Coastcast is apparently on the way to pulling itself back into the black. The company cut its net loss down by 77.3% from $2.5 million in Q4 last year to just over $0.5 million in this years fourth quarter. Diluted loss per share for the quarter went down to (8¢) versus ($1.38) last year. Sales for the final quarter of 2003 were $10.2 million, up 25.9% over sales of $8.1 million in Q4, 2002.
Year to date, Coastcast showed some improvement as well, but not as dramatic as Q4. Total sales for the year were down 37.9% to $45.1 million compared to 2002 annual sales of $62.5 million. In spite of slower sales the company was able to cut its net loss by 9.5% from $10.6 million in 2002 to $9.6 million this year. Diluted loss per share was down 8.7% from ($1.38) last year to ($1.26) in fiscal 2003.
Hans Buehler, Chairman and CEO of Coastcast said that volume has increased to the point where profitability is again possible, pointing to the improvements in both the golf and non-golf markets.
