Coastcast Corporation reported financial results for the fourth quarter and year ended December 31, 2003.
For the fourth quarter of 2003 as compared to the same period in 2002, sales were $10,184,000 vs. $8,109,000, net loss was ($574,000) vs. ($2,525,000), and diluted loss per share was ($0.08) vs. ($0.33).
For the year ended December 31, 2003 as compared to 2002, sales were $45,073,000 vs. $62,446,000, net loss was ($9,597,000) vs. ($10,560,000), and diluted loss per share was ($1.26) vs. ($1.38).
Commenting on the quarter and the past year, Hans Buehler, Chairman and CEO, stated: “The results for the quarter and the year were in line with our expectations. We are pleased to see a narrowing of the losses. We are also pleased that in December 2003, the Company closed the sale of its Gardena facility, receiving $5.2 million in net cash proceeds and realizing, as a credit to impairment of fixed assets in the Statements of Operations, a $0.2 million gain on sale.
“Our business has improved and the volume has increased to the point where future profits are again possible. The first half of the current year looks promising in both of our business segments. The golf business has improved and the non-golf work is building up nicely.”
Coastcast Corporation
Financial Highlights - Quarterly
($ in 000s, except share and per share data)
Statements of Operations Summary
Quarter Ended December 31, 2003 2002
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Sales $10,184 $8,109
Cost of sales 10,006 10,586
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Gross profit (loss) 178 (2,477)
Selling, general & administrative expense 1,070 964
(Credit) impairment of fixed assets (201) 271
Restructuring (credits) charges (59) (36)
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Loss from operations (632) (3,676)
Other income, net 64 59
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Loss before provision for income taxes (568) (3,617)
Provision for (benefit from) income taxes 6 (1,092)
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Net loss $(574) $(2,525)
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Net loss per share - basic and diluted $(0.08) $(0.33)
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Weighted average shares outstanding 7,635,042 7,635,042
Year Ended December 31, 2003 2002
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Sales $45,073 $62,446
Cost of sales 48,249 60,539
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Gross (loss) profit (3,176) 1,907
Selling, general & administrative expense 4,868 5,211
Impairment of fixed assets 1,414 3,745
Restructuring (credits) charges (59) 3,567
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Loss from operations (9,399) (10,616)
Other income, net 88 139
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Loss before provision for income taxes (9,311) (10,477)
Provision for income taxes 286 83
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Net loss $(9,597) $(10,560)
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Net loss per share - basic and diluted $(1.26) $(1.38)
