MasterCraft Boat Holdings, Inc. Reports Record Earnings for Fiscal 2021 First Quarter

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Nov. 11, 2020 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2021 first quarter ended October 4, 2020.\n Highlights: Most profitable first quarter in the Company’s historyPurchase of Merritt Island, Florida facility completed on October 26, 2020, increasing production capacity for the MasterCraft and Aviara brandsNet sales for the first quarter decreased to $103.7 million, down 5.5 percent from $109.8 million in the prior-year periodNet income was $9.6 million or $0.51 per diluted share, a 10.9 percent increase from $0.46 in the prior-year periodDiluted Adjusted Net Income per share, a non-GAAP measure, was $0.58, a 7.4 percent increase from $0.54 in the prior-year periodAdjusted EBITDA, a non-GAAP measure, grew 6.8 percent to $17.0 million from $15.9 million in the prior-year periodRevolving credit facility was fully repaid, and the Company ended the quarter approaching $45.0 million of liquidityCurrent production rates exceed pre-COVID levels at all brandsGuidance for full-year fiscal 2021 raised on strength of retail demand and wholesale production ramp up Fred Brightbill, Chief Executive Officer and Chairman, commented, “MasterCraft delivered a strong performance highlighted by record profit and consistent execution on our key strategic priorities in what continues to be a challenging and dynamic operating environment. Our results reflect progress on scaling and accelerating production while efficiently managing our supply chain to meet increased demand. I am very proud of the hard work and disciplined execution of our team members as we have shifted from addressing the COVID-19 related shutdowns to restarting operations and aggressively ramping up production to deliver for our dealers and consumers.” Brightbill continued, “While our results are a testament to the strong retail demand for our leading brands, they are also a function of our continued execution on our strategy to drive sustainable, accelerated growth. The strength of our order book and increased consumer interest in recreational boating give us confidence in our outlook and ability to create shareholder value.” First Quarter Results Net Sales for the first quarter were $103.7 million, a decrease of $6.0 million, or 5.5 percent, compared to $109.8 million for the prior-year peri...

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