Challenger reports 2007 initiatives

WASHINGTON, Mo. – Challenger Powerboats, Inc. summarized its key achievements for the past year and announced its strategic initiatives for 2007 in a press release today.

Challenger CEO Laurie Phillips stated, “2006 was a period of major transition and sweeping change at Challenger. In May, we commenced with a corporate restructuring, which included significant management changes, a fresh approach and a new direction for the organization. The close of the year saw us turn the corner as new partnerships were formed, valuable relationships evolved and we announced our first significant sales since emerging from our restructuring.”

The company said the following were among its key achievements of 2006:

  • Strengthened our management team by filling critical new, senior executive positions with seasoned and accomplished boating industry veterans.
  • Terminated contracts and agreements with non-performing outside distributors which were harmful to both our short-term and long-term growth.
  • Ceased production of the Fire-Rescue and Patrol boats and sold off related assets to focus exclusively on the commercial production and marketing of our Challenger Powerboat lines.
  • Reorganized our entire production line process and implemented tight cost control measures in order to eliminate inefficiencies, reduce the associated costs and significantly improve our margins.
  • Launched an extensive, multifaceted marketing campaign in conjunction with the rollout of our new and redesigned 2007 models.
  • “We believe 2007 will be a year of considerable growth for our organization,” Challenger COO Jack Clark said. “In October, we launched an aggressive marketing campaign, which included exhibitions at the Ft. Lauderdale and St Petersburg Boat Shows. We recently announced our scheduled attendance at the Miami International Boat Show in February and plan to soon announce appearances at several others. These shows are a critical component to one’s marketing strategy as they serve as a platform to introduce new companies, models and concepts to the marketplace.”

    He added, “Additionally, our boats have recently been tested by independent third parties and we expect these results to be posted along with features and ads in upcoming editions of major national boating magazines. This will serve to further raise our profile as we establish the Challenger brand.”

    The company said its strategic initiatives for 2007 include:

  • Expanding our distribution channels by aggressively adding new dealers and distributors throughout the U.S.
  • Continue to expand our brand awareness through boat show appearances, ad campaigns, boat testing, and publications in national boating magazines.
  • Continue to allocate a portion of our budget for capital expenditures required to add further efficiencies to our overall production process and increase our profit margins.
  • Targeting a strategic acquisition that would both significantly accelerate our top line growth as well as add accretively to earnings.
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