Press release
Malibu Boats, Inc. Announces Third Quarter Fiscal 2020 Results
LOUDON, Tenn., May 07, 2020 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the third quarter ended March 31,
About this update from Malibu Boats, Inc.
[{"type":"text","content":"LOUDON, Tenn., May 07, 2020 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the third quarter ended March 31, 2020.\n Highlights for the Third Quarter of Fiscal Year 2020 Net sales decreased 8.8% to $182.3 million compared to the third quarter of fiscal year 2019.Unit volume decreased 14.2% to 1,796 boats compared to the third quarter of fiscal year 2019.Net sales per unit increased 6.3% to $101,509 per unit compared to the third quarter of fiscal year 2019.Gross profit decreased 7.8% to $45.8 million compared to the third quarter of fiscal year 2019.Net income increased 7.5% to $23.9 million, or $1.11 per share compared to the third quarter of fiscal year 2019.Adjusted EBITDA decreased 3.7% to $36.4 million compared to the third quarter of fiscal year 2019.Adjusted fully distributed net income decreased 2.0% to $24.5 million compared to the third quarter of fiscal year 2019.Adjusted fully distributed net income per share decreased 1.7% to $1.13 on a fully distributed weighted average share count of 21.6 million shares of Class A Common Stock as compared to the third quarter of fiscal year 2019. “The fiscal third quarter of 2020 was a tale of two environments. Through the greater part of the quarter, we delivered strong performance, as early boat show season momentum extended into March. However, retail strength shifted nearly overnight as the COVID-19 virus ravaged the U.S. late in the quarter. I was incredibly proud of our team, as we adapted quickly to these unforeseen challenges. To prioritize the health and safety of our employees and align production to slowing demand levels, we suspended operations at our facilities in the last week of the quarter. Once again, the operational prowess of our team, coupled with our operational excellence and vertical integration infrastructure, allowed us to somewhat mitigate the substantial headwinds we faced, and deliver operating margins ahead of expectations,” commented Jack Springer, Chief Executive Officer of Malibu Boats Inc. “We have the right team in place to navigate through an unprecedented macro-economic landscape and have taken swift action to ensure we have the financial flexibility to support our operations and strategic investments. The core pillars of our business – operational excellence, vertical integration and industry-lea...