Earnings decline for Fountain Powerboats
WASHINGTON, N.C. — Fountain Powerboat Industries, Inc. reported an increase in net sales of more than $883,000 for the first quarter of fiscal 2004 ending September 30, according to a statement from the company today.
Net sales were said to increase to $12,885,232 from $12,002,119, but operating income for the quarter was $110,752 as compared to $605,960 for the same period of the previous year. Net loss was $345,009 for the quarter compared to net earnings of $169,244 for the same quarter of fiscal 2003.
Fountain attributes the net loss for the first quarter of 2004, as compared to the first quarter of 2003, to a sales model mix, expenses related to implementing an $18,000,000 long-term Bank of America loan which closed on July 17, and additional advertising expense related to the recent introduction of our its new cruisers and fish boats, the company stated.
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