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Coast Distribution System Inc. reports its third-quarter net earnings increased 83% to $829,000, compared with $452,000 earned in the same period, July through September, of 2002.
The distributor of aftermarket accessories to RV and pleasure boat dealers also reports its sales revenue increased 8% in the period to $42.8 million, compared with $39.5 million a year earlier.
In the first nine months of this year, Coast’s earnings amounted to $3.3 million, compared with a $4.5 million net loss incurred in the same portion of 2002.
However, the American Stock Exchange-listed company reported a loss in the first nine months of 2002 primarily because it took a $6.3 million noncash charge during that period to reflect goodwill impairment.
Coast’s sales increased 7% in the nine months ended Sept. 30 to $131 million, compared with $122.6 million a year earlier.