OMC results getting better; debt restructuring near
Article Abstract:
Outboard Marine Corp.'s financial results are improving but the firm has until Jun. 16, 1998, to repay or restructure the loan worth $150 million that Greenmarine Acquisitions of New York, NY, utilized in purchasing more than 20 million outstanding shares of Outboard Marine's common stock. Waukegan, IL-based Outboard Marine is benefiting from substantial cuts in capital spending that the previous management of the firm executed prior to Outboard Marine's public sale in September 1997 to Greenmarine. Outboard Marine posted $264.3 million in sales in the second quarter of 1998, up from $237 million in sales in the second quarter of 1997.
Comment:
Its financial results are improving but this co has until 6/16/98 to repay or restructure its loan worth $150 mil
Publication Name: Soundings Trade Only
Subject: Construction and materials industries
ISSN: 0194-8369
Year: 1998
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Plant closed as Wellcraft centralizes
Article Abstract:
Genmar Holdings Inc. of Minneapolis, MN, temporarily shut down in April 1998 a production facility in Avon Park, FL, and was poised to resume production in June 1998 at a shut-down facility at its Wellcraft Marine Corp. fabrication complex in Sarasota, FL, in a move to centralize production of Wellcraft. The 200,000-sq-ft Sarasota facility, which was shut down in 1997, is around twice the size of the Avon Park plant. According to Genmar President and CEO Grant Oppegaard and Chairman Irwin Jacobs, around 150 employees at the Avon Park were given option to work at the Sarasota plant, which is approximately 70 miles away from Avon Park.
Comment:
Closes plant in Avon Park, FL, and will open Wellcraft Marine Corp prodn complex in Sarasota, FL, in a move to centralize prodn
Publication Name: Soundings Trade Only
Subject: Construction and materials industries
ISSN: 0194-8369
Year: 1998
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FPI settles suits, acts to raise stock price
Article Abstract:
Fountain Powerboat Industries Inc. (FPI) of Washington, NC, has hired an investment banker to boost shareholder value. The company's Chairman and CEO, Reggie Fountain, thinks that the company's stock is too low, given its projected sales and profits for 1998. The company's strategic moves may range from operational changes to promoting the company's stock to brokers and investment houses. Fountain, who holds 2.57 million shares, or 54% of the company's stocks, stands to gain if the latest effort proves to be successful.
Comment:
Has hired an investment banker to boost shareholder value
Publication Name: Soundings Trade Only
Subject: Construction and materials industries
ISSN: 0194-8369
Year: 1998
User Contributions:
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