Coast Distribution System Inc Reports Operating Results (10-Q)
Coast Distribution System Inc has a market cap of $18.16 million; its shares were traded at around $3.9 with a P/E ratio of 17.73 and P/S ratio of 0.18.
Highlight of Business Operations: Stock-based compensation was $116,000 and $58,000 for the quarters ended September 30, 2010 and 2009, respectively, and $306,000 and $178,000 for the nine months ended September 30, 2010 and 2009, respectively.
Unrecognized compensation cost related to nonvested options granted under the Companys stock incentive plans (i) as of September 30, 2010 totaled $149,522 which, as of that date, was expected to be recognized over a weighted average period of 1.6 years and (ii) as of September 30, 2009 totaled $341,800 which, as of that date, was expected to be recognized over a weighted average period of 2.1 years. At September 30, 2010, a total of 642,957 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 nine months of 2010, we awarded a total of 177,000 restricted shares of common stock (restricted shares) to certain officers and other key management employees under the 2008 Plan. Those restricted shares 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 awarded. Provided that the holder is still in the Companys continuous service, one-third of his or her restricted 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 the award in order for all of his or her restricted shares to become vested. Until restricted shares become vested, those shares may not be sold or otherwise transferred, in whole or in part, by the holders of those shares, and are subject to additional restrictions. Compensation expense for these restricted share awards is based on the fair market value of the shares on their respective award dates and such expense is recorded over the vesting period of the awards. At September 30, 2010, the unrecognized compensation cost related to these restricted shares totaled approximately $598,000 which, as of that date, was expected to be recognized over a weighted average period of approximately 2.5 years. All 177,000 of the restricted shares outstanding under the 2008 Plan at September 30, 2010 are expected to vest. The aggregate intrinsic value of these restricted shares, at September 30, 2010, was $654,900
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