More on Fountain from the WSJ
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More on Fountain from the WSJ
Fountain Powerboat Industries, Inc. Receives Audit Opinion Containing
"Going Concern" Qualification
WASHINGTON, NC -- (MARKET WIRE) -- 10/01/08 --
In accordance with Section 610(b) of the American Stock Exchange Company
Guide, Fountain Powerboat Industries, Inc. (AMEX: FPB) (the "Company")
today announced that the audit report of its independent registered
public accounting firm, Gregory & Associates LLC, included in Company's
Annual Report on Form 10-K for the fiscal year ended June 30, 2008, while
expressing an unqualified opinion regarding the Company's audited
financial statements, identified matters which the audit report stated
raised substantial doubt about the Company's ability to continue as a
going concern. The Company discussed its plans to address those matters
in Note 15 to the financial statements included in the Form 10-K.
The Company's announcement was required by the American Stock Exchange's
rules and does not represent any change or amendment to the Company's
fiscal 2008 financial statements or to its Annual Report on Form 10-K,
which was filed with the Securities and Exchange Commission on September
29, 2008.
About Fountain Powerboat Industries, Inc.
Fountain Powerboat Industries, Inc. has its executive offices and
manufacturing facilities along the Pamlico River in Beaufort County, North
Carolina. The Company, through its wholly owned subsidiary, Fountain
Powerboats, Inc., designs, manufactures and sells offshore sport boats,
sport fishing boats and express cruisers that target the segment of the
recreational power boat market where speed, performance, safety and
quality are the main criteria for purchase. These recreational boats are
based upon an innovative, award-winning design enabling world class
performance while using standard reliable power. There are currently 12
buildings located on 65 acres totaling over 237,000 square feet,
accommodating 40 to 45 boats in various stages of construction at any one
time. The present plant site can also accommodate up to 300,000 square
feet of additional manufacturing space. The land and buildings are wholly
owned by Fountain Powerboat Industries, Inc. and its subsidiary, Fountain
Powerboats, Inc. For more information, visit www.fountainpowerboats.com.
Safe Harbor for Forward-Looking Statements
This Annual Report contains forward-looking as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
statements concerning our plans, strategies, economic performance and
trends, projections of results of specific activities or investments,
expectations or beliefs about future events or results, and other
statements that are not descriptions of historical facts, and they may
include words such as "expect," "anticipate," "plan," "intend," "believe,"
"may," "should," "could" or "estimate," or similar terms or the negative
of these terms, or other statements concerning opinions or judgments of
our management about future events. These statements involve certain
risks and uncertainties that may cause actual results to differ
materially from our historical results or expectations expressed or
implied by the statements as of the date of this filing. The potential
risks and uncertainties include, but are not limited to: our inability to
fully implement plans and strategies to restore the Company's profitable
operations and continue as a going concern or in the Plan that, as
previously reported, we submitted to the American Stock Exchange to
regain compliance with requirements for the continued listing of the
Company's common stock; delays and unexpected costs for beginning
construction of Baja boats; higher than expected costs to build boats;
defects in acquired assets; lower than expected future market demand for
Baja and Fountain boats; the volatile and competitive nature of the
industry; the level of market interest rates; changes in general economic
conditions and in the marine industry; and changes in domestic and
international market conditions, foreign exchange rates and pressures on
lenders related to current and future problems in credit markets.
Although we believe that the expectations reflected in the
forward-looking statements in this report are reasonable, they represent
our management's judgments only as of the date they are made. Caution
should be taken not to place undue reliance on the Company's
forward-looking statements because we cannot guarantee future results,
events, levels of activity, performance or achievements. The Company
undertakes no obligation to update publicly or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. All forward-looking statements attributable to us are expressly
qualified in their entirety by the cautionary statements in this
paragraph. Further information on the factors and risks that could affect
our business, financial condition and results of operations are discussed
in reports we file with the Securities and Exchange Commission which are
available at (http://www.sec.gov).
FOR ADDITIONAL INFORMATION:
Irving L. Smith
Chief Financial Officer
252.975.7004
[email protected]
"Going Concern" Qualification
WASHINGTON, NC -- (MARKET WIRE) -- 10/01/08 --
In accordance with Section 610(b) of the American Stock Exchange Company
Guide, Fountain Powerboat Industries, Inc. (AMEX: FPB) (the "Company")
today announced that the audit report of its independent registered
public accounting firm, Gregory & Associates LLC, included in Company's
Annual Report on Form 10-K for the fiscal year ended June 30, 2008, while
expressing an unqualified opinion regarding the Company's audited
financial statements, identified matters which the audit report stated
raised substantial doubt about the Company's ability to continue as a
going concern. The Company discussed its plans to address those matters
in Note 15 to the financial statements included in the Form 10-K.
The Company's announcement was required by the American Stock Exchange's
rules and does not represent any change or amendment to the Company's
fiscal 2008 financial statements or to its Annual Report on Form 10-K,
which was filed with the Securities and Exchange Commission on September
29, 2008.
About Fountain Powerboat Industries, Inc.
Fountain Powerboat Industries, Inc. has its executive offices and
manufacturing facilities along the Pamlico River in Beaufort County, North
Carolina. The Company, through its wholly owned subsidiary, Fountain
Powerboats, Inc., designs, manufactures and sells offshore sport boats,
sport fishing boats and express cruisers that target the segment of the
recreational power boat market where speed, performance, safety and
quality are the main criteria for purchase. These recreational boats are
based upon an innovative, award-winning design enabling world class
performance while using standard reliable power. There are currently 12
buildings located on 65 acres totaling over 237,000 square feet,
accommodating 40 to 45 boats in various stages of construction at any one
time. The present plant site can also accommodate up to 300,000 square
feet of additional manufacturing space. The land and buildings are wholly
owned by Fountain Powerboat Industries, Inc. and its subsidiary, Fountain
Powerboats, Inc. For more information, visit www.fountainpowerboats.com.
Safe Harbor for Forward-Looking Statements
This Annual Report contains forward-looking as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
statements concerning our plans, strategies, economic performance and
trends, projections of results of specific activities or investments,
expectations or beliefs about future events or results, and other
statements that are not descriptions of historical facts, and they may
include words such as "expect," "anticipate," "plan," "intend," "believe,"
"may," "should," "could" or "estimate," or similar terms or the negative
of these terms, or other statements concerning opinions or judgments of
our management about future events. These statements involve certain
risks and uncertainties that may cause actual results to differ
materially from our historical results or expectations expressed or
implied by the statements as of the date of this filing. The potential
risks and uncertainties include, but are not limited to: our inability to
fully implement plans and strategies to restore the Company's profitable
operations and continue as a going concern or in the Plan that, as
previously reported, we submitted to the American Stock Exchange to
regain compliance with requirements for the continued listing of the
Company's common stock; delays and unexpected costs for beginning
construction of Baja boats; higher than expected costs to build boats;
defects in acquired assets; lower than expected future market demand for
Baja and Fountain boats; the volatile and competitive nature of the
industry; the level of market interest rates; changes in general economic
conditions and in the marine industry; and changes in domestic and
international market conditions, foreign exchange rates and pressures on
lenders related to current and future problems in credit markets.
Although we believe that the expectations reflected in the
forward-looking statements in this report are reasonable, they represent
our management's judgments only as of the date they are made. Caution
should be taken not to place undue reliance on the Company's
forward-looking statements because we cannot guarantee future results,
events, levels of activity, performance or achievements. The Company
undertakes no obligation to update publicly or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. All forward-looking statements attributable to us are expressly
qualified in their entirety by the cautionary statements in this
paragraph. Further information on the factors and risks that could affect
our business, financial condition and results of operations are discussed
in reports we file with the Securities and Exchange Commission which are
available at (http://www.sec.gov).
FOR ADDITIONAL INFORMATION:
Irving L. Smith
Chief Financial Officer
252.975.7004
[email protected]
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