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Coast Distribution System Inc., a company that distributes aftermarket accessories to RV and boat dealers, reports it earned $452,000 in the third quarter.
However, the Morgan Hill, Calif.-based company also revealed that it might need to take a noncash charge as large as $6.28 million in the fourth quarter to recognize the possible impairment of the goodwill on its balance sheet.
The $452,000 net profit that Coast, an American Stock Exchange-listed company, reported for the three months ended Sept. 30 compares with a net loss of $454,000 that it incurred in the third quarter of 2001.
Coast’s loss during the third quarter of 2001 would have been larger were it not for the one-time-only pre-tax gain of $1.16 million it received from the sale of its Portland, Ore., distribution facility in that period.
The company’s sales revenue increased 10% in the third quarter of this year to $39.5 million.
For the nine months ended Sept. 30, Coast reported net earnings of $1.78 million, compared with a net loss of $1.24 million incurred in the same portion of 2001.
The company’s sales revenue increased 8% in the three months ended Sept. 30 to $122.6 million.