
(6,652
|
)
|
|
(9,704
|
)
|
||
Total long-term debt
|
$
|
389,768
|
|
|
$
|
391,768
|
|
|
June 29, 2018
|
|
December 31, 2017
|
||||
Germany
|
$
|
16,599
|
|
|
$
|
18,003
|
|
Mexico
|
2,500
|
|
|
3,179
|
|
||
India
|
508
|
|
|
599
|
|
||
Other
|
80
|
|
|
14
|
|
||
Total foreign debt
|
$
|
19,687
|
|
|
$
|
21,795
|
|
|
June 29, 2018
|
|
December 31, 2017
|
||||
Interest rate swaps:
|
|
|
|
||||
Recorded in other current assets
|
$
|
1,756
|
|
|
$
|
—
|
|
Recorded in other assets - net
|
988
|
|
|
537
|
|
||
Recorded in other current liabilities
|
—
|
|
|
(458
|
)
|
||
Total net asset derivatives designated as hedging instruments
|
$
|
2,744
|
|
|
$
|
79
|
|
9.
|
Share-Based Compensation
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Restricted stock units
|
$
|
444
|
|
|
$
|
321
|
|
|
$
|
568
|
|
|
$
|
664
|
|
Adjusted EBITDA vesting awards
|
109
|
|
|
—
|
|
|
216
|
|
|
—
|
|
||||
Stock price vesting awards
|
—
|
|
|
3
|
|
|
—
|
|
|
9
|
|
||||
Total share-based compensation expense
|
$
|
553
|
|
|
$
|
324
|
|
|
$
|
784
|
|
|
$
|
673
|
|
|
|
|
|
|
|
|
|
||||||||
Total income tax benefit recognized
|
$
|
137
|
|
|
$
|
124
|
|
|
$
|
194
|
|
|
$
|
257
|
|
|
|
|
|
|
Performance Share Units
|
|||||||||||||||
|
Restricted Stock Units
|
|
Adjusted EBITDA Vesting Awards
|
|
ROIC Vesting Awards
|
|||||||||||||||
|
Units
(thousands)
|
|
Weighted-Average Grant-Date Fair Value
|
|
Units
(thousands) |
|
Weighted-Average Grant-Date Fair Value
|
|
Units
(thousands) |
|
Weighted-Average Grant-Date Fair Value
|
|||||||||
Outstanding at December 31, 2017
|
1,033
|
|
|
$
|
2.84
|
|
|
908
|
|
|
$
|
1.30
|
|
|
410
|
|
|
$
|
3.70
|
|
Granted
|
2,041
|
|
|
2.98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Issued
|
(36
|
)
|
|
3.72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Forfeited
|
(1
|
)
|
|
3.46
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
3.46
|
|
|||
Outstanding at June 29, 2018
|
3,037
|
|
|
$
|
2.92
|
|
|
908
|
|
|
$
|
1.30
|
|
|
398
|
|
|
$
|
3.71
|
|
10.
|
Earnings per Share
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Net loss per share attributable to Jason Industries common shareholders
|
|
|
|
|
|
|
|
||||||||
Basic and diluted loss per share
|
$
|
(0.05
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss available to common shareholders of Jason Industries
|
$
|
(1,352
|
)
|
|
$
|
(5,673
|
)
|
|
$
|
(3,899
|
)
|
|
$
|
(7,089
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted weighted-average shares outstanding
|
27,677
|
|
|
26,042
|
|
|
27,505
|
|
|
25,914
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted average number of anti-dilutive shares excluded from denominator:
|
|
|
|
|
|
|
|
||||||||
Warrants to purchase Jason Industries common stock
(1)
|
13,994
|
|
|
13,994
|
|
|
13,994
|
|
|
13,994
|
|
||||
Conversion of Series A 8% Perpetual Convertible Preferred
(2)
|
3,147
|
|
|
3,815
|
|
|
3,227
|
|
|
3,778
|
|
||||
Conversion of JPHI rollover shares convertible to Jason Industries common stock
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
||||
Restricted stock units
|
1,991
|
|
|
546
|
|
|
1,512
|
|
|
547
|
|
||||
Performance share units
|
1,306
|
|
|
1,381
|
|
|
1,311
|
|
|
1,422
|
|
||||
Total
|
20,438
|
|
|
19,736
|
|
|
20,044
|
|
|
19,860
|
|
(1)
|
Each outstanding warrant entitles the holder to purchase one share of the Company’s common stock at a price of
$12.00
per share. The warrants expire on June 30, 2019.
|
(2)
|
Includes the impact of
763
additional Series A Preferred Stock shares from a stock dividend declared on
May 3, 2018
to be paid in additional shares of Series A Preferred Stock on
July 1, 2018
. The Company included the preferred stock within the condensed consolidated balance sheets as of the declaration date. Conversion is presented at the voluntary conversion ratio of approximately
81.18
common shares for each preferred share.
|
(3)
|
Includes the impact of the exchange by certain Rollover Participants of their JPHI stock for Company common stock in the first quarter of 2017.
|
11.
|
Income Taxes
|
12.
|
Shareholders
’
Equity (Deficit)
|
|
Employee retirement plan adjustments
|
|
Foreign currency translation adjustments
|
|
Net unrealized gains on cash flow hedges
|
|
Total
|
||||||||
Balance at December 31, 2017
|
$
|
(1,517
|
)
|
|
$
|
(18,596
|
)
|
|
$
|
51
|
|
|
$
|
(20,062
|
)
|
Cumulative impact of accounting changes
|
(137
|
)
|
|
—
|
|
|
11
|
|
|
(126
|
)
|
||||
Other comprehensive (loss) income before reclassifications
|
—
|
|
|
(2,594
|
)
|
|
1,949
|
|
|
(645
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
9
|
|
|
—
|
|
|
61
|
|
|
70
|
|
||||
Balance at June 29, 2018
|
$
|
(1,645
|
)
|
|
$
|
(21,190
|
)
|
|
$
|
2,072
|
|
|
$
|
(20,763
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
Employee retirement plan adjustments
|
|
Foreign currency translation adjustments
|
|
Net unrealized gains (losses) on cash flow hedges
|
|
Total
|
||||||||
Balance at December 31, 2016
|
$
|
(1,777
|
)
|
|
$
|
(27,404
|
)
|
|
$
|
(1,191
|
)
|
|
$
|
(30,372
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
7,740
|
|
|
(697
|
)
|
|
7,043
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
30
|
|
|
(750
|
)
|
|
658
|
|
|
(62
|
)
|
||||
Exchange of common stock of JPHI Holdings, Inc. for common stock of Jason Industries, Inc.
|
(113
|
)
|
|
(1,698
|
)
|
|
(73
|
)
|
|
(1,884
|
)
|
||||
Balance at June 30, 2017
|
$
|
(1,860
|
)
|
|
$
|
(22,112
|
)
|
|
$
|
(1,303
|
)
|
|
$
|
(25,275
|
)
|
Payment Date
|
|
Record Date
|
|
Amount Per Share
|
|
Total Dividends Paid
|
|
Preferred Shares Issued
|
January 1, 2018
|
|
November 15, 2017
|
|
$20.00
|
|
$974
|
|
968
|
April 1, 2018
|
|
February 15, 2018
|
|
$20.00
|
|
$751
|
|
748
|
13.
|
Business Segments, Geographic and Customer Information
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Finishing
|
$
|
55,454
|
|
|
$
|
49,757
|
|
|
$
|
109,432
|
|
|
$
|
99,233
|
|
Components
|
24,559
|
|
|
21,713
|
|
|
46,952
|
|
|
42,830
|
|
||||
Seating
|
44,993
|
|
|
44,921
|
|
|
92,027
|
|
|
92,294
|
|
||||
Acoustics
|
43,418
|
|
|
56,086
|
|
|
87,267
|
|
|
113,313
|
|
||||
Net Sales
|
$
|
168,424
|
|
|
$
|
172,477
|
|
|
$
|
335,678
|
|
|
$
|
347,670
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Segment Adjusted EBITDA
|
|
|
|
|
|
|
|
||||||||
Finishing
|
$
|
8,437
|
|
|
$
|
7,324
|
|
|
$
|
16,236
|
|
|
$
|
14,391
|
|
Components
|
3,563
|
|
|
2,451
|
|
|
6,633
|
|
|
5,171
|
|
||||
Seating
|
6,870
|
|
|
5,897
|
|
|
12,803
|
|
|
11,427
|
|
||||
Acoustics
|
6,044
|
|
|
7,983
|
|
|
11,822
|
|
|
14,704
|
|
||||
Total segment Adjusted EBITDA
|
$
|
24,914
|
|
|
$
|
23,655
|
|
|
$
|
47,494
|
|
|
$
|
45,693
|
|
Interest expense
|
(244
|
)
|
|
(370
|
)
|
|
(491
|
)
|
|
(705
|
)
|
||||
Depreciation and amortization
|
(10,938
|
)
|
|
(9,404
|
)
|
|
(21,642
|
)
|
|
(19,322
|
)
|
||||
(Loss) gain on disposal of property, plant and equipment - net
|
(11
|
)
|
|
(65
|
)
|
|
(245
|
)
|
|
265
|
|
||||
Loss on divestiture
|
—
|
|
|
(7,888
|
)
|
|
—
|
|
|
(7,888
|
)
|
||||
Restructuring
|
(1,464
|
)
|
|
(552
|
)
|
|
(2,066
|
)
|
|
(1,233
|
)
|
||||
Integration and other restructuring costs
|
(712
|
)
|
|
—
|
|
|
(1,068
|
)
|
|
—
|
|
||||
Total segment income before income taxes
|
11,545
|
|
|
5,376
|
|
|
21,982
|
|
|
16,810
|
|
||||
Corporate general and administrative expenses
|
(3,550
|
)
|
|
(3,075
|
)
|
|
(6,417
|
)
|
|
(6,552
|
)
|
||||
Corporate interest expense
|
(8,159
|
)
|
|
(8,025
|
)
|
|
(15,939
|
)
|
|
(16,056
|
)
|
||||
Corporate gain on extinguishment of debt
|
—
|
|
|
1,564
|
|
|
—
|
|
|
1,564
|
|
||||
Corporate depreciation
|
(108
|
)
|
|
(83
|
)
|
|
(211
|
)
|
|
(168
|
)
|
||||
Corporate restructuring
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
Corporate share-based compensation
|
(553
|
)
|
|
(324
|
)
|
|
(784
|
)
|
|
(673
|
)
|
||||
Loss before income taxes
|
$
|
(825
|
)
|
|
$
|
(4,558
|
)
|
|
$
|
(1,369
|
)
|
|
$
|
(5,066
|
)
|
|
June 29, 2018
|
|
December 31, 2017
|
||||
Finishing
|
$
|
243,763
|
|
|
$
|
241,776
|
|
Components
|
67,136
|
|
|
72,724
|
|
||
Seating
|
98,320
|
|
|
99,155
|
|
||
Acoustics
|
141,761
|
|
|
145,490
|
|
||
Total segments
|
550,980
|
|
|
559,145
|
|
||
Corporate and eliminations
|
(13,892
|
)
|
|
(12,822
|
)
|
||
Consolidated total assets
|
$
|
537,088
|
|
|
$
|
546,323
|
|
14.
|
Fair Value Measurements
|
•
|
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.
|
•
|
Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.
|
15.
|
Commitments and Contingencies
|
•
|
the Company’s future financial performance;
|
•
|
changes in the market for the Company’s products;
|
•
|
the Company’s expansion plans and opportunities; and
|
•
|
other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions.
|
•
|
the level of demand for the Company’s products;
|
•
|
competition in the Company’s markets;
|
•
|
the Company’s ability to grow and manage growth profitably;
|
•
|
the Company’s ability to access additional capital;
|
•
|
changes in applicable laws or regulations;
|
•
|
the Company’s ability to attract and retain qualified personnel;
|
•
|
the impact of the Tax Reform Act;
|
•
|
the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and
|
•
|
other risks and uncertainties indicated in this report, as well as those disclosed in the Company’s other filings with the Securities and Exchange Commission (the “SEC”), including those discussed under “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended
December 31, 2017
, which may be amended or supplemented in Part II, Item 1A, “Risk Factors,” of the Company’s subsequently filed Quarterly Reports on Form 10-Q (including this report).
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Net sales
|
$
|
168,424
|
|
|
$
|
172,477
|
|
|
$
|
335,678
|
|
|
$
|
347,670
|
|
Cost of goods sold
|
131,302
|
|
|
136,833
|
|
|
262,884
|
|
|
277,417
|
|
||||
Gross profit
|
37,122
|
|
|
35,644
|
|
|
72,794
|
|
|
70,253
|
|
||||
Selling and administrative expenses
|
28,888
|
|
|
25,242
|
|
|
56,412
|
|
|
51,898
|
|
||||
Loss (gain) on disposals of property, plant and equipment - net
|
11
|
|
|
65
|
|
|
245
|
|
|
(265
|
)
|
||||
Restructuring
|
1,464
|
|
|
543
|
|
|
2,066
|
|
|
1,224
|
|
||||
Operating income
|
6,759
|
|
|
9,794
|
|
|
14,071
|
|
|
17,396
|
|
||||
Interest expense
|
(8,403
|
)
|
|
(8,395
|
)
|
|
(16,430
|
)
|
|
(16,761
|
)
|
||||
Gain on extinguishment of debt
|
—
|
|
|
1,564
|
|
|
—
|
|
|
1,564
|
|
||||
Equity income
|
335
|
|
|
277
|
|
|
435
|
|
|
420
|
|
||||
Loss on divestiture
|
—
|
|
|
(7,888
|
)
|
|
—
|
|
|
(7,888
|
)
|
||||
Other income - net
|
484
|
|
|
90
|
|
|
555
|
|
|
203
|
|
||||
Loss before income taxes
|
(825
|
)
|
|
(4,558
|
)
|
|
(1,369
|
)
|
|
(5,066
|
)
|
||||
Tax (benefit) provision
|
(238
|
)
|
|
179
|
|
|
37
|
|
|
164
|
|
||||
Net loss
|
$
|
(587
|
)
|
|
$
|
(4,737
|
)
|
|
$
|
(1,406
|
)
|
|
$
|
(5,230
|
)
|
Less net gain attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Net loss attributable to Jason Industries
|
$
|
(587
|
)
|
|
$
|
(4,737
|
)
|
|
$
|
(1,406
|
)
|
|
$
|
(5,235
|
)
|
Redemption premium and accretion of dividends on preferred stock
|
765
|
|
|
936
|
|
|
2,493
|
|
|
1,854
|
|
||||
Net loss available to common shareholders of Jason Industries
|
$
|
(1,352
|
)
|
|
$
|
(5,673
|
)
|
|
$
|
(3,899
|
)
|
|
$
|
(7,089
|
)
|
|
|
|
|
|
|
|
|
||||||||
Total other comprehensive (loss) income
|
$
|
(4,620
|
)
|
|
$
|
5,534
|
|
|
$
|
(575
|
)
|
|
$
|
7,019
|
|
|
Three Months Ended
|
|
Increase/(Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Consolidated
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
168,424
|
|
|
$
|
172,477
|
|
|
$
|
(4,053
|
)
|
|
(2.3
|
)%
|
Net loss
|
(587
|
)
|
|
(4,737
|
)
|
|
(4,150
|
)
|
|
(87.6
|
)
|
|||
Net loss as a % of net sales
|
0.3
|
%
|
|
2.7
|
%
|
|
(240) bps
|
|||||||
Adjusted EBITDA
|
21,364
|
|
|
20,580
|
|
|
784
|
|
|
3.8
|
|
|||
Adjusted EBITDA % of net sales
|
12.7
|
%
|
|
11.9
|
%
|
|
80 bps
|
|
Six Months Ended
|
|
Increase/(Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Consolidated
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
335,678
|
|
|
$
|
347,670
|
|
|
$
|
(11,992
|
)
|
|
(3.4
|
)%
|
Net loss
|
(1,406
|
)
|
|
(5,230
|
)
|
|
(3,824
|
)
|
|
(73.1
|
)
|
|||
Net loss as a % of net sales
|
0.4
|
%
|
|
1.5
|
%
|
|
(110) bps
|
|||||||
Adjusted EBITDA
|
41,077
|
|
|
39,141
|
|
|
1,936
|
|
|
4.9
|
|
|||
Adjusted EBITDA % of net sales
|
12.2
|
%
|
|
11.3
|
%
|
|
90 bps
|
(1)
|
Adjusted EBITDA and Adjusted EBITDA as a % of net sales are financial measures that are not presented in accordance with GAAP. See “Key Measures the Company Uses to Evaluate Its Performance” below for a reconciliation of Adjusted EBITDA to net loss.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2018
|
|
June 30, 2017
|
|
June 29, 2018
|
|
June 30, 2017
|
||||||||
Net loss
|
$
|
(587
|
)
|
|
$
|
(4,737
|
)
|
|
$
|
(1,406
|
)
|
|
$
|
(5,230
|
)
|
Interest expense
|
8,403
|
|
|
8,395
|
|
|
16,430
|
|
|
16,761
|
|
||||
Tax (benefit) provision
|
(238
|
)
|
|
179
|
|
|
37
|
|
|
164
|
|
||||
Depreciation and amortization
|
11,046
|
|
|
9,487
|
|
|
21,853
|
|
|
19,490
|
|
||||
EBITDA
|
18,624
|
|
|
13,324
|
|
|
36,914
|
|
|
31,185
|
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Restructuring
(1)
|
1,464
|
|
|
543
|
|
|
2,066
|
|
|
1,224
|
|
||||
Integration and other restructuring costs
(2)
|
712
|
|
|
—
|
|
|
1,068
|
|
|
—
|
|
||||
Share-based compensation
(3)
|
553
|
|
|
324
|
|
|
784
|
|
|
673
|
|
||||
Loss (gain) on disposals of property, plant and equipment - net
(4)
|
11
|
|
|
65
|
|
|
245
|
|
|
(265
|
)
|
||||
Gain on extinguishment of debt
(5)
|
—
|
|
|
(1,564
|
)
|
|
—
|
|
|
(1,564
|
)
|
||||
Loss on divestiture
(6)
|
—
|
|
|
7,888
|
|
|
—
|
|
|
7,888
|
|
||||
Total adjustments
|
2,740
|
|
|
7,256
|
|
|
4,163
|
|
|
7,956
|
|
||||
Adjusted EBITDA
|
$
|
21,364
|
|
|
$
|
20,580
|
|
|
$
|
41,077
|
|
|
$
|
39,141
|
|
(1)
|
Restructuring includes costs associated with exit or disposal activities as defined by GAAP related to facility consolidation, including one-time employee termination benefits, costs to close facilities and relocate employees, and costs to terminate contracts other than capital leases. See Note
5
, “
Restructuring Costs
” of the accompanying condensed consolidated financial statements for further information.
|
(2)
|
During the
three and six months ended
June 29, 2018
, integration and other restructuring costs of $1.1 million and $1.5 million, respectively, were incurred associated with a force majeure incident at a supplier in the seating segment that resulted in incremental costs to maintain production and are expected to be recovered through insurance pending
|
(3)
|
Represents share-based compensation expense for awards under the Company’s 2014 Omnibus Incentive Plan. See Note
9
, “
Share-Based Compensation
” of the accompanying condensed consolidated financial statements for further information.
|
(4)
|
Loss (gain) on disposals of property, plant and equipment - net for the
six months ended June 29, 2018
includes a loss of
$0.2 million
from the disposition of equipment in connection with the consolidation of two U.S. facilities in the components segment and for the
six months ended
June 30, 2017
includes a gain of
$0.4 million
on the sale of equipment related to the closure of the components segment’s Buffalo Grove, Illinois facility.
|
(5)
|
Represents a gain on extinguishment of Second Lien Term Loan debt in the second quarter of 2017. See Note
8
, “
Debt and Hedging Instruments
” of the accompanying condensed consolidated financial statements for further information.
|
(6)
|
On August 30, 2017 the Company completed the divestiture of its Acoustics Europe business. The divestiture resulted in an
$8.7 million
pre-tax loss, of which
$7.9 million
was recorded in the second quarter of 2017 when the business was classified as held for sale and written down to estimated fair value less costs to sell and
$0.8 million
was recorded in the third quarter of 2017 based on changes in the net assets of the business and additional foreign currency translation adjustments upon closing of the divestiture. See Note
4
, “
Divestiture
” of the accompanying condensed consolidated financial statements for further information.
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Finishing
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
55,454
|
|
|
$
|
49,757
|
|
|
$
|
5,697
|
|
|
11.4
|
%
|
Adjusted EBITDA
|
8,437
|
|
|
7,324
|
|
|
1,113
|
|
|
15.2
|
|
|||
Adjusted EBITDA % of net sales
|
15.2
|
%
|
|
14.7
|
%
|
|
50 bps
|
|||||||
Components
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
24,559
|
|
|
$
|
21,713
|
|
|
$
|
2,846
|
|
|
13.1
|
%
|
Adjusted EBITDA
|
3,563
|
|
|
2,451
|
|
|
1,112
|
|
|
45.4
|
|
|||
Adjusted EBITDA % of net sales
|
14.5
|
%
|
|
11.3
|
%
|
|
320 bps
|
|||||||
Seating
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
44,993
|
|
|
$
|
44,921
|
|
|
$
|
72
|
|
|
0.2
|
%
|
Adjusted EBITDA
|
6,870
|
|
|
5,897
|
|
|
973
|
|
|
16.5
|
|
|||
Adjusted EBITDA % of net sales
|
15.3
|
%
|
|
13.1
|
%
|
|
220 bps
|
|||||||
Acoustics
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
43,418
|
|
|
$
|
56,086
|
|
|
$
|
(12,668
|
)
|
|
(22.6
|
)%
|
Adjusted EBITDA
|
6,044
|
|
|
7,983
|
|
|
(1,939
|
)
|
|
(24.3
|
)
|
|||
Adjusted EBITDA % of net sales
|
13.9
|
%
|
|
14.2
|
%
|
|
(30) bps
|
|||||||
Corporate
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
$
|
(3,550
|
)
|
|
$
|
(3,075
|
)
|
|
$
|
(475
|
)
|
|
(15.4
|
)%
|
Consolidated
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
168,424
|
|
|
$
|
172,477
|
|
|
$
|
(4,053
|
)
|
|
(2.3
|
)%
|
Adjusted EBITDA
|
21,364
|
|
|
20,580
|
|
|
784
|
|
|
3.8
|
|
|||
Adjusted EBITDA % of net sales
|
12.7
|
%
|
|
11.9
|
%
|
|
80 bps
|
|
Six Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Finishing
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
109,432
|
|
|
$
|
99,233
|
|
|
$
|
10,199
|
|
|
10.3
|
%
|
Adjusted EBITDA
|
16,236
|
|
|
14,391
|
|
|
1,845
|
|
|
12.8
|
|
|||
Adjusted EBITDA % of net sales
|
14.8
|
%
|
|
14.5
|
%
|
|
30 bps
|
|||||||
Components
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
46,952
|
|
|
$
|
42,830
|
|
|
$
|
4,122
|
|
|
9.6
|
%
|
Adjusted EBITDA
|
6,633
|
|
|
5,171
|
|
|
1,462
|
|
|
28.3
|
|
|||
Adjusted EBITDA % of net sales
|
14.1
|
%
|
|
12.1
|
%
|
|
200 bps
|
|||||||
Seating
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
92,027
|
|
|
$
|
92,294
|
|
|
$
|
(267
|
)
|
|
(0.3
|
)%
|
Adjusted EBITDA
|
12,803
|
|
|
11,427
|
|
|
1,376
|
|
|
12.0
|
|
|||
Adjusted EBITDA % of net sales
|
13.9
|
%
|
|
12.4
|
%
|
|
150 bps
|
|||||||
Acoustics
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
87,267
|
|
|
$
|
113,313
|
|
|
$
|
(26,046
|
)
|
|
(23.0
|
)%
|
Adjusted EBITDA
|
11,822
|
|
|
14,704
|
|
|
(2,882
|
)
|
|
(19.6
|
)
|
|||
Adjusted EBITDA % of net sales
|
13.5
|
%
|
|
13.0
|
%
|
|
50 bps
|
|||||||
Corporate
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
$
|
(6,417
|
)
|
|
$
|
(6,552
|
)
|
|
$
|
135
|
|
|
2.1
|
%
|
Consolidated
|
|
|
|
|
|
|
|
|||||||
Net sales
|
$
|
335,678
|
|
|
$
|
347,670
|
|
|
$
|
(11,992
|
)
|
|
(3.4
|
)%
|
Adjusted EBITDA
|
41,077
|
|
|
39,141
|
|
|
1,936
|
|
|
4.9
|
|
|||
Adjusted EBITDA % of net sales
|
12.2
|
%
|
|
11.3
|
%
|
|
90 bps
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
55,454
|
|
|
$
|
49,757
|
|
|
$
|
5,697
|
|
|
11.4
|
%
|
Adjusted EBITDA
|
8,437
|
|
|
7,324
|
|
|
1,113
|
|
|
15.2
|
|
|||
Adjusted EBITDA % of net sales
|
15.2
|
%
|
|
14.7
|
%
|
|
50 bps
|
|
Six Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
109,432
|
|
|
$
|
99,233
|
|
|
$
|
10,199
|
|
|
10.3
|
%
|
Adjusted EBITDA
|
16,236
|
|
|
14,391
|
|
|
1,845
|
|
|
12.8
|
|
|||
Adjusted EBITDA % of net sales
|
14.8
|
%
|
|
14.5
|
%
|
|
30 bps
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
24,559
|
|
|
$
|
21,713
|
|
|
$
|
2,846
|
|
|
13.1
|
%
|
Adjusted EBITDA
|
3,563
|
|
|
2,451
|
|
|
1,112
|
|
|
45.4
|
|
|||
Adjusted EBITDA % of net sales
|
14.5
|
%
|
|
11.3
|
%
|
|
320 bps
|
|
Six Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
46,952
|
|
|
$
|
42,830
|
|
|
$
|
4,122
|
|
|
9.6
|
%
|
Adjusted EBITDA
|
6,633
|
|
|
5,171
|
|
|
1,462
|
|
|
28.3
|
|
|||
Adjusted EBITDA % of net sales
|
14.1
|
%
|
|
12.1
|
%
|
|
200 bps
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
44,993
|
|
|
$
|
44,921
|
|
|
$
|
72
|
|
|
0.2
|
%
|
Adjusted EBITDA
|
6,870
|
|
|
5,897
|
|
|
973
|
|
|
16.5
|
|
|||
Adjusted EBITDA % of net sales
|
15.3
|
%
|
|
13.1
|
%
|
|
220 bps
|
|
Six Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
92,027
|
|
|
$
|
92,294
|
|
|
$
|
(267
|
)
|
|
(0.3
|
)%
|
Adjusted EBITDA
|
12,803
|
|
|
11,427
|
|
|
1,376
|
|
|
12.0
|
|
|||
Adjusted EBITDA % of net sales
|
13.9
|
%
|
|
12.4
|
%
|
|
150 bps
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
43,418
|
|
|
$
|
56,086
|
|
|
$
|
(12,668
|
)
|
|
(22.6
|
)%
|
Adjusted EBITDA
|
6,044
|
|
|
7,983
|
|
|
(1,939
|
)
|
|
(24.3
|
)
|
|||
Adjusted EBITDA % of net sales
|
13.9
|
%
|
|
14.2
|
%
|
|
(30) bps
|
|
Six Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
87,267
|
|
|
$
|
113,313
|
|
|
$
|
(26,046
|
)
|
|
(23.0
|
)%
|
Adjusted EBITDA
|
11,822
|
|
|
14,704
|
|
|
(2,882
|
)
|
|
(19.6
|
)
|
|||
Adjusted EBITDA % of net sales
|
13.5
|
%
|
|
13.0
|
%
|
|
50 bps
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Adjusted EBITDA
|
$
|
(3,550
|
)
|
|
$
|
(3,075
|
)
|
|
$
|
(475
|
)
|
|
(15.4
|
)%
|
|
Six Months Ended
|
|
Increase/ (Decrease)
|
|||||||||||
(in thousands, except percentages)
|
June 29, 2018
|
|
June 30, 2017
|
|
$
|
|
%
|
|||||||
Adjusted EBITDA
|
$
|
(6,417
|
)
|
|
$
|
(6,552
|
)
|
|
$
|
135
|
|
|
2.1
|
%
|
|
June 29, 2018
|
|
December 31, 2017
|
||||
Interest rate swaps:
|
|
|
|
||||
Recorded in other current assets
|
$
|
1,756
|
|
|
$
|
—
|
|
Recorded in other assets - net
|
988
|
|
|
537
|
|
||
Recorded in other current liabilities
|
—
|
|
|
(458
|
)
|
||
Total net asset derivatives designated as hedging instruments
|
$
|
2,744
|
|
|
$
|
79
|
|
Payment Date
|
|
Record Date
|
|
Amount Per Share
|
|
Total Dividends Paid
|
|
Preferred Shares Issued
|
January 1, 2018
|
|
November 15, 2017
|
|
$20.00
|
|
$974
|
|
968
|
April 1, 2018
|
|
February 15, 2018
|
|
$20.00
|
|
$751
|
|
748
|
(in thousands)
|
June 29, 2018
|
|
December 31, 2017
|
|
June 30, 2017
|
||||||
Accounts receivable—net
|
$
|
79,436
|
|
|
$
|
68,626
|
|
|
$
|
81,560
|
|
Inventories-net
|
68,424
|
|
|
70,819
|
|
|
69,313
|
|
|||
Accounts payable
|
(55,652
|
)
|
|
(53,668
|
)
|
|
(61,881
|
)
|
|||
NOWC
|
$
|
92,208
|
|
|
$
|
85,777
|
|
|
$
|
88,992
|
|
|
Six Months Ended
|
||||||
(in thousands)
|
June 29, 2018
|
|
June 30, 2017
|
||||
Net cash provided by operating activities
|
$
|
11,140
|
|
|
$
|
20,832
|
|
Net cash used in investing activities
|
(6,880
|
)
|
|
(794
|
)
|
||
Net cash used in financing activities
|
(6,390
|
)
|
|
(7,125
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(525
|
)
|
|
1,145
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(2,655
|
)
|
|
14,058
|
|
||
Cash and cash equivalents at beginning of period
|
48,887
|
|
|
40,861
|
|
||
Cash and cash equivalents at end of period
|
$
|
46,232
|
|
|
$
|
54,919
|
|
Depreciation and amortization
|
$
|
21,853
|
|
|
$
|
19,490
|
|
Capital expenditures
|
6,939
|
|
|
7,161
|
|
2018 Fiscal Month
|
|
Total Number of Shares Purchased
(a)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Plans or Programs
Announced
(b)
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
March 31 to May 4
|
|
—
|
|
—
|
|
—
|
|
N/A
|
May 5 to June 1
|
|
274
|
|
2.95
|
|
—
|
|
N/A
|
June 2 to June 29
|
|
—
|
|
—
|
|
—
|
|
N/A
|
Total
|
|
274
|
|
2.95
|
|
—
|
|
|
(a)
|
Represents shares of common stock that employees surrendered to satisfy withholding taxes in connection with the vesting of restricted stock unit awards. The 2014 Omnibus Incentive Plan and the award agreements permit participants to satisfy all or a portion of the statutory federal, state and local withholding tax obligations arising in connection with plan awards by electing to (1) have the Company reduce the number of shares otherwise deliverable or (2) deliver shares already owned, in each case having a value equal to the amount to be withheld. During the
six months ended June 29, 2018
, the Company withheld
2,837
shares that employees presented to the Company to satisfy withholding taxes in connection with the vesting of restricted stock unit awards.
|
(b)
|
The Company is not currently participating in a share repurchase program.
|
Exhibit Number
|
|
Description
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
JASON INDUSTRIES, INC.
|
|
|
Dated: August 2, 2018
|
/s/ Brian K. Kobylinski
|
|
Brian K. Kobylinski
President, Chief Executive Officer and Chairman of the Board of Directors
(Principal Executive Officer)
|
Dated: August 2, 2018
|
/s/ Chad M. Paris
|
|
|
Chad M. Paris
Senior Vice President and Chief Financial Officer
(Principal Accounting Officer)
|
|
1 Year Jason Industries Chart |
1 Month Jason Industries Chart |
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