Fountain reports 30-percent sales growth

WASHINGTON, N.C. – Fountain Powerboat Industries, Inc. (NASDAQ: FPWR), a manufacturer of high performance sport boats, fish boats and express cruisers, saw a 30.4 percent increase in net sales for the first quarter of fiscal 2005, compared to the first quarter of 2004, it reported in a statement today.

Net sales for the quarter, which ended September 30, were $16,803,907, up from $12,885,232 for the first quarter of fiscal 2004. Fountain attributed the increase in sales to an improved sales model mix and an increase in boat production.

Operating earnings for the quarter was $509,139 as compared to $110,752 for the first quarter of fiscal 2004. Net earnings were $313,925, or $.07 per share for the quarter compared to a net loss of $356,347, or $(.08) for the same quarter of fiscal 2004, according to the boat builder.

Boat builder optimistic about 2005

Fountain said its firm order backlog at $34 million continues to be strong, especially for this time of year.

The boat builder added that its project to enhance the process flow and efficiency of the factory is almost complete. Included is a new ventilation and dust collection system that will meet or exceed Air Quality MACT standard and OSHA regulations. This project will facilitate cost reduction and increased production capacity, according to Fountain.

Fountain plans to introduce new fish boat models soon, which it expects to give the company a more predominant presence in the fish boat market. This is in addition to the new 42-foot Poker Run Sport Boat it recently launched that was born out of its current and past National and World Champion Super V Race Boat.

“We are taking the necessary steps in all areas of our company to attain our Fiscal 2005 business plan of $67 million sales and to propel us to $80 million sales in Fiscal 2006, said Reginald M. Fountain, Jr., Fountain president and chief executive officer. “We accomplished our goals for the past two years, and short of any unforeseen setback in the economy or the marine industry, we expect to continue to meet our goals.”

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