SOURCE: Fountain Powerboat Industries, Inc.

February 23, 2007 09:00 ET

Fountain Powerboats Reports Sales of $20 Million From the Miami International Boat Show

The 66th Annual Miami International Boat Show Most Successful in Company History

WASHINGTON, NC -- (MARKET WIRE) -- February 23, 2007 -- Fountain Powerboat Industries, Inc. (AMEX: FPB), a leading manufacturer of high performance sport boats, fish boats and express cruisers, today announced that it recorded sales of approximately $20 million during the 66th Annual Miami International Boat Show held February 15 - 19.

The annual show, with more than 2,200 exhibitors, is the largest show for the marine industry. A full contingent of Fountain management and sales specialists along with 11 domestic dealers and Fountain's exclusive international agent, Fountain Worldwide, staffed the booth, which featured Fountain's two new offshore boats, the Fountain 35' Lightning Sport Boat and the 38' Sportfish Cruiser with triple Mercury Verado outboards. Fountain showed 10 of its boat models in the Miami Beach Convention Center and three more models just outside of the convention center. Five models were in the water at the Biscayne Bay Marriott.

The 38' Sportfish Cruiser, with speeds up to 64+ mph, provides fishermen with a large express fishing and pleasure boat featuring overnight accommodations with an abundance of fishing and passenger room. Powered with triple Mercury Verado outboard engines, it is the fastest, most fuel-efficient boat in its class. The 35' Lightning, with luxury amenities and twin Mercury 525HP stern drive engines, takes performance to new levels with speeds at 100+ mph.

"This has been a tremendous show for Fountain and the most successful boat show in our history," said Chief Executive Officer Reggie Fountain, Jr. "Show attendance was down from last year, but traffic to our booth was spectacular with this year's sales increasing approximately 17 percent over last year. Not only did the new 35' Lightning and 38' Sportfish Cruiser ramp up our sales during the show, but we sold six 48' Express Cruisers -- our top-of-the-line boat.

"The doom and gloom projections for the marine industry affected our sales for the first two quarters of fiscal 2007," continued Fountain. "However, the stabilization of interest rates, lower gasoline prices, and other favorable economic trends have increased dealer and consumer confidence, which we believe will increase sales as we move forward."

"Our aggressive marketing programs, brand recognition and factory support have been instrumental in producing record orders from the Miami show and other regional boat shows," commented Fountain President David Knight. "During the past two months we have participated in over 14 boat shows, including shows in Atlanta, Chicago, Vancouver, Charlotte, Austin, St. Louis, Atlantic City, Boston, New York and Los Angeles. The success of our participation in these shows will allow Fountain to get back into full production and, coupled with the benefits the Lean Manufacturing program that we are implementing, will allow us to significantly improve our operating income as we move forward."

About Fountain Powerboat Industries

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 express 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 237,000 square feet accommodating 40 to 45 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


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 (

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