Coast Distribution reports 3Q results

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Coast Distribution System this week reported net earnings of $900,000, or 20 cents per diluted share, in net sales of $29.6 million for the third quarter, which ended Sept. 30.

That's compared to a net loss of $300,000, or 7 cents per diluted share, on net sales of $34.7 million for the same period in 2008.

"Given the difficult industry conditions, we are pleased with our results in the quarter," Coast CEO Jim Musbach said in a statement. "Driving our profits were improved margins, which for a large part were the result of several important yet painful steps we have taken in the past 18 months to create a leaner, stronger company.

"Looking ahead, our focus is on new product introductions to capture market share and increase volume beginning in 2010," he added. "We are also encouraged as we are seeing our customers restocking inventory in anticipation of an upturn in our industry."

Net sales in the 2009 third quarter declined 14.7 percent year-over-year, which management attributed to lower retail traffic at RV and marine dealerships, Coast's primary customers, reflecting the continuing effects of the recession and credit crisis.

Industry associations for both the RV and boating industries reported double-digit declines in industry shipments for the first nine months of the year.

For the nine-month period ending Sept. 30, Coast reported net earnings of $1.2 million, or 26 cents per diluted share, on net sales of $85.9 million, compared with net earnings of $400,000, or 9 cents per diluted share, on net sales of $115.4 million in the same period of 2008.

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