The reported results for all periods presented exclude the operating results of the Company’s packaging operating segment and its top-sheet lithographic print operation ("Packaging Business"), which have been classified in the Company’s consolidated financial statements as discontinued operations. Additionally, the comparative results discussed below were meaningfully impacted by a 13 week fiscal fourth quarter and 52 week fiscal year in 2016, as compared to a 14 week fiscal fourth quarter and 53 week fiscal year in 2015.
Highlights of the report include:
Fourth Quarter 2016 vs. Fourth Quarter 2015 Overview
- Net sales of $417.2 million compared to $479.0 million.
- Net loss of $0.2 million compared to a net loss of $17.5 million.
- Adjusted EBITDA of $32.5 million compared to $44.1 million.
- Cash flow provided by operating activities of continuing operations of $36.0 million compared to $14.7 million.
Full Year 2016 vs. Full Year 2015 Overview
- Net sales of $1.66 billion compared to $1.74 billion.
- Net income of $67.9 million compared to a net loss of $30.9 million.
- Adjusted EBITDA of $143.9 million compared to $158.0 million.
- Cash flow provided by operating activities of continuing operations of $49.4 million compared to $16.2 million.
“As a result of these substantial changes in the marketplace, we have taken significant action to bring our cost structure in line with our ongoing revenue base. Late in the fourth quarter of 2016, we initiated a two- year, company-wide profitability improvement plan which we expect will yield $50 million of combined cost savings and margin improvement, $25 million of which we expect to realize in 2017. This program is designed to reduce our fixed cost infrastructure, lower SG&A costs, reduce back office headcount and further streamline our geographic footprint by bringing multiple products under one roof.”