COAST DISTRIBUTION SYSTEM INC

CIK:0000728303|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 43,622	$ 36,797	$ 72,114	$ 61,652
Cost of Sales, including distribution costs	35,237	29,827	58,863	50,467
Gross profit	8,385	6,970	13,251	11,185
Selling, general and administrative expenses	6,446	5,452	11,855	10,623
Operating income	1,939	1,518	1,396	562
Other (income) expense
Interest	219	181	394	322
Other	(15)		8	29
Nonoperating Income (Expense)	204	181	402	351
Earnings before income tax provision	1,735	1,337	994	211
Income tax provision	672	550	406	162
Net earnings	$ 1,063	$ 787	$ 588	$ 49
Basic earnings per share	$ 0.21	$ 0.16	$ 0.12	$ 0.01
Diluted earnings per share	$ 0.21	$ 0.16	$ 0.12	$ 0.01

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net earnings	$ 588	$ 49
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	349	359
Stock-based compensation expense	235	124
Loss on sale of property and equipment	6	5
Deferred income taxes	213
Changes in assets and liabilities:
Accounts receivable	(5,564)	(3,520)
Inventories	(8,627)	(9,441)
Other current assets	158	36
Accounts payable	5,147	4,010
Accrued liabilities	1,056	208
Net cash used in operating activities	(6,439)	(8,170)
Cash flows from investing activities:
Proceeds from sale of property and equipment		1
Capital expenditures	(72)	(105)
Increase in other assets	(216)	(23)
Net cash used in investing activities	(288)	(127)
Cash flows from financing activities:
Borrowings under line of credit agreement	84,820	78,486
Repayments under line of credit agreement	(76,914)	(70,600)
Common stock cancelled in payment of payroll taxes due on vesting of restricted shares under employee stock incentive plans	(35)	(129)
Excess tax benefit from stock-based payments	5	98
Issuance of common stock pursuant to equity incentive plans		158
Net cash provided by financing activities	7,876	8,013
Effect of exchange rate changes on cash	(521)	(47)
NET INCREASE (DECREASE) IN CASH	628	(331)
Cash beginning of period	447	2,140
Cash end of period	$ 1,075	$ 1,809

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets
Cash	$ 1,075	$ 447
Accounts receivable - net of allowances of $330 and $225 as of June 30, 2015 and December 31, 2014, respectively	16,413	10,849
Inventories	40,778	32,151
Other current assets	2,008	2,148
Total current assets	60,274	45,595
Property, plant, and equipment, net	1,007	1,126
Other assets	2,848	3,046
Total Assets	64,129	49,767
Current Liabilities
Accounts payable	11,942	6,795
Accrued liabilities	5,202	4,146
Total current liabilities	17,144	10,941
Long-term obligations	19,533	11,681
Total liabilities	$ 36,677	$ 22,622
Commitments and contingencies (Note 4)
Stockholders' equity
Preferred stock, $.001 par value: 2,000,000 shares authorized; none issued or outstanding:
Common stock, $.001 par value: 10,000,000 shares authorized; 5,197,182 and 5,207,180 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 18,649	$ 18,444
Accumulated other comprehensive (loss) earnings	(27)	458
Retained earnings	8,830	8,243
Total stockholders' equity	27,452	27,145
Total liabilities and stockholders' equity	$ 64,129	$ 49,767