DALLAS, June 28, 2016 /PRNewswire/ -- JRjr33, Inc.,
doing business as JRJR Networks [NYSE MKT: JRJR] today
announced financial results for its fourth quarter of 2015.
"We're extremely pleased with the results of the fourth quarter
and with the results of the full year 2015. We're very much
on track, we believe our strategy is working, and we feel great
about the future for JRJR Networks. Based on our long years
of years of experience in this sector, we believe the future has
never been brighter for this company," said John Rochon, Jr., founder and vice chairman.
"As we look ahead to the latter part of this year, it's our
expectation that by Q4, before subtracting M&A expenses, JRJR
Networks will be generating cash operating EBITDA of 10-12%, which
is within our target range.
"I've been in this sector for a long time. I've seen
inflection points like this before, where it's clear that a
turnaround is on the cusp of breaking through. I believe
that's where we are this year with JRJR Networks," said Mr.
Rochon.
"For a company that has just ended our third year -- having
started from scratch and acquired troubled companies -- we believe
we're seeing very good progress," said Chris Brooks, JRJR Networks' chief financial
officer.
"We know that the delay in filing as we completed our audit has
been frustrating. With ten portfolio companies, operating in
over 50 countries, with multiple IT systems, a new ERP system at a
major subsidiary and the need to collect data from multiple
international markets, the process took longer than we expected,"
said Mr. Brooks.
Pro forma revenue for the quarter was approximately
$49.5 million1.
Pro forma gross profit for the full year 2015 increased to
$94.3 million2, a margin
of 51.1%. Pro forma adjusted EBITDA was $3.9 million3 for Q4 and
$4.5 million4 for the
year.
"Excluding inventory impairments, in 2015, we cut our operating
loss by more than half. We also reduced the earnings per
share loss by half. We expect continued good progress on that
front. We expect to see EPS turn positive this year," said
Mr. Brooks.
Assets increased by about $25.2
million, primarily due to the addition during the year of
Kleeneze and Betterware.
"Our business is seasonal, so the quarters vary. Roughly
19-20% of our revenue comes in Q1; about 23-25% comes in Q2; 24-26%
comes in Q3; and the Fourth Quarter usually amounts to about 30% of
revenue. We believe we've stabilized the top line and we look
forward to organic growth ahead," said Mr. Brooks.
"We have a vigorous plan for reducing costs and achieving
synergies in operations. The plan is working. We are
confident that this plan will get us where we need to be by
year-end. Everywhere we look, we see good cost saving
opportunities and efficiencies from economies of scale.
"During the past year John Rochon
Jr. has focused his time and attention to providing
leadership to the sales fields of our companies. This role of
charismatic leader is crucial to growing sales and recruiting, and
John Jr.'s work is already having excellent results," he noted.
Financial Highlights
Total revenue for the fourth quarter was approximately
$47.3 million, compared to
approximately $33.6 million in the
same quarter a year ago, an increase of $13.7 million, or 40.8%, primarily due to our
acquisition of Betterware in October of 2015, in addition to
organic growth, especially in the gourmet food products
segment.
Gross profit increased to $18.8
million, compared to $12.2
million in the same quarter last year, an increase of
$6.6 million, or 54.1% compared to
the same quarter last year.
Gross profit margin increased to 39.8% of total revenue,
compared to 36.4% of total revenue in the same quarter a year
ago. This increase was offset by inventory write downs of
$0.6 million in the quarter that
minimized an even larger increase in margin.
Operating margin improved to (10.4)% from (22.4)% compared to
the same period last year.
For the full year of 2015, revenue was $138.4 million, compared to $108.8 million in the same period last year, an
increase of $29.6 million, or
27.2%.
For the full year, gross profit increased to $71.8 million from $53.3
million, an increase of $18.5
million compared with the same period in 2014. Gross profit
margins increased to 51.9% compared to 49.0% for the full year of
2014.
Operating margin under GAAP improved to (14.3)% from (18.5)%
compared to the previous year.
"We have continued to consolidate and streamline our
operations," said Brooks. "For example, at Longaberger, we have the
Big Basket building in Newark,
Ohio for sale, since we're bringing the Longaberger office
staff together under the same roof with the rest of the team at the
Frazeysburg location. This
will allow us to reduce expenses as we dispose of property no
longer necessary for running the business. Also at
Longaberger, we evaluated and wrote down certain inventory, most of
which could generally be classified as overstock or for which the
fair market value required an adjustment to a lower market value.
These write-downs totaled $1.7
million after tax, or $0.05
per share."
JRjr33, Inc.
Consolidated
Statements of Operations
(in
thousands, except share and per share data)
|
|
|
|
Year Ended
December 31,
|
|
|
2015
|
|
2014
|
Revenue
|
|
$
|
138,352
|
|
|
$
|
108,811
|
|
Program costs and
discounts
|
|
(24,362)
|
|
|
(27,443)
|
|
Net
revenues
|
|
113,990
|
|
|
81,368
|
|
Costs of sales
(exclusive of depreciation shown separately below)
|
|
42,194
|
|
|
28,082
|
|
Gross
profit
|
|
71,796
|
|
|
53,286
|
|
Commissions and
incentives
|
|
34,130
|
|
|
24,981
|
|
Gain on sale of
assets
|
|
(657)
|
|
|
(886)
|
|
Selling, general and
administrative
|
|
52,460
|
|
|
46,263
|
|
Depreciation and
amortization
|
|
2,214
|
|
|
1,781
|
|
Share based
compensation expense
|
|
(116)
|
|
|
792
|
|
Impairment of assets
held for sale
|
|
3,329
|
|
|
-
|
|
Impairment of
goodwill
|
|
192
|
|
|
489
|
|
Operating
loss
|
|
(19,756)
|
|
|
(20,134)
|
|
(Gain) loss on
marketable securities
|
|
(189)
|
|
|
845
|
|
Gain on acquisition
of a business
|
|
(3,625)
|
|
|
-
|
|
Interest expense,
net
|
|
2,588
|
|
|
1,857
|
|
Loss from operations
before income tax provision
|
|
(18,530)
|
|
|
(22,836)
|
|
Income tax
provision
|
|
349
|
|
|
829
|
|
Net loss
|
|
(18,879)
|
|
|
(23,665)
|
|
Net loss attributable
to non-controlling interest
|
|
5,783
|
|
|
4,592
|
|
Net loss attributable
to JRjr33, Inc.
|
|
$
|
(13,096)
|
|
|
$
|
(19,073)
|
|
Basic and diluted
loss per share:
|
|
|
|
|
Weighted average
common shares outstanding
|
|
33,478,601
|
|
|
47,688,157
|
|
Loss per common share
attributable to JRjr33 Inc., basic and diluted
|
|
$
|
(0.39)
|
|
|
$
|
(0.40)
|
|
Pro-forma weighted
average common shares outstanding (see Note 2)
|
|
|
|
|
24,550,871
|
|
Pro-forma loss per
common share attributable to JRjr33 Inc., basic and diluted (see
Note 2)
|
|
|
|
|
|
$
|
(0.78)
|
|
The balance sheet improved from end of year 2014 to end of year
2015. Working capital improved from $(3.4) million to $0.9 million; the current ratio
improved from 0.9 to 1.0; the quick ratio improved from 0.3 to 0.4;
and the cash ratio improved from 0.1 to 0.2.
JRjr33, Inc.
Consolidated
Balance Sheets
(in thousands, except
share and per share data)
|
|
|
|
December 31,
2015
|
|
December 31,
2014
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
6,482
|
|
|
$
|
2,606
|
|
Marketable
securities
|
|
5,306
|
|
|
991
|
|
Accounts receivable,
net
|
|
4,828
|
|
|
450
|
|
Inventory,
net
|
|
20,799
|
|
|
14,759
|
|
Other current
assets
|
|
2,303
|
|
|
2,482
|
|
Total current
assets
|
|
39,718
|
|
|
21,288
|
|
Assets held for
sale
|
|
1,111
|
|
|
—
|
|
|
Restricted
cash
|
|
2,857
|
|
|
—
|
|
|
Sale leaseback
security deposit
|
|
4,414
|
|
|
4,414
|
|
Property, plant and
equipment, net
|
|
5,387
|
|
|
8,191
|
|
Leased property,
net
|
|
14,654
|
|
|
15,361
|
|
Goodwill
|
|
5,427
|
|
|
4,095
|
|
Intangibles,
net
|
|
8,801
|
|
|
3,558
|
|
Other
assets
|
|
135
|
|
|
400
|
|
Total
assets
|
|
$
|
82,504
|
|
|
$
|
57,307
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable—trade
|
|
$
|
15,937
|
|
|
$
|
8,541
|
|
Related party
payables, net of receivables
|
|
1,605
|
|
|
152
|
|
Accrued
commissions
|
|
3,033
|
|
|
3,319
|
|
Accrued
liabilities
|
|
7,303
|
|
|
4,612
|
|
Deferred
revenue
|
|
2,307
|
|
|
2,982
|
|
Current portion of
long-term debt
|
|
3,048
|
|
|
941
|
|
Accrued taxes
payable
|
|
4,830
|
|
|
2,693
|
|
Other current
liabilities
|
|
777
|
|
|
1,412
|
|
Total current
liabilities
|
|
38,840
|
|
|
24,652
|
|
Deferred tax
liability
|
|
744
|
|
|
167
|
|
Long-term
debt
|
|
12,784
|
|
|
4,316
|
|
Lease
liability
|
|
16,332
|
|
|
15,774
|
|
Other long-term
liabilities
|
|
2,864
|
|
|
3,415
|
|
Total
liabilities
|
|
71,564
|
|
|
48,324
|
|
Commitments & contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred stock, par
value $0.001 per share, 500,000 authorized-0-issued and
outstanding
|
|
—
|
|
|
|
—
|
|
|
Common stock, par
value $0.0001 per share, 250,000,000 shares authorized; 35,718,279
and 27,599,012 shares issued and outstanding, at December 31,
2015 and at December 31, 2014 respectively
|
|
4
|
|
|
3
|
|
Additional paid-in
capital
|
|
58,837
|
|
|
37,097
|
|
Accumulated other
comprehensive loss
|
|
(586)
|
|
|
321
|
|
Accumulated
deficit
|
|
(45,255)
|
|
|
(32,159)
|
|
Total stockholders'
equity attributable to JRjr33 Inc.
|
|
13,000
|
|
|
5,262
|
|
Stockholders' equity
attributable to non-controlling interest
|
|
(2,060)
|
|
|
3,721
|
|
Total stockholders'
equity
|
|
10,940
|
|
|
8,983
|
|
Total liabilities and
stockholders' equity
|
|
$
|
82,504
|
|
|
$
|
57,307
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Commentary
Our strategy is to acquire a growing, diversified portfolio of
direct-to-consumer companies with global reach. Each company
keeps its brand and identity, while we reduce overlapping costs and
achieve efficiencies in operations and support. We look for
diversification and strategic synergies.
Our larger goal is to empower millions of people around the
world -- to give them hope, opportunity, income and freedom through
entrepreneurship.
We don't think of ourselves as a "direct selling" company.
That is too narrow a definition. We are a "direct to
consumer" federation, which is much broader. "Direct selling"
is only a subset of the direct to consumer sector. Within
this sector, we believe that we are building something unique.
We've made excellent progress in our first three years:
Year one was 2013: In that year, we introduced our concept
to investors and the industry, created a public structure and made
our first six acquisitions.
Year two was 2014: In that year, we made a seventh
acquisition, raised capital and uplisted to the NYSE MKT.
Year three was 2015: In that year, we scaled up and
approximately doubled the size of our company through two major
acquisitions, Kleeneze and Betterware.
Now, in 2016, we're focusing on strengthening the profitability
of our portfolio and looking for larger acquisitions. We are
in a position to be more selective on acquisitions from now on.
Going forward, we plan to continue scaling up, spreading our
overhead costs across an ever-larger base. The bigger and
more diversified we get, the more predictability and less
variability we should have in our results. Eventually, it's
our intention to get to the point where we generate current returns
to shareholders through dividends.
We have a target range for how a properly-run company in this
sector should perform:
Program costs and discounts should be 10-12%;
Cost of goods should be 26-28%;
Commissions and incentives to the sales force should be 29-31%
Fixed SG&A should be 15-17%;
Gross profits should be 60-64%;
Which leaves cash operating EBITDA at between 12% and 20%.
That's the ideal that we're shooting for. We are making
every effort to meet our cash operating EBITDA target this
year.
As we look ahead to the latter part of this year, it's our
expectation that by Q4, before subtracting M&A expenses, JRJR
Networks will be generating cash operating EBITDA of 10-12% --
which is within our target range.
For a company that's just ended our third year -- having started
from scratch and acquired troubled companies -- we believe that is
very encouraging progress.
Below are comments on the largest companies in the
portfolio.
Kleeneze and Betterware
Kleeneze and Betterware, our two UK companies, collectively
represent about half of our company's total revenue.
Improvements there can have a significant impact on the Company
overall. We believe there are still big cost savings and
efficiency improvements to be made there, especially as Kleeneze
extricates itself from the old agreement it had with EGL Logistics
for warehouse and other services.
For example, we've already moved away from EGL in areas like
accounting and IT. This progress on operational efficiency at
Kleeneze has a direct effect on reducing SG&A
costs. It also takes control of operations out of the
hands of a third party and into our own hands -- which obviously is
a good thing.
Having completed their first year as part of the JRJR Networks
family, Kleeneze is showing signs of a rejuvenated Network, with
sales and recruitment numbers showing considerable improvement.
Longaberger
Longaberger was a longer, more difficult turnaround challenge
than we originally thought it would be. But in 2015, the
steps we'd been taking began to pay off. With John Jr.'s
charismatic leadership starting in mid-year, Longaberger has become
an encouraging turnaround story. By the end of the
year, we were seeing stronger sales, better recruiting, a
smooth-functioning supply chain and much more upbeat morale among
both the sales field and employees. Although we did have to
take some significant inventory write-downs in the fourth quarter,
we now manage inventory levels much more closely, and believe that
Longaberger is back.
Agel
At Agel, our nutritional supplement company, the focus has been
largely on supply chain. Because this company does business
in about 40 markets around the world, supply chain is no simple
job. We realized that everything from forecasting to
manufacturing to inventory tracking to delivery in the various
markets needed improvement. We focused on that, and by year
end, and into this year, we've been seeing real progress. We
also believe Agel can be a player in the skin care category, and we
took the first step in late 2015 by introducing a new skin care
line called Caspi.
We also believe that Agel has been able to cut expenses more
effectively over the last 12 months than in its 12 year
history. Distributors are holding events all over world, with
thousands in attendance. Last year Agel launched its newest
gel suspended probiotic product, beating previous company records
with one of the single largest sales days in Agel's 12 year
history.
Your Inspiration At Home
Our spice company in 2015 continued to justify our high
expectations. The business continued growing vigorously in
its original markets, Australia
and New Zealand. It continued winning gourmet food awards and
it introduced a new, monthly auto-ship product called The Flavour
Stack.
And, most encouraging to us, the company made nice progress in
establishing itself in three new markets: the US, Canada and the UK. The past 12 months
has seen growth & expansion, with 12,000+ new sales field
consultants joining the YIAH Global Gourmet Experience. Our
international focus continues to expand into Europe.
Mergers and Acquisitions
We think of ourselves as an aggressive M&A shop in the
direct to consumer field. We've made some aggressive moves,
even apart from the companies that are in our portfolio.
Because we're an M&A shop, our M&A expenses have to be
separated from our normal operational costs, in order to clearly
see our performance on the operating side. We want to get our
M&A expenses down to a smaller percentage of revenues.
Eventually, we'd like to see M&A expenses at around 2% of
revenue.
On the acquisitions front, our strategy is to be strategic and
selective. Our first acquisitions were troubled companies. We
were able to acquire those at very favorable prices. Our two
most recent acquisitions, in 2015, were Kleeneze and
Betterware. Both were larger and more financially stable than
our prior acquisitions.
We're moving into a phase where the next acquisitions, ideally,
will be larger and more profitable than what we've acquired in the
past. It's OK if a target is underperforming -- in that case,
we believe we can improve it -- but we're no longer focused on
companies that are seriously broken.
We want to find acquisitions that already have positive EBITDA,
deals that are financeable. Then, our plan will be to increase
EBITDA, using our cost-saving and revenue-generating
techniques.
We know that acquiring a larger, financially healthier company
will have to be different from the way we acquired some of the
smaller, broken companies over the past three years. We'll
have to pay more. If we need to use debt, we'll obviously
look for favorable terms. We'll structure any future acquisition in
a way that makes good economic sense.
The key to our next phase of M&A will be these
questions: What is the best order in which to acquire
targets? What is the best way to structure it?
We are devoting a lot of time and attention to these efforts.
Sale of Excess Assets
For the past year or so, we have been engaged in selling excess
assets at Longaberger that were not needed for the running of the
business. We've been very successful at this process.
It has had a number of benefits, allowing us to pay off
Longaberger's bank debt as well as reducing the company's tax
liabilities and maintenance costs.
In just the past 12 months, we've brought in about $1.0 million from excess asset sales. This
work of converting excess assets into cash to strengthen the
business has been a contributor to Longaberger's turnaround.
We believe there is still additional progress to be made in this
area, and that more savings are yet to be made.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements that
involve risks and uncertainties. All statements other than
statements of historical fact contained in this press release are
forward-looking statements. We have attempted to identify
forward-looking statements by terminology including "anticipate,"
"believe," "can," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," or "will" or the negative of these terms or other
comparable terminology. Although we do not make forward-looking
statements unless we believe we have a reasonable basis for doing
so, we cannot guarantee their accuracy. These statements are based
upon current beliefs, expectations and assumptions and include
statements regarding the belief that the strategy is working, the
expectation that by Q4 JRjr will be generating cash operating
EBITDA of 10-12%, the belief that JRjr is on the cusp of breaking
through, the pro forma revenue, the expectation of seeing EPS turn
positive this year, the belief that top line has been stabilized
and the anticipated organic growth, the continued cleanup on the
financials with write-downs, the plan to continue scaling up,
spreading overhead costs across an even larger base, the ability to
generate returns to investors through dividends, the cost savings
and efficiency improvements to be made at Kleeneze and
Betterware, the belief that Longaberger is back, Agel's
opportunities in the skin care category, and the additional
progress to be made with respect to the sale of excess assets.
These statements are subject to a number of risks and
uncertainties including JRjr's ability to successfully
implement its strategy and the other risks outlined under "Risk
Factors" in JRjr's most recent Annual Report on Form 10-K and
those risks discussed in other documents that JRjr files with the
Securities and Exchange Commission, which may cause JRjr's actual
results, levels of activity, performance, or achievements expressed
or implied by these forward-looking statements to differ materially
from expectations. Except as required by law, JRjr undertakes no
obligation to update or revise publicly any of the forward-looking
statements after the date of this press release to conform JRjr's
statements to actual results or changed expectations.
Media Contact:
|
Investor Relations
Contact:
|
Russell
Mack
|
Tucker
Gagen
|
Executive Vice
President
|
tucker.gagen@jrjrnetworks.com
|
russell.mack@jrjrnetworks.com
|
|
Non-GAAP financial measures
This news release includes information on pro forma revenue, pro
forma gross profit, pro forma adjusted EBITDA and pro forma EBITDA,
which are non-GAAP financial measures as defined by Regulation
G.
Explanation of Exhibits
In the exhibits below there are items being added back to GAAP
financial results in an effort to show non-GAAP measures that the
Management believes, when viewed with our results under GAAP and
the accompanying reconciliations, provides useful information about
our period-over-period growth. The non-GAAP measures should not be
construed as a substitute for net income (loss) (as determined in
accordance with GAAP) for the purpose of analyzing our operating
performance or financial position, as the non-GAAP measures are not
defined by GAAP and pro forma numbers should not be substituted for
actual financial numbers. This is a short explanation of those
items being added back:
- Betterware pre-acquisition Q4 revenue is the revenue Betterware
realized during JRJR's fourth quarter before it was purchased by
JRJR. It is being added back to show what JRJR's total fourth
quarter revenue would have looked like if it had owned Betterware
for the entire quarter.
- JRJR parent company EBITDA is JRJR Networks' parent company
EBITDA. It is being added back in order to show the performance of
the underlying operating companies owned by JRJR Networks.
- Betterware pre-acquisition 2015 gross profit is referenced in
Exhibit 2 below. This represents the gross profit Betterware Ltd.
earned during 2015 before it was acquired by JRJR Networks.
- Kleeneze pre-acquisition 2015 gross profit is referenced in
Exhibit 2 below. This represents the gross profit Kleeneze Ltd.
earned during 2015 before it was acquired by JRJR Networks.
- Share based compensation for operating companies refers to any
share based compensation expense outside of that which relates to
JRJR Networks' parent company.
- Inventory write-downs refer to $2.4
million of inventory that was written down between The
Longaberger Company and Agel Enterprises, Inc. It is being added
back because it had no cash effect on the business. By adding it
back JRJR believes it can better show the underlying performance of
its operating businesses.
- YIAH-acquisition related limited period royalty is related to a
marketing contract between Your Inspiration at Home and its former
third party marketing firm that was signed prior to JRJR's
ownership of Your Inspiration at Home. The contract required Your
Inspiration at Home to continue paying the third party marketing
firm for a certain period of time after Your Inspiration at Home
ceased using the third party marketing firm's services. That period
of time in which Your Inspiration at Home is required to continue
paying the third party marketing firm ends in October of 2016. This
item is being added back because it is a one-time, non-recurring
expense. By adding it back JRJR believes it can better show the
underlying performance of its operating businesses.
- Shipping premium – United
Kingdom is related to high shipping costs Kleeneze is
currently paying. The portion that is being added back is what JRJR
believes to be the excess payment above what Kleeneze could pay
elsewhere. This excess payment will cease when Kleeneze has moved
to a new distribution facility. By adding it back JRJR believes it
can better show the underlying performance of its operating
businesses.
- Betterware EBITDA for period not owned by JRJR is referenced in
Exhibit 3 and Exhibit 4 below. This represents the EBITDA
Betterware Ltd. earned before it was acquired by JRJR
Networks.
- Kleeneze EBITDA for period not owned by JRJR is referenced in
Exhibit 4 below. This represents the EBITDA Kleeneze Ltd. earned
during 2015 before it was acquired by JRJR Networks.
Exhibit 1
Pro forma fourth
quarter 2015 revenue (000s)
|
JRJR fourth
quarter 2015 revenue
|
$ 47,270
|
Betterware fourth
quarter 2015 revenue for period not owned by JRJR
|
2,199
|
JRJR pro forma
fourth quarter 2015 revenue
|
$ 49,469
|
Exhibit 2
Pro forma 2015
gross profit (000s)
|
|
GAAP
|
Betterware
|
Kleeneze
|
Inventory
Write-Downs
|
Pro Forma
|
JRJR 2015
revenue
|
$ 138,352
|
$ 33,139
|
$ 12,812
|
-
|
$ 184,303
|
Discounts
|
24,362
|
7,649
|
2,971
|
-
|
34,982
|
Cost of goods
sold
|
42,193
|
10,176
|
5,054
|
2,355
|
55,068
|
Gross
profit
|
$ 71,796
|
$ 15,314
|
$ 4,787
|
$(2,355)
|
$ 94,252
|
|
|
|
|
|
51.1%
|
Exhibit 3
Pro forma adjusted
fourth quarter 2015 EBITDA (000s)
|
JRJR net
loss
|
$(4,716)
|
Interest
|
682
|
Income tax provision
(benefit)
|
(7)
|
Depreciation and
amortization
|
(14)
|
JRJR fourth
quarter 2015 EBITDA
|
(4,055)
|
JRJR parent company
EBITDA
|
3,419
|
Share based
compensation expense for operating companies
|
(11)
|
Impairment of assets
held for sale
|
3,329
|
Loss (Gain) on sale
of assets
|
(42)
|
Bad debt
expense
|
71
|
Inventory
write-downs
|
589
|
YIAH-acquisition
related limited period royalty
|
135
|
Shipping premium -
United Kingdom
|
437
|
Betterware fourth
quarter 2015 EBITDA for period not owned by JRJR
|
(22)
|
JRJR pro forma
adjusted fourth quarter 2015 EBITDA
|
$3,850
|
Exhibit 4
Pro forma 2015
EBITDA (000s)
|
JRJR net
loss
|
$(18,879)
|
Interest
|
2,588
|
Income tax provision
(benefit)
|
349
|
Depreciation and
amortization
|
2,214
|
JRJR 2015
EBITDA
|
(13,728)
|
JRJR parent company
EBITDA expenses
|
11,656
|
Share based
compensation expense for operating companies
|
(565)
|
Impairment of assets
held for sale
|
3,329
|
Loss (Gain) on sale
of assets
|
(657)
|
Bad debt
expense
|
71
|
Inventory
write-downs
|
2,355
|
Impairment of
goodwill
|
109
|
YIAH-acquisition
related limited period royalty
|
512
|
Shipping premium -
United Kingdom
|
1,272
|
Betterware 2015
EBITDA for period not owned by JRJR
|
(286)
|
Kleeneze 2015 EBITDA
for period not owned by JRJR
|
446
|
JRJR pro forma
adjusted 2015 EBITDA
|
$4,514
|
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SOURCE JRJR Networks