Fountain Powerboats Reports Net Profit of $0.02 per Share for the First Quarter of Fiscal 2009

WASHINGTON, NC -- November 14, 2008 -- Fountain Powerboat Industries, Inc. (AMEX:FPB), a leading manufacturer of high performance sport boats, fish boats and express cruisers, today announced the results of its fiscal 2009 first quarter, ended September 30, 2008.

Net Sales
Net sales for the first quarter were $17.6 million, compared to sales of $18 million for the first quarter of fiscal 2008.

"The continued decline in the domestic marine market is due to economic conditions and tightening credit availability, with the international market showing signs of weakening," stated Fountain's founder and CEO Reginald M. Fountain, Jr. "We are pleased that the first quarter results are comparable to last year's first quarter, but expect the remainder of the year to be challenging. We are reducing costs in anticipation of the continued decline in the economy."

Operating Profit
Operating profit for the first quarter of fiscal 2009 was $349,543, versus an operating profit of $638,470 for the first quarter of fiscal 2008.

Net Profit
Net profit for the first quarter of fiscal 2009 was $81,769, or net earnings per share of $0.02 on a basic and diluted basis, versus a net profit of $273,340, or net profit per share of $0.06 on a basic and diluted basis, for the first quarter of fiscal 2008.

Wow .02 a share.... That's 5% of the value of the $0.40 share!

that really isn't too shabby all things considered.

I'm sure there are a ton of boat companies out there that would do just about anything for a profit during times like this.

Gotta give credit where credit is due. They turned a profit in this market and that is commendable

They also barely saw a revenue decrease, where most builders are seeing 20% to 40% reductions in revenue.

I'll wait to see them do it back to back before I give any kudos out. I've seen my company push some profitable jobs through to get off the books in one quarter while holding a dog of a job back so it doesn't show on the report. It's the money guys way of buying another three months for a miracle to happen.

first quarter is july aug sept...

**** hit the fan end of sept...

lets see second quarter