Coastcast Submits Business Plan to NYSE for Compliance with Exchange's Continued Listing Criteria.Business Editors RANCHO DOMINGUEZ, Calif.--(BUSINESS WIRE)--April 18, 2002 Coastcast Corporation (NYSE NYSE See: New York Stock Exchange :PAR) announced today that it has submitted a plan to the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE) for complying with the NYSE's continued listing criteria. According to the criteria, companies are required to have a minimum shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $50 million and a minimum market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $50 million over any consecutive 30-day trading period. Companies below these levels must submit a business plan for the NYSE's approval, demonstrating how the company anticipates meeting the standards within an eighteen-month period. In February 2002, the NYSE notified the Company that it had fallen below the NYSE's minimum equity and capitalization standards, and requested that the Company provide a business plan demonstrating how it intends to achieve and sustain compliance. As of December 31, 2001, the Company had shareholders' equity of $48,255,000. At the close of the market on April 17, 2002, the Company's total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. was approximately $34 million. The Company today submitted the required plan to the NYSE setting forth the action that the Company intends to take to comply with the eligibility standards. After reviewing the plan, the Committee will either accept it (following which the Company will be subject to quarterly monitoring for compliance with the plan), or not (in which event the Company will be subject to NYSE trading suspension and delisting). The Company is evaluating its alternatives should the Company's shares cease being traded on the NYSE. Coastcast, a 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 (including Odyssey), Cleveland, Cobra, Ping and Titleist. The company also manufactures a variety of investment-cast orthopedic 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 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 which 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. |
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