Coast Distribution System recently reported a net loss for the fourth quarter of 2009, but an overall profitable fiscal year.
Coast - one of North America's largest aftermarket suppliers of replacement parts, accessories and supplies for the vehicle, vessel and outdoor recreation industries - reported an increase in sales and a significantly reduced net loss in the fourth quarter of 2009 as compared to the same quarter of 2008.
The net loss for the fourth quarter of 2009 was $1.1 million, or 24 cents per diluted share, on net sales of $17.3 million. For the same period of 2008, Coast reported a net loss of $2.3 million, or 51 cents per diluted share, on net sales of $16.9 million.
For the full year ending Dec. 31, 2009, Coast reported net earnings of $100,000, or 2 cents per diluted share, on net sales of $103.2 million. This compares with a net loss of $1.8 million, or 41 cents per diluted share, on net sales of $132.2 million in 2008.
"Given the adverse economic and industry conditions in 2009, we are pleased with our results for the quarter and full year," Coast CEO Jim Musbach said in a statement. "Driving our return to profitability were improved operating margins, which were the result of the combined impact of an improved product mix as well as our efforts over the last year to reduce costs and create a leaner organization.
"Looking ahead, it is our plan to capture additional market share to offset expected declines in net sales resulting from the recessionary conditions and limited credit availability we expect will continue throughout 2010," he added.
Coast supplies more than 12,000 products through 17 distribution centers in the U.S. and Canada. Most of Coast's customers consist of independently-owned RV and marine dealers, supply stores and service centers.