WASHINGTON, N.C. -- Fountain Powerboat Industries, Inc. (AMEX:FPB), a manufacturer of high performance sport boats, fish boats and express cruisers, reported only a slight dip in sales for the first quarter of fiscal 2009, ended Sept. 30. However, its top executive expects the economy to continue to decline.
Net sales for the first quarter were $17.6 million, compared to sales of $18 million for the first quarter of fiscal 2008, according to Fountain.
"The continued decline in the domestic marine market is due to economic conditions and tightening credit availability, with the international market showing signs of weakening," stated Fountain's founder and CEO Reginald M. Fountain, Jr. "We are pleased that the first quarter results are comparable to last year's first quarter, but expect the remainder of the year to be challenging. We are reducing costs in anticipation of the continued decline in the economy."
Operating profit for the first quarter of fiscal 2009 was $349,543, versus an operating profit of $638,470 for the first quarter of fiscal 2008.
Net profit for the first quarter of fiscal 2009 was $81,769 versus a net profit of $273,340 for the first quarter of fiscal 2008, the company stated.
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