Compass Diversified Holdings Reports Third Quarter 2016 Financial Results

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 of our businesses for the periods during which CODI owned them. However, Cash Flow excludes the gains from monetizing interests in CODI's subsidiaries, which have totaled more than $625 million since going public in 2006.

Net income for the quarter ended September 30, 2016 was $50.2 million, as compared to net income of $166.0 million for the quarter ended September 30, 2015. During the third quarter of 2016 and 2015, CODI's equity method investment in FOX increased $50.4 million and $11.8 million, respectively.  During the third quarter of 2015, CODI realized a net gain of $151.0 million on the sales of its AFM and CamelBak businesses.

Liquidity and Capital Resources

As of September 30, 2016, CODI had approximately $26.4 million in cash and cash equivalents, $567.1 million outstanding on its term loan facility and $167.0 million in borrowings under its revolving credit facility. The Company has no significant debt maturities until 2019 and had net borrowing availability of $377.9 million at September 30, 2016 under its revolving credit facility. In addition, the Company's equity investment in its former subsidiary FOX is valued at $197.7 million at September 30, 2016.

Third Quarter 2016 Distribution

On October 6, 2016, CODI's Board of Directors declared a third quarter distribution of $0.36 per share. The cash distribution was paid on October 27, 2016 to all holders of record as of October 20, 2016.  Since its IPO in May of 2006, CODI has paid a cumulative distribution of $14.2752 per share.

Conference Call

Management will host a conference call on Thursday, November 3, 2016 at 9:00 a.m. ET to discuss the latest corporate developments and financial results. The dial-in number for callers in the U.S. is (855) 212-2368 and the dial-in number for international callers is (315) 625-6886. The access code for all callers is 95434257. A live webcast will also be available on the Company's website at www.compassdiversifiedholdings.com.

A replay of the call will be available through November 10, 2016. To access the replay, please dial (855) 859-2056 in the U.S. and (404) 537-3406 outside the U.S., and then enter the access code 95434257.

Note Regarding Use of Non-GAAP Financial Measures

CAD, or Cash Flow, is a non-GAAP measure used by the Company to assess its performance, as well as its ability to sustain and increase quarterly distributions. A number of CODI's businesses have seasonal earnings patterns. Accordingly, the Company believes that the most appropriate measure of its performance is over a trailing or expected 12-month period. We have reconciled CAD, or Cash Flow, to Net Income and Cash Flow Provided by Operating Activities on the attached schedules. We consider Net Income and Cash Flow Provided by Operating Activities to be the most directly comparable GAAP financial measures to CAD, or Cash Flow.

About Compass Diversified Holdings ("CODI")

CODI owns and manages a diverse family of established North American middle market businesses. Each of its current subsidiaries is a leader in its niche market.

CODI maintains controlling ownership interests in each of its subsidiaries in order to maximize its ability to impact long term cash flow generation and value. The Company provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in the long-term growth of the Company and to make cash distributions to its shareholders.

Our eight majority-owned subsidiaries are engaged in the following lines of business:

• The design and marketing of purpose-built tactical apparel and gear serving a wide range of global customers (5.11);
• The manufacture of quick-turn, small-run and production rigid printed circuit boards (Advanced Circuits);
• The manufacture of engineered magnetic solutions for a wide range of specialty applications and end-markets (Arnold Magnetic Technologies);
• Environmental services for a variety of contaminated materials including soils, dredged material, hazardous waste and drill cuttings (Clean Earth); 
• The design and marketing of wearable baby carriers, strollers and related products (ERGObaby); 
• The design and manufacture of premium home and gun safes (Liberty Safe); 
• The manufacture and marketing of branded, hemp-based food products (Manitoba Harvest); and 
• The manufacture and marketing of portable food warming fuels and creative ambience solutions for the hospitality and consumer markets (Sterno Products).

In addition, we own approximately 23% of the common stock of Fox Factory Holding Corp. ("FOX", Nasdaq: FOXF), a former subsidiary business that completed its initial public offering in August 2013. FOX designs and manufactures high-performance suspension products primarily for mountain bikes, side-by-side vehicles, on-road and off-road vehicles and trucks, all-terrain vehicles, snowmobiles, specialty vehicles and applications, and motorcycles. 

This press release may contain certain forward-looking statements, including statements with regard to the future performance of CODI. Words such as "believes," "expects," "projects," and "future" or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by CODI with the SEC for the year ended December 31, 2015 and other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Compass Diversified Holdings Condensed Consolidated Balance Sheets
	September 30,				December 31,
	2016				2015
(in thousands)	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	26,389			$	85,240
Accounts receivable, net	173,921				105,910
Inventories	231,987				59,905
Prepaid expenses and other current assets	22,893				21,536
Current assets of discontinued operations	—				18,772
Total current assets	455,190				291,363
Property, plant and equipment, net	145,447				115,948
Equity method investment	197,742				249,747
Goodwill and intangible assets, net	1,034,068				741,342
Other non-current assets	13,307				9,819
Non-current assets of discontinued operations	—				12,823
Total assets	$	1,845,754			$	1,421,042
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses	$	139,221			$	89,907
Due to related party	8,236				5,863
Current portion, long-term debt	5,685				3,250
Other current liabilities	13,024				9,004
Current liabilities off discontinued operations	—				8,455
Total current liabilities	166,166				116,479 Werbung Mehr Nachrichten zur Compass Diversified Holdings Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 06:54 - PR Newswire Ninety One UK Ltd - Form 8.3 - Mondi Plc 02:00 - PR Newswire Invesco Select Trust Plc - Tender Prices and Tender Purchases 02:00 - PR Newswire Bodycote Plc - Transaction in Own Shares Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59