Fountain Powerboat Industries, Inc. Reports First Quarter Results.WASHINGTON Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , N.C. -- Fountain fountain, natural or artificially conveyed flow of water. In ancient Greece columnar shrines were built over springs and dedicated to deities or nymphs. In ancient Rome fountains fed by the great aqueduct system furnished water in the streets, in the villa gardens, Powerboat Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FPWR FPWR Fire Precautions (Workplace) Regulations 1997 (UK) ), a leading manufacturer of high performance sport boats, fish boats and express cruisers An Express Cruiser is a fast cruising boat. To distinguish it from a Cuddy boat, it has a full head, a galley, sleeping space with two to six berths. There are large open areas near the steering area and in the back of the boat. , announces results for the first quarter of fiscal 2005 ending September September: see month. 30, 2004. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter were $16,803,907 up from $12,885,232 for the first quarter of fiscal 2004, a 30.4% increase. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the quarter was $509,139 as compared to $110,752 for the first quarter of fiscal 2004. Net earnings were $313,925, or $.07 per share for the quarter compared to a net loss of $356,347, or $(.08) for the same quarter of fiscal 2004. Sales for the first quarter of Fiscal 2005 increased by $3,918,675, or 30.4%, over sales for the first quarter of Fiscal 2004. The increase in sales is attributed to an improved sales model mix and an increase in the number of boats produced by the Company. Fountain's firm order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at $34 million continues to be strong, especially for this time of year. Fountain's project to enhance the process flow and efficiency of the factory is almost complete, included is a new state of the art ventilation ventilation, process of supplying fresh air to an enclosed space and removing from it air contaminated by odors, gases, or smoke. Proper ventilation requires also that there be a movement or circulation of the air within the space and that the temperature and and dust collection system that will meet or exceed Air Quality MACT MACT Maximum Achievable Control Technology MACT Maximum Available Control Technology MACT Men of All Colors Together MACT Minnesota Association of Community Theatres MACT Maulana Azad College of Technology (Bhopal, India) standard and OSHA OSHA n. Occupational Safety and Health Administration, a branch of the US Department of Labor responsible for establishing and enforcing safety and health standards in the workplace. regulations. This project will facilitate cost reduction and increased production capacity. New fish boat models being developed by Fountain will soon be introduced to give the Company a more predominant pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. presence in the very active fish boat market. The Company has just successfully introduced an all new 42' Poker Run A Poker run (also known as a Poker Derby) is an organized event using a motorcycle, boat, car or other form of transportation where participants travel over a predesignated route and, at designated stops on the route, draw playing card(s). Sport Boat that was born out of its current and past National and World Champion Super V Race Boat; this is the same design that recently set the World V-Bottom Speed Record of 171.883 MPH MPH Master of Public Health. MPH Master's Degree in Public Health . New product development at Fountain Powerboats is in high gear. "We are taking the necessary steps in all areas of our Company to attain our Fiscal 2005 business plan of $67 million sales and to propel pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin us to $80 million sales in Fiscal 2006. We accomplished our goals for the past two years, and short of any unforeseen setback setback In architecture, a steplike recession in the profile of a high-rise building. Usually dictated by building codes to allow sunlight to reach streets and lower floors, the building must take another step back from the street for every specified added height interval. in the economy or the marine industry, we expect to continue to meet our goals", states Reginald Reginald, a person's given name, comes from the Germanic Raginwald ("the prince's counsellor"). It has the meanings of powerful person, king, wise dominion, smart leadership, clever rulership, or thoughtful chief. M. Fountain, Jr., Fountain President and Chief Executive Officer. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Except for the historical information contained herein, this press release contains forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and similar words. Such forward-looking statements are subject to known and unknown risks, uncertainties or other factors that may cause the company's actual results to be materially different from historical results or any results expressed or implied by such forward-looking statements. We assume no obligation to update any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or arising after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The potential risks and uncertainties which could cause actual growth and results to differ materially include but are not limited to, customer acceptance of the company's services, products and fee structures, the success of the company's brand development efforts, the volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. and competitive nature of the industry, and changes in domestic and international market conditions, and foreign exchange rates. Further information on the factors and risks that could affect Fountain Powerboat Industries, Inc. business, financial condition and results of operations are included under the "Risk Factors" or "Factors Affecting our Operating Results" sections of Fountain Powerboat Industries, Inc. public filings with the Securities and Exchange Commission, available at (http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. ).
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, June 30,
ASSETS 2004 2004
CURRENT ASSETS:
Cash and cash equivalents $ 3,761,233 $ 3,713,789
Accounts receivable, net 4,177,598 4,137,484
Inventories 4,913,053 4,653,402
Prepaid Expenses 513,116 429,657
Current tax assets 279,876 268,903
---------------- --------------
Total Current Assets 13,644,876 13,203,235
---------------- --------------
PROPERTY, PLANT AND EQUIPMENT 43,866,187 43,183,460
Less: Accumulated
depreciation (27,671,682) (27,269,666)
---------------- --------------
16,194,505 15,913,794
---------------- --------------
CASH SURRENDER VALUE LIFE
INSURANCE 1,635,939 1,581,316
OTHER ASSETS 740,794 665,815
---------------- --------------
TOTAL ASSETS $ 32,216,114 $ 31,364,160
================ ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities -
long-term debt $ 767,720 $ 772,704
Current maturities -
capital lease 22,694 17,710
Accounts payable 3,801,378 2,821,866
Accounts payable - related party 26,875 21,000
Accrued expenses 718,184 1,172,210
Dealer incentives 1,310,765 1,203,522
Customer deposits 146,420 86,077
Allowance for boat repurchases 75,000 75,000
Warranty reserve 710,000 710,000
-------------- --------------
Total Current Liabilities 7,579,036 6,880,089
LONG-TERM DEBT, less current
maturities 17,693,868 17,870,041
CAPITAL LEASE, less current
maturities - 6,657
DEFERRED TAX LIABILITY 279,876 268,903
COMMITMENTS AND CONTINGENCIES
---------------- --------------
Total Liabilities 25,552,780 25,025,690
---------------- --------------
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value,
200,000,000 shares authorized,
4,814,275 shares issued and
outstanding as of September 30,
2004 and 4,807,608 as of
June 30, 2004 48,142 48,076
Additional paid-in capital 10,527,053 10,517,451
Accumulated earnings (deficit) (3,785,614) (4,099,540)
--------------- --------------
6,789,581 6,465,987
Less: Treasury stock, at cost,
15,000 shares (110,748) (110,748)
Accumulated other comprehensive
income from interest rate swap (15,499) (16,769)
--------------- --------------
Total Stockholders' Equity 6,663,334 6,338,470
--------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 32,216,114 $ 31,364,160
=============== ==============
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
September 30, September 30,
2004 2003
NET SALES $ 16,803,907 $ 12,885,232
COST OF SALES 14,320,056 10,853,051
-------------- --------------
Gross Profit 2,483,851 2,032,181
-------------- --------------
EXPENSES:
Selling expense 1,387,924 1,355,570
General and administrative 586,788 565,859
-------------- --------------
Total Expenses 1,974,712 1,921,429
-------------- --------------
OPERATING INCOME 509,139 110,752
-------------- --------------
NON-OPERATING INCOME (EXPENSE):
Other income (expense) 698 3,059
Interest expense (195,912) (470,158)
-------------- --------------
Total Non-operating
Income (Expense) (195,214) (467,099)
-------------- --------------
INCOME BEFORE INCOME TAXES 313,925 (356,347)
CURRENT TAX EXPENSE (BENEFIT) - -
DEFERRED TAX EXPENSE (BENEFIT) - -
--------------- --------------
NET INCOME (LOSS) 313,925 $ (356,347)
=============== ==============
BASIC EARNINGS (LOSS) PER SHARE 0.07 $ (0.08)
=============== ===============
WEIGHTED AVERAGE SHARES
OUTSTANDING 4,808,260 4,757,608
=============== ===============
DILUTED EARNINGS PER SHARE 0.06 $ NA
=============== ===============
WEIGHTED AVERAGE SHARES OUTSTANDING
ASSUMING DILUTION 4,862,420 4,824,089
=============== ===============
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