MasterCraft Boat Holdings, Inc. Reports Record Fourth Quarter and Fiscal 2022 Results

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Sept. 08, 2022 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2022 fourth quarter and year ended June 30, 2022. Fourth Quarter Highlights: Seventh consecutive record-setting quarter.Net sales for the fourth quarter increased to $217.7 million, up 39.9% from the prior-year period.Net income was $11.5 million, or $0.63 per diluted share.Diluted Adjusted Net Income per share, a non-GAAP measure, was $1.77, up 80.6%.Adjusted EBITDA, a non-GAAP measure, increased to $44.6 million, up 65.6%.Share repurchases of $4.0 million during the quarter.Non-cash impairment charges of $23.8 million related to our NauticStar segment. Full Year Highlights: The most profitable fiscal year in the Company’s history.Net sales increased to $707.9 million, up 34.6% from the prior-year period.Net income was $58.2 million, or $3.12 per diluted share.Diluted Adjusted Net Income per share, a non-GAAP measure, was $4.54, up 37.2%.Adjusted EBITDA, a non-GAAP measure, increased to $121.1 million, up 30.5%.Share repurchases of $25.5 million during the fiscal year. Fred Brightbill, Chief Executive Officer and Chairman, commented, “For the second consecutive year we achieved record-setting results, introduced an array of new and innovative products across our brands, produced industry-leading organic sales growth, and gained market share, all while navigating arguably one of the most challenging business environments in recent history. These results would not have been possible without the hard work and dedication of our team who continue to execute against our strategic priorities.” Brightbill continued, “We delivered record-setting performances for each quarter, which culminated in record net sales and adjusted earnings for the full year. We grew our net sales by nearly 35 percent and our diluted adjusted earnings per share by more than 37 percent year-over-year, all on an organic basis. This exceptional performance was enabled by a year-over-year unit increase of more than 14 percent for the full year, resulting in the most wholesale units ever sold by the Company.” Fourth Quarter Results For the fourth quarter of 2022, MasterCraft Boat Holdings, Inc. reported consolidated net sales of $217.7 million, up $62.1 million from the fourth quarter of 2021. The increase was primarily d...

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