FPWR Q1 earnings are out. Net revenues and net income were down from last year. I'm a little surprised to see no growth in revenue.
Leland
--------------------------------------------------------------------
Fountain Powerboat Industries, Inc. Reports First Quarter Results
Business Wire - November 14, 1997 17:50
WASHINGTON, N.C.--(BUSINESS WIRE)--Nov. 14, 1997--Mr. R.M. Fountain, Jr., Chairman and Chief Executive Officer of Fountain Powerboat Industries, Inc. (NASDAQ:FPWR) announced that for the first quarter ended September 30 , 1997, sales were $11,521,434 and the operating income was $1,126,613 or $.22 per share versus $1,513,258 or $.30 per share the previous year on sales of $12,320,373. Net income after the effect of income taxes was $970,339 or $.19 per share for the first quarter of Fiscal 1998 versus $1,335,389 or $.28 per share (increased from effect of NOL carry-forward from 1994) for the first quarter of Fiscal 1997. Operating income as a percent of sales for the first quarter of fiscal 1998 was 9.8% versus 12.3% for the same period the previous Fiscal year. Gross margins for the first quarter of Fiscal 1998 were 26% versus 26% for the previous Fiscal year. Sales for the first quarter of Fiscal 1998 were $798,939 less than sales for the first quarter of the 1997 Fiscal year primarily due to having one less week of production because of a scheduled vacation shutdown. Overall, sales and net income were as planned for the first Fiscal quarter of 1998. During the second quarter of Fiscal 1998, the Company expects to exceed the results of the first quarter of 1998 and the second quarter of Fiscal 1997.
The introduction of the new 51' Lightning with the new Surface Drive System and new "SV" Super Ventilated Positive Lift Hull design was made at the Annapolis Boat Show in mid-October. This boat was well received and should compliment our solidly planned second quarter. Also introduced this quarter are the new 42' Lightning with new deck, interior and "SV" hull, the new 46' Lightning with new Surface Drive System and "SV" hull and the 47' Lightning with new "SV" hull. These boats are our baseline for the Supercruisers to come beginning with the 65' under development at this time. The 65' Supercruiser designed with the new "SV" hull and Surface Drive System is scheduled to begin performance testing in December, 1997 with introduction scheduled for February, 1998 at the Miami International Boat Show.
Mr. Fountain indicates that the second quarter should exceed the first quarter of Fiscal 1998 and the second quarter of 1997 in both sales and pre-tax net income. He also said the Company would be solidly profitable for the year as he expects margins to get better due to an increase in higher margin boats over previous years. |
