AURORA, CO – Advanced Circuits reported first quarter net sales of $21.7 million, an increase of 6% year-over-year.

Adjusted EBITDA was $6.6 million, down 9.6% compared to the first quarter of 2019.

Parent company Compass Diversified Holdings posted first quarter net sales of $333.4 million, down 1.6% year-over-year. Net income was $4.9 million, compared to net income of $110.2 million for the quarter ended Mar. 31, 2019. Adjusted EBITDA was $46 million, down 5.2%.

“The strong results we delivered this quarter are a testament to the competitive advantage gained through our permanent capital structure, disciplined approach and diverse portfolio of leading businesses,” said Elias Sabo, CEO of Compass. “We entered 2020 with significant capital resources that enabled us to de-risk our balance sheet and provide CODI with financial flexibility to navigate current challenges amid the global health pandemic, while supporting our leading branded consumer and niche industrial businesses. We are pleased with the first quarter performance of our subsidiaries, generating an increase in cash flow from the prior year, and our ability to declare our 37th consecutive quarter of distributions on our common stock at an annualized $1.44 per share.

“While second quarter results will undoubtedly be impacted by the abrupt halt to large segments of the economy stemming from the global response to Covid-19, we believe we are well-positioned to effectively operate in a time of market dislocation and remain focused on taking decisive actions that will allow us to emerge even stronger from these unprecedented conditions. The health of our team, stakeholders and the communities in which they operate remains our top priority, as we focus on managing our business for the long-term, maintaining our balance sheet strength and working closely with our subsidiaries’ management teams to build enduring value.”

In light of current economic uncertainty caused by Covid-19, the company has decided to withdraw full-year 2020 adjusted EBITDA and payout ratio guidance until a clearer picture emerges for its businesses.

In the short term, Compass anticipates Covid-19 will have a negative impact on its results of operations, financial condition and cash flows for the second quarter ending Jun. 30.

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