Fountain Powerboats sees results improve

WASHINGTON, N.C. – Fountain Powerboat Industries, Inc. (AMEX:FPB), a manufacturer of high performance sport boats, fish boats and express cruisers, has seen improvement in its results during its fiscal 2008 second quarter and six-month period ended Dec. 31, it reported in a recent statement.

“With the marine market continuing to decline, we are pleased to report that we have increased our revenue 16.6 percent for the second quarter, when compared to last year’s second quarter,” commented Reginald M. Fountain, Jr., Fountain Powerboats chairman and CEO. “In addition to increased revenue for the quarter, we improved our gross margins and curtailed expenses, which allowed us to decrease our loss for the quarter by approximately 48 percent.

“Historically,” continued Fountain, “the second quarter is generally our weakest quarter, so we were very encouraged by our dealers’ success at the fall and winter boat shows.”

Net sales for the second quarter of fiscal 2008 were $15,196,038, an increase of approximately 16.6 percent, when compared to net sales of $13,032,786 for the comparable quarter of fiscal 2007.

Gross profit for the quarter was $2,216,271, with a gross profit margin of approximately 14.6 percent, versus a gross profit of $1,123,938, with a gross profit margin of 8.6 percent, for the second quarter of fiscal 2007.

Operating loss for the quarter was $447,076, a significant improvement when compared to an operating loss of $2,015,301 for the second quarter of fiscal 2007, the company stated.

Net loss for the quarter was $765,055, or net loss per share of $0.16 on a basic and diluted basis, versus a net loss of $1,495,478, or net loss per share of $0.31 on a basic and diluted basis, for the second quarter of fiscal 2007.

Net sales for the first six months of fiscal 2008, ended December 31, 2007, were $33,245,468, compared to net sales of $32,446,638 for the first six months of fiscal 2007.

Gross profit was $4,920,857, with a gross profit margin of approximately 14.8 percent, versus a gross profit of $3,999,855, with a gross profit margin of 12.3 percent, for the first six months of fiscal 2007.

Operating income was $191,393, compared to an operating loss of $2,053,806 for the first six months of fiscal 2007.

Net loss was $491,676, or a loss per share of $0.10 on a basic and diluted basis, compared to a net loss of $1,692,148, or a loss per share of $0.35 on a basic and diluted basis, for the first six months of fiscal 2007.

“Overall, the first six months of fiscal 2008 show a marked improvement, which we believe will continue throughout the remainder of fiscal 2008,” added Fountain.

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