Coastcast reports first quarter fiscal 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 first quarter of fiscal 1997, ended March 31. For the first quarter of 1997 as compared to the same period in 1996, sales were $29,001,000 vs. $29,344,000, net income was $1,198,000 vs. $3,518,000, and earnings per share were 13 cents vs. 39 cents. "Compared to the first quarter of last year, sales did not change, but the product mix was different," said Hans H. Buehler, chairman and 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. of Coastcast. "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. woods revenue declined by about one third, and steel woods revenue declined by about one half. In addition, we were in the start-up Start-up The earliest stage of a new business venture. phase of two major programs -- the titanium irons for Callaway and the newest titanium metal woods for Taylor Made. The combination of these factors caused our earnings to be depressed." The new programs for these customers are now in full production. Buehler noted that Coastcast continues to pursue the use of titanium casting in non-golf areas and is receiving very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. responses that should result in sales in 1997. Coastcast is one of the largest manufacturers of investment-cast titanium 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 Callaway, Cobra, Cleveland, 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 , Ping, Ray Cook, 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. Except for the historical information contained in this release, 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors and/or factors affecting future results detailed in the company's Securities and Exchange Commission reports. -0-
Financial Highlights
($ in 000s, except per share data)
Income Statement Summary Quarter Ended March 31
1997 1996
Sales $ 29,001 $ 29,344
Cost of sales $ 24,976 $ 21,563
Gross profit $ 4,025 $ 7,781
Selling, general and
administrative expense $ 2,184 $ 2,186
Income from operations $ 1,841 $ 5,595
Other income $ 172 $ 368
Income before
provision for income taxes $ 2,013 $ 5,963
Provision for income taxes $ 815 $ 2,445
Net income $ 1,198 $ 3,518
Net income per share $ 0.13 $ 0.39
Weighted average shares
outstanding 8,971,031 8,929,812
Balance Sheet Summary
At At
March 31, 1997 Dec. 31, 1996
Assets
Cash and cash equivalents $ 7,895 $ 14,060
Accounts receivable -- net $ 12,770 $ 11,783
Inventories $ 29,900 $ 21,660
Prepaid expenses and other
current assets $ 4,440 $ 5,664
Net current assets of
discontinued operations $ 821 $ 808
Total current assets $ 55,826 $ 53,975
Property, plant and
equipment -- net $ 19,951 $ 20,171
Other assets $ 1,989 $ 1,954
Total assets $ 77,766 $ 76,100
Liabilities and Shareholders' Equity
Total current liabilities $ 9,067 $ 9,175
Deferred compensation $ 741 $ 438
Shareholders' equity $ 67,958 $ 66,487
Total liabilities and equity $ 77,766 $ 76,100
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CONTACT: Coastcast, Rancho Dominguez Hans H. Buehler, 310/638-0595 |
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