WASHINGTON, Mo. – Challenger Powerboats, Inc. (OTC Bulletin Board: CPBI), a manufacturer of powerboats, tow boats and water-jet powered sport boats, has formed strategic initiatives for 2008 and summarized its key achievements for the past year, it reported in a recent statement.
It said its key achievements and events during 2007 include: acquisition of IMAR Group (Sugar Sand) and the assets and technology of Gekko Sports in January; posting $5.8 million of record revenue for the nine month period ended Sept. 30, 2007 versus negative revenue for the same period 2006; a major restructuring of the company's balance sheet, whereby liabilities decreased by $19.4 million and equity increased by $15.1 million through Sept. 30, 2007; the company's first ever dealer meeting held in September, which yielded $4.5 million in new boat orders; and a partnership with Italian engineering design firm Pininfarina to create a high end limited edition high performance boat series.
"2007 was a milestone year for Challenger,” said Challenger CEO Laurie Phillips. “Beginning with our acquisition of the IMAR Group and the assets and technology of Gekko Sports in January, we added two exciting boat brands, Sugar Sand and Gekko to our product offering. Additionally, we procured approximately $10 million of floor plan financing and expanded domestic and international distribution to over 130 dealers. Though it has taken most of the year to fully integrate the acquisition, we believe 2008 will prove to be the breakout year for Challenger in terms of accelerated top and bottom line growth."
The company listed the following as its strategic initiatives and goals for 2008:
"We are restructuring our production operation to institute additional efficiency procedures in an effort to increase production,” Phillips added. “Our sales backlog is growing at a pace that requires a significant improvement in output. We are also reinforcing our customer relations effort and quality control to ensure that our dealers receive superior service. This will be supported by an updated company website.
"Our ultimate objective is to continue the growth momentum that was instituted in 2007 to deliver profitability in 2008. We expect a strong reception to the new, high performance boats designed by Pininfarina, which should further our efforts to delivering solid earnings for this year."
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