MasterCraft Agrees to Sell Merritt Island Boat Manufacturing Plant
12 September 2024 - 10:00PM
MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”),
today announced that it has entered into an agreement to sell its
boat manufacturing plant located in Merritt Island, Florida. As
previously announced, the Company held the facility for open market
sale following its agreement to transfer the rights to its Aviara
brand to a third party.
Brad Nelson, Chief Executive Officer, commented,
“We are pleased to announce the sale of our Aviara manufacturing
property and facilities to RMI Holdings, Inc., the parent company
of Regal Boats. We deeply appreciate the opportunity to transact
with a great local boating partner, which we anticipate will
continue the rich heritage of boat building in the Merritt Island
community.”
Nelson continued, “The cash proceeds from the
transaction further add to our strong financial position, which has
provided us with the flexibility to pursue our strategic
initiatives, which is focused on extending our leadership position
in our MasterCraft, Crest and Balise brands, optimizing our cost
structure and directing resources towards other long-term
initiatives.”
The transaction remains subject to customary
closing conditions and is expected to be completed in our fiscal
second quarter.
About MasterCraft Boat Holdings, Inc.
Headquartered in Vonore, Tenn., MasterCraft Boat
Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer,
manufacturer and marketer of recreational powerboats through its
three brands, MasterCraft, Crest and Balise. For more information
about MasterCraft Boat Holdings, and its three brands, visit:
Investors.MasterCraft.com, www.MasterCraft.com,
www.CrestPontoonBoats.com, and www.BalisePontoonBoats.com.
Forward-Looking Statements
This press release includes forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995). Forward-looking statements can
often be identified by such words and phrases as “believes,”
“anticipates,” “expects,” “intends,” “plans”, “estimates,” “may,”
“will,” “should,” “continue” and similar expressions, comparable
terminology or the negative thereof, and include statements in this
press release concerning the sale of our Aviara manufacturing
facility, including the timing and impact on our go-forward
business.
Forward-looking statements are subject to risks,
uncertainties and other important factors that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements, including, but not limited to: the
potential effects of supply chain disruptions and production
inefficiencies, general economic conditions, demand for our
products, inflation, changes in consumer preferences, competition
within our industry, our ability to maintain a reliable network of
dealers, our ability to manage our manufacturing levels and our
fixed cost base, the successful introduction of our new products,
geopolitical conflicts, such as the conflict between Russia and
Ukraine and the conflict in the Gaza Strip and general unrest in
the Middle East, and financial institution disruptions. These and
other important factors discussed under the caption “Risk Factors”
in our Annual Report on Form 10-K for the fiscal year ended June
30, 2024, filed with the Securities and Exchange Commission (the
“SEC”) on August 30, 2024, could cause actual results to differ
materially from those indicated by the forward-looking statements.
The discussion of these risks is specifically incorporated by
reference into this press release.
Any such forward-looking statements represent
management's estimates as of the date of this press release. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release. We undertake no obligation (and we expressly
disclaim any obligation) to update or supplement any
forward-looking statements that may become untrue or cause our
views to change, whether because of new information, future events,
changes in assumptions or otherwise. Comparison of results for
current and prior periods are not intended to express any future
trends or indications of future performance, unless expressed as
such, and should only be viewed as historical data.
Investor Contact:
MasterCraft Boat Holdings, Inc.John ZelenakManager of Treasury
& Investor RelationsEmail:
investorrelations@mastercraft.com
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