Fountain Powerboat Industries Inc. reports third quarter 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)--April 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 third quarter ended March 31, 1996, sales were $10,748,665 and net income was $503,023 or $.17 per share. For the third quarter of the prior year sales were $9,198,707 and net income was $121,603 or $.04 per share. For the first nine months ended March 31, 1996, sales were $29,035,656 and net income was $2,091,993 or $.69 per share. For the first nine months of the prior year ended March 31, 1995, sales were $28,356,363 and net income was $1,655,208 or $.55 per share. Mr. Fountain predicted that sales for the fourth quarter would exceed $12,000,000 and that net earnings would exceed $1,000,000. He said that net income for the full fiscal year is expected to exceed $3,000,000 or $1.00 per share. Mr. Fountain based his predictions upon 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. . In particular, the Company has a large order backlog for its 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. This highly profitable new model is now being produced and sold in quantity. The Company also produced six boats in the third quarter for the U.S. Government. These boats had a sales value of $895,000. 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 Nine Months Ended
March 31, March 31, March 31, March 31,
1996 1995 1996 1995
Net sales $10,748,665 $9,198,707 $29,035,656 $28,356,363 Cost of sales 8,409,285 7,542,456 23,066,399 22,718,590 Gross margin $ 2,339,380 $1,656,251 $ 5,969,257 $ 5,637,773 Operating expenses 1,831,041 1,421,532 4,541,224 3,558,007 Other expense 5,316 113,116 (663,960) 424,558 Net income/(loss) before income taxes $ 503,023 $ 121,603 $ 2,091,993 $ 1,655,208 Income tax provision 0 0 0 0 Net income/ (loss) $ 503,023 $ 121,603 $ 2,091,993 $ 1,655,208 Net income/(loss) per share $ .17 $ .04 $ .69 $ .55 Weighted average shares outstanding 3,019,072 3,019,072 3,019,072 3,019,072
FOUNTAIN POWERBOAT INDUSTRIES INC.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31,
1996 1995
Assets
Cash $ 689,395 $ 527,761 Accounts receivable 2,564,066 2,353,230 Inventories 3,364,027 3,130,259 Prepaid expenses 174,796 296,126 Other current assets 183,393 131,000 Total current assets 6,975,677 6,438,376 Property, plant and equipment 20,312,604 18,962,453 Accumulated depreciation (10,345,442) (8,814,473) Other non-current assets 163,448 162,443 Total non-current assets $10,130,610 $10,310,423 Total assets $17,106,287 $16,748,799 Liabilities and Shareholders' Equity Trade accounts payable $ 1,529,729 $ 2,096,394 Revolving line of credit - engines 1,159,461 649,544 Accrued expenses 1,399,331 1,150,963 Note payable to shareholder 170,000 0 Current portion of long term debt 752,916 1,240,133 Reserve for warranty expense 400,000 315,000 Reserve for boat repurchases 207,359 250,000 Customer deposits 365,152 397,023 Other current liabilities 197,541 155,000 Total current liabilities 6,181,489 6,254,057 Long term debt 5,628,395 7,683,000 Total liabilities 11,809,884 13,937,057 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 (3,920,590) (6,405,251) Net shareholders' equity $ 5,296,403 2,811,742 Total liabilities and shareholders' equity $17,106,287 16,748,799 CONTACT: Fountain Powerboat Industries Inc., Washington Carol J. Price, 919/975-2000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion