WESTPORT, Conn., March 11, 2014 /PRNewswire/ -- Compass
Diversified Holdings (NYSE: CODI) ("CODI" or the "Company"), an
owner of leading middle market businesses, announced today its
consolidated operating results for the three and twelve months
ended December 31, 2013.
Fourth Quarter 2013 Highlights
- Generated Cash Flow Available for Distribution and Reinvestment
("CAD" or "Cash Flow") of $9.9
million for the fourth quarter of 2013 and $73.5 million for the full year 2013;
- Reported a net loss of $5.1
million for the fourth quarter of 2013 and net income of
$78.8 million for the full year 2013;
and
- Paid a fourth quarter 2013 cash distribution of $0.36 per share in January
2014, bringing cumulative distributions paid to $10.3152 per share since CODI's IPO in May of
2006.
"During 2013, CODI generated Cash Flow of $73.5 million as we maintained our focus on
leveraging the leadership position and comparative financial
strength of our subsidiary businesses," stated Alan Offenberg, CEO of Compass Diversified
Holdings. "We are pleased by the record full year results posted by
our Liberty Safe and Ergobaby
subsidiaries. Although Cash Flow for the fourth quarter and
full year 2013 was reduced due in large part to the exclusion of
the results from our FOX subsidiary upon completion of its IPO in
the third quarter, CODI generated substantial debt and equity
proceeds from this offering while maintaining a majority interest
in FOX, further strengthening our liquidity position. Additionally,
we continued to reinvest in the long-term performance of our
existing family of businesses as capital expenditures for 2013
increased year-over-year by more than 10% to $20.4 million."
Mr. Offenberg added, "Going forward, with considerable cash on
hand, availability under our revolving credit facility and a
significant remaining ownership position in FOX, we will continue
to actively pursue acquisitions of new platform companies utilizing
our disciplined approach to valuation and diligence.
Management is committed to capitalizing on both organic and
acquisition-related growth opportunities that create value for our
owners while delivering a steady stream of cash distributions as we
have consistently done since going public. With the
underlying fundamentals and future prospects intact for our diverse
mix of leading middle market businesses combined with a strong
balance sheet, CODI remains well positioned for 2014, and
beyond."
Operating Results
CODI reported Cash Flow (see note
regarding use of Non-GAAP Financial Measures below) of $9.9 million for the quarter ended December 31, 2013, as compared to $14.9 million for the prior year comparable
quarter. CODI's weighted average number of shares outstanding for
both the quarter ended December 31,
2013 and December 31, 2012 was
approximately 48.3 million.
Cash Flow for the fourth quarter of 2013 reflects year-over-year
growth in the Company's Ergobaby and Arnold Magnetic businesses,
offset by the Company's CamelBak business. The year-over-year
comparison of CamelBak's performance for the quarter ended
December 31, 2013 was adversely
affected by the fulfillment of a contract with the U.S. Marine
Corps that was completed in the first quarter of 2013 as well as
reduced demand from the U.S. Military resulting from the continued
drawdown of combat troops. Additionally, Cash Flow for the fourth
quarter of 2013 excluded results from the Company's FOX subsidiary,
which completed its initial public offering (IPO) on August 13, 2013. As a result of this offering,
FOX is no longer included in CODI's calculation of CAD. Based on
the Company's debt and equity interests in FOX, CODI generated
total net proceeds of approximately $142.4
million from the IPO and continues to hold a majority
ownership in FOX.
For the year ended December 31,
2013, CODI reported Cash Flow of $73.5 million, as compared to $77.7 million for the year ended December 31, 2012. CODI's weighted average number
of shares outstanding for the twelve month periods ended
December 31, 2013 and December 31, 2012 was approximately 48.3
million.
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 $270 million since going public in 2006.
The net loss for the quarter ended December 31, 2013 was $5.1
million, as compared to a net loss of $5.2 million for the quarter ended December 31, 2012. During the fourth quarter
ended December 31, 2013, CODI
recorded a $12.0 million non-cash
impairment charge for the Company's Tridien Medical subsidiary,
reflecting a decline in the estimated current fair market value for
this subsidiary.
For the year ended December 31,
2013, CODI reported net income of $78.8 million, which included a $61.3 million supplemental put expense reversal
in connection with the previously announced termination of the
Supplemental Put Agreement in July
2013. For the year ended December 31,
2012, CODI reported net income of $4.3 million.
Liquidity and Capital Resources
As of December 31, 2013, CODI had approximately
$113.2 million in cash and cash
equivalents, $279.8 million
outstanding on its term loan facility and no outstanding borrowings
under its $320 million revolving
credit facility. The Company has no significant debt maturities
until 2017 and had borrowing availability of approximately
$318 million at December 31, 2013 under its revolving credit
facility.
Fourth Quarter 2013 Distribution
On January 9, 2014, CODI's Board of Directors
declared a fourth quarter distribution of $0.36 per share. The cash distribution was paid
on January 30, 2014 to all holders of
record as of January 23, 2014. Since
its IPO in May of 2006, CODI has paid a cumulative distribution of
$10.3152 per share.
Conference Call
Management will host a conference
call on Wednesday, March 12, 2014 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 (888) 576-4387 and the dial-in number
for international callers is (719) 325-2429. The access code for
all callers is 2720511. 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 March 19, 2014. To access the replay, please dial
(888) 203-1112 in the U.S. and (719) 457-0820 outside the U.S., and
then enter the access code 2720511.
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 eight current businesses is a leader
in their niche market.
CODI maintains controlling ownership interests in each of its
businesses 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 businesses, contributing to their financial
and operating flexibility. CODI utilizes the cash flows generated
by its businesses to invest in the long-term growth of the Company
and to make cash distributions to its owners.
Our businesses are engaged in the following lines of
business:
- 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.tridien.com);
- The manufacture of engineered magnetic solutions for a wide
range of specialty applications and end-markets (Arnold Magnetic
Technologies, www.arnoldmagnetics.com);
- The design and manufacture of personal hydration products for
outdoor, recreation and military use (CamelBak
Products, www.camelbak.com);
- The design and marketing of wearable baby carriers, strollers
and related products (Ergobaby, www.ergobaby.com);
- The design and manufacture of 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
(FOX, www.ridefox.com);
- The design and manufacture of premium home and gun safes
(Liberty Safe,
www.libertysafe.com).
To find out more about Compass Diversified Holdings, please
visit www.compassdiversifiedholdings.com.
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of the Company. 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 Securities and Exchange Commission for the year ended
December 31, 2013 and other filings
with the Securities and Exchange Commission. 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
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
(in
thousands)
|
|
2013
|
|
2012
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
113,229
|
|
$
18,241
|
Accounts receivable,
less allowance of $3,424 and $3,049
|
|
111,736
|
|
100,647
|
Inventories
|
|
152,948
|
|
127,283
|
Prepaid expenses and
other current assets
|
|
21,220
|
|
21,488
|
|
|
|
|
|
Total current assets
|
|
399,133
|
|
267,659
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
68,059
|
|
68,488
|
Goodwill
|
|
246,611
|
|
257,527
|
Intangible assets,
net
|
|
310,359
|
|
340,666
|
Deferred debt
issuance costs, net
|
|
8,217
|
|
8,238
|
Other non-current
assets
|
|
12,534
|
|
12,623
|
|
|
|
|
|
Total
assets
|
|
$
1,044,913
|
|
$
955,201
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
118,129
|
|
$
100,346
|
Due to related
party
|
|
4,528
|
|
3,765
|
Current portion of
supplemental put obligation
|
|
-
|
|
5,185
|
Current portion,
long-term debt
|
|
2,850
|
|
2,550
|
Other current
liabilities
|
|
4,623
|
|
1,953
|
|
|
|
|
|
Total current liabilities
|
|
130,130
|
|
113,799
|
|
|
|
|
|
Long-term
debt
|
|
280,389
|
|
267,008
|
Supplemental put
obligation
|
|
-
|
|
46,413
|
Deferred income
taxes
|
|
60,024
|
|
63,982
|
Other non-current
liabilities
|
|
5,435
|
|
7,787
|
|
|
|
|
|
Total
liabilities
|
|
475,978
|
|
498,989
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Trust shares, no par
value, 500,000 authorized; 48,300 shares issued
and
|
|
725,453
|
|
650,043
|
outstanding at 12/31/13 and 12/31/12
|
|
|
|
|
Accumulated other
comprehensive income (loss)
|
|
693
|
|
(132)
|
Accumulated
deficit
|
|
(252,761)
|
|
(235,283)
|
Total
stockholders' equity attributable to Holdings
|
|
473,385
|
|
414,628
|
Noncontrolling
interests
|
|
95,550
|
|
41,584
|
Total stockholders' equity
|
|
568,935
|
|
456,212
|
Total liabilities
and stockholders' equity
|
|
$
1,044,913
|
|
$
955,201
|
Compass Diversified
Holdings
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Three
Months
|
|
Year
|
|
Year
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
(in thousands, except
per share data)
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
232,685
|
|
$
218,150
|
|
$
985,539
|
|
$
884,721
|
Cost of
sales
|
|
163,056
|
|
150,831
|
|
679,708
|
|
605,867
|
Gross profit
|
|
69,629
|
|
67,319
|
|
305,831
|
|
278,854
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
|
43,067
|
|
41,385
|
|
167,738
|
|
161,141
|
Supplemental put expense
(reversal)
|
|
-
|
|
9,604
|
|
(45,995)
|
|
15,995
|
Management fees
|
|
4,990
|
|
4,339
|
|
18,632
|
|
17,633
|
Amortization
expense
|
|
7,248
|
|
7,629
|
|
29,632
|
|
30,268
|
Impairment
expense
|
|
12,018
|
|
-
|
|
12,918
|
|
-
|
Operating income
|
|
2,306
|
|
4,362
|
|
122,906
|
|
53,817
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest income
|
|
4
|
|
3
|
|
39
|
|
54
|
Interest expense
|
|
(4,775)
|
|
(5,395)
|
|
(19,415)
|
|
(25,055)
|
Amortization of debt
issuance costs
|
|
(570)
|
|
(485)
|
|
(2,123)
|
|
(1,811)
|
Loss on debt
extinguishment
|
|
-
|
|
-
|
|
(1,785)
|
|
-
|
Other income (expense),
net
|
|
14
|
|
40
|
|
(77)
|
|
(183)
|
Income (loss) from continuing operations before income
taxes
|
(3,021)
|
|
(1,475)
|
|
99,545
|
|
26,822
|
Provision for income
taxes
|
|
2,041
|
|
3,950
|
|
20,729
|
|
21,069
|
Income (loss) from continuing operations
|
|
(5,062)
|
|
(5,425)
|
|
78,816
|
|
5,753
|
Loss from
discontinued operations, net of income tax
|
|
-
|
|
-
|
|
-
|
|
(1,168)
|
Gain (loss) on sale
of discontinued operations, net of income tax
|
|
-
|
|
219
|
|
-
|
|
(245)
|
Net income (loss)
|
|
(5,062)
|
|
(5,206)
|
|
78,816
|
|
4,340
|
Net income from
continuing operations attributable to
|
|
|
|
|
|
-
|
|
|
noncontrolling interest
|
|
1,286
|
|
1,512
|
|
10,752
|
|
8,508
|
Loss from
discontinued operations attributable to
|
|
|
|
|
|
|
|
|
noncontrolling interest
|
|
-
|
|
-
|
|
-
|
|
(226)
|
Net income (loss) attributable to Holdings
|
|
$
(6,348)
|
|
$
(6,718)
|
|
$
68,064
|
|
$
(3,942)
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
income (loss) per share
|
|
$
(0.47)
|
|
$
(0.14)
|
|
$
1.05
|
|
$
(0.08)
|
|
|
|
|
|
|
|
|
|
Basic and fully
diluted weighted average number of
|
|
|
|
|
|
|
|
|
shares
outstanding
|
|
48,300
|
|
48,300
|
|
48,300
|
|
48,300
|
|
|
|
|
|
|
|
|
|
Cash distributions
declared per share
|
|
$
0.36
|
|
$
0.36
|
|
$
1.44
|
|
$
1.44
|
Compass Diversified
Holdings
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
Year
|
|
Year
|
|
|
Ended
|
|
Ended
|
(in
thousands)
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net
income
|
|
$
78,816
|
|
$
4,340
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Gain on
sale of Staffmark
|
|
-
|
|
(219)
|
Loss on
sale of Halo
|
|
-
|
|
464
|
Depreciation and amortization expense
|
|
46,227
|
|
49,450
|
Impairment expense
|
|
12,918
|
|
-
|
Unrealized loss on interest rate and foreign currency
derivatives
|
|
130
|
|
2,175
|
Loss on extinguishment of debt
|
|
1,785
|
|
-
|
Amortization of debt issuance costs and original issue
discount
|
|
3,366
|
|
4,169
|
Supplemental put expense (reversal)
|
|
(45,995)
|
|
15,995
|
Noncontrolling interests and noncontrolling stockholders
charges
|
|
4,683
|
|
4,236
|
Deferred
taxes
|
|
(5,257)
|
|
(2,060)
|
Other
|
|
(87)
|
|
986
|
|
|
|
|
|
Changes in operating
assets and liabilities, net of acquisition:
|
|
|
|
|
Increase
in accounts receivable
|
|
(10,988)
|
|
(2,137)
|
Increase
in inventories
|
|
(24,454)
|
|
(13,703)
|
Increase
in prepaid expenses and other current assets
|
|
(413)
|
|
(1,580)
|
Increase
in accounts payable and accrued expenses
|
|
17,246
|
|
4,336
|
Payment
of profit allocation
|
|
(5,603)
|
|
(13,886)
|
Net cash provided by operating activities
|
|
72,374
|
|
52,566
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Acquisition of
businesses, net of cash acquired
|
|
(1,117)
|
|
(126,412)
|
Purchases of property
and equipment
|
|
(20,410)
|
|
(18,546)
|
Proceeds from the FOX
IPO
|
|
80,913
|
|
-
|
Proceeds from
dispositions
|
|
2,760
|
|
66,709
|
Purchase of FOX common
stock
|
|
-
|
|
(15,423)
|
Proceeds from sale
leaseback transaction
|
|
4,108
|
|
-
|
Proceeds released from
escrow related to Staffmark sale
|
|
-
|
|
8,355
|
Other
|
|
32
|
|
891
|
Net cash provided by (used in) investing activities
|
|
66,286
|
|
(84,426)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Net borrowing of
debt
|
|
11,225
|
|
50,995
|
Redemption of CamelBak
preferred stock
|
|
-
|
|
(48,022)
|
Debt issuance
costs
|
|
(2,697)
|
|
(3,154)
|
Distributions
paid
|
|
(69,552)
|
|
(69,552)
|
Net proceeds provided
by noncontrolling interest
|
|
36,122
|
|
12,061
|
Net payments related
to noncontrolling interest
|
|
(19,081)
|
|
(30,038)
|
Other
|
|
(139)
|
|
5,478
|
Net cash used in financing activities
|
|
(44,122)
|
|
(82,232)
|
Foreign currency
impact on cash
|
|
450
|
|
(37)
|
Net increase
(decrease) in cash and cash equivalents
|
|
94,988
|
|
(114,129)
|
Cash and cash
equivalents — beginning of period
|
|
18,241
|
|
132,370
|
Cash and cash
equivalents — end of period
|
|
$
113,229
|
|
$
18,241
|
Compass Diversified
Holdings
|
|
Condensed
Consolidated Table of Cash Flows Available for Distribution and
Reinvestment ("CAD")
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Year
Ended
|
|
Year
Ended
|
|
(in
thousands)
|
|
December
31, 2013
|
|
December
31, 2012
|
|
December 31,
2013
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(5,062)
|
|
$
(5,206)
|
|
$
78,816
|
|
$
4,340
|
|
Adjustment to reconcile net income (loss) to cash provided
by
|
|
|
|
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
11,557
|
|
11,577
|
|
46,227
|
|
49,450
|
|
Impairment
expense
|
|
12,018
|
|
-
|
|
12,918
|
|
-
|
|
Gain on sale of
Staffmark
|
|
-
|
|
(219)
|
|
-
|
|
(219)
|
|
Loss on sale of
Halo
|
|
-
|
|
-
|
|
-
|
|
464
|
|
Amortization of debt
issuance costs
|
|
583
|
|
531
|
|
2,123
|
|
1,857
|
|
Unrealized loss on
derivatives
|
|
62
|
|
67
|
|
130
|
|
2,175
|
|
Loss on extinguishment
of debt
|
|
-
|
|
-
|
|
1,785
|
|
-
|
|
Amortization of
original issue discount
|
|
294
|
|
361
|
|
1,243
|
|
2,312
|
|
Supplemental put
expense (reversal)
|
|
-
|
|
9,604
|
|
(45,995)
|
|
15,995
|
|
Noncontrolling
stockholders charges
|
|
1,316
|
|
986
|
|
4,683
|
|
4,236
|
|
Other
|
|
(276)
|
|
51
|
|
(87)
|
|
986
|
|
Deferred
taxes
|
|
(3,136)
|
|
255
|
|
(5,257)
|
|
(2,060)
|
|
Changes in operating
assets and liabilities
|
|
979
|
|
13,179
|
|
(24,212)
|
|
(26,970)
|
|
Net cash provided by
operating activities
|
|
18,335
|
|
31,186
|
|
72,374
|
|
52,566
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
Unused fee on
revolving credit facility (1)
|
|
611
|
|
682
|
|
2,349
|
|
2,666
|
|
Successful acquisition
expense (2)
|
|
-
|
|
(10)
|
|
-
|
|
5,201
|
|
HALO sale related
expenses (3)
|
|
-
|
|
-
|
|
-
|
|
1,976
|
|
Changes in operating
assets and liabilities
|
|
-
|
|
-
|
|
24,212
|
|
26,970
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Maintenance capital
expenditures (4)
|
|
4,251
|
|
3,722
|
|
14,208
|
|
10,998
|
|
FOX CAD (5)
|
|
3,845
|
|
-
|
|
11,189
|
|
-
|
|
Other
|
|
-
|
|
71
|
|
-
|
|
668
|
|
Changes in operating
assets and liabilities
|
|
979
|
|
13,179
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Estimated cash
flow available for distribution and
reinvestment
|
|
$
9,871
|
|
$
14,886
|
|
$
73,538
|
|
$
77,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution paid in
April 2013/2012
|
|
|
|
|
|
$
17,388
|
|
$
17,388
|
|
Distribution paid in
July 2013/2012
|
|
|
|
|
|
17,388
|
|
17,388
|
|
Distributions paid in
October 2013/ 2012
|
|
|
|
|
|
17,388
|
|
17,388
|
|
Distributions paid in
January 2014/ 2013
|
|
$
17,388
|
|
$
17,388
|
|
17,388
|
|
17,388
|
|
|
|
$
17,388
|
|
$
17,388
|
|
$
69,552
|
|
$
69,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the
commitment fee on the unused portion of the Revolving Credit
Facility.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents
transaction costs for successful acquisitions that were expensed
during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Represents
transaction costs incurred related to the sale of HALO, net of the
related income tax benefit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Excludes growth
capital expenditures of approximately $1.5 million and $5.4 million
for the three months ended December 31, 2013 and December 31, 2012,
respectively
|
and $6.2 million and
$7.5 million for the year ended December 31, 2013 and December 31,
2012, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Represents FOX
CAD subsequent to IPO date. For the year ended December 31,
2013, the amount includes approximately $20.9 million of
EBITDA,
|
|
less: $6.7 million of
cash taxes, $0.9 million of management fees and $1.8 million of
maintenance capital expenditures. For the quarter ended
December 31, 2013,
|
the amount includes
approximately $10.6 million of EBITDA, less: $4.5 million of cash
taxes, $0.6 million of management fees and $1.5
million
|
|
of maintenance capital
expenditures.
|
|
|
|
|
|
|
|
|
|
SOURCE Compass Diversified Holdings