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Compass Diversified Holdings Message Board

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  • mthiker2004 mthiker2004 Nov 11, 2009 12:18 PM Flag

    Great quarter!

    Brennus posted timely and great data on CODI. I finally got to the financials today, and the CC, and thought I would add a couple of comments to his/her.

    QOQ, revenue was down at ACI, AFM and Anodyne (in total, about $2.0m is all), but more than made up for by Fox (up $7m), Halo (up $6m) and Staffmark (up $22m). IMO, QOQ improvement is great in this economy. Combined revs up $37m, QOQ with,IMO little seasonality.

    QOQ income was down at ACI and AFM (about $1.6m). Income at Anodyne (up $.4m), Fox (up $2.7m), Halo (up $.8m) and Staffmark (up $59m, but this is overstated due to Q2 impairment and other one time charges).

    Currently, Fox is our single best profit center (must be those Raptors mentioned above, contrary to my belief!) with $4.7m income, followed by ACI at$3.6m.

    Maybe I misread the above comments, but Massound stated in the CC (at least as I understood it), that CODI would "exceed guidance" in 2009.

    So, echoing the sentiments expressed by others, great quarter and, IMO, evidence that in CODI's market, we are seeing signs of a bottom, and indications that the "bottom" is behind us.

    Also IMO, Staffmark will be a significant profit center for us as the labor market improves (wish I knew when) and employers turn to temp agencies to supply their labor pool, coupled with $20m or so in permanent SG&A reductions at Staffmark.

    Just guessing, but with HALO's seasonality and strong Q4, presumably continued strength in Fox Q4, continued improvement, even if modest in Staffmark Q4, and mgmt's opinion that CODI will exceed guidance, Q4 looks pretty good!


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