Companhia de Tecidos Norte de Minas announced consolidated and company earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, on company basis, the company recorded loss from operations was BRL 14,962,000 compared to BRL 12,380,000 for the same period a year ago. Loss before taxes was BRL 9,067,000 compared to BRL 9,737,000 for the same period a year ago. Net loss for the period was BRL 9,067,000 or BRL 0.0739 per basic and diluted share compared to BRL 9,737,000 or BRL 0.0794 million for the same period a year ago.

For the nine months, on company basis, the company reported loss from operations was BRL 56,607,000 compared to BRL 30,930,000 for the same period a year ago. Loss before taxes was BRL 52,565,000 compared to BRL 24,156,000 for the same period a year ago. Net loss for the period was BRL 52,565,000 or BRL 0.4289 per basic and diluted share compared to BRL 24,156,000 or BRL 0.1971 million for the same period a year ago. Net cash used in operating activities after interest and taxes was BRL 15,763,000 compared to BRL 3,706,000 for the same period a year ago. Total net debt as at September 30, 2014 was BRL 89,825,000 compared to BRL 60,553,000 as at December 31, 2013.

For the quarter, on consolidated basis, the company recorded net revenues were BRL 640,703,000 compared to BRL 641,406,000 for the same period a year ago. Income from operations was BRL 22,928,000 compared to BRL 19,390,000 for the same period a year ago. Loss before taxes was BRL 8,067,000 compared to BRL 7,405,000 for the same period a year ago. Loss attributable to owners of the company was BRL 9,067,000 compared to BRL 9,737,000 for the same period a year ago.

For the nine months, on consolidated basis, the company reported net revenues were BRL 1,796,253,000 compared to BRL 1,792,464,000 for the same period a year ago. Income from operations was BRL 46,302,000 compared to BRL 56,025,000 for the same period a year ago. Loss before taxes was BRL 66,582,000 compared to BRL 17,094,000 for the same period a year ago. Loss attributable to owners of the company was BRL 52,565,000 compared to BRL 24,156,000 for the same period a year ago. Net cash used in operating activities after interest and taxes was BRL 56,394,000 compared to net cash provided by operating activities after interest and taxes of BRL 3,195,000 for the same period a year ago. Acquisition of property, plant and equipment was BRL 72,013,000 compared to BRL 75,525,000 for the same period a year ago. Acquisition of intangible assets was nil compared to BRL 2,509,000 for the same period a year ago. Total net debt as at September 30, 2014 was BRL 848,972,000 compared to BRL 743,579,000 as at December 31, 2013.