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coast distribution system/de (CRV) Key Developments

The Coast Distribution System, Inc. Approves an Amendment to the Company's Amended and Restated Bylaws

On February 6, 2015, the board of directors of The Coast Distribution System Inc. approved an amendment to the company's amended and restated bylaws, as then in effect. That Bylaw amendment adds a new Section 8 to Article VII which designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain legal actions, unless the company consents in writing to the selection of an alternative forum.

Coast Distribution System Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Coast Distribution System Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company announced net sales of $34,821,000 compared to $33,101,000 for the same period a year ago. Operating income was $1,145,000 compared to $1,040,000 for the same period a year ago. Earnings before income tax provision was $981,000 compared to $908,000 for the same period a year ago. Net earnings were $582,000 compared to $487,000 for the same period a year ago. Basic and diluted earnings per share were $0.12 compared to $0.10 for the same period a year ago. Net sales increase was resulted primarily from sales of new products introduced into the marketplace by the company during the prior 18 months and increased product sales to specialty retailers. The increase in net earnings was primarily attributable to improvements in both sales and gross profit, partially offset by an increase in selling, general and administrative (SG&A) expenses. For the nine months, the company announced net sales of $96,473,000 compared to $94,063,000 for the same period a year ago. Operating income was $1,707,000 compared to $1,867,000 for the same period a year ago. Earnings before income tax provision was $1,192,000 compared to $1,366,000 for the same period a year ago. Net earnings were $631,000 compared to $645,000 for the same period a year ago. Basic and diluted earnings per share were $0.13 compared to $0.14 for the same period a year ago. Net sales increased resulted primarily from sales of new products introduced into the marketplace by the company and product sales to specialty retailers, offset by the adverse effects on sales of the unusually severe winter weather conditions that delayed the start of the RV selling season in the Midwestern, Northeastern, and Southeastern regions of the United States and throughout most of Canada. Net earnings decrease was largely due to a rise in SG&A expenses, which resulted from increased professional fees and marketing and selling costs, as well as the one-time costs incurred from the closing, during the second quarter of 2014, of an administrative office in Taiwan that the company no longer needed for its Asian operations.

Coast Distribution System Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Coast Distribution System Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's net sales increased by 3.5% to $36.8 million, compared to net sales of $35.6 million in the second quarter of 2013, notwithstanding the unusually severe winter weather conditions that continued into the quarter, which delayed the start of the RV season in the Midwestern, Northeastern, and Southeastern regions of the United States and throughout most of Canada. The increase in net sales during the second quarter was due in large part to sales of these new products, as well as an increase in sales to specialty retailers. The company reported net earnings of $787,000, or $0.16 per diluted share, compared to net earnings of $1,097,000, or $0.23 per diluted share reported a year ago. Operating income was $1,518,000 compared to $1,996,000 reported a year ago. Earnings before income tax provision was $1,337,000 compared to $1,816,000 reported a year ago. Financial results for this quarter included the negative impact of costs recognized in connection with the closing of the Taiwan facility and delays in obtaining some of its proprietary products from Asia. For the first six months of 2014, the company reported net earnings of $49,000, or $0.01 per diluted share, compared to net earnings of $158,000, or $0.03 per diluted share, for the first six months of 2013. Net sales increased 1.1% to $61.7 million, up from $61.0 million for the same six months of 2013. Operating income was $562,000 compared to $827,000 reported a year ago. Earnings before income tax provision was $211,000 compared to $458,000 reported a year ago.

Coast Distribution System Inc., Annual General Meeting, Aug 26, 2014

Coast Distribution System Inc., Annual General Meeting, Aug 26, 2014., at 10:00 Pacific Standard Time. Location: 350 Woodview Avenue. Agenda: To elect James Musbach and Thomas G. Faludy as the Class II Directors of the company for a term of three years and until their successors are elected; to ratify the appointment of Burr Pilger Mayer Inc. as the company's independent registered public accounting firm for the fiscal year ending December 31, 2014; to approve, by non-binding advisory vote, the compensation of its named executive officers for the year ended December 31, 2013; and to transact such other business as may properly come before the annual meeting or at any adjournment or postponement thereof.

Coast Distribution System Inc. Announces Resignation of John W. Casey as Director, with Effect from August 26, 2014

Coast Distribution System Inc. announced that John W. Casey, who has been a member of the company's board of directors since 1997, notified the company that he has decided, for personal reasons, not to stand for reelection to the board when his current term of office expires on August 26, 2014, the date of the company's upcoming annual meeting of stockholders.

 

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