The Coast Distribution System Inc. reported a net loss of $952,000 during the seasonally weak fourth quarter, but the company reported a net profit of $2.3 million for all of 2003.
The company’s loss of $952,000 in the final three months of 2003 compares with a net loss of $718,000 incurred in the same portion of 2002.
Coast’s fourth-quarter loss in 2002 was reduced by a one-time-only gain from the sale to an RV manufacturer of the rights to manufacture a line of ventilation products, according to the American Stock Exchange-listed company.
Coast’s net profit of $2.3 million in 2003 compares with a net loss of $5.3 million in 2002.
The net loss in 2002 was primarily because of a $6.3 million noncash charge that Coast took against its earnings that year to reflect goodwill impairment.
“Our fourth quarter and year-end results reflect continued financial and operational improvements,” said Tom McGuire, chairman and CEO. “We have been able to improve our internal processes and increase the focus on our customers and our products. The results were significant.
“We are excited about our prospects and are committed to achieving continued improvements in 2004,” McGuire added.
The distributor of aftermarket accessories to RV and pleasure boat dealers also reported its fourth-quarter sales revenue increased 10% to $25.5 million and its overall 2003 sales improved by 7% to $156.5 million.