Coastcast Corporation reported net sales for the first quarter of 2004 were $16.4 million vs. $10.7 million in the year-ago period. Net income was $671,000, or 9 cents per diluted share, in Q1 2004 vs. a loss of $2.7 million, or 36 cents per diluted share, in Q1 2003.
Hans Buehler, Chairman and CEO, stated: “We are pleased that after three years of losses we are able to report some earnings this quarter to you. However, the outlook for the coming quarters is uncertain. Work continues to migrate to China and it is difficult for us to project results for future periods.
“We have not decided on a date for the annual shareholders meeting and at this point, we are inclined to forgo it in order to save money. The audited consolidated financial statements for the year ended December 31, 2003 are on our web site at coastcast.com.
“We will continue to report to you our quarterly results and any news of significance.”
Coastcast Corporation
Financial Highlights - Quarterly
($ in 000s, except shares data)
Statements of Operations Summary (Unaudited)
Q1'04 Q1'03
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Sales $16,389 $10,731
Cost of sales 14,725 12,049
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Gross profit (loss) 1,664 (1,318)
Selling, general & administrative expense 1,040 1,250
Impairment of fixed assets - 55
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Income (loss) from operations 624 (2,623)
Other income, net 76 17
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Income (loss) before provision for income taxes 700 (2,606)
Provision for income taxes 29 130
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Net income (loss) $671 $(2,736)
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Net income (loss) per share - basic $0.09 $(0.36)
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Weighted average shares outstanding - basic 7,635,042 7,635,042
Net income (loss) per share - diluted $0.09 $(0.36)
