Business
MasterCraft Boat Holdings, Inc. Announces Review of Strategic Alternatives for NauticStar Business
Company reaffirms full year fiscal 2022 guidance VONORE, Tenn., Aug. 09, 2022 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today
About this update from Mastercraft Boat Holdings, Inc.
[{"type":"text","content":"Company reaffirms full year fiscal 2022 guidance\nVONORE, Tenn., Aug. 09, 2022 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced that its Board of Directors is evaluating strategic alternatives for the NauticStar business. The Board is considering a wide range of available alternatives to maximize shareholder value, including a potential sale of NauticStar’s assets, with the intention of exiting the NauticStar business. Fred Brightbill, Chief Executive Officer and Chairman, commented, “Over the last 18 months, we have successfully delivered on our strategic priorities to position the Company to deliver sustainable growth and value. As a result, we believe now is the appropriate time to consider available alternatives to exit the NauticStar business. This decision will enable us to focus on our MasterCraft, Crest and Aviara brands, which continue to perform well in a challenging environment, and ensure that we are directing resources to the areas that will drive the greatest value for our shareholders. We believe that the strength and breadth of our brand offerings and the investments we are making in marketing, production and operational excellence have positioned the Company better than at any time in our recent history to manage through the current market environment.” There can be no assurance that the strategic alternatives process will result in the Company pursuing a particular transaction or other strategic outcome. The Company has not set a timetable for completion of this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary. While the Board considers alternatives for NauticStar, the NauticStar business is expected to be accounted for as discontinued operations under GAAP beginning in the Company’s fiscal first quarter of 2023. The Company is reaffirming its outlook for the full year fiscal 2022 previously provided on May 11, 2022. Additional detail will be provided on the Company’s fourth quarter and full year 2022 conference call. About MasterCraft Boat Holdings, Inc. Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of recreational powerboats through its four brands, MasterCraft, NauticStar, Crest and Avi...