Business
MasterCraft Boat Holdings, Inc. Reports Fiscal 2020 Third Quarter Results
VONORE, Tenn., May 06, 2020 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2020 third
About this update from Mastercraft Boat Holdings, Inc.
[{"type":"text","content":"VONORE, Tenn., May 06, 2020 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2020 third quarter ended March 29, 2020.\n Third Quarter Highlights: Pulled back production rate in early March and suspended production in late March in response to the COVID-19 pandemic.Net sales for the third quarter decreased to $102.6 million, down 20.1 percent from $128.4 million in the prior-year period, due to reduced production in anticipation of slower retail demand from the COVID-19 pandemic.Enhanced our liquidity, as a precautionary measure, by having drawn down $35.0 million revolving credit facility and finalizing a proposed amendment to our credit facility to provide additional flexibility.GAAP diluted net loss was $(36.7) million or $(1.96) per share, including $56.4 million, or $(3.01) per share, of noncash goodwill and other intangible asset impairment charges related to NauticStar and Crest (“Impairment Charges”).Diluted Adjusted Net Income per share, a non-GAAP measure, was $0.46 compared to $0.78 in the prior-year period.Adjusted EBITDA, a non-GAAP measure, declined 36.2 percent to $14.0 million from $21.9 million in the prior-year period. Fred Brightbill, Chief Executive Officer, commented, “With the onset of the COVID-19 pandemic, all of us have been forced to adapt to new challenges that have impacted our families, our work, and our day-to-day lives. I want to thank the MasterCraft team for their hard work and commitment to our Company. I know it has been a challenging last few weeks, and I am incredibly proud of how our team has come together to support one another and continue delivering on our commitment to our customers even as production was halted. We have a strong foundation, a resilient business model and a long-term plan to drive value and grow our market share, and I am confident that MasterCraft will come out of this situation stronger than ever.” Brightbill continued, “The third quarter delivered some unprecedented challenges and required us to focus on ensuring the health and well-being of our employees while remaining focused on meeting our dealers’ and consumers’ needs. Retail demand across all our brands started the third quarter off on a strong note, with very healthy performance and strong momentum in January, February, and early March, prior to ...