Fountain Powerboat Industries Inc. reports first half fiscal 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)--Jan. 30, 1996--Mr. 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. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :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 first half ended Dec. 31, 1995, sales were $18,286,991 and net income was $1,558,970, or 53 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . For the first half of the prior year ended Dec. 31, 1994, sales were $19,157,656 and net income was $1,533,605, or 51 cents per share. For the second quarter ended Dec. 31, 1995, sales were $9,287,467 and net income was $1,157,641, or 38 cents per share. For the second quarter of the prior year ended Dec. 31, 1994, sales were $9,658,597 and net income was $762,872, or 25 cents per share. Included in earnings for the first half and the second quarter was a non-recurring $800,000 discount earned for the early retirement of a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , interest bearing note payable to a vendor. The vendor's discounting of the note payable was in consideration for early repayment and for services the company provided in the development, promotion and marketing of the vendor's products in conjunction with the company's offshore fishing boat line. In addition to the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of the $800,000 discount upon the company's earnings, it also contributed to the company's improving balance sheet position. Mr. Fountain said that 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 were less for the first half of Fiscal 1996 because the sales mix sales mix See product mix. contained more smaller, less profitable boats and selling expenses were higher. Based upon sales orders 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. in hand, he predicted a greater proportion of the sales mix will be of the larger, more profitable boats in the second half. In particular, the company has a large 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. for its stunning new 47' Lightning lightning, electrical discharge accompanied by thunder, commonly occurring during a thunderstorm Sport Boat. This highly profitable new model will be produced and sold in quantity in the second half of Fiscal 1996. The company has also completed additional research and development on its new positive-lift hull bottom. The further improved new hull design provides greater speed, better handling, and improved fuel economy. 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 Balance Sheets
(Unaudited)
Dec. 31,
1995 1994
Assets
Cash $ 427,326 $ 179,700 Accounts receivable 1,781,682 1,861,304 Inventories 3,579,889 3,344,820 Prepaid expenses 203,613 304,744 Other current assets 183,393 550,000 Total current assets 6,175,903 6,240,568 Property, plant and equipment 19,873,527 18,737,741 Accumulated depreciation (10,009,717) (8,400,842) Other non-current assets 161,948 159,443 Total non-current assets $10,025,758 $10,496,342 Total assets $16,201,661 $16,736,910 Liabilities and Shareholders' Equity Trade accounts payable $ 1,627,247 $ 4,209,635 Revolving line of credit - engines 1,070,486 659,589 Accrued expenses 1,083,056 1,314,609 Current portion of long term debt 723,178 563,784 Reserve for warranty expense 400,000 315,000 Reserve for boat repurchases 207,359 250,000 Customer deposits 275,691 138,924 Other current liabilities 197,541 650,000 Total current liabilities 5,584,558 8,101,541 Long term debt 5,823,723 5,945,230 Total liabilities 11,408,281 14,046,771 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 (4,423,613) (6,526,854) Net shareholders' equity $ 4,793,380 2,690,139 Total liabilities and shareholders' equity $16,201,661 16,736,910
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1995 1994 1995 1994
Net sales $9,287,467 $9,658,597 $18,286,991 $19,157,656 Cost of sales 7,303,494 7,622,352 14,657,114 15,176,134 Gross margin $1,983,973 $2,036,245 $ 3,629,877 $ 3,981,522 Operating expenses 1,572,199 1,130,553 2,710,183 2,136,475 Other expense (745,867) 142,820 (669,276) 311,442 Net income/(loss) before income taxes $1,157,641 $ 762,872 $ 1,588,970 $ 1,533,605 Income tax provision 0 0 0 0 Net income/ (loss) $1,157,641 $ 762,872 $ 1,588,970 $ 1,533,605 Net income/(loss) per share $ 0.38 $ 0.25 $ 0.53 $ 0.51 Weighted average shares outstanding 3,019,072 3,019,072 3,019,072 3,019,072 CONTACT: Fountain Powerboat Industries Inc., Washington Carol J. Price, 919/975-2000 |
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