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Coast Distribution System Inc Reports Operating Results (10-Q)

August 16, 2010 | About:
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10qk

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Coast Distribution System Inc (CRV) filed Quarterly Report for the period ended 2010-06-30.

Coast Distribution System Inc has a market cap of $19.76 million; its shares were traded at around $4.25 with a P/E ratio of 19.32 and P/S ratio of 0.19.

Highlight of Business Operations:

Stock-based compensation was $110,000 and $57,000 for the quarters ended June 30, 2010, respectively, and $190,000 and $120,000 for the six months ended June 30, 2010, respectively.

Unrecognized compensation cost related to non-vested options granted under the Companys stock incentive plans (i) as of June 30, 2010 totaled $178,453, which is expected to be recognized over a weighted average period of 1.5 years and (ii) as of June 30, 2009 totaled $383,600, which is expected to be recognized over a weighted average period of 1.9 years. At June 30, 2010, a total of 638,957 shares of our common stock were subject to outstanding stock options that were exercisable or were expected to become exercisable in the future.

Restricted Stock. During the first six months of 2010, we awarded a total of 177,000 shares of restricted stock to certain officers and other management employees under the 2008 Plan. Those shares of restricted stock are subject to possible forfeiture in the event that a holder of such shares does not remain in the continuous service of the Company for at least one year from the date the shares were granted. For each year following the date of grant that the holder of the shares remains in the continuous service of the Company, one-third of those shares will cease to be subject to the risk of forfeiture (that is, become vested shares) and, therefore, the holder of the shares must remain in the continuous service of the Company for a period of three years following the date of grant of the award in order for all of the restricted shares to become vested. Until shares of restricted stock become vested, those shares may not be sold or otherwise transferred, in whole or in part, by the holders of those shares, and will be subject to additional restrictions. Compensation expense for these restricted stock awards is based on the fair market value of the awards on their respective grant dates and is recorded during the vesting periods of the awards. At June 30 2010, the unrecognized compensation cost related to these restricted shares totaled approximately $659,238, which is expected to be recognized over a weighted average period of approximately 2.3 years and all 177,000 are expected to vest. The aggregate intrinsic value of these shares of restricted stock, at June 30, 2010, was $708,000.

Read the The complete Report

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