Coastcast Corp. reports financial results for the first quarter of fiscal 1996.RANCHO ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. DOMINGUEZ Dominguez is a name of Spanish origin. It literally means son of Sunday. The name may refer to: Persons
See: New York Stock Exchange :PAR) reported financial results for the first quarter of fiscal 1996, ended March 31. For the first quarter of 1996 as compared with the same period in 1995, sales were $29,344,000 vs. $21,201,000, net income was $3,518,000 vs. $1,469,000, and earnings per share were $0.39 vs. $0.16. "Sales for the first quarter were higher than the comparable period last year because significant quantities of titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. golf clubheads shipped from our factories: over 40 percent of sales were generated by these products," said Hans HANS Head and Neck Support/System (brace worn by motor sport drivers; trademark of Hubbard/Downing, Inc.) HANS Health Action Network Society HANS Heavy Aromatic Naphtha Solvent H. Buehler, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Coastcast. Buehler noted, "As of this date, the company has four titanium furnaces in full operation, and intends to install four more furnaces before the end of the third quarter of this year, which will increase the company's titanium casting capacity." Coastcast is one of the largest manufacturers of investment-cast steel and titanium golf clubheads for high-quality, premium-priced metal woods, irons and putters. In the past five years, Coastcast has been a supplier to more than 50 percent of the top two dozen golf companies that produce premium golf clubs. The company is a major supplier to Callaway Callaway may refer to:
Titleist produces golf equipment and is best known for its golf balls, but it also produces clubs and accessories. Titleist's most famous motto is "The #1 ball in golf". , Cleveland and Lynx lynx, name given to several related small, ferocious members of the cat family. All have small heads, tufted ears, and heavy bodies with long legs and short tails. All are primarily terrestrial, although they are able to climb trees. , and also supplies Daiwa and several other domestic and international golf club companies. -0-
COASTCAST CORP.
Financial Highlights
($ in 000s, except share data)
Quarter ended March 31,
Income Statement Summary 1996 1995
------------------------------------------ ---------- ----------
Sales $29,344 $21,201
Cost of Sales $21,563 $17,280
Gross Profit $ 7,781 $ 3,921
Selling, General & Administrative Expense $ 2,186 $ 1,819
Income from Operations $ 5,595 $ 2,102
Income before Provision for Income Taxes $ 5,963 $ 2,469 Provision for Income Taxes $ 2,445 $ 1,000 Net Income $ 3,518 $ 1,469 Net Income per Share $ 0.39 $ 0.16 Weighted Average Shares Outstanding 8,929,812 9,154,637
At March 31, At Dec. 31,
Balance Sheet Summary 1996 1995
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ASSETS
Cash and Short-Term Investments $17,570 $23,955
Accounts Receivable -- Net $13,452 $ 7,198
Inventories $12,912 $ 7,611
Prepaid Expenses and Other Current Assets $ 2,306 $ 3,983
Net Current Assets of Discontinued Operations $ 723 $ 697
Total Current Assets $46,963 $43,444
Property, Plant & Equipment -- Net $16,771 $15,214 Other Assets $ 282 $ 250 Total Assets $64,016 $58,908 LIABILITIES AND SHAREHOLDERS' EQUITY Total Current Liabilities $10,037 $ 8,656 Long-Term Debt $ -- $ -- Shareholders' Equity $53,979 $50,252 Total Liabilities and Equity $64,016 $58,908 CONTACT: Coastcast Corp., Rancho Dominguez Hans H. Buehler, 310/638-0595 |
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