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The Coast Distribution System Inc. reported marginal increases in revenue and earnings for its third quarter, ended Sept. 30., despite an overall decline in recreational vehicle sales.
The Morgan Hill, Calif.-based company, which supplies aftermarket products to the RV and marine industries, said quarterly sales increased 4.3% to $45.4 million from $43.5 million a year ago. Net income was $1.7 million during the three-month period, up 28.4% from $1.3 million the previous year.
For the nine months, Coast reported net earnings of $4.8 million compared with $5.4 million last year, while sales rose slightly to $147 million from $144.4 million.
Coast said the sales increase was due to market share growth of its sourced, proprietary products in the marine and RV markets, both of which “have been negatively affected by higher interest rates, higher fuel prices and lower consumer confidence.”
“We did well, despite the difficult market conditions,” Coast Chairman and CEO Thomas R. McGuire said. “We continue to contain costs, add market share and buy back shares. We recently completed the relocation of a distribution center in California to a larger facility, helping us to increase the number of proprietary branded products we can source overseas.”