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Coast Distribution System Inc. reported improved sales and earnings for the aftermarket supplier’s first quarter, reflecting revenues from a new product line introduced last September.
“We continue to grow sales and market share, despite the continued industrywide sales slowdown,” said Thomas R. McGuire, chairman and CEO for the Morgan Hill, Calif.-based company. “The recently introduced portable and standby power generators have grown into one of our best selling product lines, and we see increased opportunities to market the generators to retailers beyond RV and marine aftermarket retailers.”
Sales during the first quarter, ended March 31, grew 3.3% to $51.5 million from $49.9 million a year ago while net income increased 13.4% to $1.1 million compared with $978,000.
The earnings report came on the heels of a third unsolicited buyout offer from El Segundo, Calif.-based Bell Industries Inc.
Bell, which supplies the RV and marine aftermarkets through its recreational products division in Eagan, Minn., on Monday (May 8) raised its bid to $8.10 a share. After engaging a finance firm, Coast’s board of directors unanimously rejected Bell’s last offer in February of $7.70 a share.