Delaware (State or other jurisdiction of incorporation) |
0-51937 (Commission File Number) |
57-6218917 (I.R.S. Employer Identification No.) |
Delaware (State or other jurisdiction of incorporation) |
0-51938 (Commission File Number) |
20-3812051 (I.R.S. Employer Identification No.) |
Section 2 |
Financial Information | |
Item 2.02 |
Results of Operations and Financial Condition. |
Section 9 |
Financial Statements and Exhibits | |
Item 9.01 |
Financial Statements and Exhibits |
(d) |
Exhibits. | |
99.1 |
CODI Press Release dated March 10, 2011. |
Date: March 10, 2011 | COMPASS DIVERSIFIED HOLDINGS |
|||
By: | /s/ James J. Bottiglieri | |||
James J. Bottiglieri | ||||
Regular Trustee | ||||
Date: March 10, 2011 | COMPASS GROUP DIVERSIFIED HOLDINGS LLC |
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By: | /s/ James J. Bottiglieri | |||
James J. Bottiglieri | ||||
Chief Financial Officer | ||||
Compass Diversified Holdings
|
Investor Relations and Media Contacts: | |
James J. Bottiglieri Chief Financial Officer 203.221.1703 jbottiglieri@compassdiversifiedholdings.com |
The IGB Group Leon Berman / Michael Cimini 212.477.8438 / 212.477.8261 lberman@igbir.com / mcimini@igbir.com |
| Generated Cash Flow Available for Distribution and Reinvestment (CAD or Cash Flow) of $21.4 million for the fourth quarter of 2010 and $71.3 million for the full year 2010; | ||
| Reported net income of $0.7 million for the fourth quarter of 2010 and a net loss of $44.8 million for the full year 2010, which includes a $38.8 million non-cash impairment charge; | ||
| Paid a fourth quarter 2010 cash distribution of $0.34 per share in January 2011, bringing cumulative distributions paid to $5.9952 per share since CODIs IPO in May of 2006; and | ||
| Completed a 4.85 million share offering in December 2010. |
| The manufacture of quick-turn, prototype and production rigid printed circuit boards (Advanced Circuits, www.advancedcircuits.com); | ||
| The design and manufacture of promotionally priced upholstered furniture (American Furniture Manufacturing, www.americanfurn.net); | ||
| The design and manufacture of medical therapeutic support surfaces and other wound treatment devices (Anodyne Medical Device, also doing business and known as Tridien Medical, www.anodynemedicaldevice.com); |
| The design and marketing of wearable baby carriers and related products (ERGObaby, www.ergobabycarriers.com); | ||
| The design, manufacture and marketing of premium suspension products for mountain bikes and powered off-road vehicles (Fox Racing Shox, www.foxracingshox.com); | ||
| The design, sourcing and fulfillment of logo based promotional products (Halo Lee Wayne, www.haloleewayne.com); | ||
| The design and manufacture of premium home and gun safes (Liberty Safe, www.libertysafe.com); and | ||
| The provision of temporary staffing services, operating approximately 300 locations in 29 states (Staffmark, www.staffmark.com). |
December 31, | December 31, | |||||||
(in thousands) | 2010 | 2009 | ||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 13,536 | $ | 31,495 | ||||
Accounts receivable, less allowance of
$5,481 and $5,409 |
208,487 | 165,550 | ||||||
Inventories |
77,412 | 51,727 | ||||||
Prepaid expenses and other current assets |
33,904 | 26,255 | ||||||
Total current assets |
333,339 | 275,027 | ||||||
Property, plant and equipment, net |
33,484 | 25,502 | ||||||
Goodwill |
325,851 | 288,028 | ||||||
Intangible assets, net |
269,672 | 216,365 | ||||||
Deferred debt issuance costs, net |
3,822 | 5,326 | ||||||
Other non-current assets |
17,873 | 20,764 | ||||||
Total assets |
$ | 984,041 | $ | 831,012 | ||||
Liabilities and stockholders equity |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued expenses |
$ | 127,499 | $ | 99,395 | ||||
Due to related party |
2,692 | 3,300 | ||||||
Current portion of long-term debt |
2,000 | 2,500 | ||||||
Current portion of workers compensation liability |
18,170 | 22,126 | ||||||
Other liabilities |
1,043 | 2,566 | ||||||
Total current liabilities |
151,404 | 129,887 | ||||||
Supplemental put obligation |
44,598 | 12,082 | ||||||
Deferred income taxes |
74,457 | 60,397 | ||||||
Long-term debt |
94,000 | 74,000 | ||||||
Workers compensation liability |
40,588 | 38,913 | ||||||
Other non-current liabilities |
3,084 | 7,667 | ||||||
Total liabilities |
408,131 | 322,946 | ||||||
Stockholders equity |
||||||||
Trust shares, no par value, 500,000 authorized; 46,725 and
36,625 shares issued and
outstanding at 12/31/10 and 12/31/09,
respectively |
638,763 | 485,790 | ||||||
Accumulated other comprehensive loss |
(143 | ) | (2,001 | ) | ||||
Accumulated deficit |
(150,550 | ) | (46,628 | ) | ||||
Total stockholders equity attributable to
Holdings |
488,070 | 437,161 | ||||||
Noncontrolling interests |
87,840 | 70,905 | ||||||
Total stockholders equity |
575,910 | 508,066 | ||||||
Total liabilities and stockholders equity |
$ | 984,041 | $ | 831,012 | ||||
Three Months | Three Months | Year | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
December 31, 2010 | December 31, 2009 | December 31, 2010 | December 31, 2009 | |||||||||||||
(in thousands, except per share data) | (unaudited) | (unaudited) | ||||||||||||||
Net sales |
$ | 438,901 | $ | 362,059 | $ | 1,657,609 | $ | 1,248,740 | ||||||||
Cost of sales |
339,743 | 283,149 | 1,302,202 | 976,991 | ||||||||||||
Gross profit |
99,158 | 78,910 | 355,407 | 271,749 | ||||||||||||
Operating expenses: |
||||||||||||||||
Staffing expense |
20,254 | 18,135 | 81,250 | 74,279 | ||||||||||||
Selling, general and administrative expenses |
50,117 | 37,855 | 179,154 | 145,948 | ||||||||||||
Supplemental put expense (reversal) |
13,886 | 7,189 | 32,516 | (1,329 | ) | |||||||||||
Management fees |
3,997 | 3,275 | 15,380 | 13,100 | ||||||||||||
Amortization expense |
8,243 | 5,995 | 29,312 | 24,609 | ||||||||||||
Impairment expense |
(3,600 | ) | | 38,835 | 59,800 | |||||||||||
Operating income (loss) |
6,261 | 6,461 | (21,040 | ) | (44,658 | ) | ||||||||||
Other income (expense): |
||||||||||||||||
Interest income |
2 | 1,067 | 20 | 1,178 | ||||||||||||
Interest expense |
(3,057 | ) | (2,818 | ) | (11,544 | ) | (11,736 | ) | ||||||||
Amortization of debt issuance costs |
(460 | ) | (433 | ) | (1,789 | ) | (1,776 | ) | ||||||||
Loss on debt repayment |
| | | (3,652 | ) | |||||||||||
Other income (expense), net |
(34 | ) | 312 | 718 | (282 | ) | ||||||||||
Income (loss) from continuing operations before income taxes |
2,712 | 4,589 | (33,635 | ) | (60,926 | ) | ||||||||||
Income tax expense (benefit) |
2,035 | 4,639 | 11,135 | (21,281 | ) | |||||||||||
Net income (loss) |
677 | (50 | ) | (44,770 | ) | (39,645 | ) | |||||||||
Net income (loss) attributable to noncontrolling interest |
1,946 | 1,630 | 3,987 | (13,375 | ) | |||||||||||
Net loss attributable to Holdings |
$ | (1,269 | ) | $ | (1,680 | ) | $ | (48,757 | ) | $ | (26,270 | ) | ||||
Basic and fully diluted loss per share attributable to Holdings |
$ | (0.03 | ) | $ | (0.05 | ) | $ | (1.19 | ) | $ | (0.76 | ) | ||||
Weighted average number of shares outstanding basic and
fully diluted |
44,122 | 36,625 | 40,928 | 34,403 | ||||||||||||
Cash distributions declared per share |
$ | 0.34 | $ | 0.34 | $ | 1.36 | $ | 1.36 | ||||||||
Year | Year | |||||||
Ended | Ended | |||||||
(in thousands) | December 31, 2010 | December 31, 2009 | ||||||
Cash flows from operating activities: |
||||||||
Net loss |
$ | (44,770 | ) | $ | (39,645 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
Depreciation and amortization expense |
43,909 | 34,772 | ||||||
Impairment expense |
38,835 | 59,800 | ||||||
Supplemental put expense (reversal) |
32,516 | (1,329 | ) | |||||
Noncontrolling interest and noncontrolling stockholders charges |
7,637 | 1,555 | ||||||
Loss on debt repayment |
| 3,652 | ||||||
Deferred taxes |
(7,146 | ) | (24,964 | ) | ||||
Other |
441 | 107 | ||||||
Changes in operating assets and liabilities, net of acquisition: |
||||||||
(Increase) decrease in accounts receivable |
(22,500 | ) | 143 | |||||
Increase in inventories |
(13,030 | ) | (557 | ) | ||||
Increase in prepaid expenses and other current assets |
(3,812 | ) | (4,442 | ) | ||||
Increase (decrease) in accounts payable and accrued expenses |
12,761 | (8,879 | ) | |||||
Net cash provided by operating activities |
44,841 | 20,213 | ||||||
Cash flows from investing activities: |
||||||||
Acquisition of businesses, net of cash acquired |
(173,732 | ) | (1,435 | ) | ||||
Purchases of property and equipment |
(8,668 | ) | (3,585 | ) | ||||
Other |
8 | 38 | ||||||
Net cash used in investing activities |
(182,392 | ) | (4,982 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of trust shares, net |
152,973 | 42,085 | ||||||
Net borrowing (repayment) of debt |
19,500 | (76,500 | ) | |||||
Swap termination fee |
| (2,517 | ) | |||||
Debt issuance costs |
(259 | ) | | |||||
Changes in noncontrolling interests |
2,671 | 2,546 | ||||||
Other |
(128 | ) | (481 | ) | ||||
Distributions paid |
(55,165 | ) | (46,342 | ) | ||||
Net cash provided by (used in) financing activities |
119,592 | (81,209 | ) | |||||
Net decrease in cash and cash equivalents |
(17,959 | ) | (65,978 | ) | ||||
Cash and cash equivalents beginning of period |
31,495 | 97,473 | ||||||
Cash and cash equivalents end of period |
$ | 13,536 | $ | 31,495 | ||||
Three Months | Three Months | Year Ended | Year Ended | |||||||||||||
Ended | Ended | |||||||||||||||
(in thousands) | December 31, 2010 | December 31, 2009 | December 31, 2010 | December 31, 2009 | ||||||||||||
Net income (loss) |
$ | 677 | $ | (50 | ) | $ | (44,770 | ) | $ | (39,645 | ) | |||||
Adjustment to reconcile net income (loss) to cash provided by
(used in) |
||||||||||||||||
operating activities: |
||||||||||||||||
Depreciation and amortization |
14,136 | 8,007 | 42,120 | 32,996 | ||||||||||||
Amortization of debt issuance costs |
460 | 433 | 1,789 | 1,776 | ||||||||||||
Supplemental put expense (reversal) |
13,886 | 7,189 | 32,516 | (1,329 | ) | |||||||||||
Impairment expense |
(3,600 | ) | | 38,835 | 59,800 | |||||||||||
Loss on debt repayment |
| | | 3,652 | ||||||||||||
Noncontrolling interest and noncontrolling stockholders charges |
(572 | ) | 177 | 7,637 | 1,555 | |||||||||||
Deferred taxes |
(2,031 | ) | 3,143 | (7,146 | ) | (24,964 | ) | |||||||||
Other |
196 | 361 | 441 | 107 | ||||||||||||
Changes in operating assets and liabilities |
(7,138 | ) | (20,481 | ) | (26,581 | ) | (13,735 | ) | ||||||||
Net cash provided by (used in) operating activities |
16,014 | (1,221 | ) | 44,841 | 20,213 | |||||||||||
Plus: |
||||||||||||||||
Unused fee on revolving credit facilitities (1) |
644 | 873 | 3,022 | 3,454 | ||||||||||||
Successful acquisition expense (2) |
4 | | 3,974 | | ||||||||||||
Staffmark integration and restructuring expenses |
| 54 | | 4,076 | ||||||||||||
Changes in operating assets and liabilities |
7,138 | 20,481 | 26,581 | 13,735 | ||||||||||||
Less: |
||||||||||||||||
Advanced Circuits interest income related to loan forgiveness |
| 1,047 | | 1,047 | ||||||||||||
Maintenance capital expenditures (3) |
2,417 | 1,222 | 7,120 | 3,403 | ||||||||||||
Estimated cash flow available for distribution and reinvestment |
$ | 21,383 | $ | 17,918 | $ | 71,298 | $ | 37,028 | ||||||||
Distribution paid in April 2010/2009 |
$ | 14,238 | $ | 10,718 | ||||||||||||
Distribution paid in July 2010/2009 |
14,238 | 12,452 | ||||||||||||||
Distribution paid in October 2010/2009 |
14,238 | 12,453 | ||||||||||||||
Distribution paid in January 2011/2010 |
$ | 15,886 | $ | 12,452 | 15,886 | 12,452 | ||||||||||
$ | 15,886 | $ | 12,452 | $ | 58,600 | $ | 48,075 | |||||||||
(1) | Represents the commitment fee on the unused portion of the Revolving Credit Facilities. | |
(2) | Represents transaction costs for successful acquiistions that were expensed during the period. | |
(3) | Represents maintenance capital expenditures that were funded from operating cash flow and excludes approximately $1.6 million of growth capital expenditures incurred by Fox Factory, Inc. for the year ended Dec. 31, 2010. |
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