United states

RESULTS OF OPERATIONS

Three Months Ended March 31, 2016 Compared to Three Months Ended March 31, 2015

The following table summarizes certain information relating to our operating results for the three months ended March 31, 2016 and 2015 that has been derived from our unaudited condensed consolidated financial statements.

 

		Three Months Ended March 31,
(in thousands)		2016				2015
Net sales		$	176,110			$	95,589
Cost of sales			159,866				90,884
Startup and transition costs			3,306				4,154
Total cost of goods sold			163,172				95,038
Gross profit			12,938				551
General and administrative expenses			4,749				3,208
Income (loss) from operations			8,189				(2,657	)
Other expense			(4,140	)			(3,200	)
Income (loss) before income taxes			4,049				(5,857	)
Income tax benefit (provision)			(2,303	)			120
Net income (loss)			1,746				(5,737	)
Net income attributable to preferred shareholders			2,437				2,356
Net loss attributable to common shareholders		$	(691	)		$	(8,093	)

 

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Table of Contents

The following table summarizes certain information relating to our operating results as a percentage of total net sales.

 

		Three Months Ended March 31,
		2016				2015
Net sales			100.0	%			100.0	%
Cost of sales			90.8				95.1
Startup and transition costs			1.9				4.3
Total cost of goods sold			92.7				99.4
Gross profit			7.3				0.6
General and administrative expenses			2.7				3.4
Income (loss) from operations			4.6				-2.8
Other expense			-2.3				-3.3
Income (loss) before income taxes			2.3				-6.1
Income tax benefit (provision)			-1.3				0.1
Net income (loss)			1.0				-6.0
Net income attributable to preferred shareholders			1.4				2.5
Net loss attributable to common shareholders			-0.4	%			-8.5	%