Despite sales increase, Xtreme still in the red
WASHINGTON, Mo. – Boat builder Xtreme Companies, Inc. (OTC Bulletin Board: XTME) saw its sales increase and its net loss decline during the first quarter of 2006, compared to the same period of last year.
Revenue for the quarter ended March 31 was $758,590 vs. $68,000 for the same quarter of 2005, an increase of more than 1,000 percent. The increase in revenue was due in part to the company’s acquisition of Marine Holdings, Inc. d/b/a Challenger Offshore.
Net loss for the quarter decreased to (.06) from (.08) for the quarter ended March 31, 2005.
“While we are pleased with the significant increase in our top line vs. last year, we are by no means satisfied,” said Xtreme CEO Laurie Phillips. “We have begun to implement initiatives which we believe are critical for us to achieve accelerated revenue growth and transition to positive cash flow and profitability. The two primary areas we’ve targeted are; lowering our product costs by identifying and improving on the inefficiencies in our production process as well as increasing our ability to generate scale with a national footprint by aggressively expanding our dealer network.”
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