Coastcast reports second quarter 1996 financial results; sales increase 81 percent and net income increases 120 percent.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 second quarter and first six months of fiscal 1996, ended June June: see month. 30. For the second quarter of 1996 as compared with the same period in 1995, sales increased 81 percent to $42,508,000 from $23,518,000, net income rose 120 percent to $5,004,000 from $2,277,000, and earnings per share were up 120 percent to $0.55 from $0.25. For the first six months of 1996 as compared with the same period in 1995, sales increased 61 percent to $71,852,000 from $44,719,000, net income rose 127 percent to $8,522,000 from $3,746,000, and earnings per share were up 129 percent to $0.94 from $0.41. "Sales for the reporting periods grew due to the demand for our 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. golf clubheads, which represented over 50 percent of overall revenues for the second quarter," said 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 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. "The ramping up of our titanium casting and finishing operations has progressed better than anticipated with good manufacturing quality and productivity." During the second quarter, Coastcast delivered titanium golf clubheads to seven customers: Callaway Callaway may refer to:
Thomas Dickson Armour (September 24, 1894 – September 12, 1968) was a Scottish-American professional golfer. , Titleist Titleist is a brand name owned by the Acushnet Company, headquartered in Fairhaven, Massachusetts. Titleist produces golf equipment and is best known for its golf balls, but it also produces clubs and accessories. Titleist's most famous motto is "The #1 ball in golf". , Cleveland, Wilson and Daiwa. Buehler noted that Coastcast now has five titanium furnaces in full operation with the sixth furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. delivered and currently being installed. Two additional titanium furnaces are on order and expected to be operational by the fourth quarter, bringing total titanium casting capacity to eight furnaces. Coastcast is one of the largest manufacturers of investment-cast steel and titanium golf clubheads for high-quality, premium-priced metal woods, irons and putters. In the past five years, Coastcast has been a supplier to over 50 percent of the top two dozen golf companies that produce premium golf clubs. The company is a major supplier to Callaway, Taylor Made, Tommy Armour, Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey , Titleist, 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. and Cleveland, and also supplies Daiwa and several other domestic and international golf club companies.
Coastcast Corp.
Financial Highlights
($ in 000s, except share data)
Income Statement Summary Quarter ended June 30,
1996 1995
Sales $42,508 $23,518
Cost of sales $30,933 $18,249
Gross porfit $11,575 $ 5,269
Selling, general
& administrative expense $ 3,188 $ 1,759
Income from operations $ 8,387 $ 3,510
Income before provision for income taxes $ 8,627 $ 3,879 Provision for income taxes $ 3,623 $ 1,602 Net income $ 5,004 $ 2,277 Net income per share $ 0.55 $ 0.25 Weighted average shares outstanding 9,174,891 9,148,559
Income Statement Summary Six Months ended June 30,
1996 1995
Sales $71,852 $44,719
Cost of sales $52,496 $35,529
Gross profit $19,356 $ 9,190
Selling, general
& administrative expense $ 5,374 $ 3,578
Income from operations $13,982 $ 5,612
Income before provision for income taxes $14,590 $ 6,348 Provision for income taxes $ 6,068 $ 2,602 Net income $ 8,522 $ 3,746 Net income per share $ 0.94 $ 0.41 Weighted average shares outstanding 9,052,352 9,151,598 Balance Sheet Summary At June 30, 1996 Dec. 31,1995 Assets Cash and short-term investments $15,164 $23,955 Accounts receivable -- net $18,648 $ 7,198 Inventories $16,231 $ 7,611 Prepaid expenses and other current assets $ 3,679 $ 3,983 Net current assets of discontinued operations $ 762 $ 697 Total current assets $54,484 $43,444 Property, plant & equipment -- net $18,821 $15,214 Other assets $ 305 $ 250 Total assets $73,610 $58,908 Liabilities and shareholders' Equity Total current liabilities $13,902 $ 8,656 Long-term debt -- -- Shareholders' equity $59,708 $50,252 Total liabilities and equity $73,610 $58,908 CONTACT: Coastcast Corp., Rancho Dominguez Hans H. Buehler, 310/638-0595 |
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