Coastcast Corp. reports financial results for the fourth quarter and fiscal 1995.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 fourth quarter and fiscal year ended Dec. 31, 1995. For the fourth quarter of 1995 compared with the same period in 1994, sales were $13,977,000 vs. $24,686,000, the net loss was $488,000 vs. net income of $2 million, and earnings (loss) per share were (5 cents) vs. 22 cents. For fiscal 1995, compared with fiscal 1994, sales were $76,001,000 vs. $90,590,000, net income was $3,299,000 vs. $9,822,000, and earnings per share were 36 cents vs. $1.08. "Sales for the fourth quarter were lower than the comparable period last year. This was due to a decrease in sales of steel-alloy clubheads," 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 S. 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. "Sales 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. clubheads cast and finished by the company helped to diminish the decline in volume, as did an increase in medical product sales. However, gross margins were affected because of the lower overall volume and start-up Start-up The earliest stage of a new business venture. costs of the titanium operations." Buehler noted that Coastcast anticipates demand for titanium clubheads in early 1996 to exceed its current titanium production capacity. To meet possible future opportunities for titanium golf clubheads, the company is continuing to expand its operations in both the foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. and finishing plants. 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% 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". , Tommy Armour/Odyssey, Taylor Made, 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 Cleveland, and also supplies Maxfli, Daiwa USA, and several other domestic and international golf club companies. -0-
Financial Highlights
($ in 000s, except share data)
Income Statement Summary
Quarter ended
Dec. 31,
1995 1994
Sales $13,977 $24,686 Cost of sales $13,584 $20,142 Gross profit $ 393 $ 4,544 Selling, general & administrative expense $ 1,791 $ 2,040 Income (loss) from operations $(1,398) $ 2,504 Income (loss) before provision for income taxes $(1,005) $ 2,909 Provision (benefit) for income taxes $ (517) $ 909 Net income (loss) $ (488) $ 2,000 Net income (loss) per share $ (0.05) $ 0.22 Weighted average shares outstanding 8,953,024 9,182,566
Fiscal Year ended
Dec. 31,
1995 1994
Sales $76,001 $90,590 Cost of sales $63,087 $67,844 Gross profit $12,914 $22,746 Selling, general & administrative expense $ 6,973 $ 7,429 Income from operations $ 5,941 $15,317 Income before class action lawsuit settlement expense and provision for income taxes $ 7,488 $16,242 Class action lawsuit settlement expense $ 2,075 $ 0 Income before provision for income taxes $ 5,413 $16,242 Provision for income taxes $ 2,114 $ 6,420 Net income $ 3,299 $ 9,822 Net income per share $ 0.36 $ 1.08 Weighted average shares outstanding 9,098,936 9,112,702 CONTACT: Coastcast Corp. Hans H. Buehler, 310/638-0595 |
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