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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






  

 

 

 

 

 

 

 

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