Fountain Powerboat Industries reports first half fiscal 1995 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. 25, 1995--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 president 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 first six months ended Dec. 31, 1994, the company's net income was $1,533,605 or $.51 per share compared to a net loss of $747,949 or $.26 per share for the six months ended Dec. 31, 1993. For the quarter ended Dec. 31, 1994 net income was $762,872 or $.25 per share as compared to a net loss last year of $125,863 or $.04 per share. The sharp recovery in the recreational boating industry continued to favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affect Fountain Powerboats in the second quarter with revenues up by 52% as compared to the second quarter of last year and gross margin up by 109%. The improved economic environment for recreational boating, the end of the luxury tax on boats, and the strong reception accorded the company's new "positive lift" hull all contributed to the record second quarter for the company. Fountain said that orders for the third quarter were continuing strong and that he expects that this seasonally weakest quarter will show good profits. All signs indicate that the six year decline in recreational boating has ended. 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. -0-
Fountain Powerboats Industries Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months Ended
Dec. 31, Dec. 31, Dec. 30, Dec. 30,
1994 1993 1994 1993
Net sales $9,658,597 $6,336,399 $19,157,656 $11,613,266 Cost of sales 7,622,352 5,360,112 15,176,134 10,252,497 Gross margin $2,036,245 $ 976,287 $ 3,981,522 $ 1,360,769 Operating expenses 1,130,553 989,797 2,136,475 1,932,238 Other expense 142,820 112,353 311,442 176,480 Net income/(loss) before income taxes $ 762,872 $ (125,863) $ 1,533,605 $ (747,949) Income tax provision 0 0 0 0 Net income/(loss) $ 762,872 $ (125,863) $ 1,533,605 $ (747,949) Net income/(loss) per share $ 0.25 $ (0.04) $ 0.51 $ (0.26) Weighted average shares outstanding 3,019,072 2,932,500 3,019,072 2,932,500 CONTACT: Fountain Powerboat Industries Inc. Carol J. Price, 919/975-2000 |
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