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Fountain Powerboats restructures

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Old 10-03-2002, 11:57 AM
  #1
TulsaLarry
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Default Fountain Powerboats restructures

10/03 8:22A (DJ) PRESS RELEASE:Fountain Powerboats Completes Restructuring
Story 1839 (FPWR, I/ENT, I/MRE, I/REC, I/REQ, N/DJN, N/DJWI, N/CAC, N/CNW...)
WASHINGTON, N.C.--(BUSINESS WIRE)--Oct. 3, 2002--Fountain Powerboat
Industries, Inc. (NASDAQ:FPWR) President and CEO, Reginald Fountain, Jr.
announced today that a major restructuring plan aimed at increasing revenue
while reducing expenses and overhead has been completed.
"With the actions that we have taken simultaneously to increase sales and
control costs, we will be able to preserve cash, but more importantly, to
bring the company back to profitability," said Fountain. "Already for the
first quarter of fiscal 2003 we expect to show a profit with a strong increase
in sales.
"Since 1978 when Fountain Powerboats began, it has been my intent to grow
the company with an intensive Research and Development Program focused on
designing and building the safest, smoothest, fastest and best handling
powerboats in the world at the finest manufacturing facility available. We
have now accomplished our growth goals. Through high powered, massive
advertising programs we have created a high quality, high performance brand
image that should help us focus primarily on profitability from this point
forward.
"Recently we began to focus on improving our existing dealers and adding
strong new dealers. We offered sales incentives that have reduced dealer
inventories for this time of the year to the lowest point in five years. Low
interest rates coupled with the recent introduction of new 34' and 38' fish
boats and new 38' and 48' Cruisers added to our existing line-up of successful
boats. We expect to continue sales growth in the future. Our order backlog is
currently better than it has ever been for this time of year.
"Personally, I have taken steps to assist in our cost cuts by temporarily
reducing my yearly compensation over 80%. I have never sold any of my Fountain
Powerboat stock and I have, in fact, purchased our stock on the open market.
While we all should know that nothing is certain but death and taxes, I am
highly optimistic about the future of Fountain Powerboats."

Safe harbor for forward-looking statements:

Statements made in this press release that state the Company's or
management's intentions, beliefs, expectations or predictions for the future
are subject to certain risks and uncertainties, and actual results and events
may differ materially from those projected, forecasted, or estimated.

CONTACT: Fountain Powerboats, Washington
Hannah Hale, 252/975-2000, [email protected]

KEYWORD: NORTH CAROLINA
INDUSTRY KEYWORD: SPORTS RETAIL
SOURCE: Fountain Powerboat Industries, Inc.

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com




(END) DOW JONES NEWS 10-03-02
08:22 AM
Additional Codes ( N/DJIN, N/DJWB, N/PRL, N/RCN, N/TPCT, M/CYC, M/NND,
M/TPX, R/NC, R/NME, R/US, R/USS)
 
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Old 10-03-2002, 11:59 AM
  #2
TulsaLarry
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10/03 8:21A (DJ) +DJ Fountain Powerboats Completes Major Restructuring>FPWR
Story 2190 DJ Fountain Powerboats/Outook -2: Yr-Ago 1Q Loss 11c/Shr
WASHINGTON, N.C. (Dow Jones)--Fountain Powerboat Industries Inc. (FPWR)
expects to report a first-quarter profit now that it has completed a
restructuring plan aimed at increasing revenue while reducing expenses and
overhead.
Company officials weren't immediately available to provide details about the
restructuring.
In a press release Thursday, the powerboat maker said first-quarter results
also will show a strong increase in sales.
In the year-ago first quarter ended Sept. 30, the company reported sales of
$8.5 million and a loss of $506,643, or 11 cents a share.
Fountain Powerboat said it is focusing on improving its existing dealers
while adding strong new dealers as well as offering sales incentives that have
reduced dealer inventories for this time of the year to the lowest point in
five years.
The company's shares closed Wednesday at $4 on the Nasdaq National Market,
compared with a 52-week high of $4.38 reached in April and a low of $1.15
reached in July.
-Dorothea Degen; Dow Jones Newswires; 201-938-5400

(END) DOW JONES NEWS 10-03-02
08:59 AM
Story 3159 DJ Fountain Powerboats/Outook -3: Sees Sequential Sales Up
A spokeswoman for Fountain Powerboat Industries said first-quarter sales
will show improvement both over the fourth quarter and sales of $8.5 million
in the year-ago first quarter -- its lowest quarterly sales in a decade.
The company did not break out fourth quarter sales with it year-end 10-K
filing.
The spokeswoman added that Fountain Powerboat's restructuring plan included
A spokeswoman for Fountain Powerboat Industries said first-quarter sales
will show improvement both over the fourth quarter and sales of $8.5 million
in the year-ago first quarter -- its lowest quarterly sales in a decade.
The company did not break out fourth quarter sales with it year-end 10-K
filing.
The spokeswoman added that Fountain Powerboat's restructuring plan included
lowering selling, general & administrative expenses, including salary cuts,
but no staff cuts.
Shares of Fountain Powerboat traded recently at $3.56, down 44 cents, or
11%, on Nasdaq volume of 4,200 shares. Average daily volume is 6,904.

(END) DOW JONES NEWS 10-03-02
10:18 AM
Additional Codes ( N/DJIN, N/DJRT, N/DJXX, N/RCN, M/CYC, M/MMR, P/HDL, R/NC,
R/NME, R/US, R/USS)
 
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