MasterCraft Boat Holdings, Inc. Reports Fiscal 2024 Results

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2024 fourth quarter and year ended June 30, 2024. Subsequent to June 30, 2024, we agreed to transfer rights to our Aviara brand of luxury dayboats and related assets to a third party. The transaction is subject to customary closing conditions, and is expected to close in the first quarter of fiscal 2025. We intend to classify Aviara as discontinued operations beginning in the first quarter of fiscal 2025. The overview, commentary, and results provided herein relate to our continuing operations. Fourth Quarter Overview: Net sales for the fourth quarter were $67.2 million, down 59.7% from the prior-year periodNon-cash impairment charges of $9.8 million related to our Aviara segmentNet loss from continuing operations was ($8.1) million, or ($0.49) per diluted shareDiluted Adjusted Net Income (Loss) per share, a non-GAAP measure, was ($0.04), down from $1.37 in the prior-year periodAdjusted EBITDA, a non-GAAP measure, was $0.8 million, down 97.4% from the prior-year periodShare repurchases of $4.5 million during the quarter Full Year Overview: Net sales were $366.6 million, down 44.6% from the prior-yearNet income from continuing operations was $8.7 million, or $0.51 per diluted shareDiluted Adjusted Net Income per share, a non-GAAP measure, was $1.22, down from $5.35 in the prior-yearAdjusted EBITDA, a non-GAAP measure, was $32.9 million, down 74.9% from the prior-yearShare repurchases of $16.3 million during the yearEnded the year with cash and investments of $86.2 million, and total debt of $49.3 million Brad Nelson, Chief Executive Officer, commented, “MasterCraft delivered results ahead of our latest expectations as we navigated a challenging economic environment and a highly competitive retail landscape during the fourth quarter and fiscal year. We executed well against our strategic and operational priorities during the year as we destocked field inventory levels, advanced consumer-centric initiatives, and returned capital to shareholders, all while optimizing profitability and cash flow.” Nelson continued, “Combined with economic and retail uncertainty, elevated interest rates and lingering competitor dealer disruptions have contributed to above optimal inventory levels and increase...

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