Coastcast Reports Third-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 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 third quarter ended Sept. 30, 2000. For the third quarter of 2000 as compared to the same period in 1999, sales were $32,539,000 vs. $31,957,000, net income was $1,596,000 vs. $1,571,000, 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 $0.21 vs. $0.20. For the nine months ended Sept. 30, 2000, as compared to the same period in 1999, sales were $116,474,000 vs. $92,630,000, net income was $8,680,000 vs. $7,239,000, and diluted earnings per share were $1.11 vs. $0.91. Commenting on the quarter, Hans HANS Head and Neck Support/System (brace worn by motor sport drivers; trademark of Hubbard/Downing, Inc.) HANS Health Action Network Society HANS Heavy Aromatic Naphtha Solvent Buehler, chairman and chief executive officer, stated: "Sales and earnings were in line with our expectations. The golf industry is working on new products. The company expects to participate in a number of these new programs, which makes the outlook for next year promising." 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 Callaway may refer to:
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, Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey , 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, the matters discussed 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 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 the company's expectations of participating in new product programs and the promising outlook for next year. 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, shifts in market demand and trends and the costs of product development and production as well as other risks detailed in the company's Securities and Exchange Commission filings. The company assumes no obligation to update or supplement forward-looking statements that become untrue un·true adj. un·tru·er, un·tru·est 1. Contrary to fact; false. 2. Deviating from a standard; not straight, even, level, or exact. 3. Disloyal; unfaithful. because of subsequent events.
Coastcast Corporation
Financial Highlights - Quarterly
($ in 000s, except share data)
Income Statement Summary (Unaudited)
Quarter Ended September 30, 2000 1999
Sales $ 32,539 $ 31,957
Cost of sales 29,149 28,181
Gross profit 3,390 3,776
Selling, general & administrative expense 1,388 1,544
Income from operations 2,002 2,232
Other income, net 749 371
Income before provision for income taxes 2,751 2,603
Provision for income taxes 1,155 1,032
Net income $ 1,596 $ 1,571
Net income per share - basic $ 0.21 $ 0.20
Weighted average shares outstanding - basic 7,579,377 7,872,939
Net income per share - diluted $ 0.21 $ 0.20
Weighted average shares outstanding - diluted 7,728,275 7,910,221
Nine Months Ended September 30, 2000 1999
Sales $ 116,474 $ 92,630
Cost of sales 97,765 75,369
Gross profit 18,709 17,261
Selling, general & administrative expense 5,647 5,925
Income from operations 13,062 11,336
Other income, net 1,816 1,039
Income before provision for income taxes 14,878 12,375
Provision for income taxes 6,198 5,136
Net income $ 8,680 $ 7,239
Net income per share - basic $ 1.13 $ 0.91
Weighted average shares outstanding - basic 7,662,427 7,912,701
Net income per share - diluted $ 1.11 $ 0.91
Weighted average shares outstanding - diluted 7,847,597 7,936,186
Coastcast Corporation
Financial Highlights
($ in 000s)
Condensed Balance Sheet Summary
09/30/2000
(Unaudited) 12/31/1999
Assets
Cash and cash equivalents $ 48,685 $ 42,740
Accounts receivable - net 9,960 9,179
Inventories 9,104 11,059
Prepaid expenses and other current assets 4,231 3,662
Total current assets 71,980 66,640
Property, plant & equipment - net 23,682 24,170
Other assets 1,648 1,506
Total assets $ 97,310 $ 92,316
Liabilities and Shareholders' Equity
Total current liabilities $ 9,530 $ 8,485
Deferred compensation 756 541
Shareholders' equity 87,024 83,290
Total liabilities & shareholders' equity $ 97,310 $ 92,316
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