Beaufort County Boat Company Fights Tough Economic Times

Fountain Powerboat Industries in Beaufort County has turned to a Raleigh company to help it weather tough economic times.

Fountain announced Thursday it has hired investment banker Jacobs Capital to help find a partner to secure additional capital for the boat company.

"The present market for boating is not immune to the same forces impacting the auto industry and the overall economy," said Reggie Fountain, chairman and CEO of the powerboat company. "Fountain Powerboats is one of the premier brands in the powerboat industry, and we plan to be a survivor of the current industry shakeout. We have unparalleled customer loyalty, which has allowed us to see less falloff than most of our competitors. From experience, we know the companies that come through this recession will be poised to capture even greater market share."

Fountain was delisted from the New York Stock Exchange in January. Dozens of workers have been laid off, and other employees are dealing with salary and benefit cuts. Fountain is one of Beaufort County's largest employers.

On the positive front, Fountain officials say the company was "recently rated by Soundings Trade Only as the second most searched brand on in the 30 to 40 foot and 40 to 50 foot powerboat categories in a 28-day activity report ending May 2009, behind only SeaRay, who produces many times more boats."

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  • by Mike Location: Washington on Jun 17, 2009 at 09:47 AM
    This has nothing to do with the article really. I just wondered about the generous donation Reggie Fountain gave the Beaufort County sheriff dept several years ago.Was it a tax right off for him when he donated that boat, or was it a pay off. I think it was both. Just proves again if you have money you can buy your way out.
  • by charlie Location: greenville on Jun 11, 2009 at 09:58 PM
    he was building the house way before the economy took a dump. as for the price of the boats , most people in eastern nc don't pay that much for there houses.
  • by cj on Jun 11, 2009 at 10:53 AM
    fantastic boats for sure. the problem is not many people out there can afford a $200k boat, plus a tractor trailer to hual it acound, not to mention $500 of fuel for a few hours of fun
  • by Anonymous on Jun 11, 2009 at 10:42 AM
    Ironically, during these "tough times" Mr Reggie Fountain, owner of the company, was able to recently build a very comfortable more than $8 million dollar home for himself while his hard working employees faced termination of all benefits, pay cuts and layoffs. I certainly hope that any monies that may be received from Raleigh will be monitored closely to ensure that the employees salaries, job security, etc will be maintained for them and not used to fatten the pockets of upper management.

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