MasterCraft Boat Holdings, Inc. Reports Fiscal 2023 Results

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Aug. 30, 2023 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2023 fourth quarter and year ended June 30, 2023. Unless otherwise indicated, the highlights and commentary provided herein relate to our continuing operations, which exclude the NauticStar segment results reported as discontinued operations. Fourth Quarter Highlights: Net sales for the fourth quarter were $166.6 million, down 15.5% from the prior-year periodNet income from continuing operations was $23.1 million, or $1.32 per diluted share, down 31.2% and 28.6%, respectively, from the prior-year periodDiluted Adjusted Net Income per share, a non-GAAP measure, was $1.37, down 28.6% from the prior-year periodAdjusted EBITDA, a non-GAAP measure, was $32.7 million, down 31.3% from the prior-year periodShare repurchases of $7.0 million during the quarter Full Year Highlights: The most profitable fiscal year in the Company's historyNet sales increased to $662.0 million, up 3.2% from the prior-year periodNet income from continuing operations was $90.5 million, or $5.09 per diluted share, up 2.9% and 7.8%, respectively, from the prior-year periodDiluted Adjusted Net Income per share, a non-GAAP measure, was $5.35, up 6.8% from the prior-year periodAdjusted EBITDA, a non-GAAP measure, was $131.5 million, up 0.7% from the prior-year periodRecord operating cash flow due to strong earnings and diligent working capital managementShare repurchases of $22.9 million during the fiscal year Fred Brightbill, Chief Executive Officer and Chairman, commented, “Our business performed extremely well during fiscal 2023, delivering a third consecutive record-setting year for net sales and earnings. Our strong operating performance resulted in the highest cash flow for any year in the Company’s history as we generated nearly $134 million of operating cash flow, driven by strong earnings and diligent working capital management. We are proud of our team and their outstanding work.” Brightbill continued, “As our fiscal fourth quarter progressed, retail sales slowed significantly and fell short of our expectations. Although we reduced production plans in response, dealer inventories ended fiscal 2023 at levels higher than we would now consider optimal. Despite cyclical headwinds facing the industry, our fortress bal...

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