May 05, 2020
The ongoing battle between hawks who want to punish China vs. the more business-friendly group that wants to at least keep relations between the two countries from further deteriorating is again playing out over the pandemic with both sides sending out signals that their view is prevailing.
The first quarter bottom line was helped back into the black by a $3.2 million tax benefit from the CARES Act that resulted in a $2,184,000 profit against a loss of $8,575,000 last year, as revenues gained 11% to $93,722,000 from $84,400,000.
Net income fell 7% to $20,387,000 to $21,923,000 on a top line decrease of 8% to $163,084,000 from $177,707,000 for the fiscal second quarter ended Mar. 27.
The ratings agency cut Topgolf’s corporate family rating to Caa2 from B3, probability of default rating to Caa3-PD from Caa1-PD, and lowered its first lien credit facility ratings to Caa2 from B3.
The down under retailer and Oboz and Rip Curl brand owner’s e-commerce sales were up 250%-300% year-over-year in April, with the strongest growth in the home Australian market.
Compass Diversified is issuing $200 million in 8.000% senior unsecured notes due 2026 in a private add-on offering through U.S. Bank, priced at 101.000%.
Mountain Equipment Co-op laid off store staff in April, after an initial two-week period when they were furloughed with pay and benefits, and has also cut staff at its head office, distribution center and service center.