FOUNTAIN POWERBOAT INDUSTRIES, INC.
FORM 10-Q
QUARTERLY REPORT
FOR THE QUARTER ENDED DECEMBER 31, 2000
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ___________
For the Quarter Ended Commission File Number
___________________ 0-14712
FOUNTAIN POWERBOAT INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Nevada 56-1774895
(State of other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
Whichard's Beach Road, P.O. Drawer 457, Washington, NC 27889
(Address of principal executive offices)
Registrant's telephone no., including area code:(252)975-2000
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the
issuer's classes of common stock as of the latest practicable
date.
Class Outstanding at January 30, 2001
_________________________ ______________________________
Common Stock, $.01 par value 4,732,608 Shares
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
INDEX
PART I. Financial Information. Page No.
Review Report of Independent Certified
Public Accountants........................... 4
Unaudited Consolidated Balance Sheets
December 31, 2000 and June 30,2000......... 5-6
Unaudited Consolidated Statements of Operations -
Three and Six Months Ended December 31,2000
and December 31,1999......................... 7
Unaudited Consolidated Statements of Cash Flows -
Six Months Ended December 31,2000
and December 31,1999........................ 8-9
Notes to Unaudited Consolidated Financial Statements ... 10-13
Management's Discussion and Analysis of
Results of Operations and Financial Condition. . . 14-16
PART II. Other Information.
Item 6. Exhibits and Reports on Form 8 and Form 8-K....... 16
Signature........................................ 17
To the Board of Directors
FOUNTAIN POWERBOAT INDUSTRIES, INC.
Washington, North Carolina
We have reviewed the accompanying consolidated balance sheet of
Fountain Powerboat Industries, Inc. as of December 31, 2000, and
the related consolidated statements of operations and cash flows
for the three and six months then ended. All information
included in these financial statements is the representation of
the management of Fountain Powerboat Industries, Inc.
We conducted our review in accordance with standards established
by the American Institute of Certified Public Accountants. A
review of interim financial information consists principally of
applying analytical procedures to financial data and making
inquiries of Company personnel responsible for financial and
accounting matters. It is substantially less in scope than an
audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material
modifications that should be made to the consolidated financial
statements referred to above for them to be in conformity with
generally accepted accounting principles.
/S/PRITCHETT, SILER & HARDY, P.C.
PRITCHETT, SILER & HARDY, P.C.
January 23, 2001
Salt Lake City, Utah
4
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
December 31, June 30,
2000 2000
___________ ___________
CURRENT ASSETS:
Cash and cash equivalents $ 2,048,890 $ 1,983,439
Accounts receivable, net 727,755 1,701,643
Inventories 5,263,320 7,880,136
Prepaid expenses 889,360 574,615
Current deferred tax assets 1,404,836 1,481,666
Deferred cost of sales 64,678 -
___________ ___________
Total Current Assets 10,398,839 13,621,499
___________ ___________
PROPERTY, PLANT AND EQUIPMENT 37,684,042 37,686,040
Less: Accumulated depreciation (19,332,402) (18,752,789)
___________ ___________
Total Property, Plant and
Equipment 18,351,640 18,933,251
___________ ___________
OTHER ASSETS 927,648 876,334
___________ ___________
$29,678,127 $33,431,084
=========== ===========
5
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
[Continued]
December 31, June 30,
2000 2000
___________ ___________
CURRENT LIABILITIES:
Current maturities - long-term debt $ 2,422,719 $ 2,613,534
Current maturities - capital lease 13,651 12,999
Accounts payable 4,237,535 4,993,717
Accrued expenses 2,209,851 2,504,603
Dealer territory service accrual 1,138,284 907,230
Customer deposits 165,035 322,040
Deferred sales 167,174 -
Allowance for boat repurchases 200,000 200,000
Reserve for warranty expense 590,000 590,000
___________ ___________
Total Current Liabilities 11,144,249 12,144,123
___________ ___________
LONG-TERM DEBT, less current portion 5,989,143 8,151,546
CAPITAL LEASE, less current maturities 63,288 63,940
DEFERRED TAX LIABILITY 925,152 1,180,817
COMMITMENTS AND CONTINGENCIES [NOTE 6] - -
___________ __________
Total Liabilities 18,121,832 21,540,426
___________ __________
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value,
200,000,000 shares authorized,
4,732,608 shares issued 47,326 47,326
Additional paid-in capital 10,303,640 10,303,640
Retained earnings 1,316,077 1,650,440
___________ __________
11,667,043 12,001,406
Less: Treasury stock (110,748) (110,748)
___________ __________
Total Stockholders' Equity 11,556,295 11,890,658
___________ ___________
$29,678,127 $33,431,084
=========== ===========
The accompanying notes are an integral part of these financial
statements.
6
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For The Three For The Six
Months Ended Months Ended
December 31 December 31
2000 1999 2000 1999
__________ ___________ ___________ ___________
NET SALES $8,838,621 $15,384,022 $22,524,964 $26,179,190
COST OF SALES 7,816,539 12,213,163 19,607,756 20,973,104
__________ ___________ ___________ ___________
Gross Profit 1,022,082 3,170,859 2,917,208 5,206,086
EXPENSES
Selling Expense 1,278,544 1,502,305 2,912,198 3,088,588
Selling expense -
related parties 117,255 - 157,375 127,097
General &
Administrative 720,005 694,530 1,467,697 1,416,033
__________ ___________ ___________ ___________
Total Expenses 2,115,804 2,196,835 4,537,270 4,631,718
__________ ___________ ___________ ___________
OPERATING INCOME(LOSS) (1,093,722) 974,024 (1,620,062) 574,368
NON-OPERATING
INCOME/(EXPENSE)
Other income
(expense) 1,069,187 (22,413) 1,077,874 6,573
Interest expense (217,764) (244,095) (471,455) (527,486)
Gain on sale of
assets 500,446 - 500,446 -
__________ ___________ ___________ ___________
INCOME(LOSS)BEFORE TAX 258,147 707,516 (513,197) 53,455
CURRENT TAX EXPENSE (9,785) - - (9,785)
DEFERRED TAXES(BENEFIT) 111,569 326,103 (178,835) 41,800
__________ ___________ ___________ ___________
NET INCOME (LOSS) 156,363 381,413 (334,362) 11,655
========== =========== =========== ===========
EARNINGS(LOSS)PER SHARE .033 .081 (.071) .002
__________ ___________ ___________ ___________
WEIGHTED AVERAGE
SHARES OUTSTANDING 4,732,608 4,732,608 4,732,608 4,732,608
__________ ___________ ___________ ___________
DILUTED EARNINGS PER
SHARE N/A N/A N/A N/A
__________ ___________ ___________ ___________
DILUTED WEIGHTED AVERAGE
SHARES OUTSTANDING N/A N/A N/A N/A
__________ ___________ ___________ ___________
7
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
December 31,
_____________________________
2000 1999
_____________ _______________
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income (Loss) $ (334,362)$ 11,655
Adjustments to reconcile net
income(loss)to net
Cash provided by operating
activities:
Depreciation Expense 1,193,082 1,053,298
Gain on sale of fixed
assets (500,446) -
Net deferred taxes (178,835) (242,504)
Change in assets and
liabilities:
(Increase) decrease in
accounts receivable 973,888 (508,416)
(Increase) decrease in
inventory 2,616,816 (1,320,877)
(Increase) decrease in
prepaid expenses (314,745) (41,457)
Increase (decrease)in
deferred sales 102,496 -
Increase (decrease)in
accounts payable (756,182) 1,545,274
Increase (decrease)in
accrued expenses (294,753) (258,528)
Increase (decrease)in
dealer territory
service accrual 231,054 -
Increase (decrease)in
customer deposits (157,005) (132,247)
_____________ _______________
Net Cash Provided
by (Used in)
Operating
Activities $ 2,581,008 $ 106,198
_____________ _______________
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property plant
and equipment (1,741,849) (565,787)
Proceeds from sale of fixed
assets 1,750,920 -
(Increase) in other assets (51,314) (64,397)
_____________ _______________
Net Cash Provided
by (Used) Investing
Activities $ (42,243)$ (630,184)
_____________ _______________
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt
(2,473,314) (850,447)
_____________ _______________
Net Cash Provided by
(Used in) Financing
Activities $ (2,473,314)$ (850,447)
_____________ _______________
Net increase (decrease) in cash $ 65,451 $ (1,374,433)
Cash and Cash Equivalents at
beginning of year $ 1,983,439 $ 2,217,300
_____________ _______________
Cash and Cash Equivalents at end
of period $ 2,048,890 $ 842,867
============= ===============
[Continued]
8
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
[Continued]
For the Six Months Ended
December 31,
_____________________________
2000 1999
_____________ _______________
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $ 474,502 $ 527,486
Income Taxes - -
Supplemental Disclosures of Non-Cash Investing and Financing
Activities:
For the six-month period ended December 31, 2000:
The Company purchased $120,096 in vehicles through the
issuance of additional notes payable.
For the six month period ended December 31, 1999:
None
The accompanying notes are an integral part of these financial
statements.
9
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
(Unaudited)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
Although these statements have been reviewed by our independent
auditors, they are unaudited. In the opinion of management, all
adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of
operations and cash flows at December 31, 2000 and for all periods
presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted for purposes
of filing interim financial statements with the Securities and
Exchange Commission. It is suggested that these condensed
financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's June 30,
2000 audited financial statements. The results of operations for
the period ended December 31, 2000 and 1999 are not necessarily
indicative of the operating results for the full year.
NOTE 2 - OTHER INCOME (EXPENSE)
During September 1999, the Company experienced flooding and
temporary closure of the production facility as a result of
hurricanes "Dennis" and "Floyd" hitting Eastern North Carolina.
As a result of the hurricanes, the Company sustained damages to
inventory and property, plant and equipment, including damages to
the yacht mold as well as lost revenue and additional expenses
from the business interruption.
The Company also experienced losses resulting from the closure of
the production facility and efficiencies due to storm
preparation, cleanup and the inability of the full work force to
report to work once the plant re-opened. The Company immediately
filed its claims for business interruption and believed it
complied with all aspects of its policy.
As of June 30, 2000, the insurance carriers had paid $1,783,618
in claims and in October, 2000, paid an additional $1,350,000 in
full and final payment of all claims. This has been reflected
under "Non-Operating Income (Expense)" on the statement of
operations.
Also inclued in other income is the gain on the sale of fixed assets
in the amount of $500,446. The majority of this gain was from the
sale of the Company's airplane.
10
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
(Unaudited)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 - ACCOUNTS RECEIVABLE
As of December 31, 2000, accounts receivable were $727,755 net of
the allowance for bad debts of $27,841. This represents a decrease
of $973,888 from the $1,701,643 in net accounts receivable recorded
at June 30, 2000. Of the $727,755 balance at December 31, 2000,
$422,542 has subsequently been collected as of January 31, 2001,
and the remaining $305,213 is believed to be fully collectible.
NOTE 4 - INVENTORIES
Inventories at December 31, 2000 and June 30, 2000 consisted of
the following:
December 31, June 30,
2000 2000
_____________ _____________
Parts and supplies...................$ 3,006,649 $ 3,402,176
Work-in-process...................... 1,721,933 3,743,713
Finished goods....................... 528,454 716,304
Sportswear........................... 156,284 167,943
Obsolete inventory reserve........... (150,000) (150,000)
_____________ _____________
Total..........................$ 5,263,320 $ 7,880,136
============= =============
NOTE 5 - REVENUE RECOGNITION
The Company generally sells boats only to authorized dealers and to
the U.S. Government. A sale is recorded when a boat is shipped to
a dealer or to the Government, legal title and all other incidents
of ownership have passed from the Company to the dealer or to the
Government, and an account receivable is recorded or payment is
received from the dealer, from the Government, or from the dealer's
third-party commercial lender. This is the method of sales
recognition in use by most boat manufacturers.
The Company has developed criteria for determining whether a
shipment should be recorded as a sale or as a deferred sale (a
balance sheet liability). The criteria for recording a sale are
that the boat has been completed and shipped to a dealer or to the
Government, that title and all other incidents of ownership have
passed to the dealer or to the Government, and that
there is no direct or indirect commitment to the dealer or to the
Government to repurchase the boat or to pay floor plan interest for
the dealer beyond the normal, published sales program terms.
11
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
(Unaudited)
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 - REVENUE RECOGNITION [Continued]
The sales incentive floor plan interest expense for each individual
boat sale is accrued for the maximum six-month (180 days) interest
payment period in the same fiscal accounting period that the
related boat sale is recorded. The entire six months' interest
expense is accrued at the time of the sale because the Company
considers it a selling expense. The amount of interest accrued is
subsequently adjusted to reflect the actual number of days of
remaining liability for floor plan interest for each individual
boat remaining in the dealer's inventory and on floor plan.
Presently, the Company's normal sales program provides for the
payment of floor plan interest on behalf of its dealers for a
maximum of six months. The Company believes that this program is
currently competitive with the interest payment programs offered by
other boat manufacturers, but may from time to time adopt and
publish different programs as necessary in order to meet
competition.
NOTE 6 - COMMITMENTS AND CONTINGENCIES
Manufacturer Repurchase Agreements - The Company makes available
through third-party finance companies floor plan financing for many
of its dealers. Sales to participating dealers are approved by the
respective finance companies. If a participating dealer does not
satisfy its obligations under the floor plan financing agreement in
effect with its commercial lender(s) and boats are subsequently
repossessed by the lender(s), then under certain circumstances the
Company may be required to repurchase the repossessed boats if it
has executed a repurchase agreement with the lender(s). At
December 31, 2000, the Company had a total contingent liability to
repurchase boats in the event of dealer defaults and if repossessed
by the commercial lenders amounting to approximately $28,454,647.
The Company has reserved for future losses it might incur upon the
repossession and repurchase of boats from commercial lenders. The
amount of the allowance is based upon probable future events, which
can be reasonably estimated. At December 31, 2000, the allowance
for boat repurchases was $200,000.
Dealer Interest - The Company regularly pays a portion of dealers'
interest charges for floor plan financing for up to six months.
These interest charges amounted to approximately $552,899 for the
first six months of Fiscal 2001 and are included in the
accompanying consolidated statements of operations as part of
selling expense. At December 31, 2000, the estimated unpaid dealer
incentive interest included in accrued expenses amounted to
$390,262.
12
FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY
(Unaudited)
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7 - TRANSACTIONS WITH RELATED PARTIES
At December 31, 2000, the Company had receivables from and
advances to employees of the Company amounting to $16,002.
The Company paid or has accrued during the first six months of
Fiscal 2001, $4,178 for apartment rentals to Eastbrook Apartments
and Village Green Apartments which are entities owned by Mr.
Fountain. The rentals are primarily for temporary lodging for
relocating and transient Company personnel and visitors.
The Company paid or has accrued $157,375 for the six month period
ended December 31, 2000, for advertising and public relations
services from an entity owned by a director of the Company.
NOTE 8 - INCOME TAXES
The Company accounts for income taxes in accordance with Statement
of Financial Accounting Standards ("SFAS") No. 109. SFAS 109
requires the Company to provide a net deferred tax asset or
liability equal to the expected future tax benefit or expense of
temporary reporting differences between book and tax accounting and
any available operating loss or tax credit carry forwards.
For the six month period ended December 31, 2000, the Company
provided $0 for current income taxes and a benefit of $(178,835)
for deferred income taxes.
NOTE 9 - STOCK OPTIONS
At December 31, 2000, there were 526,000 unexercised stock options,
of which 505,000 were held by officers and directors of the Company
at prices ranging from $3.1875 to $5.00 per share.
NOTE 10 - EARNINGS (LOSS) PER SHARE
The computation of earnings (loss) per share and diluted earnings
(loss) per share amounts are based upon the weighted average number
of outstanding common shares during the periods, plus, when their
effect is dilutive, additional shares assuming the exercise of
certain vested stock options, reduced by the number of shares which
could be purchased from the proceeds from the exercise of the stock
options assuming they were exercised. Diluted earnings (loss) per
share for the six-month period ended December 31, 2000 and 1999,
was not presented, as its effect was anti-dilutive.
13
Management's Discussion and Analysis of Results of Operations
and Financial Condition
Results of Operations.
The loss from operations for the second quarter ended December
31, 2000, was $(1,093,722) or $(.23) per share versus operating
income of $974,024 or $.21 per share for the corresponding period
of the previous year. Operating loss as a percent of sales for the
second quarter of Fiscal 2001 was (12.4)% versus operating income
as a percent of sales of 6.3% for the same period the previous
Fiscal year. The net profit for the second quarter of Fiscal 2001
was $156,363 or $.033 per share. This compares to net profit
amounting to $381,413, or $.081 per share for the second quarter of
Fiscal 2000.
Net sales were $8,838,621 for the second quarter of Fiscal
2001 as compared to $15,384,022 for the second quarter of the prior
Fiscal year. Unit sales volume for the second quarter of Fiscal
2001 was 69 boats as compared to 129 boats for the second quarter
of Fiscal 2000. Although the Company maintained a backlog of
orders during the period, it was affected by the slowdown in the
marine industry. Retail sales were down industry wide, resulting
in large dealer inventories of boats from other manufacturers and
this reduced the availability of dealer floor plan credit. The
Company had orders from dealers for product, but could not build or
ship because of the lack of dealer credit.
The Company believes the introduction of the new line of wide
beam cruisers and fish boats will generate additional sales revenue
with its expanded product line and increase the dealer base for its
boats.
For the second quarter of Fiscal 2001, the gross margin on
sales was $1,022,082 (11.6%) as compared to $3,170,859 (20.6%) for
the second quarter of Fiscal 2000. The low sales volume and the
product mix had the most significant effect on margins. Cost
reduction efforts in employee costs, maintenance, and research and
development were not enough to offset the increased costs of
insurance, volume and product mix.
Selling expenses were $1,395,799 for the second quarter of
Fiscal 2001 as compared to $1,502,305 for the second quarter of
last Fiscal year. Dealer floor plan interest and magazine
advertising were lower and cost of brochures and promotions were
higher in the second quarter of fiscal year 2001 versus the second
quarter of fiscal year 2000.
General and administrative expenses were $720,005 for the
second quarter of Fiscal
14
2001 as compared to $694,530 for the second quarter of last Fiscal
year. Most of the decrease was an employment tax adjustment in tax
allocation between production and administration departments.
Interest expense for the second quarter of Fiscal 2001 was
$217,764 as compared to $244,095 for the second quarter of last
Fiscal year. Interest expense is down due to an overall reduction
in long-term debt.
Other non-operating (income)/expense for the second quarter of
Fiscal 2001 was $1,569,633 of income as compared to $22,413 of
expense for the second quarter of last Fiscal year. Other income
this year includes the gain on the sale of the Company airplane and
the full and final payment of all claims arising from the hurricane
damage.
Financial Condition.
The Company's cash flows for the six months ended December 31,
2000 are summarized as follows:
Net cash provided by operating activities........... $ 2,581,008
" " used by investing activities .............. (42,243)
" " used by financing activities ............... (2,473,314)
___________
Net increase in cash..................... $ 65,451
===========
This net increase compared to a $(1,374,433) net decrease for
the second six months of the prior fiscal year.
Cash used in the first six months of Fiscal 2001 to acquire
additional property, plant, and equipment (investing activity)
amounted to $1,741,649 of which $1,580,953 was for plugs, molds,
and other product tooling. Proceeds from the sale of the Company
airplane reduced cash used by investing activities by $1,744,126.
Cash was used in financing activities to pay off the notes
secured by the airplane and the payment of the long-term debt
current maturities as it became due.
For the remainder of Fiscal 2001 and beyond, the Company
expects to generate sufficient cash through operations to meet its
needs and obligations. Management believes the introduction of the
wide beam cruisers and the expansion of the wide beam fish boat
line will increase sales and production volume and the
corresponding reduction in tooling costs as the new product enters
production, will generate a positive cash flow. Most of the
Company's cash resources will be used to build customer ordered
boats, maintain its plant and equipment, and reduce accounts
payable.
15
Cautionary Statement for Purposes of "Safe Harbor" Under the
Private Securities Reform Act of 1995.
The Company may from time to time make forward-looking
statements, including statements projecting, forecasting, or
estimating the Company's performance and industry trends. The
achievement of the projections, forecasts, or estimates contained
in these statements is subject to certain risks and uncertainties,
and actual results and events may differ materially from those
projected, forecasted, or estimated.
The applicable risks and uncertainties include general
economic and industry conditions that affect all businesses, as
well as matters that are specific to the Company and the markets it
serves. For example, the achievement of projections, forecasts, or
estimates contained in the Company's forward-looking statements may
be impacted by national and international economic conditions;
compliance with governmental laws and regulations; accidents and
acts of God; and all of the general risks associated with doing
business.
Risks that are specific to the Company and its markets include
but are not limited to compliance with increasingly stringent
environmental laws and regulations; the cyclical nature of the
industry; competition in pricing and new product development from
larger companies with substantial resources; the concentration of a
substantial percentage of the Company's sales with a few major
customers, the loss of, or change in demand from, any of which
could have a material impact upon the Company; labor relations at
the Company and at its customers and suppliers; and the Company's
single-source supply and just-in-time inventory strategies for some
critical boat components, including high performance engines, which
could adversely affect production if a single-source supplier is
unable for any reason to meet the Company's requirements on a
timely basis.
PART II. Other Information.
ITEM 6: Exhibits and Reports on Form 8 and Form 8-K.
(a) No Exhibits
(b) No Current Reports on Form 8-K were filed by the
Registrant during the first six months of Fiscal 2001.
16
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
FOUNTAIN POWERBOAT INDUSTRIES, INC.
(Registrant)
By: David A. Simmons Date: January 31, 2001
Chief Financial Officer
and Designated Principal
Accounting Officer
17