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The Coast Distribution System Inc., a Morgan Hill, Calif., distributor of RV and marine accessories, reported positive financial results Monday for the company’s second quarter and six months ended June 30.
Net sales for the quarter increased 11% to $44.9 million compared to $40.3 million for the second quarter of 2001. For the six months, net sales increased 6% to $83.1 million versus $78.1 million in 2001.
Operating income for the second quarter reached $1.55 million, versus a loss from operations last year of $343,000, while income for the first half of the year increased to $3.3 million from $224,000 in 2001. The company reported quarterly net earnings of $609,000 versus a net loss of $733,000 in 2001. For the half year, Coast posted net earnings of $1.33 million as opposed to a net loss of $783,000.
“During the second quarter of 2002, we experienced solid growth in the sales of our RV products,” stated Thomas R. McGuire, chairman and CEO of Coast. “In addition to this sales growth, we continue to experience margin improvement resulting from our supply chain strategy. We have also strengthened our balance sheet during the year. We have reduced our accounts payables and long term debt more than $10 million at June 30, 2002 as compared to June 30, 2001.”