AURORA, CO – Advanced Circuits reported second quarter revenue of $23 million, up 2.7% year-over-year.
Adjusted EBITDA was $7.2 million, nearly flat with the same quarter in 2019.
For the first half of 2020, revenue was $44.7 million, down 2.6% year-over-year. Net income was $7.3 million, a decrease of 51.3% compared to the first half of 2019. Adjusted EBITDA was $13.8 million, down 52.1%.
“Our strong performance over the second quarter underscores the continued benefits of our unique model, including the advantage of having a diverse, uncorrelated group of subsidiaries,” said Elias Sabo, CEO of parent company Compass Diversified. “Since our founding, CODI’s permanent capital structure has allowed us the flexibility to capitalize on new opportunities throughout economic cycles and enabled us to take a patient and disciplined approach to executing our growth priorities. This quarter was no different, and our solid balance sheet and strategic capital allocation meant we were well-situated to partner with our subsidiaries to maintain momentum across their businesses and continue to deliver value to our shareholders.
“While we entered the second quarter with significant uncertainty around the ongoing impact of the global response to Covid-19, we are incredibly proud of how our teams focused on positioning our subsidiaries for long-term success during such a dynamic period. Together, we reduced spending and monetized working capital to maximize cash flow, which helped us maintain our long history of paying distributions to our shareholders, even during the pandemic.”
Compass anticipates Covid-19 will have a continued negative impact on operations, financial condition and cash flows for the second half of 2020.