TulsaLarry

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
____________ ____________ ____________

TulsaLarry

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.

bajadude

The 10K makes for a very interesting read

dockrocker

Ouch! If I'm reading this correctly (a big IF), they lost over $7 million in 2002! That's a lotta boats...

jdnca1

Havn't read the 10K, but you gotta love the "impairment charge"

bajadude

according to the 10K, boat production went from 446 in '00 to 231 in '02. Ouch! I know a lot depends on the mix (lengths and models), but a 50% decline in production over 2 years,

wilerty

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.

enticer

BUT...there stock is up 220% since last year.........I did get out with a postive to the high side

pwrbotr

Looks like a corelation with the performance of the market

bajadude

Looks like mk EKG

There were definitely some good opportunities to long and short that puppy! Those are huge percentage swings.