WASHINGTON, Mo. – Challenger Powerboats, Inc. (OTC Bulletin Board: CPWB) saw its revenue for the quarter ended March 31 hit $1,598,546 vs. $758,590 for the same quarter of 2006, a 110-percent increase, the company reported in a statement this morning.
Net loss per share for the quarter ended March 31 was ($.04) vs. ($.068) for the quarter ended March 31, 2006. The company’s acquisition of IMAR Group on January 31 was consolidated in its first quarter results, it said.
Challenger CEO Laurie Phillips stated, “While we are encouraged by our solid revenue growth in the first quarter, we are continuing with a keen focus on improving our efficiencies as we progress towards profitability. In just the past several months alone our gross margins have improved dramatically due to the implementation of strict ‘Lean Manufacturing’ principles and processes. We’ve also identified other areas of organizational inefficiencies which we have begun to address with long-term solution solutions.”
She added, “As I have recently stated, while 2006 was a year of major transition for Challenger due to our organizational restructuring and management changes, 2007 will be the year in which our shareholders can expect to see a marked improvement in our performance. From analysis of our sector, demographics and our current product positioning, we have the ability to grow very rapidly and achieve our near-term goal of becoming a major niche player in the recreational boat market. I believe our results in the upcoming quarters will begin to bear that out.”
Challenger Powerboats, Inc. designs and manufactures high performance offshore racing boats, family sport cruisers, jet boats and water ski tow boats under the brands Challenger Powerboats, Sugar Sand and Gekko.
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