Cathedral reported EBITDAS of $6 mm, above our estimate of $4 mm, due to stronger-than-expected revenue. Our 2015 estimates have increased due to the inclusion of 1Q15 results. In 2016e, we have increased our EBITDAS estimate to $20 mm from $18 mm, resulting from a modest increase to our U.S. market share estimate and better clarity on the Company’s cost reduction initiatives. The Company is in the midst of bank covenant renegotiations, which we expect will have a positive outcome. We are choosi ....
