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Recreational vehicle aftermarket supplier Coast Distribution System Inc. today (Nov. 8) announced a 72% increase in earnings for its third quarter, ended Sept. 30.
The Morgan Hill, Calif., company, which also services the marine and manufactured-housing industries, reported net sales of $43.5 million for the quarter, compared with $42.8 million for the same period last year. Net earnings grew to $1.3 million for the three-month period compared to $758,000 in 2003.
“Increased margin contributions from our proprietary products, along with continued gains from our recently revamped distribution systems helped drive earnings ahead of sales in the quarter,” stated Thomas R. McGuire, chairman and CEO of Coast. He noted that gains were made despite a “general weakening” in the RV and marine sectors.
For the nine months ended Sept. 30, net sales increased 10% to $144.4 million compared with $131 million last year.
Net earnings for the current nine-month period increased 68% to $5.4 million compared with $3.2 million in the same period of 2003.