MasterCraft Boat Holdings, Inc. Reports Fourth Quarter and Fiscal 2020 Results

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Sept. 09, 2020 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2020 fourth quarter and year ended June 30, 2020.\n Fourth Quarter Highlights: Ended the year with stronger than anticipated retail demand across all brands and dealer inventories 40 percent to 50 percent lower vs. end of fiscal 2019.Safely resumed all manufacturing operations, but production and sales heavily impacted by COVID-19 shutdowns.Repaid $25.0 million on revolving credit facility and ended the quarter with strong liquidity position.Net sales for the fourth quarter decreased to $51.1 million, down 58.4 percent from $122.8 million in the prior-year period.Net loss was $(2.8) million or $(0.15) per diluted share.Diluted Adjusted Net Loss per share, a non-GAAP measure, was $(0.10) compared to Diluted Adjusted Net Income per share of $0.85 in the prior-year period.Adjusted EBITDA, a non-GAAP measure, was $0.9 million compared to $23.8 million in the prior-year period. Full Year Highlights: Net sales decreased to $363.1 million, down 22.2 percent from $466.4 million in the prior year.Net loss was $(24.0) million or $(1.28) per diluted share, including $56.4 million, or $(3.01) per share, of noncash goodwill and other intangible asset impairment charges related to NauticStar and Crest.Diluted Adjusted Net Income per share, a non-GAAP measure, was $1.34 compared to $2.82 in the prior year.Adjusted EBITDA, a non-GAAP measure, declined 44.2 percent to $44.3 million from $79.3 million in the prior year. Fred Brightbill, Chief Executive Officer, commented, “Despite the headwinds faced throughout the year, I am extremely proud of how our team embraced the challenge and continued to execute on our new customer-centric strategy, improving our quality systems and working with our dealer partners to capitalize on the unprecedented interest in boating by consumers. Brightbill continued, “The surge in retail demand and the historically low level of dealer inventory across our brands sets us up for significant growth this year and beyond. The heightened interest in boating as a safe, fun, outdoor, family-friendly recreation is expected to endure.” Fourth Quarter Results Net sales for the fourth quarter were $51.1 million, a decrease of $71.7 million, or 58.4 percent, compared to $122.8 million f...

More updates from Mastercraft Boat Holdings, Inc.