Coast suspends quarterly dividend

Posted on 25 November 2008

Coast Distribution today announced that the company's board of directors has suspended the quarterly cash dividend because of continued economic conditions.

Coast, a supplier of aftermarket replacement parts, accessories and supplies for the marine, recreational vehicle and outdoor recreation industries, reported the dividend suspension will save the company approximately $535,000 annually.

"This suspension follows several other actions taken this year to significantly lower costs and enhance liquidity,” said CEO Jim Musbach, in a statement. “Since November 2007, we have reduced our staffing levels by 15 percent. We have also replaced our annual Las Vegas dealer trade show with a new, more efficient online sales program.”

The board intends to consider future dividends based upon the company's ongoing financial results.