MasterCraft Boat Holdings, Inc. Reports Record Results for Fiscal 2022 First Quarter

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Nov. 10, 2021 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2022 first quarter ended October 3, 2021. Highlights: Delivered the most profitable first quarter in the Company’s history, with record unit sales, net sales, net income, and adjusted EBITDA.Net sales for the first quarter increased to $144.0 million, up 38.8%.Net income was $10.4 million or $0.55 per diluted share.Diluted Adjusted Net Income per share, a non-GAAP measure, was $0.67, up 15.5%.Adjusted EBITDA, a non-GAAP measure, increased to $19.4 million, up 14.3%.Initiated purchasing under the $50 million share repurchase program. Fred Brightbill, Chief Executive Officer and Chairman, commented, “Our business performed extremely well during the first quarter in a very challenging and dynamic environment. These results reflect a continuation of exceptional execution against our strategic and operational priorities as we delivered a record-setting performance for the fourth consecutive quarter. Net sales, diluted adjusted earnings per share, and adjusted EBITDA were all the highest for any first quarter in the Company’s history.” Brightbill continued, “Despite many challenges, we had a solid start to fiscal 2022. We achieved industry-leading organic growth, and we will look to build on that success during the remainder of the year. Guided by our consumer-centric strategy and facilitated by our best-in-class operating model, recent third-party industry data confirms we have outperformed many of our top competitors to take meaningful market share.” First Quarter Results For the first quarter of 2022, MasterCraft Boat Holdings, Inc. reported consolidated net sales of $144.0 million, up $40.3 million from the first quarter of 2021. The increase was primarily due to increased volumes. Higher prices, favorable model mix, and higher option sales also contributed to higher net sales. Gross margin declined 440 basis points to 20.9 percent in first quarter 2022 from 25.3 percent in first quarter 2021. Higher revenues yielded a lower margin due to supply chain disruptions and inflationary pressures that drove materials and labor costs higher. In addition, we incurred incremental overhead costs associated with the Merritt Island, Florida facility acquired in second quarter of fiscal 2021. Operating...

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