Fountain Powerboat Industries Reports Fourth Quarter and Fiscal Year End 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)--Sept. 28, 1999-- 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) ), announces sales and earnings for the fourth quarter and Fiscal year ended June June: see month. 30, 1999. Sales for Fiscal 1999 were $53.4MM and earnings were $(1.2MM) or $(.27) per share. This compares with Fiscal 1998 sales of $50.7MM and earnings of $2.7MM or $.58 per share. Overall, revenues increased by $2.8MM or 5.5% over last Fiscal year. 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 $.8MM or $.17 per share as compared to $4.1MM or $.86 per share for Fiscal 1998. Revenues for the fourth quarter of Fiscal 1999 increased by $.4MM to $13.7MM as compared to $13.3MM for the last Fiscal year. Operating earnings increased to $.2MM for the quarter as compared to $(.7MM) for the last quarter of Fiscal 1998. Fiscal 1999 has been a year of transition. During the year the Company has made a number of changes impacting the Company's ability to increase both revenue and earnings. Included in these changes are a strategic restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). during the second quarter of $2.4MM, achievement of ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certification and renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. efforts in marketing to the military and government. SPECIAL NOTE: HURRICANE FLOYD This article is about the 1999 hurricane. For other storms of the same name, see Tropical Storm Floyd (disambiguation). Hurricane Floyd was the sixth named storm, fourth hurricane, and third major hurricane in the 1999 Atlantic hurricane season. : The Company did not sustain any significant damage from the hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. and the resulting flooding Refers to various denial-of-service techniques that saturate a critical resource, leading either to system failure or to the exclusion of legitimate access. See e-mail bombing, Fraggle attack, smurf attack and SYN-flood attack. . Despite some roads remaining flooded flood n. 1. An overflowing of water onto land that is normally dry. 2. A flood tide. 3. An abundant flow or outpouring: received a flood of applications. See Synonyms at flow. , the Company began shuttling Dot line printers use shuttle mechanisms to build a line of dots (dot row) by moving the print mechanism horizontally whilst rendering dots. Different manufacturers use different tecniques. employees to work and resumed partial production operations. Management believes the Company is insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. for any damage, including business interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. coverage. 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.
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30,
1999 1998
CURRENT ASSETS:
Cash & cash equivalents $ 2,217,301 $ 1,376,984
Accounts receivable, less
allowance for doubtful
accounts of $30,000 for
1999 and 1998 1,576,712 2,715,754
Inventories 7,307,890 7,077,540
Prepaid expenses 761,486 489,290
Current tax assets 2,221,499 1,058,967
------------ ------------
Total Current Assets 14,081,888 12,718,535
PROPERTY, PLANT AND EQUIPMENT, net 19,065,270 19,156,855
OTHER ASSETS 780,802 622,003
------------ ------------
$ 33,930,960 $ 32,497,393
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes payable - related party $ - $ 415,821
Current maturities of long-term
debt 2,464,535 981,365
Current maturities of capital
lease 11,788 -
Accounts payable 3,961,516 3,591,489
Accrued expenses 2,231,061 1,939,791
Dealer territory service accrual 2,037,170 2,046,939
Customer deposits 687,560 510,967
Allowance for boat repurchases 200,000 200,000
Warranty reserve 590,000 500,000
Net liabilities of discontinued
operations - 103,612
------------ ------------
Total Current Liabilities 12,183,630 10,289,984
LONG-TERM DEBT, less current maturities 10,138,395 9,499,895
CAPITAL LEASE, less current maturities 76,939 -
DEFERRED TAX LIABILITY 899,680 926,807
COMMITMENTS AND CONTINGENCIES (See Note 9) - -
------------ ------------
Total Liabilities 23,298,644 20,716,686
------------ ------------
STOCKHOLDERS' EQUITY
Common stock, par value $.01 per
share, authorized 200,000,000
shares; issued $4,732,608 and
4,702,608 shares 47,326 47,026
Additional paid-in capital 10,303,640 10,196,540
Accumulated earnings 392,098 1,647,889
------------ ------------
10,743,064 11,891,454
Less: Treasury Stock,
at cost 15,000 shares (110,748) (110,748)
------------ ------------
10,632,316 11,780,707
------------ ------------
$ 33,930,960 $ 32,497,393
------------ ------------
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended June 30,
----------------------------------------------
1999 1998 1997
------------- ------------- -------------
NET SALES $ 53,428,487 $ 50,652,037 $ 50,514,325
COST OF SALES 41,547,716 38,084,034 36,976,247
------------ ------------- -------------
Gross Profit 11,880,771 12,568,003 13,538,078
------------- ------------- -------------
EXPENSES:
Selling expense 7,934,683 5,687,097 6,463,375
Selling expense -
related party - - 500
General and
administrative 2,628,722 2,722,665 2,240,112
General and
administrative -
related parties 498,307 73,853 313,758
------------- ------------- -------------
Total expenses 11,061,712 8,483,615 9,017,745
------------- ------------- -------------
OPERATING INCOME (LOSS) BEFORE
STRATEGIC CHARGE 819,059 4,084,388 4,520,333
STRATEGIC CHARGE 2,440,000 - -
------------- ------------- -------------
OPERATING INCOME (LOSS) (1,620,941) 4,084,388 4,520,333
------------- ------------ -------------
NON-OPERATING INCOME (EXPENSE):
Other income 130,118 252,967 437,694
Interest expense (1,003,280) (807,423) (557,768)
Interest expense -
related parties (20,447) (26,509) -
Gain on disposal of assets 69,100 4,637 -
------------- ------------- -------------
(824,509) (576,328) (120,074)
INCOME (LOSS) BEFORE
INCOME TAXES (2,445,450) 3,508,060 4,400,259
CURRENT TAX EXPENSE
(BENEFIT) (1,189,659) 1,057,640 330,427
DEFERRED TAX EXPENSE - 10,864 -
------------- ------------ -------------
INCOME (LOSS) FROM CONTINUING
OPERATIONS (1,255,791) 2,439,556 4,069,832
DISCONTINUED OPERATIONS
(See Note 14):
(Loss) from Operations
of Fountain Power, Inc.
and Mach Performance, Inc.
(Net of no income tax effect) - - (2,389,480)
Estimated income (loss)
on disposal of the
operations of Fountain Power,
Inc. and Mach Performance,
Inc. (Net of $282,512
income tax benefit) - 300,931 (440,401)
------------- ------------- -------------
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS - 300,931 (2,829,881)
------------- ------------- -------------
NET INCOME (LOSS) $ (1,255,791) $ 2,740,487 $ 1,239,951
------------- ------------- -------------
FOUNTAIN POWERBOAT, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(CONTINUED)
Year Ended June 30,
----------------------------------------------
1999 1998 1997
------------- ------------- -------------
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations $ (.27) $ .51 $ .87
Loss from operations of
discontinued segments - - (.51)
Estimated income (loss)
on disposal
of discontinued segments - .07 (.09)
------------- ------------- -------------
BASIC EARNINGS PER SHARE $ (.27) $ .58 $ .27
------------- ------------- -------------
WEIGHTED AVERAGE SHARES
OUTSTANDING 4,711,896 4,751,779 4,664,251
------------- ------------- -------------
DILUTED EARNINGS PER SHARE:
Continuing operations $ N/A $ .48 $ .80
Loss from operations of
discontinued segments N/A - (.47)
Estimated income (loss)
on disposal of
discontinued segments N/A .06 (.09)
------------- ------------- -------------
DILUTED EARNINGS PER SHARE: $ N/A $ .54 $ .24
------------- ------------- -------------
DILUTED WEIGHTED AVERAGE
SHARES OUTSTANDING N/A 5,110,090 5,093,289
------------- ------------- -------------
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