SOURCE: Fountain Powerboat

March 07, 2005 10:00 ET

Fountain Powerboats Logs Orders of $11.6 Million at the 64th Miami International Boat Show

Miami Boat Show Drives Order Backlog to $50 Million

WASHINGTON, NC -- (MARKET WIRE) -- March 7, 2005 -- Fountain Powerboats, Inc. (NASDAQ: FPWR), a subsidiary of Fountain Powerboat Industries, Inc. and leading manufacturer of high performance sport boats, fish boats and express cruisers, today announced that it has inked sales in excess of $11.6 million during the 64th Miami International Boat Show. The influx of new orders increased the existing sales backlog to approximately $50 million. The show, with more than 2,200 exhibitors, kicked off a celebration of the boating lifestyle and featured the latest powerboats, engines, electronics and marine accessories.

"This is our third major boat show over the past four months and at those three shows, held in Ft. Lauderdale, New York and Miami, orders were signed totaling in excess of $19.6 million," said Fountain Powerboats CEO Reggie M. Fountain, Jr. "We believe the significant increase in orders written during the three shows is a direct result of our product diversity, brand leadership and reputation for delivering innovative, quality boats where performance and safety go hand-in-hand. Our strategy to expand our target markets to include high-performance fish boats, cruisers and sport boats provides our customers a better range of boats to meet their changing lifestyles. It also offers our worldwide distributors a multiplicity of inventory to better target their specific markets."

"In the 18 years I have been attending the Miami Show, I have never experienced product being so well received by the retail consumer," commented Fountain's Director of Dealer Development, Nick G. Miller. "According to the National Marine Manufacturers Association (NMMA), show attendance was up significantly for the first three days and then tapered off. We are happy to say it never tapered off in the Fountain booth. There was a constant, heavy flow of prospects, which resulted in one of the best ever retail shows for Fountain Powerboats.

"We were pleased to have 25 of our dealers and their salespeople working the Fountain Powerboats booth during the show," continued Miller. "This is the largest participation of dealers we have had assist in a show, and I believe is reflective of our successful programs to support and strengthen our dealerships and enhance our increasing global presence as a unified dealer network."

Fountain introduced four new boats during the Miami Show and held a special unveiling of its new 33' Sport Fish Cruiser. Highlights of the show included the introduction of Fountain's 42' Poker Run, its new 32' Sport Fish Center Console Open Bow, a 23' Center Console Fish Boat and the Fountain 33' Sport Fish Cruiser.

The 33' Sport Fish Cruiser targets fishing enthusiasts desiring a professionally equipped fish boat that allows them to travel in style at speeds up to 54 MPH. The 33' Sport Fish Cruiser provides seating for eight or more in the cockpit and is equipped with a sliding door leading into a cherry wood trimmed cabin featuring a dinette and fully equipped galley, well-designed head with stand-up shower and comfortable overnight accommodations for four adults. Powered by twin Mercury 275 Verado engines, the 33' Sport Fish Cruiser features a generous 10'9" beam providing room for a wealth of creature comforts and fishing amenities, including live wells, rod storage and two 150-quart-each fish boxes.

About Fountain Powerboats, Inc.

Fountain Powerboats, Inc., a subsidiary of Fountain Powerboat Industries, Inc., has its executive offices and manufacturing facilities along the Pamlico River in Beaufort County, North Carolina. The company designs, manufactures and sells offshore sport boats, sport fishing boats and sport cruisers that target the segment of the recreational power boat market where speed, performance, safety and quality are the main criteria for purchase. These recreational boats are based upon an innovative, award-winning design enabling world-class performance while using standard reliable power. There are currently 12 buildings located on 65 acres totaling over 235,000 square feet accommodating 30 to 40 boats in various stages of construction at any one time. The present plant site can also accommodate up to 300,000 square feet of additional manufacturing space. The land and buildings are wholly owned by Fountain Powerboat Industries, Inc., and its subsidiary, Fountain Powerboats, Inc. For more information, visit www.fountainpowerboats.com.

Safe Harbor for Forward-Looking Statements:

Except for the historical information contained herein, this press release contains forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and similar words. Such forward-looking statements are subject to known and unknown risks, uncertainties or other factors that may cause the company's actual results to be materially different from historical results or any results expressed or implied by such forward-looking statements. We assume no obligation to update any forward-looking statements to reflect events or circumstances arising after the date hereof. The potential risks and uncertainties which could cause actual growth and results to differ materially include, but are not limited to, customer acceptance of the company's services, products and fee structures, the success of the company's brand development efforts, the volatile and competitive nature of the industry, and changes in domestic and international market conditions, and foreign exchange rates. Further information on the factors and risks that could affect Fountain Powerboat Industries, Inc.'s business, financial condition and results of operations are included under the "Risk Factors" or "Factors Affecting our Operating Results" sections of Fountain Powerboat Industries, Inc. public filings with the Securities and Exchange Commission, available at (http://www.sec.gov).

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