Fountain Powerboat Industries Inc. reports first quarter results.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 quarter ended Sept. 30, 1995, sales were $8,999,524 and net income was $431,329, or $.14 per share. The prior year's first quarter 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 were $9,499,059 and the net profit was $770,733, or $.26 per share. Mr. Fountain said that net earnings were less for the first quarter of this fiscal year primarily because net sales and gross margin on sales were less than for the first quarter of last year. Selling price increases planned for the new fiscal year were only partially in effect for the first quarter because orders for most of the boats sold in the first quarter were taken prior to the effective date of the price increases. Beginning in October October: see month. , all sales will be at the new, higher prices. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were also somewhat higher this year than last year. Looking ahead, Mr. Fountain pointed Fountain Point is an historic landmark located in Suttons Bay Township, Michigan, which is part of Leelanau County and the Leelanau Peninsula. Its name is derived from a fountain of sparkling artesian spring water,[1] situated on a large point on Lake Leelanau, out that the company has the largest number of sales backorders that it has ever had at this time of the year. The sales 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. is for approximately 120 boats having an estimated sales value of $12,000,000. He believes that earnings will be significantly better over the remainder of the year as: -- Selling price increases take effect, -- Building additions are completed to smooth the flow of boats through the manufacturing process, -- Quality and productivity are improved by implementing improved manufacturing processes, and -- A highly profitable new product, the 47' Lightning lightning, electrical discharge accompanied by thunder, commonly occurring during a thunderstorm Sport Boat, is built and sold. 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
(Unaudited)
Three Months Ended
Sept. 30, Sept. 30,
1995 1994
Net sales $ 8,999,524 $9,499,059 Cost of sales 7,353,620 7,553,782 Gross margin $ 1,645,904 $1,945,277 Percent 18.29% 20.48% Operating expenses 1,137,984 1,005,922 Other (income)/ expense 76,591 168,622 Net income/(loss) before income taxes $ 431,329 $ 770,733 Income tax provision 0 0 Net income/ (loss) $ 431,329 $ 770,733 Percent 4.79% 8.11% Net income/(loss) per share $ .14 $ .26 Weighted average shares outstanding 3,019,072 3,019,072
Condensed Consolidated Balance Sheets
(Unaudited)
Fiscal Year Ended
Sept. 30, Sept. 30,
1995 1994
Assets
Cash $ 228,087 $ 8,965 Accounts receivable 1,946,111 1,370,925 Inventories 3,438,373 3,026,516 Prepaid expenses 184,275 478,717 Other current assets 183,393 850,000 Total current assets 5,980,239 5,735,123 Property, plant and equipment 19,470,850 18,500,057 Accumulated depreciation (9,624,674) (7,984,816) Other non-current assets 160,448 156,443 Total non-current assets $10,006,624 $10,671,684 Total assets $15,986,863 $16,406,807 Liabilities and Shareholders' Equity Trade accounts payable $ 1,414,508 $ 4,229,065 Revolving line of credit - engines 1,181,964 428,550 Accrued expenses 639,962 1,099,378 Current portion of long term debt 1,141,905 6,445,442 Reserve for warranty expense 400,000 315,000 Reserve for boat repurchases 207,359 250,000 Customer deposits 357,887 410,318 Other current liabilities 197,541 1,100,000 Total current liabilities 5,541,126 14,277,753 Long term debt 6,809,998 201,787 Total liabilities 12,351,124 14,479,540 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 (5,581,254) (7,289,726) Net shareholders' equity $ 3,635,739 1,927,267 Total liabilities and shareholders' equity $15,986,863 16,406,807 CONTACT: Fountain Powerboat Industries Inc., 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. Carol J. Price, 919/975-2000 |
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