Louice
05-13-2010, 12:00 AM
Compass (Advanced Circuits) Posts $15.3 Million Loss (http://www.pcbpartner.com/home/IndustryNews.html)
Compass Diversified Holdings (CODI), an owner of leading middle market businesses, announced today its consolidated operating results for the three months ended March 31, 2010.
First quarter 2010 highlights:
•Generated Cash Flow Available for Distribution and Reinvestment ("CAD" or "Cash Flow") of $11.3 million for the first quarter of 2010;
•Reported a net loss of $15.3 million for the first quarter of 2010, which includes a $14.4 million non-cash supplemental put accrual expense;
•Paid a first quarter 2010 cash distribution of $0.34 per share in April 2010, bringing cumulative distributions paid to $4.9752 per share since CODI's IPO in May of 2006;
•Consummated the acquisition of our newest platform company, Liberty Safe and Security Products, Inc. ("Liberty Safe"); and
•Consummated the acquisition of Circuit Express, Inc. ("Circuit Express"), an add-on to our Advanced Circuits subsidiary.
CODI reported Cash Flow (see note regarding use of Non-GAAP Financial Measures below) of $11.3 million for the quarter ended March 31, 2010, as compared to a negative $0.4 million for the prior year comparable quarter. CODI's weighted average number of shares outstanding for the quarter ended March 31, 2010 and March 31, 2009 was approximately 36.6 million and 31.5 million, respectively.
The significant improvement in Cash Flow for the first quarter of 2010 compared to the year-earlier period was due to strengthening revenue trends at all of CODI's subsidiaries, as well as a variety of cost containment measures implemented across its businesses.
CODI's Cash Flow is calculated after taking into account all interest expense, cash taxes paid and maintenance capital expenditures, and includes the operating results of each subsidiary for the periods during which CODI owned them. However, Cash Flow excludes the gains from sales of businesses, which have totaled over $109 million since 2007.
The net loss for the quarter ended March 31, 2010 was $15.3 million, as compared to a net loss of $42.2 million for the quarter ended March 31, 2009. During the first quarter of 2010, CODI recorded a non-cash supplemental put accrual expense of $14.4 million based on the periodic review of current cash flow generation levels of its subsidiaries, as well as anticipated market multiples for those business in the event they were to be sold in the current environment. During the first quarter of 2009, CODI recorded $59.8 million of non-cash impairment expense at the company's Staffmark subsidiary partially offset by the associated tax benefit of $22.5 million.
As of March 31, 2010, CODI had $22.1 million in cash and cash equivalents on hand, $75.5 million outstanding on its term debt facility and $70.5 million outstanding under its $340 million revolving credit facility. The company has no significant debt maturities until 2013.
In April 2010, CODI completed a public offering of 6,575,000 trust shares, representing a primary offering of 5,250,000 trust shares by CODI and a secondary offering of 1,325,000 trust shares by a selling shareholder. CODI raised approximately $75.0 million of net proceeds from its portion of the offering and did not receive any proceeds from the secondary offering. CODI used $70 million of the proceeds to repay outstanding borrowings under its revolving credit facility.
On April 7, 2010, CODI's Board of Directors declared a distribution of $0.34 per share. The distribution was paid on April 30, 2010 to all holders of record as of April 23, 2010.
source:http://www.pcbpartner.com
Compass Diversified Holdings (CODI), an owner of leading middle market businesses, announced today its consolidated operating results for the three months ended March 31, 2010.
First quarter 2010 highlights:
•Generated Cash Flow Available for Distribution and Reinvestment ("CAD" or "Cash Flow") of $11.3 million for the first quarter of 2010;
•Reported a net loss of $15.3 million for the first quarter of 2010, which includes a $14.4 million non-cash supplemental put accrual expense;
•Paid a first quarter 2010 cash distribution of $0.34 per share in April 2010, bringing cumulative distributions paid to $4.9752 per share since CODI's IPO in May of 2006;
•Consummated the acquisition of our newest platform company, Liberty Safe and Security Products, Inc. ("Liberty Safe"); and
•Consummated the acquisition of Circuit Express, Inc. ("Circuit Express"), an add-on to our Advanced Circuits subsidiary.
CODI reported Cash Flow (see note regarding use of Non-GAAP Financial Measures below) of $11.3 million for the quarter ended March 31, 2010, as compared to a negative $0.4 million for the prior year comparable quarter. CODI's weighted average number of shares outstanding for the quarter ended March 31, 2010 and March 31, 2009 was approximately 36.6 million and 31.5 million, respectively.
The significant improvement in Cash Flow for the first quarter of 2010 compared to the year-earlier period was due to strengthening revenue trends at all of CODI's subsidiaries, as well as a variety of cost containment measures implemented across its businesses.
CODI's Cash Flow is calculated after taking into account all interest expense, cash taxes paid and maintenance capital expenditures, and includes the operating results of each subsidiary for the periods during which CODI owned them. However, Cash Flow excludes the gains from sales of businesses, which have totaled over $109 million since 2007.
The net loss for the quarter ended March 31, 2010 was $15.3 million, as compared to a net loss of $42.2 million for the quarter ended March 31, 2009. During the first quarter of 2010, CODI recorded a non-cash supplemental put accrual expense of $14.4 million based on the periodic review of current cash flow generation levels of its subsidiaries, as well as anticipated market multiples for those business in the event they were to be sold in the current environment. During the first quarter of 2009, CODI recorded $59.8 million of non-cash impairment expense at the company's Staffmark subsidiary partially offset by the associated tax benefit of $22.5 million.
As of March 31, 2010, CODI had $22.1 million in cash and cash equivalents on hand, $75.5 million outstanding on its term debt facility and $70.5 million outstanding under its $340 million revolving credit facility. The company has no significant debt maturities until 2013.
In April 2010, CODI completed a public offering of 6,575,000 trust shares, representing a primary offering of 5,250,000 trust shares by CODI and a secondary offering of 1,325,000 trust shares by a selling shareholder. CODI raised approximately $75.0 million of net proceeds from its portion of the offering and did not receive any proceeds from the secondary offering. CODI used $70 million of the proceeds to repay outstanding borrowings under its revolving credit facility.
On April 7, 2010, CODI's Board of Directors declared a distribution of $0.34 per share. The distribution was paid on April 30, 2010 to all holders of record as of April 23, 2010.
source:http://www.pcbpartner.com