Jupiter reports 15.2 percent revenue increase
FORT LAUDERDALE, Fla. – Jupiter Marine International Holdings, Inc. – a designer, manufacturer and marketer of sportfishing boats under the Jupiter brand name – increased its revenue 15.2 percent for the second quarter of the 2005 fiscal year, compared to the same period the year before, the company reported in a release today.
Net sales for the second quarter of fiscal 2005 increased 15.2 percent to $2.6 million from $2.3 million in the same period last year. Jupiter said its higher sales were due to increased demand for its outboard product line. Gross profit increased 26.4 percent to $714,000, or 27.3 percent of net sales, in the second quarter of fiscal 2005 from $565,000, or 24.9 percent of net sales, in the comparable period of last year. Those results were attributed to better utilization of overhead and improved materials management, which came in spite of rising raw materials costs such as the petroleum-based resin used in assembling Jupiter’s boats.
Net sales for the first half of fiscal 2005 increased 20.6 percent to $5.4 million from $4.5 million in the same period last year. Gross profit increased 25.7 percent to $1.4 million, or 26.2 percent of net sales, from $1.1 million, or 25.1 percent of net sales, in the year earlier period.
“We began the year with a record order backlog of approximately six months at July 31, 2004, which has remained steady throughout the first half of fiscal 2005,” Carl Herndon, Jupiter Marine’s president, said. “We attribute this continued demand for our boats to outstanding customer service, the increased recognition of our brand among boaters and our well connected dealer network.”
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