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Aftermarket accessories supplier Coast Distribution System Inc. reported a modest increase in revenue for its first quarter, ended March 31, despite softness in the company’s core recreational vehicle and marine markets.
The Morgan Hill, Calif., firm reported sales of $49.9 million compared with $48.7 million for the same period last year while net earnings decreased to $978,000 versus $1.45 million.
Coast said increased costs, including rising freight charges, higher steel prices and increased price competition cut into profits for the three-month period.
“We are pleased with our first quarter sales, which were strong despite a general softness in our core markets,” stated Thomas R. McGuire, Coast chairman and CEO. “The RV and marine retail markets are cyclical and while we believe that the long-term prospects are strong, it appears that 2005 may be a down year for the RV and marine industries.
“However, we will continue to focus our efforts on growing our sales of our proprietary brands to win market share and on further improving our operating efficiencies.”
Following today’s report, shares of Coast stock fell $1.43, ending trading at $4.66.