Fountain Powerboats, based in North Carolina, was launched in 1972 by former owner Reggie Fountain and it specializes in offshore racing boats. Fountain was acquired in 2012 by Baja Marine Inc., which is led by chief executive Johnny Walker.

Fountain looks for more capital

Fountain Powerboat Industries Inc. has retained investment banker Jacobs Capital to help the boatbuilder find a partner that can provide additional capital to get through the economic downturn and finance future growth. “The present market for boating is not immune to the same forces impacting the auto industry and the overall economy,” said Reggie Fountain,…more

Delisting procedures started for Fountain

Fountain Powerboat Industries’ stock will be suspended from trading on NYSE Alternext US, successor to the American Stock Exchange. In paperwork filed today with the Securities and Exchange Commission, the company disclosed it was notified that it was subject to immediate delisting unless it appealed the exchange’s decision by Feb. 2. “In light of current…more

More details on the Baja-Fountain deal

Fountain Powerboats, under its Fountain by Baja subsidiary, borrowed $4 million from Baja Marine Corp., a former Brunswick subsidiary, to buy assets of the boat company, according to documents filed last week with the Securities and Exchange Commission. Documents show that no payment is due on the note until June 2020, and at that time…more

Fountain CEO believes layoffs are short term

Fountain Powerboat Industries recently laid off 70 workers at its Washington, N.C., plant, but chairman and CEO Reggie Fountain says he believes the layoffs will be temporary. “I think by February we can put them back on the job,” Fountain told Soundings Trade Only this morning. Fountain blamed the cutbacks on the economic downturn and…more

Firm has doubts about Fountain’s future

An independent accounting firm has raised doubts about Fountain Powerboat Industries’ ability to stay in business. “The company has current liabilities in excess of current assets, recent losses from operations, negative cash flows from operating activities, and has significant debt compared to the underlying equity,” the accounting firm, Gregory & Associates, said in a Sept.…more

Fountain president resigns

Fountain Powerboat Industries president R. David Knight resigned from the company. Knight, who also served as president of its operating subsidiary Fountain Powerboats, left the company effective last Friday, according to a document filed with the Securities and Exchange Commission. The document says Knight submitted his resignation Aug. 20. No other information was disclosed in the…more

Fountain adding jobs in North Carolina

Fountain Powerboats plans to add 250 jobs and invest $12 million during the next five years to expand its Beaufort County, N.C., operations, North Carolina Gov. Mike Easley announced. “(The boating industry) continues to thrive in our state because of our trained workforce, top-ranked business climate and superior quality of life,” Easley said in a…more

Fountain hopeful, despite possible stock delisting

Despite receiving a delisting notification from the American Stock Exchange, Reginald Fountain Jr. told Soundings Trade Only he is optimistic about his company’s financial strength and future prospects. Fountain Powerboat Industries must submit a plan to Amex next week addressing how it intends to regain compliance. Until then, Fountain said he is prohibited from releasing…more

Fountain could be delisted from stock exchange

Fountain Powerboat Industries received notice from the American Stock Exchange that it is not in compliance with one of Amex’s standards for the continued listing of the company’s common stock. The notice, dated June 11, said the decision was based on Amex’s review of the company’s quarterly report for the period ended March 31, 2008.…more

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