JMIH.OB at .285 X .29. Added a few more. Q1 earnings of .01/share on modest revenue/income increases. Sounds like numbers were negatively impacted by hurricanes. Positive comments about industry being poised for growth in coming months. Backlog at record high and since then, they announced $2M in orders at a boat show. Looks like they could earn .04-.05/share in the current fiscal year. Not a multi-bagger, but could be a nice gainer if it went to the .40's in a few months.
Jupiter Marine Reports Fiscal 2005 First Quarter Results
Tuesday December 14, 5:27 pm ET
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 14, 2004--Jupiter Marine International Holdings, Inc.(JMIH.OB):
Fiscal 2005 First Quarter Highlights Compared to Fiscal 2004 First Quarter
Revenue increased 26.2% to $2.8 million
Net income increases 16.8% to $181,000
Order backlog increases to six months at October 30, 2004
Jupiter Marine International Holdings, Inc. (JMIH.OB), a designer, manufacturer and marketer of a diverse mix of high quality sportfishing boats under the Jupiter(TM) brand name, today announced financial results for the fiscal first quarter ended October 30, 2004 (see attached tables).
Net sales for the first quarter of fiscal 2004 increased 26.2% to $2.8 million from $2.2 million last year. Higher sales were due to continued strong demand for the Company's outboard product line. Gross profit of 25.2% remained stable as a percentage of sales from 25.5% in the prior year quarter, despite increasing costs of raw materials such as the petroleum-based resin used in the assembly of its vessels. The costs were offset by improved manufacturing efficiencies and better utilization of overhead. Net income applicable to common shareholders increased 27.2% to $162,000, or $0.01 per diluted share, on approximately 15.1 million diluted shares outstanding, from $128,000, or $0.01 per diluted share, on approximately 12.2 million diluted shares outstanding, for the first quarter of fiscal 2004.
Carl Herndon, Jupiter Marine's President, stated, "We are very pleased to have achieved growth in both sales and net income during a quarter that was marred by an active hurricane season in our home state of Florida. According to the Boat Owners Association of the U.S., the hurricane season resulted in $680 million in initial recreational boat losses. Though these hurricanes slightly slowed the production line for several boating manufacturers, including Jupiter Marine, we feel that the industry is primed for growth in the coming months. Demand for Jupiter Marine's vessels is at an all-time high, which we attribute to an expanding market of willing boat buyers, increased recognition of the Jupiter Marine brand name, the quality of our products and our dedicated and well-connected dealer network."
Jupiter Marine's balance sheet at October 30, 2004 was highlighted by a current ratio of 1.95:1; working capital of $920,000 compared to working capital of $743,000 at July 31, 2004; and a debt-to-equity ratio of 0.98:1 compared to 1.24:1 at July 31, 2004.
Mr. Herndon concluded, "We feel that there are definitive long-term indicators of future growth, both industry-wide and specific to Jupiter Marine. According to a release issued by the National Marine Manufacturers Association in September, the traditional powerboat segments, (outboard, sterndrive, and inboard boats) were up 20% in dollars and up 12.2% in units shipped through June, compared to the previous year. This runs concurrent with higher demand by consumers for our quality vessels, as our order backlog is running at a record six months at October 30, 2004. This is up from approximately four months at the same time last year. We feel that Jupiter Marine's outboard powered product line satisfies this growing market's desire for boats that offer the utmost in luxury performance. Our business strategy remains sound and on track: grow our brand name, broaden our established dealer network, stay aggressive in the market and generate positive cash flow. We have a great deal of confidence in our ability to progress towards these goals in fiscal 2005."
About Jupiter Marine International Holdings, Inc.
The Company designs, manufactures and markets a diverse mix of high quality sportfishing boats under the Jupiter brand name. Jupiter Marine boats are specifically designed to run at high speeds in offshore sea conditions while, at the same time, providing passengers with a smooth, comfortable and amazingly dry ride under adverse conditions. The outboard powered product line currently consists of five models of boats, including the 31' Open Center Console, 31' Cuddy Cabin, 31' Forward Seating Console, 27' Open Center Console and 27' Forward Seating Console. The Company's Web site address is www.jupitermarine.com.
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors.
Jupiter Marine International Holdings, Inc.
Consolidated Statements of Operations
Three Months Ended
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October 30, November 1,
2004 2003
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NET SALES $ 2,756,530 $ 2,184,953
COST OF SALES 2,061,393 1,628,747
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GROSS PROFIT 695,137 556,206
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OPERATING EXPENSES:
Selling and marketing 94,403 77,668
General and administrative 335,374 248,046
Depreciation and amortization 74,037 58,831
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Total operating expenses 503,814 384,545
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OTHER INCOME (EXPENSE):
Interest expense (16,910) (20,677)
Other income 6,288 3,695
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Total other expense (10,622) (16,982)
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NET INCOME BEFORE INCOME TAXES 180,701 154,679
INCOME TAX EXPENSE -- --
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NET INCOME 180,701 154,679
Dividends on preferred stock (18,429) (27,111)
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NET INCOME APPLICABLE TO COMMON
SHAREHOLDERS $ 162,272 $ 127,568
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BASIC AND DILUTED NET INCOME (LOSS)
PER COMMON SHARE
Basic $ 0.01 $ 0.02
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Diluted $ 0.01 $ 0.01
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WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING
Basic 12,280,068 8,309,718
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Diluted 15,147,512 12,151,717
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Jupiter Marine International Holdings, Inc.
Condensed Consolidated Balance Sheet
October 30, 2004 July 31, 2004
Current Assets $1,879,354 $1,796,155
Total Assets $2,884,158 $2,718,486
Current Liabilities $ 959,016 $1,053,189
Total Liabilities $1,429,819 $1,509,248
Shareholders' Equity $1,454,339 $1,209,238
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Contact:
Jupiter Marine International Holdings, Inc.
Lawrence S. Tierney, 954-523-8985
or
JMIH Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
Devin Sullivan, 212-836-9608
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Source: Jupiter Marine International Holdings, Inc.
