Coastcast Reports Second-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 second quarter ended June June: see month. 30, 1999. For the second quarter of 1999 as compared with the same period in 1998, sales were $33,582,000 vs. $43,588,000; net income was $3,362,000 vs. $4,004,000; 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 $0.42 vs. $0.42. For the six months ended June 30, 1999 as compared with the same period in 1998, sales were $60,673,000 vs. $88,909,000; net income was $5,668,000 vs. $8,022,000; and diluted earnings per share were $0.71 vs. $0.86. Commenting on the quarter, Hans Buehler, chairman and chief executive officer, stated: "We are very pleased with the results for the past two quarters. We have had improvements in the entire company, particularly in comparison to the second half of 1998. We now have a strong management team in place that works together with cohesion cohesion: see adhesion and cohesion. Cohesion (physics) The tendency of atoms or molecules to coalesce into extended condensed states. This tendency is practically universal. and singleness of purpose." 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, Cleveland, Cobra, 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. 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. -0-
COASTCAST CORP.
FINANCIAL HIGHLIGHTS - QUARTERLY
($ in 000s, except share data)
Income Statement Summary (Unaudited)
Quarter Ended June 30, 1999 1998
Sales $ 33,582 $ 43,588
Cost of sales 25,946 34,008
Gross profit 7,636 9,580
Selling, general & administrative expense 2,169 3,105
Income from operations 5,467 6,475
Other income, net 329 428
Income before provision for income taxes 5,796 6,903
Provision for income taxes 2,434 2,899
Net income $ 3,362 $ 4,004
Net income per share - basic $ 0.43 $ 0.44
Weighted average shares outstanding - basic 7,893,338 9,019,682
Net income per share - diluted $ 0.42 $ 0.42
Weighted average shares outstanding - diluted 7,921,391 9,437,014
Six Months Ended June 30, 1999 1998
Sales $ 60,673 $ 88,909
Cost of sales 47,188 69,680
Gross profit 13,485 19,229
Selling, general & administrative expense 4,381 6,182
Income from operations 9,104 13,047
Other income, net 668 784
Income before provision for income taxes 9,772 13,831
Provision for income taxes 4,104 5,809
Net income $ 5,668 $ 8,022
Net income per share - basic $ 0.71 $ 0.90
Weighted average shares outstanding - basic 7,932,912 8,956,572
Net income per share - diluted $ 0.71 $ 0.86
Weighted average shares outstanding - diluted 7,949,499 9,335,671
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COASTCAST CORP.
FINANCIAL HIGHLIGHTS
($ in 000s)
Condensed Balance Sheet Summary
6/30/99
(Unaudited) 12/31/98
Assets
Cash and cash equivalents $ 33,642 $ 27,551
Accounts receivable - net 14,687 7,556
Inventories 11,060 10,326
Prepaid expenses and other current assets 2,741 7,520
Total current assets 62,130 52,953
Property, plant & equipment - net 23,409 24,116
Other assets 7,089 6,604
Total assets $ 92,628 $ 83,673
Liabilities and Shareholders' Equity
Total current liabilities $ 10,458 $ 6,236
Deferred compensation 447 295
Shareholders' equity 81,723 77,142
Total liabilities & shareholders' equity $ 92,628 $ 83,673
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