Coast Distribution System Inc. lost $48,000 during the first three months of this year, the company reported today (May 15).
Coast’s loss during this year’s first quarter compares with a profit of $413,000 earned during the first three months of last year.
The company’s first quarter sales declined 14% to $37.9 million.
Coast Chairman and CEO Thomas R. McGuire believes the demand for RV and pleasure boat accessories will “continue to be soft for the remainder of the year.”
Consequently, Coast reduced its inventory by $8.5 million and bank borrowings by $9.5 million when compared with the levels recorded on March 31, 2000, McGuire said.
“We remain committed to reducing the assets and expenses required to run our business,” he added.