Coastcast Corporation reported sales for the third quarter of 2003 were $11,025,000 vs. $12,436,000, net loss was ($1,564,000) vs. ($4,615,000), and diluted loss per share was ($0.20) vs. ($0.60).
For the nine months ended September 30, 2003 as compared to the same period in 2002, sales were $34,889,000 vs. $54,337,000, net loss was ($9,023,000) vs. ($8,035,000), and diluted loss per share were ($1.18) vs. ($1.05).
Commenting, Hans Buehler, Chairman and CEO, stated: “We are not happy about the net loss for the third quarter 2003 but we are pleased that the results fell within our expectations. We anticipate a loss for the fourth quarter of 2003 but the outlook for the fiscal year 2004 remains promising.
“Three of our directors have resigned reducing the board to four. Resignations were received from Gary V. Meloni, Lee E. Mikles and Luann G. Smith. We wish to express our gratitude to these directors for their contributions and support during their tenure with the company. The reduction in the board reflects our continuing efforts to reduce costs.”
Coastcast Corporation
Financial Highlights - Quarterly
($ in 000s, except share and per share data)
Statements of Operations Summary
Quarter Ended September 30, 2003 2002
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Sales $11,025 $12,436
Cost of sales 11,355 12,717
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Gross loss (330) (281)
Selling, general & administrative expense 1,203 1,176
Impairment of fixed assets -- 1,724
Restructuring charges - employee termination
benefits -- 2,170
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Loss from operations (1,533) (5,351)
Other income (expense), net 9 (49)
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Loss before provision for income taxes (1,524) (5,400)
Provision for (benefit from) income taxes 40 (785)
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Net loss $(1,564) $(4,615)
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Net loss per share - basic and diluted $(0.20) $(0.60)
