AURORA, CO – Advanced Circuits reported first quarter net sales of $21.6 million, down 0.62% year-over-year and up 4.2% sequentially.
Adjusted EBITDA was $6.3 million, a decrease of 5.6% compared to the first quarter of 2020, and an increase of 15.9% sequentially.
Capital expenditures during the first quarter were $155,000, compared to $17,000 in the same period last year.
“With our permanent capital structure, we will remain both disciplined and opportunistic in our capital deployment as we partner with, invest in and grow leading middle market businesses capable of performing through economic cycles,” said Elias Sabo, CEO of parent company Compass Diversified. “In addition, as part of our ongoing efforts to lower our cost of capital and unlock shareholder value, we are continuing to explore a potential tax reclassification where we may elect to be taxed as a corporation, rather than a partnership. We believe this important change would simplify our structure and enable a broader set of both institutional and retail shareholders to invest in CODI.”