Malibu Boats, Inc. Announces Fourth Quarter Fiscal 2023 Results

About this update from Malibu Boats, Inc.

[{"type":"text","content":"LOUDON, Tenn., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the fourth quarter and fiscal year ended June 30, 2023. Fourth Quarter Fiscal 2023 Highlights Compared to Fourth Quarter Fiscal 2022 Net sales increased 5.4% to $372.3 millionUnit volume decreased 1.8% to 2,550 unitsGross profit increased 14.3% to $102.5 millionGeneral and administrative expenses increased to $118.0 million primarily due to our settlement of a litigation matter for $100.0 million, which we expect will be tax deductible for federal and state income tax purposesNet income decreased 136.3% to a net loss of $18.0 millionAdjusted EBITDA increased 21.9% to $90.1 millionNet income available to Class A Common Stock per share (diluted) decreased 137.2% to a net loss of $0.86 per shareAdjusted fully distributed net income per share increased 22.6% to $2.98 per share on a fully distributed weighted average share count of 21.3 million shares of Class A Common Stock Fiscal Year 2023 Highlights Compared to Fiscal Year 2022 Net sales increased 14.3% to $1,388.4 millionUnit volume increased 6.6% to 9,863 unitsGross profit increased 13.3% to $351.3 millionGeneral and administrative expenses increased to $175.7 million primarily due to our settlement of a litigation matter for $100.0 million, which we expect will be tax deductible for federal and state income tax purposesNet income decreased 34.0% to $107.9 millionAdjusted EBITDA increased 15.2% to $284.0 millionNet income available to Class A Common Stock per share (diluted) decreased 32.6% to $5.06 per shareAdjusted fully distributed net income per share increased 16.2% to $9.19 on a fully distributed weighted average share count of 21.3 million shares of Class A Common Stock “Malibu closed out another solid quarter and fiscal year despite a challenging environment. For the fiscal year, we delivered a 14% increase in net sales while improving many of our other financial and operational metrics. Our financial and operational performance continues to demonstrate the strength of our business model and world-class team. We’ve made great strides to meet demand throughout the fiscal year as we ramped up production through our first three quarters and reached normalized channel inventories faster than anticipated. Despite the uncertain macro environment, we rema...

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