Compass Diversified Trust (CODI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Compass Diversified Trust has a market cap of $480.52 million; its shares were traded at around $13.12 with a P/E ratio of 22.24 and P/S ratio of 0.38. The dividend yield of Compass Diversified Trust stocks is 10.37%.
On a consolidated basis, staffing, selling, general and administrative expense increased approximately $3.3 million during the three month period ended March 31, 2010 compared to the corresponding period in 2009. This increase is due principally to (i) increases in costs directly tied to sales such as commissions and direct customer support services; (ii) acquisition costs directly related to our first quarter platform and add-on acquisitions totaling approximately $1.8 million; and (iii) non-cash stock compensation expense at Advanced Circuits totaling approximately $3.8 million. Refer to Results of Operations Our Businesses for a more detailed analysis of staffing, selling, general and administrative expense by segment. At the corporate level, staffing, selling, general and administrative expense decreased $0.2 million during the three months ended March 31, 2010 compared to the same period in 2009.
Net sales for the three months ended March 31, 2010 increased approximately $2.5 million over the corresponding three month period ended March 31, 2009. The increase in gross sales is a result of increased sales in long-lead time PCBs ($1.4 million), quick-turn production and prototype PCBs ($0.9 million) and assembly revenue ($0.1 million). Sales from quick-turn and prototype PCBs represented approximately 71.3% of net sales in 2010 compared to 67.0% in 2009. Net sales attributable to Circuit Express were approximately $1.1 million in the quarter.
Selling, general and administrative expense increased approximately $4.1 million during the three months ended March 31, 2010 compared to the same period in 2009 due principally to non-cash stock compensation issued to management in January 2010 totaling approximately $3.8 million and $0.3 million in direct acquisition cost incurred in acquiring Circuit Express.
Net sales for the three months ended March 31, 2010 increased approximately $2.5 million over the corresponding three months ended March 31, 2009. Stationary product net sales increased approximately $3.5 million and recliner product sales increased $0.5 million, offset by a decrease in motion product sales totaling approximately $1.5 million. The increase in stationary product sales is due primarily to an improved retail environment, particularly in the lower cost categories. The decrease in motion product sales is the result of the softer retail environment in the more expensive product categories such as our motion products and the increasing presence of Asian import product which often offers a better overall value proposition to customers.
Net sales for the three months ended March 31, 2010 increased approximately $3.7 million over the corresponding three months ended March 31, 2009. Net sales increases from non-powered support surfaces of $3.9 million and positioning products of $0.2 million were partially offset by a $0.4 million decrease in net sales of powered support surfaces. Sales of powered support surfaces were lower in the first quarter of 2010 compared to the same period in 2009 due to lower capital spending in the healthcare sector; although recent trends are showing improvement. Non-powered support surfaces and patient positioning products represented approximately 81.0% of sales in the first quarter of 2010 compared to 71.4% in 2009.
Read the The complete Report
Compass Diversified Trust has a market cap of $480.52 million; its shares were traded at around $13.12 with a P/E ratio of 22.24 and P/S ratio of 0.38. The dividend yield of Compass Diversified Trust stocks is 10.37%.
Highlight of Business Operations:
On April 13, 2010, we completed a public offering of 5,250,000 Trust shares (including the underwriters over-allotment completed April 23, 2010) at an offering price of $15.10 per share. The net proceeds to us, after deducting underwriters discount and offering costs totaled approximately $75.0 million. We used $70.0 million of the proceeds to pay down our Revolving Credit Facility.On a consolidated basis, staffing, selling, general and administrative expense increased approximately $3.3 million during the three month period ended March 31, 2010 compared to the corresponding period in 2009. This increase is due principally to (i) increases in costs directly tied to sales such as commissions and direct customer support services; (ii) acquisition costs directly related to our first quarter platform and add-on acquisitions totaling approximately $1.8 million; and (iii) non-cash stock compensation expense at Advanced Circuits totaling approximately $3.8 million. Refer to Results of Operations Our Businesses for a more detailed analysis of staffing, selling, general and administrative expense by segment. At the corporate level, staffing, selling, general and administrative expense decreased $0.2 million during the three months ended March 31, 2010 compared to the same period in 2009.
Net sales for the three months ended March 31, 2010 increased approximately $2.5 million over the corresponding three month period ended March 31, 2009. The increase in gross sales is a result of increased sales in long-lead time PCBs ($1.4 million), quick-turn production and prototype PCBs ($0.9 million) and assembly revenue ($0.1 million). Sales from quick-turn and prototype PCBs represented approximately 71.3% of net sales in 2010 compared to 67.0% in 2009. Net sales attributable to Circuit Express were approximately $1.1 million in the quarter.
Selling, general and administrative expense increased approximately $4.1 million during the three months ended March 31, 2010 compared to the same period in 2009 due principally to non-cash stock compensation issued to management in January 2010 totaling approximately $3.8 million and $0.3 million in direct acquisition cost incurred in acquiring Circuit Express.
Net sales for the three months ended March 31, 2010 increased approximately $2.5 million over the corresponding three months ended March 31, 2009. Stationary product net sales increased approximately $3.5 million and recliner product sales increased $0.5 million, offset by a decrease in motion product sales totaling approximately $1.5 million. The increase in stationary product sales is due primarily to an improved retail environment, particularly in the lower cost categories. The decrease in motion product sales is the result of the softer retail environment in the more expensive product categories such as our motion products and the increasing presence of Asian import product which often offers a better overall value proposition to customers.
Net sales for the three months ended March 31, 2010 increased approximately $3.7 million over the corresponding three months ended March 31, 2009. Net sales increases from non-powered support surfaces of $3.9 million and positioning products of $0.2 million were partially offset by a $0.4 million decrease in net sales of powered support surfaces. Sales of powered support surfaces were lower in the first quarter of 2010 compared to the same period in 2009 due to lower capital spending in the healthcare sector; although recent trends are showing improvement. Non-powered support surfaces and patient positioning products represented approximately 81.0% of sales in the first quarter of 2010 compared to 71.4% in 2009.
Read the The complete Report
