Fountain Powerboat Industries, Inc. Reports Third Quarter Results.Business Editors 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.--(BUSINESS WIRE)--May 15, 2002 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 cruisers This is a so far incomplete list of cruisers 1860-present. It includes protected, light, armoured, battle-, heavy and missile cruisers. Dates are launching dates. Argentina
Sales for the quarter were $10.8 million, up from sales of $9.97 million for the same quarter in the previous fiscal year. Gross margins were improved by over $214,000 from the same quarter of the prior year. The net loss was $189,152 for the quarter ended March 31, 2002, compared to a net loss of $10,629 for the same quarter in fiscal 2001. Company CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Reggie Fountain commented, "Although it has been a difficult fiscal year, the Company is on the way to improvement with current sales order The sales order, sometimes abbreviated as SO, is an order received by a business from a customer. A sales order may be for products and/or services. Given the wide variety of businesses, this means that the orders can be fulfilled in several ways. backlogs through September September: see month. 2002 for some units. In addition, we are seeing healthier margins from an improved sales mix sales mix See product mix. . Dealer inventories continue to improve, with current counts down 35% from last year. The Company projects fourth quarter progress will reflect these positive trends." This press release may contain 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. projecting, forecasting, or estimating the Company's performance and industry trends. The achievement of these projections, forecasts, or estimates is subject to certain risks and uncertainties, which include general economic and industry conditions that affect all businesses, as well as matters that are specific to the Company and the markets it serves. Actual results and events may differ materially from those projected, forecasted, or estimated. The Company assumes no obligation to update the forward-looking statements or to update the reason actual results could differ from those contemplated by such statements.
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
For The Three Months Ended For The Nine Months Ended
March 31 March 31
---------------------- -------------------------
2002 2001 2002 2001
----------- --------- ----------- ---------
NET SALES $10,811,769 $9,966,147 $ 25,815,637 $32,491,111
COST OF SALES 8,590,960 7,960,103 23,502,544 27,557,859
------------ ----------- ------------- ------------
Gross Profit 2,220,809 2,006,044 2,313,093 4,933,252
EXPENSES
Selling Expense 1,617,884 1,313,178 3,477,197 4,225,376
Selling Expense-
related parties - 38,692 - 196,067
General &
Administrative 564,133 491,473 1,527,639 1,969,170
------------ ----------- ------------- ------------
Total Expenses 2,182,017 1,843,343 5,004,836 6,390,613
------------ ----------- ------------- ------------
OPERATING INCOME
(LOSS) 38,792 162,701 (2,691,743) (1,457,361)
NON-OPERATING
INCOME/(EXPENSE)
Other Income
(Expense) (225) 16,867 15,298 1,654,400
Interest Expense (319,101) (125,548) (734,706) (656,216)
------------ ----------- ------------- ------------
INCOME (LOSS)
BEFORE TAX (280,534) 54,020 (3,411,151) (459,177)
CURRENT TAX
EXPENSE - - - -
DEFERRED TAXES
(BENEFIT) (91,382) 64,649 (1,297,705) (114,186)
------------ ----------- ------------- ------------
NET INCOME (LOSS) $ (189,152) $ (10,629) $ (2,113,446) $ (344,991)
=========== =========== ============= ============
EARNINGS (LOSS)
PER COMMON SHARE $ (.04) $ (.00) $ (.45) $ (.07)
=========== ========== ============ ============
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