WESTPORT, CT – Compass Diversified Holdings, acquirer and manager of middle market businesses, reported third-quarter net income of $2.8 million, down 59% year-over-year.

Compass Diversified is the parent company of PWB fabricator Advanced Circuits.

As of Sept. 30, 2009, the firm had $47 million in cash and cash equivalents and $76.5 million outstanding on its term debt facility.

"We believe we are well positioned to surpass our previously announced guidance for the full year 2009, and to achieve year-over-year growth in cash flow for 2010," said CEO Joe Massoud.

"Management continues to aggressively pursue acquisitions of new platform businesses."