WASHINGTON, N.C. (Dow Jones)--Fountain Powerboat Industries Inc. (FPWR)
swung to a profit in fiscal 2003 as its gross margins rose to 16.2% from 2.6%
a year ago.
In a press release Thursday, the boat maker attributed the margin growth to
improved sales volume, a more profitable product mix and efficiency
improvements in manufacturing.
The company had net income of $479,353, or 10 cents a share, for the year,
compared to a fiscal 2002 loss of $7 million, or $1.49 a share.
Sales during the year ended June 30 rose 42% to $52.6 million from $37
million a year ago.
The company cited a reduction of dealer inventory in 2002, an improving
economy, competitive pricing, product diversification, and an aggressive
marketing campaign for the sales rise.
Shares of Fountain Powerboat recently traded down 23 cents, or 6.3%, to
$3.41.
Officials at the company weren't available on Thursday to provide
fourth-quarter figures. The company's facilities, which are based on the coast
of North Carolina, are completely shut down in preparation for Hurricane
Isabel.

(MORE) Dow Jones Newswires
09-18-03 1113ET

Anyone know any other boat companies on the stock market?

Brunswick comes to mind ....

Fountains latest 10K is now on file with the SEC:

http://www.sec.gov/Archives/edgar/da...-03-000052.txt

The profits are mediocre (slashed R&D in half for it ..) but the topline sales growth is amazing. Contradicts everything that supposedly has happend in this little industry. Called some of my Wallstreet friends and they are baffled. In one voice, they say: "Where do these numbers come from?"

There I thought everybody stopped buying boats, especially the performance type. But according to these numbers, everybody suddenly bought Fountains.

That is great, but from what I have seen there quality has suffered because of it.

I second what FormulaFastec said.

During the Miami boat show this past feb, at the Fountain booth they said they where moving allot of CC.

My only complaint is that Fountain has spent soo much in R&D for these cabin cruisers. I think it was a bad decision, Fountain would have been better off moving into the Cat market than cruisers????? People buy Fountain for performance not a large cabin cruiser. Thats like making a Corvette mini van??

WILL

Fountain unit sales, 2003 over 2002, as per 10K


2003 2002

Sport boats 198 115
Wide Beam Fish 69 44
Wide Beam Cruisers 29 21
Sport fishing boats 89 48
Other 3 3

I'd say they found new ways to R&D!