The Coast Distribution System Reports Q3 Sales and Earnings
19 October 1998
The Coast Distribution System Reports Increased Third Quarter Sales and EarningsSAN JOSE, Calif., Oct. 19 -- The Coast Distribution System (Amex: CRV) today reported financial results for the third quarter and nine months ended September 30, 1998. Revenue for the third quarter ended September 30, 1998 increased 10% to $41.5 million, as compared to $37.8 million for the third quarter of 1997. For the nine months sales increased 10% to $126.1 million as compared to $114.7 million, for the same period in 1997. Net earnings for the third quarter of 1998 were $69,000, or $.01 per diluted share, as compared to a loss of $1,450,000 or $0.28 per diluted share, in 1997. For the nine months ended September 30, 1998, the company $1,729,000, or $0.33 per diluted share, as compared to a loss of $1,593,000, or $0.31 per diluted share, for the same period in 1997. "A year ago, we made the decision to divest ourselves of two equity investments and focus on our core business," said Thomas R. McGuire, Chairman of Coast. "We are very pleased with the ensuing results. Coast's sales have increased 10% during the first nine months of 1998 and we have increased our gross margin by 200 basis points during the same period." 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 18 distribution centers located throughout the U.S. and Canada. THE COAST DISTRIBUTION SYSTEM CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 1998 & 1997 Third Quarter Ended September 30, 1998 1997 Net Sales $41,555,000 $37,847,000 Operating Income (Loss) $775,000 ($56,000) Net Earnings (Loss) $69,000 ($1,450,000) Diluted Earnings (Loss) Per Share $0.01 ($0.28) Average Shares Outstanding (Diluted) 5,279,854 5,246,879 Nine Months Ended September 30, 1998 1997 Net Sales $126,107,000 $114,652,000 Operating Income (Loss) $5,209,000 $731,000 Net Earnings (Loss) $1,729,000 ($1,593,000) Diluted Earnings (Loss) Per Share $0.33 ($0.31) Average Shares Outstanding (Diluted) 5,266,567 5,235,489