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Coast Distribution System Inc. reported a smaller loss for the three months ended Dec. 31 because of the one-time-only gain it received from the sale of the right to manufacturer Polar Aire RV ventilation fans to SHURflo Pump Manufacturing Co.
Coast received $1.26 million from SHURflo as a result of the transaction.
Consequently, Coast reported a net loss of $717,000 for the fourth quarter of 2002, compared with a $1.3 million net loss incurred in the final three months of 2001.
Meanwhile, Coast’s sales revenue increased 11% in the October-through-December period to $23.2 million.
For all of 2002, Coast reported a net loss of $5.3 million, primarily because it took a $6.3 million noncash charge to account for impaired goodwill. Excluding the $6.3 million charge, Coast would have reported after-tax income of $1.1 million for 2002, compared with a $2.5 million after-tax loss in 2001.
The company’s 2002 sales revenue increased 8% to $145.8 million.
“Our fourth quarter, and, particularly, our year-end results reflect continued financial and operational improvements,” said Tom McGuire, chairman and CEO of the supplier/distributor serving the RV and leisure boating industries.
“We are excited about our prospects in 2003 and are committed to being the supplier of choice in the markets we serve,” McGuire said.