Supplier reports increase in sales, earnings
MORGAN HILL, Calif. — Coast Distribution System Inc. reported that its third quarter net earnings increased 83 percent to $829,000, compared with $452,000 earned during the July-through-September portion of 2002, according to a statement from the company November 4.
In addition, Coast’s sales increased 7 percent during the nine months ended September 30 to $131 million, compared with $122.6 million a year earlier, the company reported.
The distributor of aftermarket accessories to RV and pleasure boat dealers also reported its sales revenue increased 8 percent during the three months ended September 30 to $42.8 million, compared with $39.5 million a year earlier.
During the first nine months of this year, Coast’s earnings amounted to $3.3 million, compared with a $4.5 million net loss incurred during the same portion of 2002.
However, the American Stock Exchange-listed company reported a loss during the first nine months of 2002 primarily because it took a $6.3 million non-cash charge during that period to reflect goodwill impairment, according to the company.
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–Jeff Kurowski
