-- Adjusted EBITDA of
-- Contract Logistics adjusted EBITDA increased 37.8% year-on-year in Q1
-- Strongest quarter for new business wins in nearly two years, particularly in Freight Management
"CEVA continues to show strength in Contract Logistics driven by initiatives the company put in place to increase profitability," said CEVA CEO
"During my first few months at CEVA, I have visited many of our operational bases and have been impressed by both the professionalism and commitment of our people. It is clear that we have tremendous potential that can be focused on building the top line while we also continue to keep tight control on costs."
CEVA reported revenue of
Adjusted EBITDA increased 7.5% to
The quarter showed momentum in new business performance led by excellent results in the Automotive sector led by two significant individual wins with blue-chip customers. These major new contracts are being implemented currently.
During the first quarter, CEVA announced a number of new contracts, expansions and enhancements, including a three year contract with
Separately, the company also announced the completion of a capital structure refinancing that extended all material maturities and increased liquidity by
 Excludes the impact of specific items that are significant non-recurring items such as restructuring and certain legal expenses.
CEVA - Making business flow
CEVA, one of the world's leading non-asset based supply chain management companies, designs and implements industry leading solutions for large and medium-size national and multinational companies. Approximately 44,000 employees in more than 170 countries are dedicated to delivering effective and robust supply chain solutions across a variety of sectors where CEVA applies its operational expertise to provide best-in-class services across its integrated network. For more information, please visit www.cevalogistics.com.
SAFE HARBOR STATEMENT:
This news release may contain forward-looking statements. These statements include, but are not limited to, discussions regarding industry outlook, the Company's expectations regarding the performance of its business, its liquidity and capital resources, its guidance for 2014 and beyond, and the other non-historical statements. These statements can be identified by the use of words such as "believes" "anticipates," "expects," "intends," "plans," "continues," "estimates," "predicts," "projects," "forecasts," and similar expressions. All forward-looking statements are based on management's current expectations and beliefs only as of the date of this press release and, in addition to the assumptions specifically mentioned in the above paragraphs, there are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the effect of local and national economic, credit and capital market conditions, a downturn in the industries in which we operate (including the automotive industry and the airfreight business), risks associated with the Company's global operations, fluctuations and increases in fuel prices, the Company's substantial indebtedness, restrictions contained in its debt agreements and risks that it will be unable to compete effectively. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's annual and quarterly reports, available on the Company's website, which investors are strongly encouraged to review. Should one or more of these risks or uncertainties materialize or the consequences of such a development worsen, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. CEVA disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
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