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Author Topic: JMIH - Pro/Con
blue_in_MI
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here's one that I've been in awhile, and Purl and I have discussed a bit over in the CLSI thread: JMIH, Jupiter Marine.

www.jupitermarine.com

a small outfit in florida that makes fishing boats. 14.5M shares O/S for a market cap of about $4.5M. about 60% insider owned.

PROS:

* they're profitable and trade at a low P/E. look at their last 4 Q's:

http://finance.yahoo.com/q/is?s=JMIH.OB

all profitable, and generally a rising trend for both revs and profits. trailing P/E under 10. anyone that has ever read any of my posts, knows that i am a big fan of consistently profitable, low P/E stocks. if they are able to continue to meet their good last Q, P/E goes down to about 6. that strikes me as mighty low for a company with nice growth like JMIH.

* they have a pretty good balance sheet, in terms of assets vs. liabilities

* business is good, enough that they're growing and expanding. they just leased some new space to handle additional capacity. from their latest PR:

http://biz.yahoo.com/bw/050608/85487.html?.v=1

"We are pleased to announce that in April 2005, one of our dealers delivered our first Jupiter 38' to a retail owner. We have been receiving steady orders for the vessel since its introduction in February 2005, and expect to be in full production on this model by the middle of the fourth quarter. This runs concurrent with the continued high demand of our existing models, as our order backlog remains strong at approximately six months."

backlog - i like backlog, as discussed in PDGE thread. in my mind - it helps reduce risk. when the next JMIH Q comes out, i dont' have to worry that all of a sudden they sold zero boats.

* they've done a good job in controllings costs, even though the price of oil has driven up the cost of resin for boatmaking.

* as near as i can tell, their boats are highly respected and have gotten good reviews.

* very small float - only about $2M in the float. i like low floats because they have the possibility to make bigger runs than larger-float stocks if things go well for them - just not that many shares out there.

* i'm generally bullish on extreme luxury items, living in dick cheney's america. 38' fishing boats would seem to quality in my mind. maybe the economy isn't the greatest, but imho under the shrub, it's a good time to be selling big fishing boats to rich folks.

* a lot of people that had their boats destroyed by the florida hurricanes last year probably got insurance checks, and may be looking for new boats

CONS:

* it's danged expensive in terms of fuel to take a boat out. maybe boat sales will downturn based on fuel costs

* high oil costs are going to continue to press on JMIH's margins, in terms of rising resin costs

* not sure how much they are paying to lease their new space, in order to increase production

* after people had their boats destroyed by the hurricanes the last 2 years, maybe a lot of people said "eh, the hell with it" and decided not to buy a new boat

* a series of good Q's has failed to move them much, they are a "sleepy" stock. their last Q was quite good i thought - record revs, a nice profit, yet - they didn't really move up on it. might take patience to hold JMIH.

anyone with any thoughts on this one, either pro or con?

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blue_in_MI
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link to a newspaper article awhile back about Jupiter:

http://www.newscoast.com/apps/pbcs.dll/article?AID=/20050730/BUSINESS/507300498/-1/SNN

the most interesting section:

Jupiter is still working on plans for its plant on 12th Avenue, just north of U.S. 301.

The City Commission agreed to share costs with the Fort Lauderdale company about two months ago. Jupiter will pay to extend a 12-inch water main, which was required because of the highly flammable materials used in boat making, in exchange for impact fee credits during the next two years.

Jupiter and public works officials are meeting next week, but Tierney said he doesn't yet have a construction start date.

"I'm hoping it's soon. Our production is sold out months and months and months. We need the additional facility," Tierney said.

Jupiter has been in the Fort Lauderdale area since 1998, but Tierney said the company is running out of room to expand. The company will keep its South Florida site, but Palmetto has the potential to become the main site for production.

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vg
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I like the value of the company, the volume is very low, too many people dont know about it, just like how PDGE and HOM were a long time ago, might be a long hold, will look at it some more and then buy in. I dont mind holding for some time. Its has a good growth rate and the consistency in profit like u said Blue are a plus.
How about BSIO? Blue do u know anything about it? Sorry to put it in this thread.

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vg
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Jupiter Marine's balance sheet at April 30, 2005 is highlighted by a current ratio of 1.97:1; working capital of $1.1 million compared to working capital of $743,000 at July 31, 2004; and a debt-to-equity ratio of 0.81:1 compared to 1.25:1 at July 31, 2004. In addition, Jupiter Marine has a $500,000 revolving line of credit, of which $380,000 was available at April 30, 2005
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blue_in_MI
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vg, i remember looking into BSIO briefly awhile back. the product is interesting, and perhaps they may do quite well, but at this point i see some red flags:

* their revs were $5,918 for last year. that is pretty small, obviously. they claim to have "completed work and delivered systems to the dept of homeland security", but - if so, must not have been for much dough.

* i see they have a filing out dated 9/6, perhaps check into it at edgar online

* looks like they have been burning some cash provided by cornell capital, not generally a good sign

BUT - these are just my initial concerns after a 10-minute perusal on BSIO. who knows, i'm certainly not familiar with the stock, they could do well in the end, and are certainly in an area that is prone to streaks of investor interest and hype with the security stuff. also, you know the type of stocks i'm generally interested in: profitable, boring, more established. so BSIO just falls outside my normal circle of interest for those reasons, and i'm probably a bad person to ask about it.

i'd encourage you if you have time to sit down and generate a "Pro/Con" analysis of BSIO if you're truly contemplating buying. not only to contribute here, but also to help crystallize your own thoughts as to whether it's worth buying or not. i wish there were more of those Pro/Con format posts here: there are too many pump-n-dump "xxx is gonna run, get in NOW!!!" posts and not enough like Purl's classic Pro/Con posts here.

as for JMIH, note that the spread was .27x.30 for quite a long time, and occasionally the bid drops back to .27-.28 range. if you are interested in JMIH, i think is still possible that may have some dips to this range.

note also that i listed several "Cons" with JMIH, these should be considered before any potential buying. i like JMIH enough to own a position in it, and imho it's worthy of at least consideration as an undiscovered stock of interest. but of course, everyone has to weigh the pros and cons for themself and make their own decision. i'm more than happy to hear any new "Cons" with JMIH that perhaps i didn't think of, that's part of why i started this thread. open discussion, sharing of ideas, people pointing out things others may have missed: in my mind, that's the value in a board like allstocks.

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Form 10QSB for JUPITER MARINE INTERNATIONAL HOLDINGS INC/FL


--------------------------------------------------------------------------------

8-Jun-2005

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
General

Jupiter Marine International Holdings, Inc. (JMIH), designs, manufactures and markets a diverse mix of high quality sport fishing boats under the Jupiter brand name. On May 26, 1998, JMIH acquired all of the outstanding shares of common stock of Jupiter Marine International, Inc. (JMI), a boat manufacturing company. On February 17, 2000, JMIH purchased certain of the assets of Phoenix Marine International, Inc. consisting of some molds for inboard powered sportfishing boats. JMIH formed a new wholly owned subsidiary, Phoenix Yacht Corporation (Phoenix) to hold these assets. JMIH, JMI and Phoenix will sometimes be collectively referred to as the "Company". The Company's principal offices and manufacturing facilities are located in Port Everglades, Florida. The Company's Web site address is www.jupitermarine.com.

The Company's product line, all powered with outboard engines, currently consists of six models:

38' Forward Seating Center Console 31' Open Center Console
31' Cuddy Cabin
31' Forward Seating Center Console 27' Open center Console
27' Forward Seating Center Console

Management's discussion and analysis contains various "forward-looking statements" within the meaning of the Securities and Exchange Act of 1934. Such statements consist of any statement other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "expect," "anticipate," "estimate" or "continue" or use of negative or other variations or comparable terminology.

The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those contained in the forward-looking statements, that these forward-looking statements are necessarily speculative, and there are certain risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements.

Net Sales

The Company's net sales were $2,963,254 for the three months ended April 30, 2005 an increase of $172,917 (or 6.2%) as compared to $2,790,337 for the same quarter of last year. For the nine months ended April 30, 2005 the Company's net sales were $8,334,435, an increase of $1,088,883 (or 15.0%) as compared to $7,245,552 for the same nine month period of last year. Demand for our products continues to remain very strong. At April 30, 2005 14 boats were available for sale at dealer locations, compared to 12 boats in dealer inventory at the same time last year. This modest increase in dealer inventory is

attributable to boats at new dealer locations. Our order backlog has remained steady at about six months. The first of our new 38'Forward Seating model was delivered to its retail owner during April 2005. Effective early June 2005, we are at full production on this model. The initial response to this model has been very positive.

Cost of Sales and Gross Profit

Cost of sales for the three months ended April 30, 2005 was $2,199,905 resulting in $763,349 of gross profit or 25.8% of net sales. For the same quarter of last year, cost of sales was $2,116,967 and gross margin was $673,370 or 24.1% of net sales. Cost of sales for the nine months ended April 30, 2005 was $6,160,185 and gross profit was $2,174,250 or 26.1% of net sales. For the nine months ended May 1, 2004, cost of sales was $5,433,982 and gross profit was $1,811,570 or 25.0% of net sales. We were able to offset increased cost of raw materials, such as petroleum-based resin, by (1) selling price increases effective January 2005, (2) seeking out less expensive alternative materials and raw material sources without sacrificing quality, (3) improved manufacturing efficiencies and (4) better utilization of overhead. Although we have been able to offset the increased cost of raw materials in the past, there can not be any assurance that we will be able to do so in the future.

Selling, General and Administrative Expenses

Selling and marketing expenses were $155,591, or 5.3% of net sales for the three months ended April 30, 2005 as compared to $84,585, or 3.0% of net sales for the same quarter of last year. For the nine months ended April 30, 2005 selling and marketing expenses were $335,598, or 4.0% of net sales as compared to $258,965, or 3.6% of net sales for the same nine months of last year. For the third quarter ended April 30, 2005 boat show costs were up almost $48,000 compared to the third quarter of last year due to higher expenditures related to the Miami show and participating at more shows. For the nine months ended April 30, 2005, boat show costs were up $38,000. Expenditures for media advertising and brochures, during the third quarter ended April 30, 2005, exceed last year by approximately $24,000, as a result of promoting the new 38' Forward Seating Model. For the nine months advertising and brochure expenditures were about even with last year. For the three months ended April 30, 2005 travel and related expenses were below the same quarter of last year by approximately $6,000 but still exceeded the nine month balance by approximately $15,000 due to increased travel to dealer locations during the beginning of fiscal year ending July 30, 2005.

General and administrative expenses were $314,827, or 10.6 % of net sales for the three months ended April 30, 2005 compared to $297,113, or 10.6% of net sales for the same quarter of last year. For the nine months ended April 30, 2005, general and administrative expenses were $992,997, or 11.9% of net sales as compared to $836,903, or 11.6% of net sales for the same nine months of last year. Salaries and employee benefit costs increased by approximately $31,000, consulting costs increased by approximately $16,000 and other office related expenses decreased by approximately $30,000 during the third quarter ended April 30, 2005 compared to the same quarter of last year. For the nine

months ended April 30, 2005, salaries and payroll expenses were up approximately $71,000, consulting costs increased by approximately $112,000 and other office related expenses decreased by approximately $30,000 as compared to the same nine month period of last year. The increase in salaries and employee benefits was primarily due to annual salary increases and higher medical insurance premiums. During August of 2004, the Company engaged the services of two investor relations consulting firms. Previously the Company did all investor relations in house. Consulting fees to these firms were approximately $16,000 and $112,000 for the three and nine months ended April 30, 2005.

During the nine months ended April 30, 2005, the Company issued its chief executive officer an aggregate of 454,773 shares its common stock in consideration of its chief executive officer providing personnel guarantees for the Company. Such guarantees were required to secure lines of credit up to $700,000. This transaction was recorded as an Other Expense - Loan Guarantee of $91,000.

Depreciation and amortization expense decreased by $3,311 for the three months ended April 30, 2005, and increased by $22,512 for the nine months as a result of new tooling acquired.

Liquidity and Capital Resources

Cash and cash equivalents at April 30, 2005 were $295,275 as compared to $602,936 at July 31, 2004. Working capital at April 30, 2005 was $1,050,579 compared to $742,966 at July 31, 2004. The Company anticipates that cash generated from operations should be sufficient to satisfy its contemplated cash requirements for at least the next twelve months.

Net cash provided by operating activities for the nine months ended April 30, 2005 was $300,022. During the nine months ended April 30, 2005 the Company used $307,661 of cash.

Inventories increased by $459,361 at April 30, 2005 compared to July 31, 2004 primarily from increased outboard engine inventory and higher work in process to support the sales growth. Accounts payable increased by $151,919 at April 30, 2005 compared to July 31, 2004 because of the increase in inventory. Vendor accounts have remained within terms.

Accounts receivables increased by $140,048 due to a sale of a boat at the end of the period covered by this report. The invoice was subsequently paid.

Approximately $620,000 of equipment was purchased during the nine months ended April 30, 2005 consisting of new molds ($477,000) machinery and equipment ($81,000), leasehold improvements ($51,000) and office equipment ($11,000). The Company anticipates a reduced rate of capital expenditures during the remainder of this fiscal year.

The Company negotiated an extension of its $500,000 line of credit with a financial institution, originally due December 31, 2004, to December 31, 2005.

On January 13, 2005, the Company issued an aggregate of 209,351 shares of its common stock, in lieu of cash, to its chief executive officer and chief financial officer as payment of bonuses earned pursuant to their respective employment contracts during fiscal year ended July 31, 2004. Such bonuses had been accrued at July 31, 2004. The bonuses payable to the Company's chief executive officer was $27,927 and the bonus payable to the Company's chief financial officer was $13,963.

During December 2004 the Company entered into a Commercial Lease and Purchase Option with a third party for the lease and potential purchase of an additional operating facility in an effort to expand its manufacturing and production capacity. The facility will provide the Company with approximately 50,000 square feet of additional manufacturing and production space. Under the agreement the Company has agreed to lease certain property and facilities in Florida for a term of one year at $14,500 per month. The lease shall commence on the earlier of the date the: (1) facilities are determined to meet all applicable environmental and building code requirements (" Code Requirements") or (2) Company takes possession of the facilities. The Company has agreed to contribute one-third of the funds necessary to satisfy Code Requirements, which are anticipated to be approximately $300,000. To date, the Company has contributed approximately $32,000. During the term of the lease the Company has a right an option to purchase the facility. If the Company exercises such option, all funds contributed by the Company to satisfy Code Requirements will be deducted from the purchase price. If the Company declines to exercise the option or is unable to secure acceptable financing, Carl Herndon will have a similar option to purchase the facility. As of June 1, 2005 no events have occurred that would trigger the commencement of the lease.

In conjunction with opening the above mentioned additional facility, the Company will require certain employees to relocate. Effective January 13, 2005, as an incentive for relocating and remaining with the Company, six non-executive employees were granted options to purchase, at $.30 per share, an aggregate of 1,000,000 shares of common stock of the Company pursuant to the Company's 2004 Management and Director Equity Incentive Compensation Plan. The trading price of the Company's Common Stock, as reported on the Over the Counter Bulletin Board, on January 13, 2005 was $0.30. The options are exercisable for a period of five years, but will only vest in the event that the Company opens the additional facility and the employee relocates to the new facility.

The Company's Series C Convertible Preferred Stock automatically converts into two shares of common stock of the Company five years from date of issue. During the nine months ended April 30, 2005 773,612 shares of Series C Convertible Preferred Stock were converted into 1,547,224 shares of Common Stock pursuant to the mandatory conversion.

The number and level of employees at April 30, 2005 should be adequate to fulfill the production schedule.

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blue_in_MI
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a few .28's sneaking through today, first in 2-3 weeks. trying to add a few more at .28 here...
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blue_in_MI
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added 5k at .28 this morning
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blue_in_MI
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sudden dip today - added again at .26, buy orders out for more.
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blue_in_MI
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strange day - out of nowhere the spread actually dropped from the usual .28x.30 to .20x.26 at one point, with a lot of chunks going off at .26. then the ask popped back to .30 and the bid slowly crept up all day, closing at .29x.30 with some nice-sized blocks going off at or near the ask.

not sure what to make of it - 150k+ shares traded which is a whopping amount for the very thinly traded jupiter. maybe just a blip, dunno. i suspect early in the day someone dumped a big chunk in a market order sell that drove the price way down. whoever that was, if you're out there: thanks for the additional shares

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blue_in_MI
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fwiw, a positive independent review of jupiter's pretty new 38-footer in "sport fishing" magazine:

http://www.sportfishingmag.com/article.jsp?ID=37646&typeID=107&categoryID=282

"It all results in a big, brawny and beautiful new boat that's built well and looks good, too."

have accumulated a fair number of shares, can't seem to resist adding on dips like the one this week. next Q is due in about 3 weeks, am hopeful it will be as good the last one. we'll see.

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blue_in_MI
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10K due out early this upcoming week - JMIH still holding at .29, very interested to see the 10K numbers.
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blue_in_MI
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sat on .25 all week, bought a few more chunks there. people panicking because the 10K is a little late. i'm betting that it's out next week, and that it will be good. we'll see.
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Jupiter Marine Reports Record Fiscal 2005 Sales and Net Income


By BusinessWire
Last Update: 11/9/2005 7:58:01 AM Data provided by

FORT LAUDERDALE, Fla., Nov 09, 2005 (BUSINESS WIRE) -- Jupiter Marine International Holdings, Inc. (JMIH):

Fiscal 2005 Highlights

-- Sales increased 11.7% to a record $11.5 million

-- Gross profit up 13.5% to $2.9 million

-- Net income applicable to common shareholders up 15.3% to $387,000, or $.02 per diluted share

-- Strong six-month order backlog at July 30, 2005

-- 38' Forward Seating model now in full production

-- Working capital of $847,000 at July 30, 2005 and no long-term debt

Jupiter Marine International Holdings, Inc. (JMIH), 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 fourth quarter and fiscal year-ended July 30, 2005 (see attached tables).

Carl Herndon, Jupiter Marine's President, stated, "Fiscal 2005 was a period of tremendous progress for Jupiter Marine, as the Company achieved record sales for the sixth consecutive year, the highest annual net income in our history and introduced the new 38' Forward Seating Model, which is now in full production. Consumer demand for our outboard product line remains high, as we entered fiscal 2005 with a six-month order backlog. We feel that our broad-based success is driven by superior customer service, effective marketing, and brand recognition by a customer base that repeatedly turns to Jupiter for boats that incorporate quality performance, features and comforts."

Net sales for fiscal 2005 increased 11.7% to $11.5 million from $10.3 million last year. The Company sold 88 boats during fiscal year 2005 versus 93 in fiscal 2004. The introduction of the new 38' Forward Seating model into the product line decreased the unit count for the year but contributed to the overall dollar sales increase.

Gross profit increased 13.5% to $2.9 million, or 25% of net sales, from $2.5 million, or 24.6% of net sales, last year. This is the result of a shift to more profitable boats, better utilization of overhead and improved materials management, offsetting the rising cost of petroleum based products, such as the resins used in the production of Jupiter's boats. Net income applicable to common shareholders increased 15.3% to $387,000, or $0.02 per diluted share, on approximately 16.2 million diluted shares outstanding, from net income of $335,000, or $0.03 per diluted share, on approximately 11.9 million diluted shares outstanding, in fiscal 2004.

Net sales for the fiscal 2005 fourth quarter increased 3.8% to $3.1 million from $3.0 million in the same period last year. Gross profit was $695,000, or 22.1% of net sales, from $715,000, or 23.7% of net sales, in the year earlier period. Lower gross profit in the fourth quarter was largely due to higher raw material costs, including petroleum based resin and fiberglass products. The Company incurred slightly higher professional, legal and marketing expenses in the fourth quarter of fiscal 2005. Additionally, the Company decided during the fourth quarter of fiscal year 2005, that it would no longer allocate production capacity to manufacture its lower margin 35' Inboard, the 27' Cuddy Cabin and the 27' Open models. As a result, the Company reported a non-recurring $99,000 provision for loss on disposition of assets, compared to no such expense in the fiscal fourth quarter of 2004. As a result of these factors, the net loss for the fiscal 2005 fourth quarter was $82,000, or less than $.01 per diluted share on approximately 16.2 million diluted shares outstanding, versus a net loss of $60,000, or less than $.01 per diluted share on approximately 11.9 million diluted shares outstanding, in the same period last year.

Mr. Herndon concluded, "We continue to monitor our operating margins closely given rising fuel prices and the effect of recent hurricanes on the economy within our marketplace. We have been able to offset the increased cost of materials through the selling of higher margin boats, price increases and more efficient manufacturing processes. There can be no assurances that selling prices can continue to increase in the future without a drop off in unit sales. However, we continue to see strong consumer demand for our outboard product line, especially our new 38' Forward Seating Model. We expect that sales of this new 38-footer to be a primary contributor to our growth in the coming year, and look forward to the future with confidence."

The Company also noted that none of its employees located in the areas impacted by Hurricane Wilma received any injuries. Additionally, Jupiter's manufacturing facilities in Port Everglades, FL, received minimal damage. While there was a delay in the production line the week of the hurricane, the Company does not believe that the general overall impact of this storm will have an adverse financial impact on its sales or results of operations.

Financial Position

Jupiter Marine's balance sheet at July 30, 2005 is highlighted by a current ratio of 1.7:1; working capital of $847,000 compared to working capital of $743,000 at July 31, 2004; and no long-term debt.

About Jupiter Marine International Holdings, Inc.

Jupiter Marine designs, manufactures and markets high quality sportfishing boats designed to run at high speeds in offshore sea conditions while providing passengers with a smooth, comfortable, dry ride. The center console product line includes the 31' Open, 31' Forward Seating, 31' Cuddy and Jupiter 38' Forward Seating model. The Company's website 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.

SOURCE: Jupiter Marine International Holdings, Inc.

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Blue just picked up some at 0.22, have to average down but the price looked good
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well, i bet wrong, dammit: a disappointing Q. broke a string of very nice previous Q's.

have to say that i am surprised by the selloff though. they took a one-time charge this Q, otherwise they would have made a mild profit:

"Additionally, the Company decided during the fourth quarter of fiscal year 2005, that it would no longer allocate production capacity to manufacture its lower margin 35' Inboard, the 27' Cuddy Cabin and the 27' Open models. As a result, the Company reported a non-recurring $99,000 provision for loss on disposition of assets, compared to no such expense in the fiscal fourth quarter of 2004."

obviously they are targeting the higher-margin boats. while this one-timer took this Q from black to red, hopefully will pay dividends down the road in terms of higher margins on the 38'.

disappointed because i was hoping numbers would be better, but - i'm holding. next Q numbers are due out in just over a month, hopefully those will be better. also, their backlog remains strong. would definitely like to get an update on how things are going with the new facility.

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1Q results were pretty good - had a bit of a bounce:

http://biz.yahoo.com/bw/051209/20051209005327.html?.v=1

good sales numbers, nice profit but they have to watch the share count.

i emailed back and forth a bit with Larry the VP/CFO about this and several other topics, and was not thrilled with the dumbed-down pat answers he gave me. in particular i was really pissed off about the money they wasted on useless PR people, and asked point-blank about this without receiving a legitimate answer.

still holding, and i still like JMIH, but - not expecting this one to go anywhere quickly, it's going to come down to the new facility and if they can keep costs in line. i also would have liked to have gotten better answers to some of my questions from the company.

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blue_in_MI
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after an ugly crash to .16, this one has come most of the way back, .25 again.

really it's just a waiting game on this one: the company doesn't release much info, all depends on how sales are going and how progress on the new facility is going. would be nice to see some reports from boat shows etc., but - guess we may not know anything until the march Q.

CEO herndon and CFO tierney own about 7.5M shares between them, per SEC filings

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Blue this is for you

Jupiter Marine to Unveil New 29' Model at Miami International Boat Show & Strictly Sail


By BusinessWire
Last Update: 2/13/2006 11:57:01 AM Data provided by

FORT LAUDERDALE, Fla., Feb 13, 2006 (BUSINESS WIRE) -- Jupiter Marine International Holdings, Inc. (JMIH), a leading manufacturer of high quality, semi-custom center console boats under the Jupiter(TM) brand name, announced today that it will introduce a new 29' Forward Seating model at the 65th Annual Miami International Boat Show, which runs from February 16 - 20, 2006.

The Jupiter 29' features an Eurostyle outboard engine well and is designed for twin 250 HP four stroke engines. With Jupiter's exclusive "Posi-Stern" hull pad design, a wide beam, centerline fuel tank and good freeboard aft, the Jupiter 29' provides a stable and comfortable ride. Other features include a 45-gallon live-well and tackle storage unit, two overboard-draining boxes forward, lockable rod storage port and starboard, and a 120-gallon fish box with macerator. This forward seating model has been developed by the Jupiter staff and designed with the assistance of the world-renowned naval architects at Donald Blount and Associates, who also assisted in the design of the Jupiter 38'. As always, Jupiter's boats incorporate the features, functionality and performance the Company's customers have come to expect. A preview of the new Jupiter 29', which has a suggested base price of $134,790, can be seen at the Company's website: www.jupitermarine.com.

Carl Herndon, President of Jupiter Marine, noted, "A principle focus in the development of our boating line is to provide our customers with quality boats with a wide variety of options and features. With the debut of the Jupiter 29', we are addressing another segment of the fishing and cruising boat market and bridging the gap between our 27' and 31' models in both price and features. The Jupiter 29' has been developed for boaters who desire a midsize sport fishing boat that provides the performance, features and comforts for which Jupiter boats are known."

The 65th Miami International Boat Show is a five-day event that will bring together the newest and greatest powerboats, engines, sail boats, electronics and marine accessories from more than 2,300 exhibitors. The Jupiter 29' will be on display at the Miami Beach Convention Center, space B-87, along with other Jupiter Marine models.

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blue_in_MI
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oops somehow i missed your post vg, just saw this now. yup, will be interesting to see how they did during these boat shows. this article about fountain powerboats at the miami show seems fairly positive as a barometer of show sales:

http://www.bizjournals.com/southflorida/stories/2006/02/20/daily16.html?from_rss=1

i admit am a little nervous about the Q upcoming next month for JMIH. will be expenses with the new facility startup, but may not show the profits yet. i'd actually be happy with a breakeven Q next month, and then am much more hopeful starting with the next Q.

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surprisingly good Q posted today by JMIH, back up to .27x.29 on relatively large volume.

http://biz.yahoo.com/bw/060315/20060315005562.html?.v=1

was worried about new-facility expenses, but - they overcame them to post $116k or .01/sh profit. the good part was that this profit was after a $95k hit due to new facility costs, and also a $74k one-time hit due to discontinuing their 27' foot boat. haven't had time to read the full Q yet, but - looks good. the one thing i don't like is that shares keep dribbling out: 3M more or about 20% larger float than at the same time last year.

also from last week, a positive PR about the boat show/new facility:

http://biz.yahoo.com/bw/060308/20060308005471.html?.v=1

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scottrade emailed me this JMIH news article yesterday:

Mar 16, 2006 (The Bradenton Herald - Knight Ridder/Tribune Business News via
COMTEX) -- MANATEE -- Jupiter Marine International Holdings Inc.'s second manufacturing facility in Palmetto is up and running, and could double the number of center console boats made by the Fort Lauderdale company.

Demand for Jupiter's outboard product line boosted net sales 22.4 percent to
$6.6 million during the first half of fiscal 2006, according to figures released Wednesday. Second quarter net sales increased 31.5 percent to $3.4 million over the same period last year.

"Right now for us (the market) has been very good," said President Carl Herndon.
"We had the best Miami Boat Show we've ever had. . . . it was better than last year and the year before that."

The expansion satisfied Jupiter's goal of increasing its volume capacity.
The
Palmetto facility set Jupiter back $95,000 in startup costs, which, along with other factors such as increased expense of raw materials, slightly lowered its gross profit margin in the second quarter of fiscal 2006 to 24 percent, compared with 27.3 percent during the same period in 2005.

The Palmetto plant will build Jupiter's new 29-foot forward seating model, which debuted in Miami last month. With a suggested base price of nearly $135,000, the boat will temporarily supplant production of its 27-foot version.

"When you introduce a new model like the 29, you get a lot of new orders because it's the newest thing," Herndon said. "We're taking the excess production capacity from the 27. After the initial surge is over and it goes back to normal levels, we will be producing the 27s."

Jupiter has hired 20 out of 50 planned workers for the production at the Palmetto plant.

Jupiter's Fort Lauderdale facility manufactures between 100 and 120 boats annually. Its average order backlog is six months.

Jupiter's current product line includes the 38-foot forward seating, 31-foot open, 31-foot forward seating, 31-foot cuddy and new 29-foot forward seating.

The results come at a time when the National Manufacturers Association is predicting a good year for an industry heavily tied to consumer confidence, according to Jim Petru, the association's director of industry research and statistics. "I think the consumers are a little cautious right now," Petru said.
"Dollar-wise, we're probably going to have a good year when the final numbers from 2005 come in. Unit-wise, we're down."

But low dealer inventories bode well for manufacturers because they will have to replenish stocks, Petru said. Boats with higher price points remain less affected by dips in consumer confidence.

Tilde Herrera, Herald business reporter, can be reached at

748-0411, ext. 7037 or at therrera*HeraldToday.com [mailto:therrera*HeraldToday.com].


By Tilde Herrera

Copyright


(c) 2006, The Bradenton Herald, Fla.

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vg
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Blue I like this co. and have been holding it with you for a long time, I also averaged down and i'm green at the moment so I dont mind holding it long.
And like you the only thing I dont like is the increase in float. But hopefully they start making more money and stop that.

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I named this thread "Pro / Con" because, unlike many of the pumpers here, i actually feel responsible to portray a fair and balanced picture of the companies i like and own. And - a con that i have mentioned before showed itself again this week: another 1M share dilution, or about 6%:

http://biz.yahoo.com/e/060403/jmih.ob8-k.html

i don't know what the "going rate" for little boat company CEO and CFO is, but - it is good to be mr. tierney or mr. herndon: $425k a year, plus 800k shares, plus $1750 in auto expenses a month, plus 200k more shares, plus more options. and toss in 200k shares more dilution for mr. clemmens to sit on the board.

really, i like JMIH, they have made progress, seem to be doing well, and all that. but the continous dilution is what keeps me from taking a larger position, and this week is yet another good example. there is certainly money to be made from JMIH if you are in the top of the company. but - as a shareholder, i don't like the dilution, and it keeps me from taking a larger stake in JMIH.

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blue,

doubt anybody here any length of time would consider you anything but a straight shooter...

lol, I'd take the $425k a year, though.

btw, where is Purlie?

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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i admit, was pretty pissed off when i saw that about the dilution and hefty salaries.

basically, it's a 60%-40% proposition with JMIH: carl and larry take 60% of the profits (literally) for themselves, and everyone else (including the shareholders) gets 40%.

JMIH is still undervalued by most stretches, but - it's clear that they are going to have to keep increasing profits, just to keep up with the amount that goes to top management. hopefully the new facility will let them do this.

still holding, and will wait it out a few Q to see how the new facility goes. but - i admit that i am not going to add anymore at this point. mr tierney is a VERY well paid CFO, he ought to know about the effects of dilution. for all that money he is making, he also ought to NOT be doing things like paying roland perry $60K last year for "stock promotion", for a guy who sat around on his ass and didn't do sh!t.

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still holding about half of JMIH, trying to buy a little back today with the spread at .20 x .22. as pissed off as i (rightfully, imho) am about larry and carl's new salaries, i still think jupiter is worth more than .20 or .22. we'll see.
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I played this one last year, ended up coming out about even after waiting and waiting. This has a lot of potential but yeah it bugs me that they pay themselves so much. I talked with the CEO a few times and was never impressed with with the conversations. With that said, I'm glad they finally got the new facility up and running...maybe now they can make .03-.04 a quarter. I will keep my eye on it.
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By the way, if you guys want to post your picks over at my IHUB board I would be honored. The board heading will show the types of stocks I would like to have...basically growth value stocks, with some momo action thrown in. A board vote would be done every couple of weeks, and if you want the same pick over and over it would be fine. Anyway, hope to see you over there from time to time.

http://www.investorshub.com/boards/board.asp?board_id=5700


I hope this link isn't some type of violation, if so, I'll take it off.

[ May 09, 2006, 19:25: Message edited by: JimMeredith ]

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looks good JM, added a bookmark.

spread bounced back somewhat for JMIH - doubt it will fall below .20, but - it could. if so, will be adding.

did you notice KSW declared a special .06 dividend today? not complaining, but - kind of odd.

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Thanks, Blue. It will take a while to get the thing going like I would hope to see. Feel free to drop a pick though anytime.

Another thing about JMIH is they're in a group that will be the first to show the effects of a slowing economy. Not that there is one now, but... Do they still have a 6 month backlog?

Yes, I saw the KSW dividend. I would rather them keep the money for future growth for more trucks, workers, or equipment. Just thinking.

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Blue, if you have a minute can you go to my board and look at post 29 and give me your thoughts on KSW and UFPT and if I am missing something. I think these two companies are almost the same in numbers except for the current p/e. Both futures look great though. TIA
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as disclosure - my dad and i dumped another few chunks of JMIH today at .25, now down to only 10K shares between us.

disappointing to me to dump most of it, as this was one of my favorites, and i still think has potential. but - imho i think i had good reason, the salaries stuff (as explained above) just pissed me off too much to hold any kind of a large position.

lavish salaries for management (especially for the danged CFO), dilution, and chronic late filing: those are 3 things that really get under my skin and make me sell stocks, no matter how much i might originally like them at the time of purchase.

JMIH's next Q should be coming up soon, honestly not sure what to expect. revs should be up, not sure about costs related to the new facility though. was expecting a mild loss last Q but they surprised to the upside, just hard to say. we'll see.

not quite sure why the sudden jump today: actually over 200K shares traded (a lot for JMIH) with a trading range of .24 to .26.

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Q out today for JMIH:

http://biz.yahoo.com/bw/060615/20060615005627.html?.v=1

results pretty much as expected: revs up (37%), but - due to a combo of stock expense and new facility costs, they lost .01/share on the Q.

quote from the PR:

Carl Herndon, President of Jupiter Marine, stated, "Third quarter results included Jupiter's first-ever revenue from the new production facility in Palmetto. While Palmetto sales were minimal this quarter, we expect production will ramp up considerably during the balance of calendar 2006. The costs associated with this new facility impacted third quarter results, however, operating expenses at Palmetto going forward should be offset as we achieve our production goals."

am still fairly neutral here: promising company, but - not holding my breath that any future profits will get out of the grubby little hands of tierney and herndon, and trickle down to shareholders. mainly JMIH is of interest to me as a good swing-play these days, i admit. a fair amount of stocks i'd really like to hold long, but - eventually i learn that they're just better as swing-plays. i really like JMIH at .20, not so much anymore at .25.

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Blue/ Jim,
I couldn't find the KSW thread but we have some good movement after the report came out. this is a good long hold.

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