Coveris reported second quarter 2016 net sales of $665m.
Net sales for the second quarter of 2015 were $651 million. Adjusted EBITDA for the second quarter was $92 million, compared to $86 million in the second quarter of 2015.
- Operating income improved by $13 million compared to 2015
- Adjusted EBITDA of $92 million, up 6.3% compared to 2015
- Adjustments to EBITDA for special items reduced to $13 million compared to $21 million in 2015
- Announced successful pricing of term loan to provide additional liquidity and repay 10% bonds
“Coveris reported a solid second quarter,” said Gary Masse, President and Chief Executive Officer. “We reported our highest quarterly operating income since the formation of Coveris. The full Coveris team is focused on our strategic initiatives and are using the Coveris Business System tools and processes as the means to deliver these results.
I am looking forward to the continued evolution of CBS across Coveris.” In July, the Company announced a successful term loan addition. The proceeds of which will repay its nearest term bond maturity, which was due May 2018, and to provide an additional $100 million of liquidity. The transaction is expected to close on August 18, 2016.