Malibu Boats, Inc. Announces First Quarter Fiscal 2022 Results

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[{"type":"text","content":"LOUDON, Tenn., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the first quarter ended September 30, 2021. Fiscal First Quarter 2022 Highlights Compared to Fiscal First Quarter 2021: Net sales increased 40.1% to a record $253.5 millionUnit volume increased 23.8% to a record 2,024 unitsGross profit increased 30.6% to a record $59.8 millionNet income increased 26.7% to a record $27.9 millionAdjusted EBITDA increased 23.1% to a record $44.7 millionNet income available to Class A Common Stock per share (diluted) increased 26.7% to a record $1.28 per shareAdjusted fully distributed net income per share increased 21.2% to a record $1.37 per share on a fully distributed weighted average share count of 21.7 million shares of Class A Common Stock “We continued momentum into fiscal year 2022 with net sales increasing 40.1%, net income rising 26.7%, and Adjusted EBITDA growing 23.1% compared to the prior year period,” commented Jack Springer, Chief Executive Officer of Malibu Boats, Inc. “While inflationary concerns and ongoing supply chain constraints are putting significant pressure on the broader powersports industry and global economy, our first quarter results yet again demonstrate the inherent strength and capabilities of Malibu’s brands, bolstered by our team’s unparalleled commitment, execution and industry-leading vertical integration.” “We continue to capitalize on the movement towards larger, more feature-rich boats, even as we enter the offseason, and as a result, our backlog remains unprecedented,” continued Mr. Springer. “Malibu’s lineup of innovative, best-in-class products is feeding our customers’ tremendous appetite. Our larger 25 LSV and T250 models, coupled with the booming sales of our premium M-Series is also driving enhanced margins for the business, while our new Cobalt R-Series remains highly sought after by customers. As Maverick advances its plant expansion and integration efforts, we see an opportunity to drive increased productivity as well. As we move through fiscal year 2022, we remain optimistic thanks to record low inventories and sustained record-breaking retail demand, and we believe we are well-positioned to further deliver value for our shareholders.” Fiscal First Quarter 2022 Results (Unaudited) Three Months Ended September 30, 2021 2020 (Do...

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