Fountain Power Boats (FPWR) NASDAQ Message Board

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Non-Tech : Fountain Power Boats (FPWR) NASDAQ

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To: Five2Mil who wrote (150)	9/11/1997 2:55:00 AM
From: Leland Ho	of 241

What is up with Fountain Powerboat? Last year they annnounced earnings on August 15th. Here it is, September 10th and still no results. I'm worried about what is going on. Clearly certain things have not worked out the way the company had expected since the last earnings report. In that report they said that they expected to form a strategic alliance with an engine manufacturer by June 30th. It is now almost 3 months past that date and still nothing. They also claimed that Fountain Power Inc, the company's new subsidiary would begin profitable manufacturing operations soon. This whole affair appears to have become quite a fiasco. Since that last announcement, Gary Garbrecht has resigned: sec.gov I've heard rumors that it was might have been because he had mis-represented things about Mach Performance to Fountain when they bought the company and that he wasn't able to make it profitable. I think there was even talk of a potential lawsuit against Garbrecht. I don't really know the details. Fountain has since shut down the operation of Mach Performance. I'm guessing it is likely that this will affect earnings negatively. If these two expectations are no longer true, I wonder what others to believe, like are they going to be "solidly profitable" in the 4th quarter and the fiscal year? If you look closely at the 3-for-2 split announcement that came out, it says that Fountain expected: "to achieve record earnings for the new fiscal year which began July 1." Notice how this statement avoids any mention of the 4th quarter. OK, now I'm probably getting a little parnoid, but there it is. As if all of this already doesn't sound enough like a soap opera, there was an article in The News & Observer about the ongoing lawsuit between Fountain and Michael Jordan: search.nando.net Sometimes I don't know whether to laugh or cry. I've decided to cut my position in FPWR until I can figure out what is really going on there. Perhaps everything is still on track, but too many flags have been raised for me to ignore. It's really a shame too. I've followed Fountain Powerboat for a long time and it has been one of my favorite companies and one of my largest holdings. Leland

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