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Coast Distribution System Inc. reported losses during the fourth quarter and full year 2001, but the amounts were smaller than was the case a year earlier.
The company, which serves the RV and pleasure boat industries, lost $1.26 million during the final three months of 2001, compared with a loss of $2.61 million incurred during the fourth quarter of 2000.
During the full year 2001, the Morgan Hill, Calif.-based firm lost $2.49 million, compared with $2.84 million loss incurred during 2000.
Coast’s fourth quarter sales declined 7% to $20.94 million and its full year sales slipped 8.5% lower to $134.96 million.
“During 2001, we initiated several programs that we felt would ultimately improve our service levels to our customers, strengthen our balance sheet and better position Coast for a return to profitability,” said Thomas R. McGuire, chairman and CEO. “Initially, we had many setbacks, including higher distribution costs and temporary disruptions in our fill rates.
“We are pleased that during the latter half of 2001, we began to achieve the results that we knew these programs would yield,” McGuire continued. “We expect to see continued improvements in our service levels, reductions in our inventories and bank debt, and reductions in our SG&A and distributions costs.
“We understand that we have a long way to go to return Coast to profitability and we believe that we have taken the steps designed to achieve our goals,” McGuire added.