Compass reports $6.6M loss as American Furniture value written down
More detailed financial results due later this month
Larry Thomas -- Furniture Today, May 9, 2011
WESTPORT, Conn. — Compass Diversified Holdings, parent company of promotional upholstery producer American Furniture, reported a first-quarter net loss of $6.6 million that was due largely to a write-down of the fair market value of the furniture manufacturer.
Compass said results for the quarter ended March 31 included a $7.7 million non-cash write-down of the fair market value of American, which has been hampered by weak retail demand in the promotional furniture market.
Compass also took a $38.8 million write-down of the value of American's goodwill and trade name in 2010.
More detailed financial results for Ecru, Miss.-based American will be included the form 10-Q that Compass is expected to file with the Securities and Exchange Commission later this month.
In addition to American, Compass owns seven middle-market companies unrelated to the furniture industry.
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