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Coast Distribution System Inc. reported net earnings of $719,000 during the first quarter, more than offsetting the net loss of $48,000 it incurred during the first quarter of 2001.
The Morgan Hill, Calif.-based company’s first quarter operating earnings more than tripled, when compared with the same period a year-ago, to $1.78 million.
The distributor of aftermarket RV and pleasure boat accessories also reported its profitability improved despite only a 1% increase in first quarter sales revenue, to $38.2 million, because of “higher margins and lower costs that are attributable to the implementation of our new supply chain strategy and cost reduction programs that address current economic conditions,” said Tom McGuire, chairman and CEO.
Sales of RV products are “modestly higher so far this year” while marine products “continue to lag 2001’s pace,” McGuire added.