Coastcast Corp. reports financial results for the third 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 third quarter and nine months ended Sept. 30, 1995. For the third quarter of 1995 as compared with the same period in 1994, sales were $17,305,000 vs. $22,029,000, net income was $1,265,000 vs. $2,054,000, and earnings per share were 14 cents vs. 22 cents. For the first nine months of 1995 as compared with the same period in 1994, sales were $62,024,000 vs. $65,904,000, net income was $5,011,000 vs. $7,822,000, and earnings per share were 55 cents vs. 86 cents. "Sales for the third quarter were lower than the comparable period last year. This was primarily due to a decrease in sales of steel-alloy metal woods and irons," 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 medical products and 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. finish-only metal woods. The company's first titanium furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. is operational. We began delivery of investment- cast titanium metal woods in October October: see month. 1995." 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
Financial Highlights
($ in 000s, except share data)
Income Statement Summary
Quarter Ended Sept. 30,
1995 1994
Continuing Operations
Sales $ 17,305 $ 22,029
Cost of sales $ 13,974 $ 17,402
Gross profit $ 3,331 $ 4,627
Selling, general & administrative expense $ 1,604 $ 1,388
Income from operations $ 1,727 $ 3,239
Income before taxes $ 2,145 $ 3,501
Provision for income taxes $ 880 $ 1,447 Net income $ 1,265 $ 2,054 Net income per share 14 cents 22 cents Weighted average shares outstanding 9,141,047 9,228,883
Nine Months Ended Sept. 30,
1995 1994
Continuing Operations
Sales $ 62,024 $ 65,904
Cost of sales $ 49,503 $ 47,702
Gross profit $ 12,521 $ 18,202
Selling, general & administrative expense $ 5,182 $ 5,389
Income from operations $ 7,339 $ 12,813
Income before taxes $ 8,493 $ 13,333
Provision for income taxes $ 3,482 $ 5,511 Net income $ 5,011 $ 7,822 Net income per share 55 cents 86 cents Weighted average shares outstanding 9,148,081 9,088,805
Financial Highlights
($ in 000s)
Balance Sheet Summary
At Sept. 30, At Dec. 31,
1995 1994
Assets
Cash and short-term investments $ 31,609 $ 26,827
Accounts receivable -- net $ 6,812 $ 6,560
Inventories $ 4,808 $ 6,862
Prepaid expenses and other current assets $ 2,065 $ 2,484
Net current assets of discontinued
operations $ 620 $ 487
Total current assets $ 45,914 $ 43,220
Property, plant & equipment -- net $ 14,372 $ 13,341
Other assets $ 941 $ 260
Total assets $ 61,227 $ 56,821
Liabilities and Shareholders' Equity Total current liabilities $ 5,140 $ 5,745 Long-term debt $ -- $ -- Shareholders' equity $ 56,087 $ 51,076 Total liabilities and equity $ 61,227 $ 56,821 CONTACT: Coastcast Corp., Rancho Dominguez Hans H. Buehler, 310/638-0595 |
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