Coastcast Reports First-Quarter Results.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
Coastcast Corp. (NYSE NYSE See: New York Stock Exchange :PAR) reported financial results for the first quarter ended March 31, 1999. For the first quarter of 1999 as compared with the same period in 1998, sales were $27,091,000 vs. $45,321,000, net income was $2,306,000 vs. $4,018,000, and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.29 vs. $0.44. Sales and earnings decreased 40% and 43%, respectively, from the comparable prior year period principally due to a significant decrease in 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 clubhead volume. Commenting on the quarter, Hans Buehler, chairman and chief executive officer, stated: "Sales for the quarter were slightly higher than we had earlier anticipated. Given the lower sales volume, we are pleased with the financial results, which were accomplished through the great efforts of all of our employees. "We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for the remaining three quarters of the year, but, at this time, we believe that the second quarter and the second half of the year will also be slightly better than we previously anticipated." The board of directors has approved the appointment of Norman Fujitaki as chief financial officer and secretary following the resignation of Robert C. Bruning to pursue other interests. Fujitaki has been with the company for more than five years serving as corporate controller. Coastcast, a leading 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. Customers include Callaway, Cleveland, Cobra, Never Compromise, Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey , Taylor Made, Titleist, and Wilson. The company also manufactures a variety of investment-cast orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. 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 statements by the company's 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. regarding future financial results, 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 that 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)
Income Statement Summary (Unaudited)
Q1'99 Q1'98
Sales $ 27,091 $ 45,321
Cost of sales 21,242 35,672
Gross profit 5,849 9,649
Selling, general & administrative expense 2,212 3,077
Income from operations 3,637 6,572
Other income, net 339 356
Income before provision for income taxes 3,976 6,928
Provision for income taxes 1,670 2,910
Net income $ 2,306 $ 4,018
Net income per share - basic $ 0.29 $ 0.45
Weighted average shares outstanding
- basic 7,972,926 8,892,761
Net income per share - diluted $ 0.29 $ 0.44
Weighted average shares outstanding
- diluted 7,978,046 9,230,982
Coastcast Corporation
Financial Highlights
($ in 000s)
Condensed Balance Sheet Summary
3/31/99 12/31/98
(Unaudited)
Assets
Cash and cash
equivalents $ 29,226 $ 27,551
Accounts receivable - net 12,866 7,556
Inventories 11,810 10,326
Prepaid expenses and
other current assets 3,586 7,520
Total current assets 57,488 52,953
Property, plant & equipment - net 23,785 24,116
Other assets 6,641 6,604
Total assets $ 87,914 $ 83,673
Liabilities and Shareholders' Equity
Total current liabilities $ 8,543 $ 6,236
Deferred compensation 372 295
Shareholders' equity 78,999 77,142
Total liabilities &
shareholders' equity $ 87,914 $ 83,673
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