FOUNTAIN POWERBOAT INDUSTRIES, INC.

                                 FORM 10-Q

                             QUARTERLY REPORT

                 FOR THE QUARTER ENDED SEPTEMBER 30, 2001


                    SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, DC  20549


                                 FORM 10-Q

                  U.S. SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549


 [X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                           EXCHANGE ACT OF 1934

             For the quarterly period ended September 30, 2001

                                    OR

[  ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                           EXCHANGE ACT OF 1934

      For the transition period from ____________ to _______________

     For the Quarter Ended         Commission File Number

     ___________________                0-14712

                    FOUNTAIN POWERBOAT INDUSTRIES, INC.
          (Exact name of registrant as specified in its charter)

          Nevada                             56-1774895
     (State or other jurisdiction of       (I.R.S. employer
     incorporation or organization)       identification No.)


        Whichard's Beach Road, P.O. Drawer 457, Washington, NC  27889
                 (Address of principal executive offices)

          Registrant's telephone no. including area code: (252) 975-2000

 Indicate  by check mark whether the registrant (1) has filed all  reports
 required  to  be filed by Section 13 or 15(d) of the Securities  Exchange
 Act  of  1934 during the preceding 12 months (or for such shorter  period
 that  the registrant was required to file such reports), and (2) has been
 subject to such filing requirements for the past 90 days.

         Yes   X                    No

 Indicate  the  number  of  shares outstanding of  each  of  the  issuer's
 classes of common stock as of the latest practicable date.

         Class                  Outstanding at October 29, 2001

 Common Stock, $.01 par value          4,732,608 shares



<PAGE>



            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY


                                   INDEX

                                                                  Page No.

Part I Financial Information

       Unaudited Consolidated Balance Sheets,
        September 30, 2001 and June 30, 2001                       1 - 2

       Unaudited Consolidated Statements of Operations, for the
        three months ended September 30, 2001
        and September 30, 2000                                         3

       Unaudited Consolidated Statements of Cash Flows, for the
        three months ended September 30, 2001
        and September 30, 2000                                     4 - 5

       Notes to Unaudited Consolidated Financial Statements        6 - 9

       Management's Discussion and Analysis of Results
         of Operations and Financial Condition                   10 - 11

Part II                                        Other Information

       Item 6  Exhibits and Reports on Form 8 and Form 8-K            12

       Signature                                                      13




            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

                   UNAUDITED CONSOLIDATED BALANCE SHEETS


                                  ASSETS





                                    September 30,    June 30,
                                         2001          2001
                                    _____________ _____________
CURRENT ASSETS:
  Cash and cash equivalents          $   327,294   $   796,606
  Accounts receivable, net               758,079     1,939,886
  Inventories                          4,508,330     4,555,969
  Prepaid expenses                       282,764       172,538
  Current tax assets                   1,802,125     1,469,937
                                    _____________ _____________
     Total Current Assets              7,678,592     8,934,936
                                    _____________ _____________
PROPERTY, PLANT AND EQUIPMENT         39,794,026    39,352,236

  Less:  Accumulated depreciation    (21,001,828)  (20,432,602)
                                    _____________ _____________
                                      18,792,198    18,919,634
                                    _____________ _____________
OTHER ASSETS                           1,148,881     1,093,182
                                    _____________ _____________
                                     $27,619,671   $28,947,752
                                    _____________ _____________





                                [Continued]



-1-
<PAGE>





            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

                   UNAUDITED CONSOLIDATED BALANCE SHEETS

                   LIABILITIES AND STOCKHOLDERS' EQUITY

                                [Continued]


                                    September 30,    June 30,
                                        2001          2001
                                   _____________ _____________
CURRENT LIABILITIES:
  Current maturities - long-term
    debt                           $     808,764 $     722,661
  Current maturities - capital
    lease                                 14,690        13,989
  Accounts payable                     5,318,830     5,682,729
  Accrued expenses                       916,284     1,006,459
  Dealer incentives                    1,482,372     2,030,126
  Customer deposits                      169,175       321,175
  Allowance for boat repurchases         200,000       200,000
  Reserve for warranty expense           590,000       590,000
                                   _____________ _____________
     Total Current Liabilities         9,500,115    10,567,139

LONG-TERM DEBT, less current
  maturities                           6,802,629     6,580,299
CAPITAL LEASE, less current
  maturities                              48,904        49,605
DEFERRED TAX LIABILITY                   783,533       759,577

COMMITMENTS AND CONTINGENCIES
  [NOTE 5]                                     -             -
                                   _____________ _____________
     Total Liabilities                17,135,181    17,956,620
                                   _____________ _____________



STOCKHOLDERS' EQUITY:
  Common stock, $.01 par value,
    200,000,000 shares authorized,
    4,732,608 shares issued
    and outstanding                       47,326        47,326
  Additional paid-in capital          10,303,640    10,303,640
  Accumulated earnings                   244,272       750,914
                                   _____________ _____________
                                      10,595,238    11,101,880
Less: Treasury stock, at cost,
  15,000 shares                         (110,748)     (110,748)
                                   _____________ _____________
     Total Stockholders' Equity       10,484,490    10,991,132
                                   _____________ _____________
                                   $  27,619,671 $  28,947,752
                                   _____________ _____________




The accompanying notes are an integral part of these financial statements.


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<PAGE>





            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

              UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS



                                     For the Three Months Ended
                                           September 30,
                                      ___________________________
                                         2001          2000
                                      _____________ _____________
NET SALES                             $   8,450,793 $  13,686,344

COST OF SALES                             7,763,307    11,791,217
                                      _____________ _____________
  Gross Profit                              687,486     1,895,127
                                      _____________ _____________
EXPENSES:
  Selling expense                           856,934     1,598,692
  Selling - related  parties                 15,000        75,082
      General and administrative            487,725       747,692
                                      _____________ _____________
     Total expenses                       1,359,659     2,421,466
                                      _____________ _____________
OPERATING INCOME (LOSS)                    (672,173)     (526,339)
                                      _____________ _____________
NON-OPERATING INCOME (EXPENSE):
  Other income (expense)                     10,387        35,334
  Interest expense                         (153,089)     (280,338)
                                      _____________ _____________
     Total non-operating income
       (expense)                           (142,702)     (245,004)
                                      _____________ _____________
INCOME (LOSS) BEFORE INCOME TAXES          (814,875)     (771,343)

CURRENT TAX EXPENSE                               -         9,785

DEFERRED TAX EXPENSE (BENEFIT)             (308,232)     (290,404)
                                      _____________ _____________

NET INCOME (LOSS)                     $    (506,643)    $(490,724)
                                      _____________ _____________

EARNINGS (LOSS) PER SHARE             $       (.11) $       (.10)
                                      _____________ _____________
WEIGHTED AVERAGE SHARES
  OUTSTANDING                             4,732,608     4,732,608
                                      _____________ _____________




The accompanying notes are an integral part of these financial statements.


-3-
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            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

              UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

             Increase (Decrease) in Cash and Cash Equivalents

                                                  For the Three Months Ended
                                                        September 30,
                                                  _________________________
                                                      2001        2000
                                                  ___________  ____________
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                               $  (506,643)   $(490,724)
                                                  ___________  ____________
  Adjustments to reconcile net income (loss)
    to net cash provided by operating activities:
     Depreciation expense                             569,226       598,453
     Net deferred taxes                              (308,232)     (290,404)
     Change in assets and liabilities:
       (Increase) decrease in accounts
         receivable                                 1,181,807      (581,308)
       (Increase) decrease in inventories              47,639     2,071,146
       (Increase) decrease in prepaid expenses       (110,225)     (462,256)
       Increase (decrease) in accounts payable       (363,899)      396,558
       Increase (decrease) in accrued expenses        (90,175)      (54,562)
       Increase (decrease) in dealer incentives      (547,754)     (307,371)
       Increase (decrease) in customer deposits      (152,000)     (290,569)
                                                  ___________  ____________
        Net Cash Provided (Used) by
          Operating Activities                    $  (280,256) $    588,963
                                                  ___________  ____________
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property, plant, and equipment         (441,790)     (686,288)
  (Increase) in other assets                          (55,698)      (25,657)
                                                  ___________  ____________
        Net Cash Provided (Used) by Investing
          Activities                              $  (497,488) $   (711,945)
                                                  ___________  ____________
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from long-term debt                    $   492,329  $          -
  Repayment of long-term debt                        (183,897)     (627,505)
                                                  ___________  ____________
        Net Cash Provided (Used) by Financing
          Activities                              $   308,432  $   (627,505)
                                                  ___________  ____________
Net increase (decrease) in cash and cash
  equivalents                                     $  (469,312) $   (750,487)

Cash and cash equivalents at beginning of year        796,606     1,983,439
                                                  ___________  ____________
Cash and cash equivalents at end of period        $   327,294  $  1,232,952
                                                  ___________  ____________


                                [Continued]


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<PAGE>




            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

              UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

             Increase (Decrease) in Cash and Cash Equivalents

                                [Continued]

                                                 For the Three Months Ended
                                                         September 30,
                                                  _________________________
                                                       2001         2000
                                                  ____________  ___________
Supplemental Disclosures of Cash Flow Information:
  Cash paid during the period for:

      Interest                                    $     80,334  $   270,140
      Income Taxes                                $          -  $     9,785


Supplemental Disclosures of Noncash Investing and Financing Activities:
  For the three month period ended September 30, 2001:
     None

  For the three month period ended September 30, 2000:
       None





The accompanying notes are an integral part of these financial statements.


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<PAGE>





            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

           NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 - BASIS OF PRESENTATION

  The  accompanying financial statements have been prepared by the Company
  without  audit.   In  the opinion of management, all adjustments  (which
  include  only normal recurring adjustments) necessary to present  fairly
  the  financial  position,  results  of  operations  and  cash  flows  at
  September 30, 2001 and for all periods presented have been made.

  Certain  information  and  footnote  disclosures  normally  included  in
  financial  statements  prepared in accordance  with  generally  accepted
  accounting  principles have been condensed or omitted  for  purposes  of
  filing  interim  financial statements with the Securities  and  Exchange
  Commission.   It is suggested that these condensed financial  statements
  be  read  in conjunction with the financial statements and notes thereto
  included  in  the Company's June 30, 2001 audited financial  statements.
  The  results  of operations for the period ended September 30,  2001  is
  not necessarily indicative of the operating results for the full year.

NOTE 2 - ACCOUNTS RECEIVABLE

  As  of September 30, 2001, accounts receivable were $758,079 net of  the
  allowance  for  bad  debts of $27,841.  This  is  a  decrease  from  the
  $1,939,886  in net accounts receivable recorded at June  30,  2001.   Of
  the  balance  at  September  30, 2001, $374,825  has  subsequently  been
  collected  as  of  October  31,  2001, and  the  remaining  $383,254  is
  believed to be fully collectible.


NOTE 3 - INVENTORIES

  Inventories  at  September 30, 2001 and June 30, 2001 consisted  of  the
  following:


                                                September 30,   June 30,
                                                    2001          2001
                                               ____________  ____________
         Parts and supplies                    $  2,437,743  $  2,829,705
         Work-in-process                          1,816,503     1,308,998
         Finished goods                             404,084       567,266
         Obsolete inventory reserve                (150,000)     (150,000)
                                               ____________  ____________
           Total                               $  4,508,330  $  4,555,969
                                               ____________  ____________



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            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

           NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4- REVENUE RECOGNITION

  The  Company generally sells boats only to authorized dealers and to the
  U.S.  Government.  A sale is recorded when a boat is shipped to a dealer
  or  to  the  Government,  legal title and incidents  of  ownership  have
  passed  from  the Company to the dealer or Government, and  an  accounts
  receivable  is  recorded  or  payment  received  from  the  dealer,  the
  Government, or the dealer's third-party commercial lender.  This is  the
  method of sales recognition in use by most boat manufacturers.

  The  Company has developed criteria for determining whether  a  shipment
  should  be  recorded as a sale or as a deferred sale.  The criteria  for
  recording a sale are that the boat has been completed and shipped  to  a
  dealer or to the Government, that title and incidents of ownership  have
  passed  to the dealer or to the Government, and that there is no  direct
  or  indirect commitment to the dealer or to the Government to repurchase
  the boat.

  The  sales  incentive interest payment program for  each  boat  sale  is
  accrued for the six month (180 days) interest period in the same  fiscal
  accounting  period that the related sale is recorded, since the  Company
  considers  it  a  selling expense.  The amount of  interest  accrued  is
  subsequently adjusted to reflect the actual number of days of  remaining
  liability for floor plan interest for each individual boat remaining  in
  the dealer's inventory and on floor plan.

  Presently,  the Company's normal sales program provides for the  payment
  of  floor  plan interest on behalf of its dealers for six  months.   The
  Company  believes  that this program is competitive  with  the  interest
  payment programs offered by other boat manufacturers, but may from  time
  to  time  adopt and publish different programs as necessary in order  to
  meet or exceed the competition.

NOTE 5 - COMMITMENTS AND CONTINGENCIES

  Manufacturer  Repurchase  Agreements  -  The  Company  makes   available
  through  third-party  finance companies a floor plan  financing  program
  for  many  of its dealers.  Sales to participating dealers are  approved
  by  the  respective finance companies.  If a participating  dealer  does
  not satisfy its obligations under the floor plan financing agreement  in
  effect   with  its  commercial  lender(s)  and  boats  are  subsequently
  repossessed  by  the  lender(s), then under  certain  circumstances  the
  Company  may be required to repurchase the repossessed boats if  it  has
  executed  a  repurchase agreement with the lender(s).  At September  30,
  2001,  the Company had a total contingent liability to repurchase  boats
  in  the  event  of dealer defaults and if repossessed by the  commercial
  lenders  amounting  to  approximately  $22,382,400.   The  Company   has
  reserved for the future losses it might incur upon the repossession  and
  repurchase  of  boats  from  commercial  lenders.   The  amount  of  the
  allowance  is based upon probable future events which can be  reasonably
  estimated.   At  September 30, 2001, the allowance for boat  repurchases
  was $200,000.

  Dealer  Interest  -  The Company regularly pays a  portion  of  dealers'
  interest  charges for floor plan financing for up to six months.   These
  interest charges amounted to approximately $212,014 for the first  three
  months  ended  September 30, 2001 and are included in  the  accompanying
  consolidated  statements of operations as part of selling  expense.   At
  September  30,  2001,  the  estimated unpaid dealer  incentive  interest
  included in accrued expenses amounted to $206,000.

-7-
<PAGE>




            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

           NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 6 - TRANSACTIONS WITH RELATED PARTIES

  At  September  30, 2001, the Company had receivables and  advances  from
  employees of the Company amounting to $3,500.

  During  the  three  month period ended September 30, 2001,  the  Company
  paid  $6,500  for services rendered to entities owned or  controlled  by
  the Company's Chairman, President, and Chief Executive Officer.

  The  Company paid $24,868 during the three month period ended  September
  30,  2001  for advertising services received from an entity owned  by  a
  Company director.

NOTE 7- INCOME TAXES

  For  the  three  month period ended September 30,  2001  and  2000,  the
  Company  paid $0 and $9,785 for current income taxes and had  a  benefit
  of $308,232 and $290,404 for deferred income taxes.

NOTE 8 - EARNINGS (LOSS) PER SHARE

  The  computations of earnings (loss) per share and diluted earnings  per
  share  amounts are based upon the weighted average number of outstanding
  common  shares during the periods, plus, when their effect is  dilutive,
  additional  shares  assuming  the  exercise  of  certain  vested   stock
  options,  reduced by the number of shares which could be purchased  from
  the  proceeds from the exercise of the stock options assuming they  were
  exercised.  Diluted earnings per share for the three month period  ended
  September  30, 2001 and 2000, was not presented as its effect was  anti-
  dilutive.   At  September 30, 2001 there were 551,000 unexercised  stock
  options,  of  which 535,000 were held by officers and directors  of  the
  Company  at prices ranging from $1.34 to $5.00 per share that  were  not
  included in the computation of earnings per share because the effect  is
  anti-dilutive.

NOTE 9 - GOING CONCERN

  Due  to  the  Company having current liabilities in  excess  of  current
  assets  at  September 30, 2001, substantial doubt was  raised  regarding
  the  ability  of  the Company to continue as a going concern.   However,
  management  has alleviated this doubt by refinancing existing  debt  and
  raising  an  additional  $3,000,000 in  long-term  debt  financing.   In
  addition,  management has accelerated efforts to introduce new  product,
  has  executed  plans  and  actions that reduce expenses  through  direct
  labor   and   overhead  cost  cuts,  and  has  implemented   significant
  reductions to selling and general and administrative expenses.

-8-
<PAGE>




            FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

           NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 10 - SUBSEQUENT EVENTS

  On  November  2,  2001, the Company refinanced its long-term  debt  with
  General  Electric Capital Corporation.  Under the refinancing agreement,
  the  Company  issued  notes  payable for $7,000,000  and  $3,000,000  in
  payment  of  amounts  outstanding under the current financing  agreement
  and  to  supply additional working capital.  The notes have  a  variable
  interest  rate  of prime + 2%, which was 7.5% at the loan closing  date.
  The  $7,000,000 note has monthly payments of approximately  $83,100  and
  has  a  ten-year  amortization with a five-year  balloon  payment.   The
  $3,000,000 note has monthly payments of approximately $46,000 and has  a
  seven-year  amortization.   These  notes  are  secured  by  all  of  the
  Company's real and personal property, an assignment of a $1,000,000  key
  man  life  insurance policy, and the personal guarantee of  the  Company
  President with real estate valued at approximately $1,500,000.


-9-
<PAGE>




Management's Discussion and Analysis of Results of Operations
and Financial Condition

Results of Operations.

The  operating  loss for the first quarter ended September  30,  2001  was
$(672,173) or $(.14) per share versus $(526,339) or $(.11) per  share  for
the same period in 2000.  The operating loss as a percent of sales for the
three  months  ended September 30, 2001, was -7.95% versus -3.8%  for  the
three  months ended September 30, 2000.  Net earnings for the three months
ended  September  30,  2001, were $(506,643) or $(.11)  per  share.   This
compares  to  a net loss of $(490,724) or $(.10) per share for  the  three
months ended September 30, 2000.

Net  sales were $8,450,793 for the three months ended September 30,  2001,
as  compared to $13,686,344 for the three months ended September 30, 2000.
Unit  sales volume for three months ended September 30, 2001 was 59  boats
as  compared  to 96 boats for the three months ended September  30,  2000.
During the period, 40% of the boats sold represented new models introduced
in  the last twelve months.  Sales decreased, in part, due to the lack  of
credit   provided  to  dealers  by  finance  companies.   More   stringent
requirements  forced limits on existing credit lines and  fewer  financing
institutions turned dealers to hometown banks for lending support.

Gross  margin on sales for the three months ended September 30, 2001,  was
$687,486 or 8% as compared to $1,895,127 or 14% for the three months ended
September  30, 2000.  The decrease in margin was due in part to  a  leaner
sales mix, reflected in a higher portion of fishing boats as a percent  of
total units sold, when compared with the same period from last year.

Selling  expenses were $871,934 for the three months ended  September  30,
2001,  as compared to $1,673,774 for the three months ended September  30,
2000.   Decreased  selling expenses were a result  of  savings  strategies
implemented during the first quarter of 2001.  This yielded over  $270,000
in  savings  by adhering to a stricter advertising budget and  saved  over
$160,000 in reduced dealer incentive interest expense.

General  and  administrative expenses were $487,725 for the  three  months
ended  September 30, 2001 compared to $747,692 for the three months  ended
September 30, 2000.  Decrease in expense for the first quarter of 2001 was
largely due to the cost saving steps executed by management.  Over $55,000
was  saved in depreciation due to the sale of the corporate jet, and legal
expense dropped over $110,000 from the same period last year.

Interest  expense  for  the  three months ended  September  30,  2001  was
$153,089 as compared to $280,338 for the three months ended September  30,
2000.

Other  non-operating (income)/expense for the three months  September  30,
2001  was  $(10,387) as compared to $(35,334) for the three  months  ended
September 30, 2000.


-10-
<PAGE>


Financial Condition.
The Company's cash flows for the three months ended September 30, 2001 are
summarized as follows:
     Net cash used in operating activities       $   (280,256)
     Net cash used in investing activities           (497,488)
     Net cash provided by financing activities        308,432
     Net decrease in cash                        $   (469,312)

This net decrease compares to a $750,487 net decrease for the three months
ended September 30, 2000.

Cash  used  in  the  three  months ended September  30,  2001  to  acquire
additional property, plant, and equipment (investing activity) amounted to
$441,790,  of  which  over $384,000 was invested in new  product  tooling,
design and development.

For the remainder of the year ending June 30, 2002 and beyond, the Company
expects  to generate sufficient cash through operations to meet its  needs
and  obligations.  The Company anticipates new product sales, vital to the
long-term  future,  will generate an additional source  of  revenue.   The
Company  believes  that  the  November 2001  closing  of  long  term  debt
refinancing will improve cash flow, while incremental increases in  volume
will result in corresponding improvement in net earnings.

Cautionary  Statement  for  Purposes of "Safe Harbor"  Under  the  Private
Securities Reform Act of 1995.
The  Company  may  from  time  to  time make  forward-looking  statements,
including  statements projecting, forecasting, or estimating the Company's
performance  and  industry trends.  The achievement  of  the  projections,
forecasts,  or  estimates  contained in these  statements  is  subject  to
certain risks and uncertainties, and actual results and events may  differ
materially from those projected, forecasted, or estimated.

The  applicable  risks  and  uncertainties include  general  economic  and
industry  conditions that affect all businesses, as well as, matters  that
are  specific to the Company and the markets it serves.  For example,  the
achievement  of  projections, forecasts, or  estimates  contained  in  the
Company's  forward-looking  statements may be  impacted  by  national  and
international economic conditions; compliance with governmental  laws  and
regulations;  accidents  and acts of God; and all  of  the  general  risks
associated with doing business.

Risks that are specific to the Company and its markets include but are not
limited  to compliance with increasingly stringent environmental laws  and
regulations; the cyclical nature of the industry; competition  in  pricing
and  new  product  development  from  larger  companies  with  substantial
resources; the concentration of a substantial percentage of the  Company's
sales  with a few major customers, the loss of, or change in demand  from,
any  of  which  could  have  a material impact  upon  the  Company;  labor
relations  at  the  Company and at its customers and  suppliers;  and  the
Company's  single-source supply and just-in-time inventory strategies  for
some  critical boat components, including high performance engines,  which
could  adversely affect production if a single-source supplier  is  unable
for any reason to meet the Company's requirements on a timely basis.



-11-
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PART II.  Other Information.

ITEM 2:   Change in Securities.

There  was  no  change  in  securities during  the  first  quarter  ending
September 30, 2001.

ITEM 6:   Exhibits and Reports on Form 8 and Form 8-K.

     (1)  Exhibits. The following exhibits are filed in with this report:

     10.1 -    Stock Option Agreement with David Woods

      (a)  No Amendments on Form 8 were filed by the Registrant during the
first three months of Fiscal 2002.

      (b)   No  Current Reports on Form 8-K were filed by  the  Registrant
during the first three months of Fiscal 2002.



-12-
<PAGE>




                                 SIGNATURE



      Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf  by  the
undersigned thereunto duly authorized.



                    FOUNTAIN POWERBOAT INDUSTRIES, INC.
                               (Registrant)






By:  /s/  Hannah Hale                             Date: November 9, 2001
     Chief Financial Officer



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