Adjusted third-quarter EBITDA was a loss of $2.8 million, an improvement of $1.6 million, or 36% over the prior year. As the third quarter falls between the major shipping months of the Company's two seasons, "Holiday" (October-March) and "Back to Hockey", Bauer has historically generated lower revenues than other quarters and negative EBITDA during the third quarter of each year. The net loss for the third quarter increased to $10.9 million, from $7.3 million last year, including an unrealized loss on derivatives of $9.3 million. Without the unrealized loss on foreign exchange contracts, the net loss would have been $4.9 million, a 36% improvement over the prior period's loss of $7.6 million.
Adjusted EBITDA is a non-Canadian GAAP measure. For a definition and reconciliation of net income to Adjusted EBITDA, please refer to the Company's third quarter MD&A.
Bauer Performance Sports Ltd
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