0001638290false00016382902024-11-062024-11-06

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 06, 2024

 

 

MasterCraft Boat Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-37502

06-1571747

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

100 Cherokee Cove Drive

 

Vonore, Tennessee

 

37885

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 423 884-2221

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock

 

MCFT

 

The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02 Results of Operations and Financial Condition.

On November 6, 2024, MasterCraft Boat Holdings, Inc. announced its financial results for its fiscal 2025 quarter ended September 29, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information in this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are being furnished as part of this report:

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release dated November 6, 2024

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


SIGNATURES

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

 

 

 

MASTERCRAFT BOAT HOLDINGS, INC.

 

 

 

 

Date:

November 6, 2024

By:

/s/ TIMOTHY M. OXLEY

 

 

 

Timothy M. Oxley
Chief Financial Officer, Treasurer and Secretary

 


img175202817_0.jpg

 

Exhibit 99.1

FOR IMMEDIATE RELEASE

MasterCraft Boat Holdings, Inc. Reports Fiscal 2025 First Quarter Results

VONORE, Tenn. – November 6, 2024 – MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2025 first quarter ended September 29, 2024.

 

The overview, commentary, and results provided herein relate to our continuing operations, which exclude our former Aviara segment.

 

Overview:

 

Net sales for the first quarter were $65.4 million, down $28.9 million, or 30.7%, from the prior-year period
Income from continuing operations was $1.0 million, or $0.06 per diluted share
Adjusted Net Income, a non-GAAP measure, was $1.9 million, or $0.12 per diluted share
Adjusted EBITDA, a non-GAAP measure, was $3.8 million, down $10.2 million from the prior-year period
Share repurchases of $3.5 million during the quarter

Brad Nelson, Chief Executive Officer, commented, “Our business executed well during the first quarter as we delivered results above expectations despite facing a backdrop of continued economic and industry headwinds. Our strong quarter was led by significant progress rebalancing dealer inventories and sets a strong foundation for the rest of the fiscal year. With the summer selling season now complete, we are focused on shipping our enhanced product ahead of the boat show season, while we continue to carefully manage dealer health.”

Nelson continued, “We maintain a disciplined approach to capital allocation as we prioritize balance sheet resilience throughout the business cycle. Our strong balance sheet and cash flow generation is a significant advantage which provides us with abundant financial flexibility. We are well positioned to pursue our capital allocation priorities, including targeted investment in long-term growth through focused innovation, product, and brand development.”

On August 8, 2024, we announced that we had entered into an asset purchase agreement, pursuant to which we will transfer rights to the Aviara brand of luxury dayboats and certain related assets to a subsidiary of MarineMax, Inc. The transaction was completed on October 18, 2024. Additionally, on September 12, 2024, we announced that we had entered into an agreement to sell our Aviara manufacturing facility for $26.5 million. The transaction is expected to be completed in our fiscal 2025 second quarter. The Company has reported the results of operations for its Aviara segment as discontinued operations in our condensed

 


 

consolidated statement of operations and the related assets and liabilities held-for-sale are classified as held-for-sale in our condensed consolidated balance sheets.

On September 27, 2024, the Company entered into the Fourth Amendment to the Credit Agreement to obtain the necessary consents and waivers to the restrictions in the covenants of the Credit Agreement, as related to the Aviara transaction and plans to sell certain facility assets, and a waiver to the fixed charge covenant ratio for certain periods. In conjunction with the amendment, the Company drew $49.5 million on its Revolving Credit Facility, leaving $50.5 million of available borrowing capacity.

First Quarter Results

For the first quarter of fiscal 2025, MasterCraft Boat Holdings, Inc. reported consolidated net sales of $65.4 million, down $28.9 million from the first quarter of fiscal 2024. The decrease in net sales was primarily due to lower unit volumes and unfavorable model mix, as expected.

Gross margin percentage declined 570 basis points during the first quarter of fiscal 2025, compared to the prior-year period. Lower margins were the result of lower cost absorption due to planned decreased production volume and higher dealer incentives as a percentage of net sales. Dealer incentives include measures taken by the Company to assist dealers as the retail environment remains very competitive.

Operating expenses decreased $1.1 million for the first quarter of fiscal 2025, compared to the prior-year period. The decrease in operating expenses was a result of lower share-based compensation expense and lower professional fees.

Income from continuing operations was $1.0 million for the first quarter of fiscal 2025, compared to $8.5 million in the prior-year period. Diluted income from continuing operations per share was $0.06, compared to $0.50 for the first quarter of fiscal 2024.

Adjusted Net income was $1.9 million for the first quarter of fiscal 2025, or $0.12 per diluted share, compared to $10.3 million, or $0.60 per diluted share, in the prior-year period.

Adjusted EBITDA was $3.8 million for the first quarter of fiscal 2025, compared to $14.0 million in the prior-year period. Adjusted EBITDA margin was 5.9% for the first quarter, down from 14.9% for the prior-year period.

 

See “Non-GAAP Measures” below for a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Net Income per share, which we refer to collectively as the “Non-GAAP Measures”, to the most directly comparable financial measures presented in accordance with GAAP.

 

Outlook

Concluded Nelson, “Given the incremental retail visibility and progress reducing field inventories during the quarter, we are raising the lower end of our full year guidance. We are encouraged by recent industry and economic developments, including easing interest rates, which could commence a return to a more normalized environment by catalyzing wholesale and retail demand for recreational boats. We will continue to monitor retail results, dealer

 


 

sentiment, and broader economic conditions closely and are well-equipped to adjust our production plans for a range of scenarios.”

 

The Company’s outlook is as follows:

 

For full year fiscal 2025, we now expect consolidated net sales to be between $270 million and $300 million, with Adjusted EBITDA between $17 million and $26 million, and Adjusted Earnings per share of between $0.55 and $0.95. Capital expenditures are projected to be approximately $12 million for the full year.
For fiscal second quarter 2025, consolidated net sales are expected to be approximately $60 million, with Adjusted EBITDA of approximately $1.0 million, and Adjusted Loss per share of approximately ($0.01).

 

Conference Call and Webcast Information

 

MasterCraft Boat Holdings, Inc. will host a live conference call and webcast to discuss fiscal first quarter 2025 results today, November 6, 2024, at 8:30 a.m. EST. Participants may access the conference call live via webcast on the investor section of the Company’s website, Investors.MasterCraft.com, by clicking on the webcast icon. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website.

 

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,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and include statements in this press release concerning the resilience of our business model, our intention to drive value and accelerate growth, the sale of our Merritt Island facility, and our financial outlook.

 

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, political uncertainty (including as a result of the upcoming 2024 elections), demand for our products, inflation, changes in consumer preferences, competition within our industry, our ability to maintain a

 


 

reliable network of dealers, elevated inventories resulting in increased costs for dealers, our ability to manage our manufacturing levels and our fixed cost base, the successful introduction of our new products, including our new Balise brand, the success of our strategic divestments, 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.

 

Use of Non-GAAP Financial Measures

 

To supplement the Company’s consolidated financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures in this release. Reconciliations of the Non-GAAP measures used in this release to the most comparable GAAP measures for the respective periods can be found in tables immediately following the consolidated statements of operations. The Non-GAAP Measures have limitations as analytical tools and should not be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with GAAP.

 


 

 

Results of Operations for the Three Months Ended September 29, 2024

 

MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

 

 

Three Months Ended

 

 

 

September 29,

 

 

October 1,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Net sales

 

$

65,359

 

 

$

94,305

 

Cost of sales

 

 

53,561

 

 

 

71,830

 

Gross profit

 

 

11,798

 

 

 

22,475

 

Operating expenses:

 

 

 

 

 

 

Selling and marketing

 

 

2,874

 

 

 

3,084

 

General and administrative

 

 

7,470

 

 

 

8,376

 

Amortization of other intangible assets

 

 

450

 

 

 

462

 

Total operating expenses

 

 

10,794

 

 

 

11,922

 

Operating income

 

 

1,004

 

 

 

10,553

 

Other income (expense):

 

 

 

 

 

 

Interest expense

 

 

(987

)

 

 

(878

)

Interest income

 

 

1,192

 

 

 

1,352

 

Income before income tax expense

 

 

1,209

 

 

 

11,027

 

Income tax expense

 

 

193

 

 

 

2,496

 

Income from continuing operations

 

 

1,016

 

 

 

8,531

 

Loss from discontinued operations, net of tax

 

 

(6,161

)

 

 

(2,336

)

Net income (loss)

 

$

(5,145

)

 

$

6,195

 

 

 

 

 

 

 

 

Income (loss) per share

 

 

 

 

 

 

Basic

 

 

 

 

 

 

Continuing operations

 

$

0.06

 

 

$

0.50

 

Discontinued operations

 

 

(0.37

)

 

 

(0.14

)

Net income (loss)

 

$

(0.31

)

 

$

0.36

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

Continuing operations

 

$

0.06

 

 

$

0.50

 

Discontinued operations

 

 

(0.37

)

 

 

(0.14

)

Net income (loss)

 

$

(0.31

)

 

$

0.36

 

 

 

 

 

 

 

 

Weighted average shares used for computation of:

 

 

 

 

 

 

Basic earnings per share

 

 

16,544,941

 

 

 

17,156,283

 

Diluted earnings per share

 

 

16,544,941

 

 

 

17,224,608

 

 

 


 

MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

 

 

 

September 29,

 

 

June 30,

 

 

 

2024

 

 

2024

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,160

 

 

$

7,394

 

Held-to-maturity securities

 

 

68,649

 

 

 

78,846

 

Accounts receivable, net of allowances of $164 and $101, respectively

 

 

13,538

 

 

 

11,455

 

Income tax receivable

 

 

1,275

 

 

 

499

 

Inventories, net

 

 

37,296

 

 

 

36,972

 

Prepaid expenses and other current assets

 

 

6,475

 

 

 

8,686

 

Current assets held-for-sale

 

 

4,980

 

 

 

11,222

 

Total current assets

 

 

146,373

 

 

 

155,074

 

Property, plant and equipment, net

 

 

52,498

 

 

 

52,314

 

Goodwill

 

 

28,493

 

 

 

28,493

 

Other intangible assets, net

 

 

33,200

 

 

 

33,650

 

Deferred income taxes

 

 

18,761

 

 

 

18,584

 

Deferred debt issuance costs, net

 

 

432

 

 

 

272

 

Other long-term assets

 

 

8,103

 

 

 

7,917

 

Non-current assets held-for-sale

 

 

21,287

 

 

 

21,680

 

Total assets

 

$

309,147

 

 

$

317,984

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

 

$

13,052

 

 

$

10,431

 

Income tax payable

 

 

4

 

 

 

 

Accrued expenses and other current liabilities

 

 

50,241

 

 

 

55,068

 

Current portion of long-term debt, net of unamortized debt issuance costs

 

 

 

 

 

4,374

 

Current liabilities held-for-sale

 

 

9,671

 

 

 

8,063

 

Total current liabilities

 

 

72,968

 

 

 

77,936

 

Long-term debt, net of unamortized debt issuance costs

 

 

49,500

 

 

 

44,887

 

Unrecognized tax positions

 

 

8,390

 

 

 

8,549

 

Other long-term liabilities

 

 

2,462

 

 

 

2,551

 

Long-term liabilities held-for-sale

 

 

180

 

 

 

182

 

Total liabilities

 

 

133,500

 

 

 

134,105

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 16,816,392 shares at September 29, 2024 and 16,759,109 shares at June 30, 2024

 

 

168

 

 

 

167

 

Additional paid-in capital

 

 

56,804

 

 

 

59,892

 

Retained earnings

 

 

118,475

 

 

 

123,620

 

MasterCraft Boat Holdings, Inc. equity

 

 

175,447

 

 

 

183,679

 

Noncontrolling interest

 

 

200

 

 

 

200

 

Total equity

 

 

175,647

 

 

 

183,879

 

Total liabilities and equity

 

$

309,147

 

 

$

317,984

 

 

 


 

Supplemental Operating Data

The following table presents certain supplemental operating data for the periods indicated:

 

 

Three Months Ended

 

 

September 29,

 

 

October 1,

 

 

 

 

 

 

 

2024

 

 

2023

 

 

Change

 

 

(Dollars in thousands)

Unit sales volume:

 

 

 

 

 

 

 

 

 

 

   MasterCraft

 

 

374

 

 

 

494

 

 

 

(24.3

)

%

   Pontoon

 

 

177

 

 

 

362

 

 

 

(51.1

)

%

Consolidated

 

 

551

 

 

 

856

 

 

 

(35.6

)

%

Net sales:

 

 

 

 

 

 

 

 

 

 

MasterCraft

 

$

55,533

 

 

$

75,836

 

 

 

(26.8

)

%

   Pontoon

 

 

9,826

 

 

 

18,469

 

 

 

(46.8

)

%

Consolidated

 

$

65,359

 

 

$

94,305

 

 

 

(30.7

)

%

Net sales per unit:

 

 

 

 

 

 

 

 

 

 

   MasterCraft

 

$

148

 

 

$

154

 

 

 

(3.9

)

%

   Pontoon

 

 

56

 

 

 

51

 

 

 

9.8

 

%

   Consolidated

 

 

119

 

 

 

110

 

 

 

8.2

 

%

Gross margin

 

 

18.1

%

 

 

23.8

%

 

(570) bps

 

 

Non-GAAP Measures

 

EBITDA, Adjusted EBITDA, EBITDA margin, and Adjusted EBITDA margin

 

We define EBITDA as income from continuing operations, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations. For the periods presented herein, the adjustments include share-based compensation, and CEO transition and organizational realignment costs. We define EBITDA margin and Adjusted EBITDA margin as EBITDA and Adjusted EBITDA, respectively, each expressed as a percentage of Net sales.

 

Adjusted Net Income and Adjusted Net Income per share

 

We define Adjusted Net Income and Adjusted Net Income per share as income from continuing operations, adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. For the periods presented herein, these adjustments include other intangible asset amortization, share-based compensation, and CEO transition and organizational realignment costs.

 

The Non-GAAP Measures are not measures of net income or operating income as determined under GAAP. The Non-GAAP Measures are not measures of performance in accordance with GAAP and should not be considered as an alternative to net income, net income per share, or operating cash flows determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of cash flow. We believe that the inclusion of the Non-GAAP Measures is appropriate to provide additional information to investors because securities analysts and investors use the Non-GAAP Measures to assess our operating performance across periods on a consistent basis and to evaluate the relative risk of an investment in our securities. We use Adjusted Net Income and Adjusted Net Income

 


 

per share to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business than does GAAP measures alone. We believe Adjusted Net Income and Adjusted Net Income per share assists our board of directors, management, investors, and other users of the financial statements in comparing our net income on a consistent basis from period to period because it removes certain non-cash items and other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. The Non-GAAP Measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

 

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and the Non-GAAP Measures do not reflect any cash requirements for such replacements;
The Non-GAAP Measures do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
The Non-GAAP Measures do not reflect changes in, or cash requirements for, our working capital needs;
Certain Non-GAAP Measures do not reflect our tax expense or any cash requirements to pay income taxes;
Certain Non-GAAP Measures do not reflect interest expense, or the cash requirements necessary to service interest payments on our indebtedness; and
The Non-GAAP Measures do not reflect the impact of earnings or charges resulting from matters we do not consider to be indicative of our core and/or ongoing operations, but may nonetheless have a material impact on our results of operations.

 

In addition, because not all companies use identical calculations, our presentation of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies, including companies in our industry.

 

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include acquisition-related costs, litigation charges or settlements, impairment charges, and certain other unusual adjustments.

 


 

The following table presents a reconciliation of income from continuing operations as determined in accordance with GAAP to EBITDA and Adjusted EBITDA, and income from continuing operations margin to EBITDA margin and Adjusted EBITDA margin (each expressed as a percentage of net sales) for the periods indicated:

 

(Dollars in thousands)

 

Three Months Ended

 

 

September 29,

 

 

% of Net

 

October 1,

 

 

% of Net

 

 

2024

 

 

sales

 

2023

 

 

sales

Income from continuing operations

 

$

1,016

 

 

1.6%

 

$

8,531

 

 

9.0%

Income tax expense

 

 

193

 

 

 

 

 

2,496

 

 

 

Interest expense

 

 

987

 

 

 

 

 

878

 

 

 

Interest income

 

 

(1,192

)

 

 

 

 

(1,352

)

 

 

Depreciation and amortization

 

 

2,074

 

 

 

 

 

2,109

 

 

 

EBITDA

 

 

3,078

 

 

4.7%

 

 

12,662

 

 

13.4%

Share-based compensation

 

 

430

 

 

 

 

 

910

 

 

 

CEO transition and organizational realignment costs(a)

 

 

334

 

 

 

 

 

436

 

 

 

Adjusted EBITDA

 

$

3,842

 

 

5.9%

 

$

14,008

 

 

14.9%

 

The following table sets forth a reconciliation of income from continuing operations as determined in accordance with GAAP to Adjusted Net Income for the periods indicated:

 

(Dollars in thousands, except per share data)

Three Months Ended

 

 

September 29,

 

 

October 1,

 

 

2024

 

 

2023

 

Income from continuing operations

$

1,016

 

 

$

8,531

 

Income tax expense

 

193

 

 

 

2,496

 

Amortization of acquisition intangibles

 

450

 

 

 

462

 

Share-based compensation

 

430

 

 

 

910

 

CEO transition and organizational realignment costs(a)

 

334

 

 

 

436

 

Adjusted Net Income before income taxes

 

2,423

 

 

 

12,835

 

Adjusted income tax expense(b)

 

485

 

 

 

2,567

 

Adjusted Net Income

$

1,938

 

 

$

10,268

 

 

 

 

 

 

 

Adjusted net income per common share

 

 

 

 

 

    Basic

$

0.12

 

 

$

0.60

 

    Diluted

$

0.12

 

 

$

0.60

 

Weighted average shares used for the computation of (c):

 

 

 

 

 

   Basic Adjusted net income per share

 

16,544,941

 

 

 

17,156,283

 

   Diluted Adjusted net income per share

 

16,544,941

 

 

 

17,224,608

 

 

 


 

The following table presents the reconciliation of income from continuing operations per diluted share to Adjusted Net Income per diluted share for the periods indicated:

 

(Dollars in thousands, except per share data)

Three Months Ended

 

 

September 29,

 

 

October 1,

 

 

2024

 

 

2023

 

Income from continuing operations per diluted share

$

0.06

 

 

$

0.50

 

Impact of adjustments:

 

 

 

 

 

Income tax expense

 

0.01

 

 

 

0.14

 

Amortization of acquisition intangibles

 

0.03

 

 

 

0.03

 

Share-based compensation

 

0.03

 

 

 

0.05

 

CEO transition and organizational realignment costs(a)

 

0.02

 

 

 

0.03

 

Adjusted Net Income per diluted share before income taxes

 

0.15

 

 

 

0.75

 

Impact of adjusted income tax expense on net income per diluted share before income taxes(b)

 

(0.03

)

 

 

(0.15

)

Adjusted Net Income per diluted share

$

0.12

 

 

$

0.60

 

 

(a)
Represents amounts paid for legal fees and recruiting costs associated with the CEO transition, as well as non-recurring severance costs incurred as part of the Company's strategic organizational realignment undertaken in connection with the transition.
(b)
For fiscal 2025 and 2024, income tax expense reflects an income tax rate of 20.0% for each period presented.
(c)
Represents the Weighted Average Shares used for the computation of Basic and Diluted earnings per share as presented on the Consolidated Statements of Operations to calculate Adjusted Net Income per diluted share for all periods presented herein.

 

Investor Contact:

MasterCraft Boat Holdings, Inc.

John Zelenak

Manager of Treasury & Investor Relations

Email: investorrelations@mastercraft.com

 

 

# # #

 


v3.24.3
Document And Entity Information
Nov. 06, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 06, 2024
Entity Registrant Name MasterCraft Boat Holdings, Inc.
Entity Central Index Key 0001638290
Entity Emerging Growth Company false
Entity File Number 001-37502
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 06-1571747
Entity Address, Address Line One 100 Cherokee Cove Drive
Entity Address, City or Town Vonore
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37885
City Area Code 423
Local Phone Number 884-2221
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol MCFT
Security Exchange Name NASDAQ

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