Coast Distribution System Inc., which serves the RV and pleasure boat accessories aftermarkets, reports its second quarter net earnings nearly tripled last year’s results.
The American Stock Exchange-listed company earned $1.6 million during the three months ended June 30, compared with $609,000 earned during the April-through-June portion of 2002.
Coast’s second quarter sales revenue increased 6% to $47.5 million, compared with $44.9 million a year earlier.
During the first half of this year, Coast posted a net profit of $2.5 million, which compares with a net loss of almost $5 million during the fist half of 2002.
However, Coast took a $6.3 million non-cash charge against its first quarter 2002 earnings to reflect goodwill impairment. Without the non-cash charge, Coast would have reported net earnings of $1.3 million for the first half of 2002.
But even without the non-cash charge, Coast’s net earnings of $2.5 million during the fist half of this year represents an 85% increase over the $1.3 million it would have reported during the first half of last year without the non-cash charge.
Meanwhile, Coast’s sales revenue during the fist half of this year increased 6% to $88.2 million, compared with $83.1 million a year earlier.
Coast distributes a variety of aftermarket accessories to 1,500 RV and boat dealers throughout the U.S. and Canada.