New files are created with no entries at all, with the master passphrase "asdf" (without the quotes). If you "Save" immediately, fpwdman will notify you that the default passphrase has not been changed, and ask if you really intend to save with a public password. If you proceed, or change the master passphrase then proceed, a file called "tmp.sbc" will be created. Even if saved with zero entries, the file will be non-empty: fpwdman will store unencrypted formatting data, and at least one block of encrypted information. If the encrypted data is empty, then it will just be a block of random padding. Incidentally, this is why the first few characters of the encrypted file are repetitive (and you can read them by eye, if you know fpwdman's internal format). The first dozen characters or so are unencrypted formatting information.
After the formatting information comes the "salt", or a 160 bit Initial Vector (IV). The random IV ensures that even identical password files will be encrypted to different cipher texts. The detailed internal data structures are described in the comments of the source code.
When creating a new password file, it is clearly desirable to use the "Save As" command, so that a user-provided file name (with extension .sbc) and file location can be provided.
When a new password file is created, any existing entries will be cleared. If you have unsaved changes, fpwdman will ask you if you really mean to discard the unsaved changes.