Fountain Earnings
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended June 30, ________________________________________ 2002 2001 2000 ____________ ____________ ____________ NET SALES $ 37,546,692 $ 46,081,634 $ 57,532,461 COST OF SALES 35,990,833 39,878,136 46,156,464 ____________ ____________ ____________ Gross Profit 1,555,859 6,203,498 11,375,997 ____________ ____________ ____________ EXPENSES: Selling expense 4,758,384 5,955,103 7,370,319 General and administrative 2,035,613 2,691,826 3,260,571 Impairment of long-lived assets 1,182,320 - - ____________ ____________ ____________ Total expenses 7,976,317 8,646,929 10,630,890 ____________ ____________ ____________ OPERATING INCOME (LOSS) (6,420,458) (2,443,431) 745,107 ____________ ____________ ____________ NON-OPERATING INCOME (EXPENSE): Other income 21,512 118,503 106,239 Interest expense (809,571) (700,965) (1,065,514) Gain (loss) on disposal of assets - 500,446 (12,846) Gain on insurance claims from hurricane - 1,107,819 1,065,725 ____________ ____________ ____________ 788,059 1,025,803 93,604 ____________ ____________ ____________ INCOME (LOSS) BEFORE INCOME TAXES (7,208,517) (1,417,628) 838,711 CURRENT TAX EXPENSE (BENEFIT) (717,983) (108,590) - DEFERRED TAX EXPENSE (BENEFIT) 541,059 (409,512) 370,410 ____________ ____________ ____________ INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE EXTRAORDINARY ITEMS (7,031,593) (899,526) 468,301 ____________ ____________ ____________ GAIN ON SETTLEMENT OF LAWSUIT (net of $523,183 in income taxes) - - 790,041 ____________ ____________ ____________ NET INCOME (LOSS) $ (7,031,593) $ (899,526) $ 1,258,342 ____________ ____________ ____________ 2002 2001 2000 ____________ ____________ ____________ BASIC EARNINGS (LOSS) PER SHARE: Continuing operations $ (1.49) $ (.19) $ .10 Gain from lawsuit - - .17 ____________ ____________ ____________ BASIC EARNINGS PER SHARE $ (1.49) $ (.19) $ .27 ____________ ____________ ____________ WEIGHTED AVERAGE SHARES OUTSTANDING 4,732,608 4,732,608 4,732,608 ____________ ____________ ____________ DILUTED EARNINGS PER SHARE: Continuing operations $ (1.49) $ (.19) $ .10 Gain from lawsuit - - .17 ____________ ____________ ____________ DILUTED EARNINGS PER SHARE $ (1.49) $ (.19) $ .27 ____________ ____________ ____________ DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 4,732,608 4,732,608 4,732,651 ____________ ____________ ____________ |
These tables did not post very well, if you are interested you can read Fountains 10K @:
http://sec.freeedgar.com/displayText.asp?ID=2004757 This report was filed with the S.E.C. today. |
The 10K makes for a very interesting read :eek:
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Ouch! If I'm reading this correctly (a big IF), they lost over $7 million in 2002! That's a lotta boats...
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Havn't read the 10K, but you gotta love the "impairment charge";) :rolleyes: :rolleyes:
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they lost over $7 million in 2002! That's a lotta boats... |
An interesteing note from the 10K ...
1. They sold 231, 330, and 446 boats in the fiscal years 2000, 2001, and 2002 respectively. Quite a drop ... and that's all boats. In sport boats it was 115, 219, and 325 ... which is worse. |
BUT...there stock is up 220% since last year.........I did get out with a postive to the high side
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Looks like a corelation with the performance of the market:eek: :mad:
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1 Attachment(s)
Looks like mk EKG:D
There were definitely some good opportunities to long and short that puppy! Those are huge percentage swings. |
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