Coast Distribution System Inc. reports its sales and earnings improved during the first three months of this year.
The American Stock Exchange-listed company posted net earnings of $849,000 during the three months ended March 31, which compares with a net loss of $5.6 million incurred in the same portion of 2002.
However, Coast’s net loss in the first quarter of 2002 was because of a noncash charge totaling $6.3 million, which it took to account for goodwill impairment.
Excluding that charge, Coast earned $719,000 in the first quarter of last year, so, effectively, its profits grew by 18% during the first three months of this year, when compared with its first quarter 2002 results.
Meanwhile, the company’s sales revenue increased 6% to $40.6 million during the three months ended March 31.
“We are pleased with our first-quarter results, particularly in light of the economic and political conditions as well as the inclement weather that prevailed during the quarter,” said Tom McGuire, chairman and CEO. “As the military action in Iraq draws to an end, we have begun to see an increase in consumer confidence that bodes well for our marketplace.”
Coast distributes aftermarket accessories to RV and boat dealers in the U.S. and Canada.