Fountain Powerboats 3rd Q results
04-27-2004, 09:50 AM
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Fountain Powerboats 3rd Q results
04/27 9:07A (DJ) PRESS RELEASE: Fountain Powerboat Industries, Inc. Reports
Third Quarter Results; Sales up 24% from Third Quarter Ending
Story 4658 (FPWR, I/ENT, I/MRE, I/REC, I/REQ, I/XDJGI, N/DJN, N/DJWB...)
WASHINGTON, N.C.--(BUSINESS WIRE)--April 27, 2004--Fountain Powerboat
Industries, Inc. (NASDAQ:FPWR), a leading manufacturer of high performance
sport boats, fish boats and express cruisers, announces results for the third
quarter of fiscal 2004 ending March 31, 2004.
Net sales for the quarter were $15,790,649, an increase of 24% over sales of
$12,783,312 for the third quarter of the previous year. Net income from
operations was $1,037,460 for the third quarter. Net earnings were $785,011 or
$.16 per share for the third quarter of fiscal 2004.
Net sales for the first nine months of fiscal 2004 ended March 31, 2004 were
$42,037,693 up from net sales of $37,799,524 for the same nine months of
fiscal 2003.
Fountain's order backlog for boats has risen to $33 million. "Our
unprecedented backlog is the result of our diversification of our product
lines, our aggressive marketing campaign and an improving economy," stated
President and CEO, Reginald Fountain, Jr., "and puts us in a strong position
for continued success through the remainder of this fiscal year (June 30,
2004) and beyond."
Third Quarter Results; Sales up 24% from Third Quarter Ending
Story 4658 (FPWR, I/ENT, I/MRE, I/REC, I/REQ, I/XDJGI, N/DJN, N/DJWB...)
WASHINGTON, N.C.--(BUSINESS WIRE)--April 27, 2004--Fountain Powerboat
Industries, Inc. (NASDAQ:FPWR), a leading manufacturer of high performance
sport boats, fish boats and express cruisers, announces results for the third
quarter of fiscal 2004 ending March 31, 2004.
Net sales for the quarter were $15,790,649, an increase of 24% over sales of
$12,783,312 for the third quarter of the previous year. Net income from
operations was $1,037,460 for the third quarter. Net earnings were $785,011 or
$.16 per share for the third quarter of fiscal 2004.
Net sales for the first nine months of fiscal 2004 ended March 31, 2004 were
$42,037,693 up from net sales of $37,799,524 for the same nine months of
fiscal 2003.
Fountain's order backlog for boats has risen to $33 million. "Our
unprecedented backlog is the result of our diversification of our product
lines, our aggressive marketing campaign and an improving economy," stated
President and CEO, Reginald Fountain, Jr., "and puts us in a strong position
for continued success through the remainder of this fiscal year (June 30,
2004) and beyond."
Last edited by TulsaLarry; 04-27-2004 at 09:54 AM.
04-27-2004, 01:49 PM
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24%....
Does that mean that sales has increased more than accidents, or are accidents up by more than 24%?
In business terms:
As a boater, I've got nothing against Fountain. As a potential investor I have concerns about the negative ramifications of so many recent mishaps, and the attention they will get from insurance and legistative entities.
Even if 100% of accidents can be traced to poor operator skills, the speed record "arms race" which has helped several boat builders garner more orders lately may ultimately cost the entire industry more than it can afford to pay.
I hope that for everybody's sake.... the only beaks we see in trees for a while are on birds.
Does that mean that sales has increased more than accidents, or are accidents up by more than 24%?
In business terms:
As a boater, I've got nothing against Fountain. As a potential investor I have concerns about the negative ramifications of so many recent mishaps, and the attention they will get from insurance and legistative entities.
Even if 100% of accidents can be traced to poor operator skills, the speed record "arms race" which has helped several boat builders garner more orders lately may ultimately cost the entire industry more than it can afford to pay.
I hope that for everybody's sake.... the only beaks we see in trees for a while are on birds.
04-27-2004, 02:12 PM
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fund razor- You hit it on the head!
I hate to sound negative but I too have been giving the speed issue some thought as of late. With the speeds being attained by production boats coupled with inexperienced or even 'experienced' drivers (cause' we all know that the waterworld is an ever changing environment) it won't take too many more mishaps till the authorities 'cap' our fun.
No more waterbahn?
Brian
I hate to sound negative but I too have been giving the speed issue some thought as of late. With the speeds being attained by production boats coupled with inexperienced or even 'experienced' drivers (cause' we all know that the waterworld is an ever changing environment) it won't take too many more mishaps till the authorities 'cap' our fun.
No more waterbahn?
Brian
04-27-2004, 02:23 PM
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Hey Martiniboat...
It is a hard point to talk about without upsetting people.
I hope that nobody mistakes me for anti-speed, anti-fountain or anti-fun.
I'm really glad to see a performance boat builder post decent financials. I don't want to see these companies go away... because if they do, they ain't coming back.
I'm just worried about outsiders imposing their version of safe, quiet, efficient or fast on me.
It is a hard point to talk about without upsetting people.
I hope that nobody mistakes me for anti-speed, anti-fountain or anti-fun.
I'm really glad to see a performance boat builder post decent financials. I don't want to see these companies go away... because if they do, they ain't coming back.
I'm just worried about outsiders imposing their version of safe, quiet, efficient or fast on me.
04-27-2004, 02:24 PM
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main problem is not the builders though, thats like saying chevy is at fault because a vette is fast and affordable and any jackass can wrap one around the tree. Its mostly the states' faults for having such lax laws regarding driver training, here in SC they will give a license to any 15 year old who can make a circle and straight line on a John Deer.
04-27-2004, 02:32 PM
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Fund Razor- I don't think anyone will see either one of us as anti-speed (hope not anyway) etc. and it is a difficult topic, no question. There are always a lot of viewpoints on this subject.
Good point as well JTmiller02.
Brian
Good point as well JTmiller02.
Brian
04-27-2004, 02:48 PM
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Is nice to see Fountain or any boat MFG post some good numbers.
As an invester I wouldn't invest in any boat company unless I was involved personally, take lessons from the Don and how his companies exchanged hands.
WILL
As an invester I wouldn't invest in any boat company unless I was involved personally, take lessons from the Don and how his companies exchanged hands.
WILL
04-27-2004, 03:17 PM
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The Executioners/HO's...one graphic/interior..production emphasis... and price point with financing did for them what it did for Formula and others..move boats..I mean a 42' Executioner...HO's 70's 200k or $1k/mos financing is a big selling point...I know 2 people who went for the deal and will be in their boats soon and waiting to hear how they like them...the great thing about this package is you can't get into too much trouble at those speeds as long as you aren't doing dumb stuff...and a 42'er on a choppy cruiser ridden lake is great...and I usually cruise at 50 or 55mph...so it's a decent package...anything beyond this power and it's time to see the Sterlings/Zuls and it's a different world then...
you know some boats went to steps a few years ago and switched back...I wonder where things will settle out? His boats were doing pretty well speed wise with no steps and just a fine tuned pad....
you know some boats went to steps a few years ago and switched back...I wonder where things will settle out? His boats were doing pretty well speed wise with no steps and just a fine tuned pad....
Last edited by LPA2106; 04-27-2004 at 03:25 PM.
