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.