RV Accesories Company, The Coast Reports First Quarter 2002 Increases In Operating Income and Net Income

MORGAN HILL, Calif., May 13 -- The Coast Distribution System, Inc. today reported financial results for the first quarter ended March 31, 2002. Net sales for the quarter ended March 31, 2002 increased to $38.2 million from $37.9 million for the first quarter of 2001. Operating income increased by 211% to $1,779,000 in the first quarter of the current year from $571,000 in the same quarter of the prior year and the Company earned $719,000, or $0.16 per share, in the first quarter of 2002 versus a loss of $48,000, or $0.01 per share, in the first quarter of 2001. Thomas R. Thomas R. McGuire, Chairman and Chief Executive Officer of Coast, stated that, "We are pleased with the significant improvement, quarter over quarter, in our operating results. Sales of RV products are modestly higher so far this year, although sales of marine products continue to lag 2001's pace. Still, we were able to achieve meaningful improvements in our operating results due to higher margins and lower costs that are attributable to the implementation of our new supply chain strategy and cost reduction programs that address current economic conditions." About The Coast Distribution System, Inc. The Coast Distribution System is a leading supplier of accessories for recreational vehicles (RVs) and pleasure boats in the U.S. and Canada. Coast supplies its 15,000 customers through 17 distribution centers located throughout the U.S. and Canada.