Coastcast Reports Fourth-Quarter and Fiscal Year-End 1999 Financial 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 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 fourth quarter and year ended Dec. 31, 1999. For the fourth quarter of 1999 as compared with the same period in 1998, sales were $27,753,000 vs. $24,024,000, net income was $2,280,000 vs. a net loss of $872,000, 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 29 cents vs. a 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 per share of 11 cents. For the year ended Dec. 31, 1999, as compared with the same period in 1998, sales were $120,383,000 vs. $144,560,000, net income was $9,519,000 vs. $7,675,000, and diluted earnings per share were $1.20 vs. 87 cents. Commenting on the year, Hans Buehler, chairman and chief executive officer, stated: &uot;1999 began with lower expectations vs. the prior three years due to a major slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the industry beginning in the last half of 1998. &uot;However, after the first quarter of 1999 the situation stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. , and the year turned out better than we had originally anticipated. During the year, we worked diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to keep our costs under control and to operate profitably.&uot; 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 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 Callaway (including Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey ), Cleveland, Cobra, Ping, Taylor Made and Titleist. 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. , pursuant to the safe-harbor 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 CORP.
Financial Highlights
(Dollars in thousands, except share and per-share data)
Income Statement Summary
Quarter ended Year ended
Dec. 31, Dec. 31,
1999 1998 1999 1998
(unaudited) (unaudited)
Sales $27,753 $24,024 $120,383 $144,560
Cost of sales 23,241 24,035 98,610 122,195
Gross profit 4,512 (11) 21,773 22,365
Selling, general and
administrative expense 1,493 1,839 7,418 10,394
Income from operations 3,019 (1,850) 14,355 11,971
Other income, net 707 348 1,746 1,533
Income before income taxes 3,726 (1,502) 16,101 13,504
Provision for income taxes 1,446 (630) 6,582 5,672
Income from continuing
operations 2,280 (872) 9,519 7,832
Loss from discontinued
operations -- -- -- (157)
Net income $ 2,280 $ (872) $ 9,519 $ 7,675
Income from continuing
operations per share --
basic $ 0.29 $ (0.11) $ 1.21 $ 0.91
Discontinued operations
per share -- basic -- -- -- $ (0.02)
Net income per share --
basic $ 0.29 $ (0.11) $ 1.21 $ 0.89
Weighted average shares
outstanding -- basic 7,832,000 7,991,067 7,892,360 8,637,724
Income from continuing
operations per share --
diluted $ 0.29 $ (0.11) $ 1.20 $ 0.89
Discontinued operations
per share -- diluted -- -- -- $ (0.02)
Net income per share --
diluted $ 0.29 $ (0.11) $ 1.20 $ 0.87
Weighted average shares
outstanding -- diluted 7,887,930 7,991,605 7,923,957 8,837,304
COASTCAST CORP.
Financial Highlights
(Dollars in thousands)
Condensed Balance Sheet Summary
Dec. 31,
1999 1998
Assets:
Cash and cash equivalents $42,740 $27,551
Accounts receivable -- net 9,179 7,556
Inventories 11,059 10,326
Prepaid expenses and other current assets 3,662 7,520
Total current assets 66,640 52,953
Property, plant and equipment -- net 24,170 24,116
Other assets 1,506 6,604
Total assets $92,316 $83,673
Liabilities and shareholders' equity:
Total current liabilities $ 8,485 $ 6,236
Deferred compensation 541 295
Shareholders' equity 83,290 77,142
Total liabilities and shareholders' equity $92,316 $83,673
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