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Guardado Advisors LLC
 
 
Made in the USA
 
Copyright © 2010 RV Investor
 

 

Coast Distribution (AMEX: CRV) Snapshot

Updated April 6, 2010

 

Company Profile

Coast Distribution System, Inc. (AMEX: CRV) is one of North American’s largest wholesale aftermarket suppliers of replacement parts, supplies and accessories for the recreational vehicle (RV), pleasure boat and outdoor recreational markets.

Coast supplies more than 14,000 products from 500 manufacturers through 17 distribution centers located in the U.S. and Canada. Most of Coast’s 12,000 customers consist of independently owned RV and marine dealers, supply stores and service centers. 

 

Consolidated Charting

 

Consolidated Statements
  Quarter Ending    
CRV Income Statement Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Revenue  ssssss
      43,638
    50,827     43,173    26,655    39,468    41,217    34,683    16,869    23,198    33,138    29,596    17,269      103,201
Cost of Goods Sold sssssss
      35,471
    41,077     34,757    22,273    31,556    32,391    28,486    15,192    18,875    26,510    23,464    14,905       83,754
Gross Margin s
       8,167
      9,750       8,416      4,382     7,912      8,826      6,197      1,677      4,323      6,628      6,132      2,364       19,447
As a % of Sales 18.7% 19.2% 19.5% 16.4% 20.0% 21.4% 17.9% 9.9% 18.6% 20.0% 20.7% 13.7%   18.8%
                             
Operating Expenses                            
R&D              -             -             -            -                  -            -            -            -   -                -  
SG&A ssssss
       8,343
      6,884       6,582      6,256     8,198      6,299      6,808      5,254      5,536      4,551      4,707      3,758       18,552
Non Recurring               -             -             -            -           -            -            -            -            -            -            -   -                -  
Others ssssss
             -
            -             -            -           -            -            -            -            -            -            -   -                -  
Operating Expenses         8,343       6,884       6,582      6,256     8,198      6,299      6,808      5,254      5,536      4,551      4,707      3,758       18,552
As a % of Sales ssssss
19.1%
13.5% 15.2% 23.5% 20.8% 15.3% 19.6% 31.1% 23.9% 13.7% 15.9% 21.8%   18.0%
  s                          
Operating Income sssssssssssssssssssssssssssssss
        (176)
      2,866       1,834    (1,874)       (286)      2,527       (611)    (3,577)    (1,213)      2,077      1,425    (1,394)            895
As a % of Sales -0.4% 5.6% 4.2% -7.0% -0.7% 6.1% -1.8% -21.2% -5.2% 6.3% 4.8% -8.1%   0.9%
                             
Income from Continuing Operations                            
Total Other Income/Expenses Net  sssssss
        (108)
          11           (5)         (54)       (149)       (139)          33        247          77       (206)         (50)         (89)          (268)
Earnings Before Interest And Taxes          (284)       2,877       1,829    (1,928)       (435)      2,388       (578)    (3,330)    (1,136)      1,871      1,375    (1,483)            627
Interest Expense  sssss
          539
        699         485        375        402        457        323        227        140        208        140        136            624
Income Before Tax  s
        (823)
      2,178       1,344    (2,303)       (837)      1,931       (901)    (3,557)    (1,276)      1,663      1,235    (1,619)               3
Income Tax Expense  ssssss
        (181)
        663         510       (632)          13        370       (611)    (1,150)       (388)        501        333       (341)            105
Minority Interest  ssssssss
             -
            -             -            -           -            -            -                       -  
Net Income From Continuing Ops          (642)       1,515         834    (1,671)       (850)      1,561       (290)    (2,407)       (888)      1,162        902    (1,278)          (102)
                             
Non-recurring Events ssssss                          
Discontinued Operations                         -            -            -            -     -                -  
Extraordinary Items  ssssss
             -
            -             -            -           -            -            -            -            -            -            -   -                -  
Effect Of Accounting Changes  ssssss
             -
            -             -            -           -            -            -            -            -            -            -   -                -  
Other Items  ssssss
             -
            -             -            -           -            -            -            -            -            -            -   -                -  
Net Income          (642)       1,515         834    (1,671)       (850)      1,561       (290)    (2,407)       (888)      1,162        902    (1,278)          (102)
Preferred Stock And Other Adjustments               -             -             -            -           1            2            3            -            -            -            -   -                -  
Net Income Applicable To Common Shares          (642)       1,515         834    (1,671)       (849)      1,563       (287)    (2,407)       (888)      1,162        902    (1,278)          (102)
As a % of Sales -1.5% 3.0% 1.9% -6.3% -2.2% 3.8% -0.8% -14.3% -3.8% 3.5% 3.0% -7.4%   -0.1%
  ssssss                          
EBITDA ssssss
          (89)
      3,092       1,829    (1,078)       (435)      2,388       (578)    (3,330)    (1,136)      1,871      1,375    (1,483)        (1,220)
As a % of Sales -0.2% 6.1% 4.2% -4.0% -1.1% 5.8% -1.7% -19.7% -4.9% 5.6% 4.6% -8.6%   -1.2%
                             
CRV Balance Sheet Quarter Ending    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Current Assets                            
Cash And Cash Equivalents  sssssssss
          964
      1,056         875        790     1,206      1,342      3,255      1,860        545      2,614      5,564      5,561         5,561
Short Term Investments  sssssssss    -     -                 286            -            -            -   -        -   
Net Receivables  sssssssss
      33,590
    27,145     14,786    17,950    29,838    22,185    12,211    13,933    16,679    14,198      8,898    11,377       11,377
Inventory  sssssssss
      48,517
    46,652     44,860    45,027    45,828    41,587    35,540    30,710    30,788    24,706    25,304    22,985       22,985
Other Current Assets  sssssssss
       4,086
      2,364       2,028        829     3,847      3,208      4,656        766      4,556      3,205      2,773        804            804
Total Current Assets        87,157     77,217     62,549    64,596    80,719    68,322    55,662    47,555    52,568    44,723    42,539    40,727       40,727
                             
Long Term Assets                            
Long Term Investments                          -            -            -            -   -        -   
Property Plant and Equipment  ssssss
       2,547
      3,143       3,353      3,444     3,313      3,176      3,017      2,785      2,623      2,528      2,380      2,192         2,192
Goodwill       -     -                     -            -            -            -   -        -   
Intangible Assets  ssssssss    -     -                     -            -            -            -   -        -   
Accumulated Amortization       -     -                     -            -            -            -   -        -   
Other Long Term Assets  sssssssss
       1,482
      1,340       1,031      1,267     1,305      1,277      1,326      2,119      2,558      2,540      2,635      2,553         2,553
Deferred Long Term Asset Charges               -             -                      -            -            -            -   -        -   
Total Long Term Assets        4,029       4,483       4,384      4,711     4,618      4,453      4,343      4,904      5,181      5,068      5,015      4,745         4,745
                             
Total Assets        91,186     81,700     66,933    69,307    85,337    72,775    60,005    52,459    57,749    49,791    47,554    45,472       45,472
                             
Current Liabilities                            
Accounts Payable  ssssssssss
      17,424
    12,984       9,717    11,896    13,880      9,273      7,551      7,026    10,408      9,458      7,726      6,091         6,091
Short/Current Long Term Debt  ssssssssss
          127
        122         122        125        128        131        134        135        131    11,492      9,234        112            112
Other Current Liabilities  sssssssss                        -            -            -            -   -        -   
Total Current Liabilities        17,551     13,106       9,839    12,021    14,008      9,404      7,685      7,161    10,539    20,950    16,960      6,203         6,203
                             
Long Term Liabilities                            
Long Term Debt  s