On Tuesday, Correct Craft announced that the 2016 model year was the best year in the company’s ninety-one year history.
Correct Craft’s growth strategy, which is a combination of internal optimization and targeted acquisitions, resulted in significant growth for the model year ended June 30, 2016 as revenues increased 47 percent and net income increased 45 percent compared to the 2015 model year (which was Correct Craft’s previous best year).
Every Correct Craft company experienced growth in both sales and profitability, and undertook several improvement initiatives:
- Nautique Boats completed an $8M expansion of its facilities and continues to increase production.
- Centurion Boats and Supreme Boats are experiencing significant dealer and retail growth both domestically and internationally.
- Pleasurecraft Engine Group has significantly upgraded its processes and plant over the past two years.
- Bass Cat and Yar-Craft have aligned with key industry partners and have seen growth in both sales and profitability.
- Aktion Parks has two of the world’s top boat and cable parks and recently announced the opening of a third park in Florida.
- SeaArk, Correct Craft’s newest acquisition, is investing heavily in capital improvement in order to shorten its lengthy order backlog and provide customers with boats.
“Our team is highly energized by the growth we are experiencing and the progress we are making at our Correct Craft companies, each of which are profitable and growing,” Correct Craft CEO Bill Yeargin said. “Even more importantly, we are thrilled with the cultural improvements we have been able to implement at each of our Correct Craft companies. While we want to grow and be profitable, it is equally important to us that we treat people well and develop leaders while working to make life better for our customers, employees, dealers, vendors, strategic partners and people around the world who we can help.”
For more information, visit www.correctcraft.com.