Coastcast Reports First Quarter Results.Business Editors 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, Calif.--(BUSINESS WIRE)--May 5, 2003 Coastcast Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COCA) reported financial results for the first quarter ended March 31, 2003. For the first quarter of 2003 as compared to the same period in 2002, sales were $10,731,000 vs. $21,956,000, net (loss) income was ($2,736,000) vs. $723,000, and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. (loss) earnings per share were ($0.36) vs $0.09. Hans 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. , stated: "We are now in the process of ramping up our production and are finding that the massive downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing of the prior years impacted our present quality and efficiencies. We are working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to get these issues under control and reduce our current losses. We still anticipate profits as our volume increases this year." Coastcast, a manufacturer of golf clubheads, produces metal woods, irons and putters in a variety of metals, including stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. 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. . Customers include Burrows Burrows is a provincial electoral division in the Canadian province of Manitoba. It was created by redistribution in 1957, and formally came into existence in the provincial election of 1958. The riding is located in the northern part of Winnipeg. , Callaway, Cleveland, Ping and Titleist. The company also manufactures a variety of investment-cast orthopedic implants and surgical tools and other specialty products that are made to customers' specifications. Except for the historical information, other statements in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including the statement made by the company's Chairman and CEO regarding anticipating profits as our volume increases this year, pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially, including, but not limited to, industry conditions, economic conditions, competitive factors and pricing pressures, and shifts in market demand as well as other risks detailed in the Company's Securities and Exchange Commission filings.
Coastcast Corporation
Financial Highlights - Quarterly
($ in 000s, except shares data)
Statements of Operations Summary (Unaudited)
Q1'03 Q1'02
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Sales $10,731 $21,956
Cost of sales 12,049 19,064
Gross (loss) profit (1,318) 2,892
Selling, general & administrative expense 1,250 1,603
Impairment of fixed assets 55 --
(Loss) income from operations (2,623) 1,289
Other income, net 17 34
(Loss) income before provision for income taxes (2,606) 1,323
Provision for income taxes 130 600
Net (loss) income $(2,736) $723
Net (loss) income per share - basic $(0.36) $0.09
Weighted average shares outstanding - basic 7,635,042 7,635,042
Net (loss) income per share - diluted $(0.36) $0.09
Weighted average shares outstanding - diluted 7,635,042 7,636,792
Coastcast Corporation
Financial Highlights
($ in 000s)
Condensed Balance Sheets Summary
3/31/03
(Unaudited) 12/31/02
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Assets
Cash and cash equivalents $12,410 $15,727
Accounts receivable - net 5,276 3,805
Inventories 5,742 5,193
Prepaid expenses and other current assets 4,065 3,875
Assets held for sale 5,093 5,178
Total current assets 32,586 33,778
Property, plant & equipment - net 8,600 9,216
Other assets 1,256 1,255
Total assets $42,442 $44,249
Liabilities and Shareholders' Equity
Total current liabilities $5,997 $5,123
Long term liabilities 1,831 1,817
Shareholders' equity 34,614 37,309
Total liabilities & shareholders' equity $42,442 $44,249
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