Fountain Powerboat Industries, Inc. reports fourth quarter and fiscal year 1996 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.--(BUSINESS WIRE)--Aug. 15, 1996--R.M. 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, , Jr., Chairman and Chief Executive Officer of Fountain Powerboat Industries, Inc. (AMEX AMEX See: American Stock Exchange :FPI FPI Formal Public Identifier FPI Front Populaire Ivoirien (French: Ivorian Popular Front, Icory Coast) FPI Federal Prison Industries, Inc. FPI Front Pembela Islam (Indonesian: Islamic Defenders Front) ) announced that for the fourth quarter ended June June: see month. 30, 1996, sales were $12,562,395 and net income was $1,588,041 or $.53 per share ($.50 per share fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ). For the fourth quarter of the prior year sales were $10,370,966 and net income was $392,668 or $.13 per share. For the full fiscal year ended June 30, 1996, sales were $41,598,051 and net income was $3,680,034 or $1.22 per share ($1.15 per share fully diluted). For the prior year ended June 30, 1995, sales were $38,757,329 and net income was $2,047,876 or $.68 per share. Fountain explained improved earnings were due to higher sales and production volumes and the introduction of a successful new product. The Company has been adding production capacity. Additional buildings, equipment, and personnel have been added to boost production capacity in the face of the Company's large 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. 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. . The Company's highly profitable stunning stunning /stun·ning/ (stun´ing) loss of function, analogous to unconsciousness. myocardial stunning new 47' Lightning lightning, electrical discharge accompanied by thunder, commonly occurring during a thunderstorm Sport Boat is now being produced and sold in quantity. Also, six boats were sold to the U.S. Government in Fiscal 1996. These boats had a sales value of $895,000. Fountain said that the new fiscal year would bring additional new products and more production capacity. Specifically, the Company plans to introduce two high performance sport yachts, a 57' and a 65' model. These luxury performance yachts will be state-of-the-art and will have a revolutionary new proprietary propulsion system Noun 1. propulsion system - a system that provides a propelling or driving force system - instrumentality that combines interrelated interacting artifacts designed to work as a coherent entity; "he bought a new stereo system"; "the system consists of a motor and a . A new production plant will be built to produce these new boats. Following are comparative Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Income and Condensed Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. . -0-
FOUNTAIN POWERBOAT INDUSTRIES INC.
Condensed Consolidated Statements of Income
Three Months Ended Fiscal Year Ended
June 30, June 30,
1996 1995 1996 1995
Net sales $12,562,395 $10,370,966 $41,598,051 $38,727,329 Cost of sales 9,259,972 8,235,402 32,326,371 30,953,992 Gross margin $3,302,423 $ 2,135,564 $ 9,271,680 $ 7,773,337 Operating expenses 1,649,687 1,754,716 6,190,911 5,312,723 Other expense/ (income) (16,109) (54,461) (680,069) 370,097 Net income before income taxes $1,668,845 $ 435,309 $ 3,760,838 $ 2,090,517 Income tax provision 80,804 42,641 80,804 42,641 Net income $1,588,041 $ 392,668 $ 3,680,034 $ 2,047,876 Net income per share $ .53 $ .13 $ 1.22 $ .68 Weighted average shares outstanding 3,019,072 3,019,072 3,019,072 3,019,072 Fully diluted net income per share $ .50 $ .13 $ 1.15 $ .68 Fully diluted weighted average shares outstanding 3,200,159 3,026,463 3,200,159 3,026,463
Condensed Consolidated Balance Sheets
June 30,
1996 1995
Assets
Cash $ 1,360,619 $ 490,807 Accounts receivable 2,853,684 1,898,854 Inventories 4,009,195 3,407,726 Prepaid expenses 154,843 204,947 Other current assets 0 183,393 Total current assets 8,378,341 6,185,727 Property, plant and equipment 20,674,326 19,199,743 Accumulated depreciation (10,746,140) (9,209,661) Other non-current assets 191,577 158,948 Total non-current assets $10,119,763 $10,149,030 Total assets $18,498,104 $16,334,757 Liabilities and Shareholders' Equity Trade accounts payable $ 1,713,760 $ 1,805,361 Revolving line of credit - engines 1,173,089 534,185 Accrued expenses 1,599,602 1,109,848 Current portion of long term debt 767,254 1,363,316 Reserve for warranty expense 410,000 400,000 Reserve for boat repurchases 207,359 207,359 Customer deposits 228,608 412,809 Other current liabilities 80,804 248,420 Total current liabilities 6,180,476 6,081,298 Long term debt 5,433,184 7,049,049 Total liabilities 11,613,660 13,130,347 Shareholders' equity: Common stock outstanding, $.01 per share par value $ 30,291 $ 30,291 Treasury stock at cost (10,000 shares) (110,748) (110,748) Capital contributed in excess of par value 9,297,450 9,297,450 Deficit in retained earnings (2,332,549) (6,012,583) Net shareholders' equity $ 6,884,444 3,204,410 Total liabilities and shareholders' equity $18,498,104 16,334,757 CONTACT: Fountain Powerboat Industries Inc., Washington Carol J. Price, 919/975-2000 |
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