Fountain Powerboats’ profits up, sales down
November 13, 2007
Filed under Marine Finance
WASHINGTON, N.C. – Fountain Powerboat Industries, Inc. (AMEX: FPB), a manufacturer of high performance sport boats, fish boats and express cruisers, saw its profits increase and its sales decrease for the fiscal 2008 first quarter ended Sept. 30, it reported in a statement today.
Net sales for the first quarter were $18 million, a 7-percent decrease when compared to sales of $19.4 million for the first quarter of fiscal 2007.
“We expect revenues for fiscal 2008 to be flat, at approximately $68 million, which is an aggressive goal given the weak market for fiberglass recreational boats,” stated Fountain’s founder and CEO, Reginald M. Fountain, Jr. “Our revenue for the first quarter is in line with our goals for the year. While attendance at boat shows has been down this year, our participation has been intense and our sales at retail at the shows have been encouraging. We are confident that the introduction of new and enhanced boat models during fiscal 2008 will give a boost to our sales.”
Operating profit for the first quarter of fiscal 2008 was $638,470, versus an operating loss of $38,505 for the first quarter of fiscal 2007.
“The improvement in operating profit is the result of improvements in the productivity of the manufacturing operation and the aggressive cost and expense reduction program that the company’s management has effected over the past few months,” commented Fountain Chief Financial Officer Irving Smith.
Net profit for the first quarter of fiscal 2008 was $273,340 versus a net loss of $196,670 for the first quarter of fiscal 2007.
- For more of the latest news, click here.