United states

RESULTS OF OPERATIONS

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

The following table summarizes certain information relating to our operating results for the year ended December 31, 2014 and 2013 that has been derived from our consolidated financial statements.

 

		Year Ended December 31,
(in thousands)		2014				2013
Net sales		$	320,747			$	215,054
Cost of sales			289,528				200,182
Startup and transition costs			16,567				6,607
Total cost of goods sold			306,095				206,789
Gross profit			14,652				8,265
General and administrative expenses			9,175				7,566
Income from operations			5,477				699
Other expense			(11,200	)			(5,071	)
Loss before income taxes			(5,723	)			(4,372	)
Income tax benefit (provision)			(925	)			3,346
Net loss before noncontrolling interest			(6,648	)			(1,026	)
Net loss attributable to noncontrolling interest			—				2,305
Net income (loss)			(6,648	)			1,279
Net income attributable to preferred shareholders			13,930				14,149
Net loss attributable to common shareholders		$	(20,578	)		$	(12,870	)

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

 

		Year Ended December 31,
		2014				2013
Net sales			100.0	%			100.0	%
Cost of sales			90.2				93.1
Startup and transition costs			5.2				3.0
Total cost of goods sold			95.4				96.1
Gross profit			4.6				3.9
General and administrative expenses			2.9				3.5
Income from operations			1.7				0.4
Other expense			-3.5				-2.4
Loss before income taxes			-1.8				-2.0
Income tax benefit (provision)			-0.3				1.5
Net loss before noncontrolling interest			-2.1				-0.5
Net loss attributable to noncontrolling interest			—				1.1
Net income (loss)			-2.1				0.6
Net income attributable to preferred shareholders			4.3				6.6
Net loss attributable to common shareholders			-6.4	%			-6.0	%