MasterCraft Boat Holdings, Inc. Reports Record Fourth Quarter and Fiscal 2021 Results

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Sept. 02, 2021 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2021 fourth quarter and year ended June 30, 2021. Fourth Quarter Highlights: Net sales increased to a record $155.5 million, up 204%.Gross margin expanded by 940 basis points to 23.9%.Net income was $16.5 million or $0.87 per diluted share.Diluted Adjusted Net Income per share, a non-GAAP measure, was $0.98.Adjusted EBITDA, a non-GAAP measure, increased to $27.0 million.Adjusted EBITDA margin, a non-GAAP measure, increased to 17.3%. Full Year Highlights: Delivered the most profitable fiscal year in the Company’s history.Net sales increased to a record $525.8 million, up 45%.Gross margin expanded by 390 basis points to 24.7%.Net income was $56.2 million or $2.96 per diluted share.Diluted Adjusted Net Income per share, a non-GAAP measure, was $3.31, up 147%.Adjusted EBITDA, a non-GAAP measure, increased to $92.8 million, up 109%.Adjusted EBITDA margin, a non-GAAP measure, expanded by 540 basis points to 17.6%. Fred Brightbill, Chief Executive Officer and Chairman, commented, “Our businesses executed extremely well against our strategic priorities during fiscal year 2021 in a very challenging and dynamic environment. Our record-setting performance was driven by year-over-year unit increases at each of our segments, including the most wholesale units ever sold by the Company in a fourth quarter. To accelerate throughput and produce record-level units in arguably the most challenging supply-chain environment we’ve ever experienced in the boating industry is a clear demonstration of our disciplined execution, operational excellence, and the strength of our team. The credit goes to our more than 1,500 employees who continued to execute against our key strategic priorities in the face of adversity, and the strength of our market-leading brands.” Brightbill continued, “In fiscal year 2021 we ramped up production aggressively while expertly managing our supply chain to drive sustainable, accelerated organic growth. We will look to build on that success in fiscal year 2022 as we remain committed to making investments to further strengthen our competitive position, grow our categories, and deliver shareholder value guided by our long-term focus and strategic priorities.” Fourth Quarter Results Net...

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