Malibu sales up nearly 20 percent for year

Sales at Malibu Boats increased by 19.7 percent to $228.6 million for the fiscal year 2014, the company reported Wednesday.

Unit volume also increased for the year, up 17 percent to 3,404 boats sold.

Sales were also up for the quarter, with $60.7 million in net sales (up 13.7 percent) and 904 units (up 13.1 percent).

“Fourth quarter results were solid with both our Malibu and Axis brands performing well,” said CEO Jack Springer. “In fact, our fourth quarter was the best fourth quarter in company history.”

Other highlights for the 2014 fiscal year:

• Net sales per unit increased 2.4 percent to $67,162 compared to fiscal year 2014 and net sales per unit in the U.S. increased 5.1 percent over the same period in fiscal 2014.
• Gross profit increased 19.0 percent to $60.4 million compared to fiscal year 2014.
• Adjusted EBITDA increased 17.1 percent to $43.6 million from the same period in fiscal 2014.
• Adjusted fully distributed net income increased 38.4 percent to $24.4 million, or $1.11 per share, on a fully distributed weighted average share count of 21.9 million shares of Class A Common Stock.

Highlights for the fourth quarter:

• Net sales per unit increased 0.5 percent to $67,164 compared to the fourth quarter of fiscal 2014 and net sales per unit in the U.S. increased 4.3 percent over the same period in fiscal 2014.
• Gross profit increased 10.9 percent to $16.3 million compared to the fourth quarter of fiscal 2014.
• Adjusted EBITDA increased 14.8 percent to $11.9 million from the same period in fiscal 2014.
• Adjusted fully distributed net income increased 17.3 percent to $6.5 million, or $0.32 per share, on a fully distributed weighted average share count of 19.9 million shares of Class A Common Stock.

Click here to read the full results.