Fountain on track to hit $80-million goal

WASHINGTON, N.C. - During its annual shareholder meeting, boat builder Fountain Powerboat Industries, Inc. (AMEX:FPB) reported that it's on track to meet its goal of generating $80 million in revenues and significant increases to its net profits in fiscal 2006, according to a recent company statement.

The manufacturer of high performance sport boats, fish boats and express cruisers held its annual meeting of shareholders on Tuesday, November 30 at the company's corporate headquarters in Washington, N.C.

During the meeting, Fountain Powerboat's Chairman and Chief Executive Reginald M. Fountain Jr. highlighted the company's accomplishments during fiscal 2005 and outlined its strategy to deliver even greater value to customers and shareholders during fiscal 2006.

"The very positive results for fiscal 2005, ended June 30, 2005, are a reflection of the hard work of our entire team," commented Fountain. "This has been a successful year of strong brand building, business growth, product line expansion, and profitability for the company. We are confident the restructuring of our manufacturing process and procedures, coupled with the strengthening of our management team provides a strong foundation for increased revenue growth and profitability for fiscal 2006.

"We believe the support of our shareholders, the hard work of our management team and employees, along with the assistance of our newly appointed directors and independent auditors, will provide the catalyst to reach our goals and maintain a leadership role in the industry into 2006 and beyond," added Fountain.

In his Chairman's Report delivered during the meeting, Fountain highlighted a number of accomplishments during fiscal 2005, including significant revenue growth for the year and a strong backlog that will be built out during fiscal 2006; an increase in the manufacturing team, as well as the addition of multi-talented members to the management team; the initiation of programs to increase manufacturing capacity, productivity and efficiency which significantly increased revenue growth and improved gross margins; the launch of four new boat models; the development of a sales training program to assist Fountain dealers in achieving their revenue goals; and an expanded and strengthened dealer network.

In addition, Fountain shareholders approved the appointment of nine directors, seven incumbents and two new nominees, to Fountain Powerboat's board of directors. The two new directors included Anthony J. Romersa and Anthony A. Sarandes. Mr. Romersa previously served as Fountain's Executive Vice President and Chief Operating Officer (COO) from 1998 to 2002. Mr. Sarandes held the position of Chairman and Chief Executive Officer (CEO) for Equiflor Corporation.

Shareholders also ratified the appointment of Dixon Hughes PLLC as independent public accountants. Dixon Hughes, ranked as a top fifteen firm, was first appointed as Fountain's independent accountants in 2004. As independent public accountants, Dixon Hughes will continue to provide services including performing the audit of the corporation's annual financial statements, reviewing quarterly financial statements, tax preparation and consultation.

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