Centerbridge’s KIK Posts 50% Earnings Drop Amid Plant Issues (1)

Centerbridge Partners-backed KIK Custom Products reported a 50% drop in fourth quarter earnings compared to a year earlier, in part as production facility inefficiencies resulted in lower volumes and higher costs for the maker of household cleaning products.

KIK posted $15 million in adjusted earnings before interest, taxes, depreciation, and amortization for the period, according to results reported privately to lenders and seen by Bloomberg. Weaker operating profits were also driven by warehousing and freight costs tied to its pool segment.

In a statement provided to investors, management said that it is evaluating options to bolster liquidity and address ...