MasterCraft Boat Holdings, Inc. Reports Record Results for Fiscal 2023 First Quarter

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Nov. 09, 2022 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2023 first quarter ended October 2, 2022. Highlights: Unless otherwise indicated, the highlights and commentary provided herein relate to our continuing operations, which excludes our NauticStar segment. Results for NauticStar are reported as discontinued operations. Eighth consecutive period-over-period record-setting quarter for both net sales and earningsRecord net sales for the first quarter increased to $169.5 million, up 29.7% from the prior-year periodRecord net income from continuing operations was $24.6 million, or $1.37 per diluted shareRecord Diluted Adjusted Net Income per share, a non-GAAP measure, was $1.43, up 90.7%Record Adjusted EBITDA, a non-GAAP measure, increased to $35.9 million, up 72.8%Share repurchases of $4.2 million during the quarterCompleted the sale of our NauticStar business, resulting in a non-cash pretax loss on sale of $22.1 million Fred Brightbill, Chief Executive Officer and Chairman, commented, “We are proud of our outstanding start to fiscal 2023. Despite macroeconomic volatility and the dynamic business environment, we achieved the best first quarter in the Company’s history. Our ability to mitigate supply chain disruption is enabling more efficient production and throughput, and as a result, we made progress in replenishing dealer inventories, greatly enhancing product availability. Each of our segments contributed to our growth and profitability improvement during the quarter, and we realized structural improvements to the growth potential and margin profile of our business with the sale of NauticStar.” Brightbill continued, “We delivered an eighth consecutive period-over-period record-setting quarter, Net sales were higher by nearly 30 percent, Adjusted EBITDA grew by nearly 73 percent, Adjusted EBITDA margin increased 530 basis points, and Adjusted Net Income per share grew by more than 90 percent year-over-year. These results would not have been possible without the hard work and dedication of our team who continue to execute against our strategic priorities.” First Quarter Results Unless otherwise indicated, the financial results provided herein relate to our continuing operations, which excludes our NauticStar segment. Results for NauticStar ...

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