MasterCraft Boat Holdings, Inc. Reports Fiscal 2023 Third Quarter Results

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., May 10, 2023 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2023 third quarter ended April 2, 2023. Highlights: Unless otherwise indicated, the highlights and commentary provided herein relate to our continuing operations, which exclude the NauticStar segment results reported as discontinued operations. Net sales for the third quarter were $166.8 million, down 1.5% from the prior-year periodNet income from continuing operations was $22.8 million, or $1.28 per diluted share, down 6.3% and 2.3%, respectively, from the prior-year periodDiluted Adjusted Net Income per share, a non-GAAP measure, was $1.36, which equaled our record in the prior-year periodAdjusted EBITDA, a non-GAAP measure, was $33.0 million, down 5.8% from the prior-year periodRecord operating cash flow due to strong earnings and diligent working capital managementShare repurchases of $7.0 million during the quarter Fred Brightbill, Chief Executive Officer and Chairman, commented, “Our business has performed extremely well through the fiscal third quarter, delivering financial results which have exceeded expectations. Adjusted diluted net income per share tied our record from last year for the best fiscal third quarter in the Company’s history. Our exceptional operating results and diligent working capital management also continued into the third quarter, resulting in record operating cash flow.” Brightbill continued, “During the quarter, we achieved our goal of refilling dealer inventories to optimal levels ahead of the summer selling season. Despite near-term macroeconomic headwinds, retail activity has performed closer to the upper end of our range of expectations through our fiscal third quarter. Our robust portfolio of innovative products and healthy dealer inventory levels position us to capitalize on the summer selling season. Additionally, our fortress balance sheet provides us with abundant financial flexibility to pursue our capital allocation priorities, first and foremost of which is investment in growth. We are laying the foundation for future growth by actively investing in targeted initiatives designed to take advantage of the strong underlying secular industry trends.” Third Quarter Results Unless otherwise indicated, the financial results provided herein relate to ou...

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