Sergio,
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Joe
The Coast Distribution System, Inc. Reports Increases in Second Quarter and Six Month Sales and Earnings
Thursday August 7, 1:00 pm ET
MORGAN HILL, Calif., Aug. 7 /PRNewswire-FirstCall/ -- The Coast Distribution System, Inc. (AMEX: CRV - News) today reported increased sales and earnings for the second quarter and six months ended June 30, 2003.
Net sales for the quarter ended June 30, 2003 increased 6% to $47.5 million, as compared to $44.9 million for the second quarter of 2002. Net earnings for the quarter ended June 30, 2003 increased to $1,611,000, or $0.35 per diluted share, versus net earnings of $609,000, or $0.14 per diluted share, for the second quarter of 2002.
In the six months ended June 30, 2003 net sales increased 6% to $88.2 million as compared to $83.1 million in 2002. Net earnings for the six months ended June 30, 2003 were $2,460,000, or $0.54 per diluted share. This compares to earnings, before the cumulative effect of a change in accounting principle for goodwill impairment, for the six months ended June 30, 2002 of $1,328,000, or $0.30 per diluted share.
As previously reported, Coast adopted SFAS 142, "Goodwill and Intangible Assets" effective as of January 1, 2002 and recognized a non-cash goodwill impairment charge of $6,325,000, as a cumulative effect of an accounting change, in the first quarter of 2002. As a result of that change, the Company recorded a net loss for the six months ended June 30, 2002 of $4,997,000, or $1.14 per share.
"We are pleased with the changes that we have made over the last two years and with the effort of the entire Coast team in executing these changes," stated Thomas R. McGuire, Chairman and Chief Executive of Coast. "We believe we can do better going forward and we are committed to doing so." |
