Coastcast Reports Third Quarter 1997 Financial 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
See: New York Stock Exchange :PAR) reported financial results for the third quarter and first nine months of fiscal 1997, ended Sept. 30. For the third quarter of 1997 as compared with the same period in 1996, sales were $43,935,000 vs. $41,495,000, net income was $3,740,000 vs. $4,867,000, and earnings per share were 42 cents vs. 54 cents. For the first nine months of 1997 as compared with the same period in 1996, sales were $112,874,000 vs. $113,347,000, net income was $7,754,000 vs. $13,389,000, and earnings per share were 87 cents vs. $1.48. Profit margins continue to be controlled by product mix and revenue flow which are higher this year in irons and putters than metal woods. This trend has been consistent throughout 1997 and is likely to persist in Verb 1. persist in - do something repeatedly and showing no intention to stop; "We continued our research into the cause of the illness"; "The landlord persists in asking us to move" continue the near term. Compared with the earlier quarters of this year, net income as a percent of sales continued to improve from 4.1 percent in the first quarter to 7.1 percent in the second quarter to 8.5 percent in this third quarter. This reflects improvements in manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. planned and implemented during the last six months. Coastcast recently announced signing of a lease for a new plant in Tijuana Tijuana (tēhwä`nä), city (1990 pop. 698,752), Baja California state, NW Mexico, just south of the U.S. border. It is a gaudy border resort, noted for its racetracks and bullfights. An irrigated agricultural area surrounds the city. , Baja California Baja California, state, Mexico Baja California (Span.: bä`hä kälēfōr`nyä), state (1990 pop. 1,660,855), 27,628 sq mi (71,576 sq km), NW Mexico, on the Baja California peninsula. Mexicali is the capital. , Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and renewed the lease for the facility in Rancho Dominguez. At present, Coastcast occupies about 400,000 square feet of facilities. The Tijuana plant will be approximately 180,000 square feet to begin with, and in about one year there will be a 45 percent increase in space. This is in line with the company policy of creating capacity ahead of demand. The medical business continues steady and profitable. The casting business which is non-golf and non-medical is beginning to produce revenue for the company. This is expected to grow steadily, but not to have an impact for a year or more. Coastcast is one of the largest manufacturers of investment-cast 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. and steel golf clubheads in the industry. Its production of metal woods, irons and putters is designed to service high quality, premium-priced, brand name manufacturers. The company is currently a supplier to more than 80 percent of the premium golf companies with a customer base that includes Calloway Cal·lo·way , Cabell Known as "Cab." 1907-1994. American jazz musician and bandleader noted for his scat singing. , 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 , Cobra, Daiwa, Goldwin, 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. , Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey , Spalding, Taylor Made, Titleist, Tommy Armour This article describes the early 20th century golfer Tommy Armour. If you are looking for the current golfer, see Tommy Armour III. Thomas Dickson Armour (September 24, 1894 – September 12, 1968) was a Scottish-American professional golfer. and Wilson. Coastcast 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 used principally in replacements of hip and knee joints. These are made to specification of the company's medical equipment customers. During the past year, the company has moved to develop titanium casting capabilities in other commercial and industrial applications. -0-
COASTCAST CORP.
Financial Highlights
($ in 000s, except share data)
(unaudited)
Income Statement Summary
Quarter Ended Sept. 30, 1997 1996
Sales $ 43,935 $ 41,495
Cost of sales $ 34,566 $ 31,943
Gross profit $ 9,369 $ 9,552
Selling, general and administrative
expense $ 3,125 $ 1,678
Income from operations $ 6,244 $ 7,874
Other income $ 205 $ 238
Income before provision for income
taxes $ 6,449 $ 8,112
Provision for income taxes $ 2,709 $ 3,245
Net income $ 3,740 $ 4,867
Net income per share $ 0.42 $ 0.54
Weighted average shares outstanding 8,903,784 9,087,334
Nine Months Ended Sept. 30, 1997 1996
Sales $112,874 $113,347
Cost of sales $ 91,498 $ 84,439
Gross profit $ 21,376 $ 28,908
Selling, general and administrative
expense $ 8,587 $ 7,052
Income from operations $ 12,789 $ 21,856
Other income $ 580 $ 846
Income before provision for income
taxes $ 13,369 $ 22,702
Provision for income taxes $ 5,615 $ 9,313
Net income $ 7,754 $ 13,389
Net income per share $ 0.87 $ 1.48
Weighted average shares outstanding 8,912,481 9,064,076
Financial Highlights
($ in 000s, except share data)
Balance Sheet Summary
At Sept. 30, Dec. 31,
1997 1996
(Unaudited)
Assets
Cash & cash equivalents $ 23,786 $ 14,060
Accounts receivable --- net $ 15,130 $ 11,783
Inventories $ 21,713 $ 21,660
Prepaid expenses and
other current assets $ 2,710 $ 5,664
Net current assets
of discontinued operations $ 864 $ 808
Total current assets $ 64,203 $ 53,975
Property, plant & equipment --- net $ 19,473 $ 20,171
Other assets $ 4,066 $ 1,954
Total assets $ 87,742 $ 76,100
Liabilities and Shareholders' Equity
Total current liabilities $ 11,701 $ 9,175
Deferred compensation $ 1,392 $ 438
Shareholders' equity $ 74,649 $ 66,487
Total liabilities and equity $ 87,742 $ 76,100
CONTACT: Coastcast Corp., Rancho Dominguez Hans H. Buehler, 310/638-0595 |
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