Heads Up

Coastcast, (PAR:NYSE) a leading manufacturer of golf clubheads, that produces metal woods, irons and putters in a variety of metals, including stainless steel and titanium reported financial results for the first quarter ended March 31, 2001. Sales were $27.3 million that resulted in a net loss for the period of ($657,000) compared to sales of $37.2 million in the first quarter of 2000 that produced a profit of $2.9 million. Commenting on the quarter, Hans Buehler, Chairman and CEO, stated, "During the period, we had a substantial reduction in revenues which occurred mostly in steel golf clubheads. Those revenues were cut almost in half. The resulting cost increases and the continuing high scrap rates in the titanium manufacturing operations drove up our costs to where we had a loss for the quarter. We are working diligently to reduce our rejection rates and are seeing definite improvement. Going forward, we will continue to strive to improve the financial results of the Company.''

Customers for the company include Callaway (including Odyssey), Cleveland, Cobra, Ping and Titleist. The company also manufactures a variety of investment-cast orthopedic implants and surgical tools and other specialty products that are made to customers' specifications.