"Fiscal year 2019 was another exceptional year for Malibu. We delivered record-breaking operational and financial performance supported by the strength of our brands, our commitment to operational excellence, and a best-in-class team laser-focused on superior execution," said Jack Springer, chief executive officer of Malibu Boats, Inc. "Pursuit and Cobalt, together with our Malibu and Axis brands, have created a well-rounded, premium portfolio that brings to market a line-up of innovative boats that are resonating with customers."
"Our vertical integration initiatives are also progressing on target, as our Malibu Monsoon engines are now completely integrated into 100% of our Malibu and Axis boats and the beginning of FY2020 saw us unveil our own flooring for all Malibu and Axis boats. While certainly not as large of scale as the Malibu Monsoon engine, the profitability profile of our new flooring vertical integration initiative is as strong, or stronger, than our other vertical integration initiatives over the years," Springer added.
Highlights for Malibu's Q4 FY19 included a net sales increase of 40.5% to 194.8 million compared to Q4 FY18, a 16.6% volume increase compared to the previous year and a 53.5% increase in net income to $20.5 million over Q4 FY18. Click here to see the full financial report for Q4 and FY19.
In addition, Springer said that the company expects to finalize its expansion of Cobalt by the second quarter of fiscal year 2020, and is progressing with the capacity expansion initiative at Pursuit.
"Maximizing the customer experience, coupled with our operational prowess has allowed us to consistently deliver strong results despite recent choppiness in the marine market. While we remain incredibly well-positioned in the industry, we are cognizant of the rising uncertainty around the broader macroenvironment. That said, we believe our inventory levels remain at adequate levels and our variable cost structure allows us to be nimble should things materially change," concluded Springer. "As we look to fiscal year 2020, while we are being prudent, we are investing in the areas that have driven our success across our brands - new products, innovation, vertical integration and performance optimization. We remain incredibly confident in the opportunities ahead of us and look forward to delivering long-term value for our shareholders."