FPB » Topics » NOTE 3 - INVENTORIES

This excerpt taken from the FPB 10-Q filed Feb 2, 2009.

NOTE 2. – INVENTORIES

Inventories consist of the following:

 

 

December 31,

2008

 

June 30,

2008

 

Parts and supplies

     

$

2,626,044

     

$

2,522,375

 

Work-in-process

 

 

2,121,460

 

 

2,848,206

 

Finished goods

 

 

3,741,609

 

 

2,641,806

 

 

 

 

 

 

 

 

 

 

 

 

8,489,113

 

 

8,012,387

 

Reserve for obsolescence

 

 

(90,961

)

 

(70,003

)

 

 

 

 

 

 

 

 

 

 

$

8,398,152

 

$

7,942,384

 

All of the inventories are owned by the Company and pledged as collateral on notes and mortgages payable at December 31, 2008.



7



FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


These excerpts taken from the FPB 10-K filed Sep 29, 2008.

Note 3. Inventories.

Inventories consist of the following:

 

     Year Ended June 30,  
     2008    2007  

Parts and supplies

   $ 2,522,375    $ 3,021,355  

Work-in-process

     3,248,855      3,431,664  

Finished goods

     2,641,806      246,666  
               
     8,012,387      6,699,685  

Reserve for obsolescence

     470,652      (54,472 )
               
   $ 7,942,384    $ 6,645,213  
               

All of the inventory is owned by the Company and pledged as collateral on notes and mortgages payable at June 30, 2008.

Note 3. Inventories.

FACE="Times New Roman" SIZE="2">Inventories consist of the following:

 










































































































   Year Ended June 30, 
   2008  2007 

Parts and supplies

  $2,522,375  $3,021,355 

Work-in-process

   3,248,855   3,431,664 

Finished goods

   2,641,806   246,666 
         
   8,012,387   6,699,685 

Reserve for obsolescence

   470,652   (54,472)
         
  $7,942,384  $6,645,213 
         

All of the inventory is owned by the Company and pledged as collateral on notes and mortgages
payable at June 30, 2008.

This excerpt taken from the FPB 10-Q filed Nov 16, 2005.

NOTE 3 - INVENTORIES

 

Inventories at September 30, 2004 and June 30, 2004 consisted of the following:

 

    

September 30,

2004

Restated


   

June 30,

2004

Restated


 

Parts and supplies

   $ 2,155,032     $ 1,920,860  

Work-in-process

     2,075,918       1,999,076  

Finished goods

     596,202       783,466  
    


 


       4,827,152       4,703,402  

Obsolete inventory reserve

     (50,000 )     (50,000 )
    


 


Total

   $ 4,777,152     $ 4,653,402  
    


 


 

The Company has pledged its inventories as collateral for its promissory note with Bank of America.

 

Reductions of $135,901 to work-in-process for the quarter ended September 30, 2004, were made in order to properly reflect the Company’s expenses associated with the Company’s support of certain costs related to the world speed record-setting boat from the fourth quarter ended June 30, 2005.

 

This excerpt taken from the FPB 10-Q filed Nov 16, 2005.

NOTE 3 - INVENTORIES

 

Inventories at December 31, 2004 and June 30, 2004 consisted of the following:

 

    

December 31,

2004


   

June 30,

2004


 
     Restated        

Parts and supplies

   $ 2,064,945     $ 1,920,860  

Work-in-process

     2,284,007       1,999,076  

Finished Goods

     276,982       783,466  
    


 


       4,625,934       4,703,402  

Obsolete inventory reserve

     (50,000 )     (50,000 )
    


 


Total Inventory

   $ 4,575,934     $ 4,653,402  
    


 


 

The Company has pledged its inventories as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in work-in-process for the quarter ended December 31, 2004, as a result of the adjustments previously made for the quarter ended September 30, 2004.

 

This excerpt taken from the FPB 10-Q filed Nov 16, 2005.

NOTE 3 - INVENTORIES

 

Inventories at March 31, 2005 and June 30, 2004 consisted of the following:

 

     March 31,
2005


    June 30,
2004


 
     Restated        

Parts and supplies

   $ 2,684,281     $ 1,920,860  

Work-in-process

     3,523,615       1,999,076  

Finished Goods

     50,621       783,466  
    


 


       6,258,517       4,703,402  

Obsolete inventory reserve

     (64,907 )     (50,000 )
    


 


Total Inventory

   $ 6,193,610     $ 4,653,402  
    


 


 

The Company has pledged its inventories as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in work-in-process for the quarter ended March 31, 2005, as a result of the adjustments previously made in previous quarters.

 

This excerpt taken from the FPB 10-K filed Oct 13, 2005.

Note 2. Inventories.

 

Inventories consist of the following:

 

     Year Ended June 30,

 
     2005

    2004

 

Parts and supplies

   $ 3,059,465     $ 1,920,860  

Work-in-process

     3,243,068       1,999,076  

Finished goods

     243,166       783,466  
    


 


       6,545,699       4,703,402  

Reserve for obsolescence

     (72,682 )     (50,000 )
    


 


     $ 6,473,017     $ 4,653,402  
    


 


 

All of the inventory is owned by the Company and pledged as collateral on notes and mortgages payable at June 30, 2005.

 

30


FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

This excerpt taken from the FPB 10-K filed Oct 12, 2005.

Note 2. Inventories.

 

Inventories consist of the following:

 

     June 30,

 
     2004

    2003

 

Parts and supplies

   $ 1,920,860     $ 1,593,057  

Work-in-process

     1,999,076       1,702,533  

Finished goods

     783,466       214,696  
    


 


       4,703,402       3,510,286  

Reserve for obsolescence

     (50,000 )     (50,000 )
    


 


     $ 4,653,402     $ 3,460,286  
    


 


 

All of the inventory are owned by the Company and are held as collateral on notes and mortgages payable having a balance of $17,303,038 at June 30, 2004.

 

30


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

This excerpt taken from the FPB 10-Q filed Oct 12, 2005.

NOTE 3 - INVENTORIES

 

Inventories at September 30, 2004 and June 30, 2004 consisted of the following:

 

    

September 30,

2004

Restated


   

June 30,

2004
Restated


 

Parts and supplies

   $ 2,155,032     $ 1,920,860  

Work-in-process

     2,075,918       1,999,076  

Finished goods

     596,202       783,466  
    


 


       4,827,152       4,703,402  

Obsolete inventory reserve

     (50,000 )     (50,000 )
    


 


Total

   $ 4,777,152     $ 4,653,402  
    


 


 

The Company has pledged its inventories as collateral for its promissory note with Bank of America.

 

Reductions of $135,901 to work-in-process for the quarter ended September 30, 2004, were made in order to properly reflect the Company’s expenses associated with the Company’s support of certain costs related to the world speed record-setting boat from the fourth quarter ended June 30, 2005.

 

Page 12


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

    

September 30,

2004

Restated


   

June 30,

2004

Restated


 

9.9% loans payable to a financial institution for the purchase of vehicles, monthly payments totaling $1,383 through May 2005, secured by the vehicle purchased.

   $ 14,992     $ 18,216  

4.00% loan payable to a financial institution for the purchase of a vehicle, monthly payments of $726 through September 2006, secured by the vehicle purchased.

     17,212       18,522  

7.93% to 8% loans payable, borrowed against the cash surrender value of key-man life insurance policies 1998, 2001, and 2002, monthly payments of $25,004.

     1,308,419       1,295,449  

$18,000,000 credit agreement with a financial Corporation (See below)

     17,113,446       17,303,038  
    


 


       18,454,069       18,635,225  

Less: Current maturities included in current liabilities

     (767,720 )     (772,704 )
    


 


     $ 17,686,349     $ 17,862,521  
    


 


 

This excerpt taken from the FPB 10-Q filed Oct 12, 2005.

NOTE 3 - INVENTORIES

 

Inventories at December 31, 2004 and June 30, 2004 consisted of the following:

 

     December 31,
2004


    June 30,
2004


 
     Restated        

Parts and supplies

   $ 2,064,945     $ 1,920,860  

Work-in-process

     2,284,007       1,999,076  

Finished Goods

     276,982       783,466  
    


 


       4,625,934       4,703,402  

Obsolete inventory reserve

     (50,000 )     (50,000 )
    


 


Total Inventory

   $ 4,575,934     $ 4,653,402  
    


 


 

The Company has pledged its inventories as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in work-in-process for the quarter ended December 31, 2004, as a result of the adjustments previously made for the quarter ended September 30, 2004.

 

Page 12


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

This excerpt taken from the FPB 10-Q filed Oct 12, 2005.

NOTE 3 - INVENTORIES

 

Inventories at March 31, 2005 and June 30, 2004 consisted of the following:

 

     March 31,
2005


    June 30,
2004


 
     Restated        

Parts and supplies

   $ 2,684,281     $ 1,920,860  

Work-in-process

     3,523,615       1,999,076  

Finished Goods

     50,621       783,466  
    


 


       6,258,517       4,703,402  

Obsolete inventory reserve

     (64,907 )     (50,000 )
    


 


Total Inventory

   $ 6,193,610     $ 4,653,402  
    


 


 

The Company has pledged its inventories as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in work-in-process for the quarter ended March 31, 2005, as a result of the adjustments previously made in previous quarters.

 

Page 11


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki