Boat builder reports restructuring progress
WASHINGTON, Mo. – While boat builder Xtreme Companies, Inc. (OTC Bulletin Board: XTME) reported a loss for the quarter ended Sept. 30, it said much of its corporate restructuring is complete.
Revenue for the quarter ended Sept. 30, 2006 was ($8,481) vs. $334,671 for the quarter ended Sept. 30, 2005, due to adjustments, the company stated in a recent report. Net loss for the quarter ended Sept. 30, 2006 was (.04) per share vs. (.03) per share for the quarter ended Sept. 30, 2006.
“Following significant management changes in May of this year, we embarked on a major corporate restructuring to refocus the company on its core business,” said Xtreme CEO Laurie Phillips. “During this time over the past two quarters, I believe we completed much of the heavy lifting.”
She cited several examples of progress the company has made over the past two quarters, including: termination of contracts and agreements with non-performing outside distributors harmful to both short-term and long-term growth; cease of production of the Fire-Rescue and Patrol boats and selling off of related assets to focus exclusively on the commercial production and marketing of Challenger Powerboat line; reorganization of entire production line process and implementation of tight cost control measures in order to eliminate inefficiencies, reduce the associated costs and significantly improve margins; reduction in the number of Challenger models offered in the near term from 29 to 6.
Phillips also highlighted the appointment of former Fountain Power Boats COO Jack Clark as Xtreme COO and of former Brunswick Boats sales executive Jeff Gayer as national sales manager.
“We deeply appreciate the patience of our shareholders through this process and believe our new management team can now begin to deliver results,” she concluded.
Xtreme Companies, Inc. produces high end, semi-custom fiberglass sport cruiser and high performance boats under the Challenger Powerboats brand.
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