Compass Diversified Holdings reported a net loss of $15.3 million, or ($0.44) per diluted share, in the first quarter of 2010. The company reported a loss of $42.2 million, or ($0.87) per diluted share, in the same quarter in 2009.

Compass Diversified Holdings said that almost the entire loss in the first quarter of 2010 was related to a $14.4 million one-time non-cash charge because of a put accrual expense that the company was required to take.

Compass Diversified Holdings reported cash flow available for distribution of $11.3 million in the first quarter of 2010. In the first quarter of 2009, the company reported cash flow available for distribution of ($0.4) million. Cash flow available for distribution is a non-GAAP financial measure that Compass Diversified Holdings uses as a measure of performance.

Compass Diversified Holdings reported a large increase in revenues in the first quarter of 2010, to $353.62 million from $274.9 million in the same quarter in 2009.

Compass Diversified Holdings declared a dividend of $0.34 per share in the first quarter of 2010. The company has now paid out $4.9752 in distributions to shareholders since the company had its initial public offering in May 2006.

Compass Diversified Holdings reported $22.1 million in cash and cash equivalents on its balance sheet as of 3/31/2010, and $146 million in short and long term debt.

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