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  1. #21
    Platinum Member Platinum Member SeaRay Jim's Avatar
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    It may help to read the whole release or 8-K. They haven't been de-listed...yet. They've just received a letter of non-compliance; not that it's not a bad thing.

    Here's the text out of the 8-K filed yesterday. The press release is pretty much the same thing.

    Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

    We received notice from the American Stock Exchange (“Amex”) on June 11, 2008, that, based on its review of our Quarterly Report on Form 10-Q for the period ended March 31, 2008, we are not in compliance with one of Amex’s standards for the continued listing of our common stock as set forth in Part 10 of the Amex Company Guide (the “Company Guide”). Specifically, the notice states that “…the Company is not in compliance with Section 1003(a)(iv) of the Company Guide in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired, that it appears questionable, in the opinion of the Exchange, whether such company will be able to continue operations and/or meet its obligations as they mature.”

    Amex noted that, for the quarter ended March 31, 2008, we reported a working capital deficit of approximately $16.8 million, operating loss of approximately $1.7 million, and net loss of approximately $2.0 million. Amex also noted that, as we have previously reported, we are not in compliance with covenants contained in our $14.5 million term loan which sets forth minimum earnings before interest, taxes, depreciation and amortization, that we have been operating under a waiver from our lender which expires on June 30, 2008, and that, if by that time we are not able to comply with the loan covenants or obtain an additional waiver, the lender will have a right to foreclose on our assets.

    As a result of the circumstances described above, the notice states that we have become subject to Amex’s suspension and delisting procedures set forth in Section 1009 of the Company Guide. The notice provides that we must submit a plan to Amex by July 11, 2008, addressing how we intend to regain compliance with Section 1003(a)(iv) of the Company Guide, including specific milestones, quarterly financial projections, and details related to any strategic initiatives we plan to complete (a “Plan”). Amex’s Listings Qualifications Department will evaluate any Plan we submit and make a determination as to whether we have made a reasonable demonstration of an ability to regain compliance within the specified timeframe. If our Plan is accepted, we may be able to continue our listing during the Plan period, subject to periodic reviews to determine whether we are making progress consistent with the Plan.

    If we do not submit a Plan, or if any Plan we submit is not accepted by Amex, we will be subject to delisting proceedings. Likewise, even if a Plan we submit is accepted by Amex, but we are not in compliance with all continued listing standards of the Company Guide by December 11, 2008, or if we do not make progress consistent with the Plan during the Plan period, Amex may initiate delisting proceedings.

    We currently intend to carefully evaluate how we will respond to Amex’s letter, including whether we will be able to submit a Plan with a viable chance of success. This will require us to talk with our lenders and evaluate our expenses and sources of revenues. We previously reported in a Report on Form 8-K that we have acquired assets to build Baja boats. We will evaluate how that new line of boats and any new business resulting from it will fit into any Plan we may develop to respond to Amex’s notice. Until our Board evaluates the recommendations of our officers with respect to a Plan, we are unable to make any more definite statement about our intention to submit a Plan or our prospects for submitting an acceptable Plan.


    If they can "comply" and make the AMEX happy again, you wonder though, what the future is of the Baja and Fountain names and what the line of boats will look like. Simplified and efficient could be a small line.

    I've traded FPB in the past but it trades at such low volume and bounces all over the place now. Besides it just gives me the creeps. I've had the honor of writing off worthless stock before. It's not something I write into my financial plan.

  2. #22
    T2x
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    Allergic to Nonsense Platinum Member T2x's Avatar
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    The stock listing has returned to the Wall Street Journal....

    Here's the chart for the past 12 months.
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    Obsolete and proud of it

  3. #23
    T2x
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    Allergic to Nonsense Platinum Member T2x's Avatar
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    Quote Originally Posted by SeaRay Jim View Post
    It may help to read the whole release or 8-K. They haven't been de-listed...yet. They've just received a letter of non-compliance; not that it's not a bad thing.
    You are correct. Earlier the WSJ website posted a notice to the extent that they could not find the FPB symbol when you clicked on the stock. Apparently that has been cleared up and the stock is currently listed... (at the moment it is at $1.02).....

    These are tough times and I don't envy any business that is fighting this economy.......

    T2x
    Obsolete and proud of it

  4. #24
    Geronimo36 Gold Member Panther's Avatar
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    I know lots of companies who get notices and they're still around. It may not be a bad thing if they stay or go from the AMEX... I know a few companies who have done it over the years...

    A bonus is you no longer have to make your financial woes open to the public..
    Geronimo!!

  5. #25
    Platinum Member Platinum Member SeaRay Jim's Avatar
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    Quote Originally Posted by T2x View Post
    (at the moment it is at $1.02).....
    And it trades in big swings. Today already has traded from $1 to $1.21 yet closed at $1 yesterday and opened at $1.11 today. But if you look at the volume......... only about 22k so far today.

    It's probably 3 people in the market trying to make it look alive.

  6. #26
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    Wink You better hope they can!

    Lets face it there are a lot of performance and non performance boat companies who are not doing so well right now and the future of the whole industry is at risk due to the high costs of fuel and materials coulpled with more stringent laws and reduced consumer demand in our down economy. Lets hope Fountain and the others can pull it together and stay out of the fires of financial woes as well as others in the boating industry so the sport of boating can continue for all of us who enjoy it so much.
    God bless all those in the industry who hang their fortunes and futures on this sport!! May their sacrifices be rewarding!

    Best Regards,
    Ray @ Raylar

  7. #27
    Registered fund razor's Avatar
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    Quote Originally Posted by AppSysCons View Post
    100 investors at $50,000 each, and we own FPB, anyone in?
    Ok, but will you finance that so that I can be a new Fountain owner for payments of $999.00?

  8. #28
    OSO OG Gold Member DollaBill's Avatar
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    Quote Originally Posted by fund razor View Post
    Ok, but will you finance that so that I can be a new Fountain owner for payments of $999.00?
    Sure, but after 36 mos the interest goes to 19.9% and the payments become $3500


    Stay tuned. This story will get good
    "Friends don't let friends roll around in trash cans" - OSO Steve

    Winning!

  9. #29
    Registered fund razor's Avatar
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    Quote Originally Posted by DollaBill View Post
    Sure, but after 36 mos the interest goes to 19.9% and the payments become $3500
    Stay tuned. This story will get good
    I am not a huge fan, although I do have a very nice Fountain pullover in my golf bag. But I would hate to see the company and the industry suffer. I am hoping for some decent economic news will help break the death grip that people have on their disposable income before it does any unrecoverable damage.

  10. #30
    VIP Member VIP Member Back4More's Avatar
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    Buy, Buy, Buy!


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