Coastcast Corp. reports financial results for the second quarter of 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 second quarter, ended June June: see month. 30, 1995. For the second quarter of 1995 as compared with the same period in 1994, sales were $23,518,000 vs. $24,008,000, net income was $2,277,000 vs. $3,011,000, and earnings per share were $0.25 vs. $0.33. For the first six months of 1995 as compared with the same period in 1994, sales were $44,719,000 vs. $43,875,000, net income was $3,746,000 vs. $5,768,000, and earnings per share were $0.41 vs. $.064. "Sales for the second quarter were slightly lower than the comparable period last year. This was due to a decrease in metal wood sales. Last year's requirements for metal wood clubheads were significantly higher than for the second quarter of 1995." 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. "Part of this sales decrease was offset by increased sales of other clubheads, as well as 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. finishing and medical products." Coastcast is one of the largest manufacturers of investment-cast 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". , Tommy Armour/Odyssey, and Cleveland Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and , and also supplies 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. , Maxfli Maxfli is a manufacturer of golf balls. It is owned by Taylormade-adidas Golf of Carlsbad, California. TaylorMade adidas Golf is a wholly owned subsidiary of Adidas Group AG of Herzogenaurach, Germany. , ProGroup, Founders Club, Daiwa USA, Taylor Made and several other domestic and international golf club companies. -0-
Coastcast Corp.
Financial Highlights
($ in 000s, except share data)
Income Statement Summary
Quarter ended June 30,
1995 1994
Continuing Operations
Sales $ 23,518 $ 24,008
Cost of sales $ 18,249 $ 16,969
Gross profit $ 5,269 $ 7,039
Selling, general & adminstrative expense $ 1,759 $ 2,069
Income from operations $ 3,510 $ 4,970
Income before taxes $ 3,879 $ 5,132
Provision for income taxes $ 1,602 $ 2,121 Net income $ 2,277 $ 3,011 Net income per share $ 0.25 $ 0.33 Weighted average shares outstanding 9,148,559 9,115,790
Six Months ended June 30,
1995 1994
Continuing Operations
Sales $ 44,719 $ 43,875
Cost of sales $ 35,529 $ 30,300
Gross profit $ 9,190 $ 13,575
Selling, general & adminstrative expense $ 3,578 $ 4,001
Income from operations $ 5,612 $ 9,574
Income before taxes $ 6,348 $ 9,832
Provision for income taxes $ 2,602 $ 4,064 Net income $ 3,746 $ 5,768 Net income per share $ 0.41 $ 0.64 Weighted average shares outstanding 9,151,598 9,016,922
Financial Highlights
($ in 000s)
Balance Sheet Summary
At June 30, 1995 At Dec. 31, 1994
Assets
Cash and short-term investments $ 29,473 $ 26,827
Accounts receivable--net $ 9,158 $ 6,560
Inventories $ 6,028 $ 6,862
Prepaid expenses and other
current assets $ 2,092 $ 2,484
Net current assets of
discontinued operations $ 547 $ 487
Total current assets $ 47,298 $ 43,220
Property, plant &
equipment--net $ 14,241 $ 13,341
Other assets $ 433 $ 260
Total assets $ 61,972 $ 56,821
Liabilties and Shareholders' Equity Total current liabilities $ 7,150 $ 5,745 Long-term debt $ --- $ --- Shareholders' equity $ 54,822 $ 51,076 Total liabilities and equity $ 61,972 $ 56,821 CONTACT: Coastcast Corp., Rancho Dominguez Hans H. Buehler, 310/638-0595 |
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