MasterCraft Boat Holdings, Inc. Reports Results for Fiscal 2024 First Quarter

About this update from Mastercraft Boat Holdings, Inc.

[{"type":"text","content":"VONORE, Tenn., Nov. 08, 2023 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2024 first quarter ended October 1, 2023. Highlights: Unless otherwise indicated, the highlights and commentary provided herein relate to our continuing operations, which excludes our former NauticStar segment. Results for NauticStar are reported as discontinued operations. Net sales for the first quarter decreased to $104.2 million, down 38.5% from the prior-year period.Net income from continuing operations was $7.1 million, or $0.41 per diluted share.Diluted Adjusted Net Income per share, a non-GAAP measure, was $0.47, down 67.1%.Adjusted EBITDA, a non-GAAP measure, decreased to $12.2 million, down 66.0%.Share repurchases of $5.8 million during the quarter.Ended the quarter with cash and investments of $90.0 million. Fred Brightbill, Chief Executive Officer and Chairman, commented, “Our business performed well during the first quarter as we delivered better-than-expected results despite continuing macroeconomic and demand uncertainty. With the summer selling season now complete we are focused on rebalancing dealer inventories with anticipated retail demand as we seek to ensure the health of our dealer network. We are maintaining a disciplined approach to capital allocation as we prioritize balance sheet resilience and the return of cash to shareholders through our share repurchase program.” Brightbill continued, “Given the uncertain environment, our strong balance sheet is a significant advantage which provides us with abundant financial flexibility. Despite the cyclical headwinds facing the industry, we are well positioned to pursue our capital allocation priorities, including investment in long-term growth. We continue to prudently invest in targeted initiatives that will take advantage of the industry’s positive, underlying secular trends. These investments will support long-term growth and value creation through product line expansion, relentless innovation, and an unyielding focus on the consumer.” First Quarter Results Unless otherwise indicated, the financial results provided herein relate to our continuing operations, which excludes our former NauticStar segment. Results for NauticStar are reported as discontinued operations. For the first quarter of fiscal 2024, MasterCraft B...

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