MasterCraft Boat Holdings, Inc. announced financial results for its fiscal 2020 first quarter ended September 29, 2019.
First Quarter Highlights:
- Net sales increased to $109.8 million, up 17.2 percent from $93.6 million in the prior-year period.
- GAAP net income was $8.6 million, up slightly from $8.5 million in the prior-year period.
- GAAP diluted earnings per share increased in the first quarter by $0.01, up 2.2 percent to $0.46, from the prior year period.
- Diluted Adjusted Net Income per share, a non-GAAP measure, was $0.53 compared to $0.54 in the prior-year period.
- Adjusted EBITDA, a non-GAAP measure, rose 5.7 percent to $15.9 million from $15.0 million in the prior-year period.
- New luxury day boat brand, Aviara, began selling during the first quarter and is included in our MasterCraft segment results.
Fred Brightbill, interim Chief Executive Officer, commented, “MasterCraft Boat Holdings delivered strong operational results in the fiscal first quarter. The continued successful execution of our operational excellence and product development initiatives across all our brands led to record first-quarter results in net sales and adjusted earnings. Despite a challenging retail demand environment this past summer due principally to bad weather, the combined strength of our brands and improved retail activity in the fiscal first quarter of 2020 led to improved dealer inventory levels at the end of the quarter. We remain on course to drive continued dealer inventory improvements through the boat show season, allowing for healthy dealer pipelines ahead of the peak summer selling season and beyond.”
“As I assume the role of interim CEO, I look forward to working alongside the long-tenured, industry-veteran leadership team and seasoned and dedicated employees at MasterCraft, Aviara, NauticStar and Crest to support them in executing the strategic objectives currently underway,” Brightbill concluded.
Click here for the full Q1 FY2020 results from MasterCraft Boat Holdings, Inc.