The Coast Distribution System Inc. today (March 9) announced an 80% increase in earnings on $171.8 million in sales for the year ended Dec. 31.
Morgan Hill, Calif.-based Coast, one of the largest suppliers of aftermarket replacement parts, accessories and supplies for the recreational vehicle and marine industries, reported record net earnings of $4.4 million for the year compared to $2.4 million in 2003. Net sales increased 9.8% to $171.8 million versus $156.5 million the previous year.
For the fourth quarter, Coast reported a net loss of $999,000 compared to a net loss of $767,000 in 2003 while revenues increased 7.6% to $27.5 million versus $25.5 million.
Coast attributed the loss to the traditional seasonal slowdown in the fourth quarter.
“We are pleased with the strong results in 2004,” said Thomas R. McGuire, chairman and CEO. “Over the last few years we have seen sustained sales growth led by our Coast family of sourced, proprietary products.”
He added, “Our outlook for 2005 remains positive, despite what appears to be a slowing in sales of new recreational vehicles, which will make 2005 a more challenging year than 2004.”
The company also announced its board of directors approved a stock buyback plan for $240,000 of Coast’s shares.