WASHINGTON, Miss., Aug. 14 /PRNewswire/ -- Xtreme Companies, Inc. (BULLETIN BOARD: XTME) today announced its results for the quarter ended June 30, 2006. Revenue for the quarter ended June 30, 2006 was ($792,895) vs. $552,300 for the quarter ended June 30, 2005, due to adjustments. Net loss for the quarter ended June 30, 2006 was (.30) per share vs. (.03) per share for the quarter ended June 30, 2005. The Company's complete results can be viewed on its Form 10-QSB for the quarter ended June 30, 2006 by visiting http://www.sec.gov/.
Xtreme CEO Laurie Phillips stated, "Recently our new management team has made numerous strategic decisions, of which most importantly included the restructuring of our entire operation. It is our assessment that the Company's former management made a number of poor operational, tactical and financial decisions over the past year. To address these issues we've most recently:
* terminated contracts and agreements with non-performing outside
distributors which were harmful to both our short-term and long-term
growth.
* ceased production of the Fire-Rescue and Patrol boats and sold off
related assets to focus exclusively on the commercial production and
marketing of our Challenger Offshore line.
* reorganized our entire production line process and implemented tight
cost control measures in order to eliminate inefficiencies, reduce the
associated costs and significantly improve our margins.
* reduced the number of Challenger models offered in the near term from
29 to 6.
* begun to recruit well respected industry veterans to add to our talent
pool.
She added, "Going forward in the near-term we plan to:
* continue with our aggressive recruiting in order to assemble a
top-tier, industry-leading management team.
* begin building a solid nationwide dealer and distribution channel.
* begin a full scale national marketing and branding campaign through
effective advertising and media placement.
* continue advancing on what we believe are our current technological
strengths and advantages relative to our competitors.
* showcase our 2007 models at the major national boat shows.
We have a superior offering and as such will compete at the higher end of both the sport cruiser and high performance markets. As a result of our aggressive strategy, we strongly believe that we can deliver solid and quantifiable progress to our shareholders sooner rather than later and look forward to a much improved second half of 2006."
About Xtreme Companies, Inc.
Xtreme Companies, Inc., produces high end, commercial semi-custom fiberglass boats which include sport and high performance models under the 'Challenger Offshore' brand. Xtreme holds the exclusive rights to the revolutionary DDC hull for boats up to 40 feet in length. The DDC hull is a patented revolutionary design by world-renowned marine designer Harry Schoell, which incorporates two hulls into one, resulting in a constant planning surface enhancing stability and generating greater transom lift. This enables the hull to run faster in rougher seas while providing a dry, safe and more comfortable ride.
For more information you may visit http://www.xtremecos.com/ and http://www.challengeroffshore.com/. Xtreme's public financial information and filings can be viewed at http://www.sec.gov/.
Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
Contact: Michael Novielli
Chairman, Xtreme Companies, Inc.
ph (845)575-6770
