Compass Diversified Declares First Quarter 2022 Distributions on Common and Series A, B and C Preferred Shares
01 April 2022 - 10:15PM
Compass Diversified (NYSE: CODI) (“CODI” or the Company”), an owner
of leading middle market businesses, announced today that its Board
of Directors (the “Board”) has declared a quarterly cash
distribution of $0.25 per share on the Company’s common shares (the
“Common Shares”). The distribution for the three months ended March
31, 2022 is payable on April 28, 2022 to all holders of record of
Common Shares as of April 21, 2022.
The Board also declared a quarterly cash
distribution of $0.453125 per share on the Company’s 7.250% Series
A Preferred Shares (the “Series A Preferred Shares”). The
distribution on the Series A Preferred Shares covers the period
from, and including, January 30, 2022, up to, but excluding, April
30, 2022. The distribution for such period is payable on April 30,
2022 to all holders of record of Series A Preferred Shares as of
April 15, 2022. The payment will occur on May 2, 2022, the next
Business Day following the payment date.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
B Preferred Shares (the “Series B Preferred Shares”). The
distribution on the Series B Preferred Shares covers the period
from, and including, January 30, 2022, up to, but excluding, April
30, 2022. The distribution for such period is payable on April 30,
2022 to all holders of record of Series B Preferred Shares as of
April 15, 2022. The payment will occur on May 2, 2022, the next
Business Day following the payment date.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
C Preferred Shares (the “Series C Preferred Shares”). The
distribution on the Series C Preferred Shares covers the period
from, and including, January 30, 2022, up to, but excluding, April
30, 2022. The distribution for such period is payable on April 30,
2022 to all holders of record of Series C Preferred Shares as of
April 15, 2022. The payment will occur on May 2, 2022, the next
Business Day following the payment date.
CODI’s common and preferred cash distributions should generally
constitute “qualified dividends” for U.S. federal income tax
purposes to the extent paid from “earnings and profits” (as
determined under U.S. federal income tax principles), provided that
the requisite holding period is met. To the extent that the amount
of the cash distributions exceeds earnings and profits, such
distribution will first be treated as a non-taxable return of
capital to the extent of the holder’s adjusted tax basis in the
shares, and thereafter be treated as capital gain from the sale or
exchange of such shares. In addition, shareholders subject to tax
rules regarding “unrelated business taxable income” (or “UBTI”)
will no longer be allocated UBTI from the Trust allowing ownership
by certain retirement accounts that previously created tax
implications.
About Compass Diversified
(“CODI”)CODI owns and manages a diverse set of highly
defensible North American middle market businesses. Each of its
current subsidiaries is a leader in its niche market. For more
information,
visit compassdiversified.com.
Leveraging its permanent capital base, long-term
disciplined approach and actionable expertise, CODI maintains
controlling ownership interests in each of its subsidiaries,
maximizing its ability to impact long-term cash flow generation and
value creation. 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
has consistently generated strong returns through its culture of
transparency, alignment and accountability.
Our ten majority-owned subsidiaries are engaged
in the following lines of business:
- The design and marketing of
purpose-built technical 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 design and manufacture of
custom packaging, insulation and componentry (Altor
Solutions);
- The manufacture of engineered
magnetic solutions for a wide range of specialty applications and
end-markets (Arnold Magnetic Technologies);
- The design, engineering and
marketing of dial based fit systems delivering a scientifically
proven performance advantage for athletes (BOA
Technology);
- The design and marketing of
wearable baby carriers, strollers and related products
(Ergobaby);
- The design, manufacture, and
marketing of high-end, one-of-a kind jewelry (Lugano
Diamonds);
- The design and manufacture of
baseball and softball equipment and apparel (Marucci
Sports);
- The manufacture and marketing of
portable food warming systems used in the foodservice industry,
creative indoor and outdoor lighting, and home fragrance solutions
for the consumer markets (Sterno); and
- The design, manufacture and
marketing of airguns, archery products, optics and related
accessories (Velocity Outdoor).
Forward Looking Statements
Certain statements in this press release may be
deemed forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. We may use words such as
“plans,” “anticipate,” “believe,” “expect,” “intend,” “will,”
“should,” “may,” “seek,” “look,” and similar expressions to
identify forward-looking statements. The forward-looking statements
contained in this press release involve risks and uncertainties.
Actual results could differ materially from those implied or
expressed in the forward-looking statements for any reason,
including the factors set forth in “Risk Factors” and elsewhere in
CODI’s annual report on Form 10-K and its quarterly reports on Form
10-Q. Other factors that could cause actual results to differ
materially include: changes in the economy, financial markets and
political environment; risks associated with possible disruption in
CODI’s operations or the economy generally due to terrorism,
natural disasters, social, civil and political unrest or the
COVID-19 pandemic; future changes in laws or regulations (including
the interpretation of these laws and regulations by regulatory
authorities); general considerations associated with the COVID-19
pandemic and its impact on the markets in which we operate; and
other considerations that may be disclosed from time to time in
CODI’s publicly disseminated documents and filings. Undue reliance
should not be placed on such forward-looking statements as such
statements speak only as of the date on which they are made.
Although, except as required by law, CODI undertakes no obligation
to revise or update any forward-looking statements, whether as a
result of new information, future events or otherwise, you are
advised to consult any additional disclosures that CODI may make
directly to you or through reports that it in the future may file
with the SEC, including annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K.
Investor Relations: Compass DiversifiedChris Gasiewski 203-635-8320
irinquiry@compassdiversified.com |
Media Contact:The IGB Group Leon Berman 212-477-8438
lberman@igbir.com |
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Source: Compass Diversified
Holdings |
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