Travis Boats Reports Second Quarter Fiscal 2001 Results

Apr 26, 2001, 01:00 ET from Travis Boats & Motors, Inc.

    AUSTIN, Texas, April 26 /PRNewswire/ --
 Travis Boats & Motors, Inc. (Nasdaq:   TRVS) today reported the results of
 operations for the second quarter of fiscal 2001 and the six month period
 ended March 31, 2001.
     Travis Boats reported that net sales for the quarter ended March 31, 2001
 increased to $57,521,000 from net sales of $57,315,000 for the same quarter of
 the prior fiscal year.  Net sales for the six month period ended
 March 31, 2001 increased to $81,604,000 from net sales of $80,942,000 for the
 six months ended March 31, 2000.
     For the quarter ended March 31, 2001, the Company reported net income of
 $790,000 ($.18 per diluted share), versus net income of $1,190,000 ($.27 per
 diluted share) for the same quarter of the prior fiscal year.  For the six
 month period ended March 31, 2001, the Company reported a net loss of
 $2,466,000, ($.56 per diluted share), compared to a net loss of $1,132,000
 ($.26 per diluted share) for the six months ended March 31, 2000.
     The Company had 39 stores in operation on March 31, 2001 and 2000,
 respectively.  Comparable store sales declined 5.6% and 8.7% for the quarter
 (34 stores in base) and the six months (34 stores in base) ended
 March 31, 2001, respectively.
     Mark Walton, Chairman and President, commented, "Notwithstanding unusually
 rainy, cool weather and the rapid deceleration in market conditions, I am
 pleased that Travis Boats has continued to implement our Master Business Plan.
 We have increased sales and realized economies in our S,G,A expenses while at
 the same time substantially lowering overall inventories and related inventory
 debt."  Mr. Walton further added, "While this year continues to be
 unpredictable due to obvious factors, I believe that our tremendous success in
 the pre-season boat shows indicates that our Travis Edition product line is
 extremely competitive and that we are well positioned to benefit as market
 conditions stabilize."
     Travis Boats & Motors, Inc., is a leading multi-state superstore retailer
 of recreational boats, motors, trailers and related marine accessories in the
 southern United States.  The Company operates thirty-nine (39) store locations
 in Texas, Arkansas, Oklahoma, Louisiana, Alabama, Tennessee, Mississippi,
 Georgia and Florida under the name Travis Boating Center.  The Company's
 website is www.travisboatingcenter.com.
 
                  TRAVIS BOATS & MOTORS, INC. and SUBSIDIARIES
  Unaudited Financial Highlights  (in thousands, except share and store data)
 
                                 Three Months ended       Six Months ended
                                      March 31,                March 31,
                                   2001       2000          2001       2000
 
     Net sales                    $57,521    $57,315      $81,604     $80,942
     Cost of goods sold            43,523     42,549       61,829      60,202
 
     Gross profit                  13,998     14,766       19,775      20,740
 
     Selling, general and
      administrative               10,264     10,497       18,642      18,148
     Depreciation and
      amortization                    724        629        1,424       1,253
                                   10,988     11,126       20,066      19,401
 
     Operating income/(Loss)        3,010      3,640         (291)      1,339
     Interest expense              (1,926)    (1,768)      (3,773)     (3,142)
     Other income                      27          8           37          17
 
     Income/(Loss) before
      income taxes                  1,111      1,880       (4,027)     (1,786)
     Income tax provision/
      (benefit)                       321        690       (1,561)       (654)
 
     Net Income/(Loss)            $   790    $ 1,190      ($2,466)    ($1,132)
 
     Basic Earnings/(Loss)
      Per Share                   $  0.18    $  0.27       ($0.56)     ($0.26)
     Diluted Earnings/(Loss)
      Per Share                   $  0.18    $  0.27       ($0.56)     ($0.26)
 
     Weighted average common
      shares outstanding        4,378,383  4,412,027    4,382,854   4,394,168
     Weighted average dilutive
      common shares outstanding 4,378,383  4,487,134    4,382,854   4,394,168
 
     Supplemental Data - Unaudited
 
     Cash                        $  5,943   $  4,953
     Inventory (net)             $ 93,039   $108,638
     Revolving/Inventory debt    $ 95,686   $106,573
 
     Stores open at end of period      39         39           39          39
 
 
     Cautionary Statement for purposes of the Safe Harbor Provisions of the
 1995 Private Securities Litigation Reform Act.  The statements in this
 document or in documents incorporated by reference herein that are not
 historical facts are forward-looking statements as that term is defined in
 Section 21E of the Exchange Act that involve a number of risks or
 uncertainties.  The actual results of the future events could differ
 materially from those stated in such forward-looking statements.  Among the
 factors that could cause actual results to differ materially are: the impact
 of seasonality and weather, general economic conditions and the level of
 discretionary consumer spending, the identification of new markets and the
 Company's ability to integrate new stores and personnel into existing
 operations.  These and numerous other risk factors were identified in the
 Report on Form 10-K filed for fiscal year 2000 and other documents filed of
 record.
 
      Contact:  Michael B. Perrine
                Chief Financial Officer
                (512) 347 - 8787 Ext 119
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X87432873
 
 

SOURCE Travis Boats & Motors, Inc.
    AUSTIN, Texas, April 26 /PRNewswire/ --
 Travis Boats & Motors, Inc. (Nasdaq:   TRVS) today reported the results of
 operations for the second quarter of fiscal 2001 and the six month period
 ended March 31, 2001.
     Travis Boats reported that net sales for the quarter ended March 31, 2001
 increased to $57,521,000 from net sales of $57,315,000 for the same quarter of
 the prior fiscal year.  Net sales for the six month period ended
 March 31, 2001 increased to $81,604,000 from net sales of $80,942,000 for the
 six months ended March 31, 2000.
     For the quarter ended March 31, 2001, the Company reported net income of
 $790,000 ($.18 per diluted share), versus net income of $1,190,000 ($.27 per
 diluted share) for the same quarter of the prior fiscal year.  For the six
 month period ended March 31, 2001, the Company reported a net loss of
 $2,466,000, ($.56 per diluted share), compared to a net loss of $1,132,000
 ($.26 per diluted share) for the six months ended March 31, 2000.
     The Company had 39 stores in operation on March 31, 2001 and 2000,
 respectively.  Comparable store sales declined 5.6% and 8.7% for the quarter
 (34 stores in base) and the six months (34 stores in base) ended
 March 31, 2001, respectively.
     Mark Walton, Chairman and President, commented, "Notwithstanding unusually
 rainy, cool weather and the rapid deceleration in market conditions, I am
 pleased that Travis Boats has continued to implement our Master Business Plan.
 We have increased sales and realized economies in our S,G,A expenses while at
 the same time substantially lowering overall inventories and related inventory
 debt."  Mr. Walton further added, "While this year continues to be
 unpredictable due to obvious factors, I believe that our tremendous success in
 the pre-season boat shows indicates that our Travis Edition product line is
 extremely competitive and that we are well positioned to benefit as market
 conditions stabilize."
     Travis Boats & Motors, Inc., is a leading multi-state superstore retailer
 of recreational boats, motors, trailers and related marine accessories in the
 southern United States.  The Company operates thirty-nine (39) store locations
 in Texas, Arkansas, Oklahoma, Louisiana, Alabama, Tennessee, Mississippi,
 Georgia and Florida under the name Travis Boating Center.  The Company's
 website is www.travisboatingcenter.com.
 
                  TRAVIS BOATS & MOTORS, INC. and SUBSIDIARIES
  Unaudited Financial Highlights  (in thousands, except share and store data)
 
                                 Three Months ended       Six Months ended
                                      March 31,                March 31,
                                   2001       2000          2001       2000
 
     Net sales                    $57,521    $57,315      $81,604     $80,942
     Cost of goods sold            43,523     42,549       61,829      60,202
 
     Gross profit                  13,998     14,766       19,775      20,740
 
     Selling, general and
      administrative               10,264     10,497       18,642      18,148
     Depreciation and
      amortization                    724        629        1,424       1,253
                                   10,988     11,126       20,066      19,401
 
     Operating income/(Loss)        3,010      3,640         (291)      1,339
     Interest expense              (1,926)    (1,768)      (3,773)     (3,142)
     Other income                      27          8           37          17
 
     Income/(Loss) before
      income taxes                  1,111      1,880       (4,027)     (1,786)
     Income tax provision/
      (benefit)                       321        690       (1,561)       (654)
 
     Net Income/(Loss)            $   790    $ 1,190      ($2,466)    ($1,132)
 
     Basic Earnings/(Loss)
      Per Share                   $  0.18    $  0.27       ($0.56)     ($0.26)
     Diluted Earnings/(Loss)
      Per Share                   $  0.18    $  0.27       ($0.56)     ($0.26)
 
     Weighted average common
      shares outstanding        4,378,383  4,412,027    4,382,854   4,394,168
     Weighted average dilutive
      common shares outstanding 4,378,383  4,487,134    4,382,854   4,394,168
 
     Supplemental Data - Unaudited
 
     Cash                        $  5,943   $  4,953
     Inventory (net)             $ 93,039   $108,638
     Revolving/Inventory debt    $ 95,686   $106,573
 
     Stores open at end of period      39         39           39          39
 
 
     Cautionary Statement for purposes of the Safe Harbor Provisions of the
 1995 Private Securities Litigation Reform Act.  The statements in this
 document or in documents incorporated by reference herein that are not
 historical facts are forward-looking statements as that term is defined in
 Section 21E of the Exchange Act that involve a number of risks or
 uncertainties.  The actual results of the future events could differ
 materially from those stated in such forward-looking statements.  Among the
 factors that could cause actual results to differ materially are: the impact
 of seasonality and weather, general economic conditions and the level of
 discretionary consumer spending, the identification of new markets and the
 Company's ability to integrate new stores and personnel into existing
 operations.  These and numerous other risk factors were identified in the
 Report on Form 10-K filed for fiscal year 2000 and other documents filed of
 record.
 
      Contact:  Michael B. Perrine
                Chief Financial Officer
                (512) 347 - 8787 Ext 119
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X87432873
 
 SOURCE  Travis Boats & Motors, Inc.