Coastcast reports fourth-quarter and fiscal 1996 financial results.

RANCHO DOMINGUEZ, Calif.--(BUSINESS WIRE)--Feb. 5, 1997-- Coastcast Corp (NYSE:PAR) reported financial results for the fourth quarter and fiscal 1996, ended Dec. 31.

For fiscal 1996 as compared with fiscal 1995, sales increased 95 percent to $148,257,000 from $76,001,000, net income was $15,066,000 vs. $3,299,000, and earnings per share were $1.67 vs. 36 cents.

"Fiscal 1996 was a record year for Coastcast as the company supplied a variety of titanium and steel golf clubheads to the majority of premium golf companies," said Hans H. Buehler, chairman and CEO of Coastcast.

"The growth in volume validated the company's investment in titanium casting technology. We now are seeking to extend that technology and the expertise we have gained to other industrial, commercial and consumer products."

Buehler noted that fourth quarter sales and profits were higher than the same period last year, but lower than the peaks achieved earlier in 1996. This was due primarily to the seasonality of product ordering and the increase in production costs related to the start-up of new products which were introduced by the company's customers at the January 1997 Golf Merchandise Show in Orlando, Fla.

For the fourth quarter of 1996 as compared with the same period in 1995, sales increased 150 percent to $34,910,000 from $13,977,000, net income was $1,677,000 vs. a net loss of $488,000, and earnings per share were 19 cents vs. a loss per share of 5 cents.

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, Odyssey, Ping, Ray Cook, Spalding, Taylor Made, Titleist, Tommy Armour and Wilson.

Coastcast also manufactures a variety of investment-cast orthopedic 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 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-

                          Coastcast Corp.
                        Financial Highlights
                  ($ in 000s, except share data)

Income Statement Summary                  Fiscal year ended Dec. 31,
                                              1996            1995

Sales                                      $  148,257     $   76,001
Cost of sales                              $  114,431     $   63,087
Gross profit                               $   33,826     $   12,914
Selling, general & administrative
 expense                                   $    9,372     $    6,973
Income from operations                     $   24,454     $    5,941
Other income                               $    1,042     $    1,547
Income before settlement of class action
 lawsuit and provision for income taxes    $   25,496     $    7,488
Class action lawsuit settlement expense          --       $    2,075
Income before provision for income taxes   $   25,496     $    5,413
Provision for income taxes                 $   10,430     $    2,114
Net income                                 $   15,066     $    3,299
Net income per share                       $     1.67     $     0.36
Weighted average shares outstanding         9,038,223      9,098,936
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Income Statement Summary                      Quarter ended Dec. 31,
                                                1996          1995

Sales                                      $   34,910     $   13,977
Cost of sales                              $   29,992     $   13,584
Gross profit                               $    4,918     $      393
Selling, general & administrative
 expense                                   $    2,320     $    1,791
Income (loss) from operations              $    2,598     $   (1,398)
Other income                               $      196     $      393
Income (loss) before provision for
 income taxes                              $    2,794     $   (1,005)
Provision for income taxes                 $    1,117     $     (517)
Net income (loss)                          $    1,677     $     (488)
Net income (loss) per share                $     0.19     $    (0.05)
Weighted average shares outstanding         8,960,628      8,953,024
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                           Coastcast Corp.
                        Financial Highlights
                            ($ in 000s)

Balance Sheet Summary
At                                     Dec. 31, 1996    Dec. 31, 1995

Assets
 Cash and short-term investments        $   14,060       $   23,955
 Accounts receivable -- net             $   11,783       $    7,198
 Inventories                            $   21,660       $    7,611
 Prepaid expenses and other
  current assets                        $    5,664       $    3,983
 Net current assets of discontinued
  operations                            $      808       $      697
     Total current assets               $   53,975       $   43,444
 Property, plant & equipment -- net     $   20,171       $   15,214
 Other assets                           $    1,954       $      250
     Total assets                       $   76,100       $   58,908

Liabilities and shareholders' equity
 Total current liabilities              $    9,175       $    8,656
 Deferred compensation                  $      438       $      --
 Shareholders' equity                   $   66,487       $   50,252
     Total liabilities and equity       $   76,100       $   58,908
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CONTACT: Coastcast Corp., Rancho Dominguez

Hans H. Buehler, 310/638-0595