CEVA Holdings LLC ("CEVA"), one of the world's leading non‐asset based supply chain management companies, today reported results for the three months ended June 30, 2013 that saw the company's Adjusted EBITDA double from the prior quarter, reflecting operating improvements that include benefits from reductions in cost from previously announced plans. “I am pleased to report that the steps we are taking to restructure the company’s balance sheet and address its cost base are already delivering strong results,” said CEVA CEO Marvin O. Schlanger.  “In the face of executing our recapitalization and relatively difficult market conditions, we were able to double Adjusted EBITDA sequentially and approach our results from last year. “We have created momentum in the marketplace as our customers recognize that CEVA is better positioned to meet the challenges ahead and better able to leverage our unique capabilities to meet their needs.  We will continue to focus on increasing our sales to take advantage of our stronger position.” Revenue decreased by 6.2% to $2,148 million for the three months ended 30 June 2013 compared to $2,291 million for the same period a year earlier, driven by lower FM volumes.  Revenue in Freight Management declined 11.7% mainly due to lower Airfreight volumes as market conditions remained challenging.  Revenues in Contract Logistics declined by 1.4% (adjusted for the impact of disposals) as a strong performance in the U.S.  was offset by the impact of several contracts that were terminated as part of our cost reduction program. In addition we experienced lower volumes in several markets, notably in parts of Europe.   Adjusted EBITDAof $80 million was double what the company generated in the previous quarter (Q1: $40 million) reflecting the impact of recent cost control measures, operating improvements and seasonal volume increases.   Adjusted EBITDA increased 34.9% in Contract Logistics where higher margins in the Americas and Europe offset lower volumes in some Asian markets.  In Freight Management, Adjusted EBITDA declined 43.6% year-on-year mainly due to lower Airfreight volumes.  On 2 May 2013 CEVA completed the successful recapitalization of its balance sheet, eliminating approximately 50% of consolidated net debt and cutting its annual cash interest costs roughly by half.  As a consequence net debt at the end of the period was $1,608 million (31 December 2012: $3,301 million). Cash and committed credit facilitiesalso improved significantly to $656 million (31 December 2012: $391 million).