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 Boat Holdings, Inc. reported consolidated net sales of
$104.2 million, down $65.3 million from the first quarter of fiscal
2023. The net sales decrease reflects lower unit volume as we focus
on rebalancing dealer inventories consistent with anticipated
softness in retail demand, and an increase in dealer incentives,
partially offset by higher prices. Dealer incentives include higher
floor plan financing costs as a result of increased dealer
inventories and interest rates, and other incentives as the retail
environment remains competitive.
Gross profit decreased $24.1 million and gross
profit margin decreased 610 basis points to 21.0 percent in the
first quarter of fiscal 2024 from 27.1 percent in the first quarter
of fiscal 2023. The decrease in margin was mainly due to lower cost
absorption due to planned decreased sales volume, higher dealer
incentives, and higher costs related to material, labor and
overhead inflation, partially offset by higher prices.
Operating expenses decreased $0.5 million for
the first quarter of fiscal 2024, compared to the prior-year
period.
Net income from continuing operations was $7.1
million for the first quarter of fiscal 2024, compared to $24.6
million in the prior-year period. Diluted net income from
continuing operations per share was $0.41, compared to $1.37 for
the first quarter of fiscal 2023.
Adjusted Net Income decreased to $8.1 million
for the first quarter, or $0.47 per diluted share, compared to
$25.7 million, or $1.43 per diluted share, in the prior-year
period.
Adjusted EBITDA was $12.2 million for the first
quarter of fiscal 2024, compared to $35.9 million in the prior-year
period. Adjusted EBITDA margin was 11.7 percent for the first
quarter, down from 21.2 percent for the prior-year period.
Net income was $6.2 million for the first
quarter of fiscal 2024, compared to net income of $4.1 million in
the prior-year period.
See “Non-GAAP Measures” below for a
reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
Net Income, and Adjusted Net Income per share to the most directly
comparable financial measures presented in accordance with
GAAP.
Outlook
Concluded Brightbill, “Macroeconomic factors,
including interest rates which could remain elevated for some time,
are adversely impacting the demand for recreational boats and other
luxury consumer goods. The potential for a broader economic
downturn during fiscal 2024 could worsen this headwind for the
industry. In addition, political and geopolitical risks are
creating uncertainties that weigh on consumer confidence. Given the
dynamic macroeconomic and geopolitical backdrop, which is limiting
retail demand visibility, we have planned for a range of potential
retail demand scenarios.”
The Company’s outlook is as follows:
- For full year fiscal 2024, we
continue to expect consolidated net sales to be between $390
million and $420 million, with Adjusted EBITDA between $42 million
and $52 million, and Adjusted Net Income per diluted share of
between $1.46 and $1.88. We continue to expect capital expenditures
to be approximately $22 million for the full year.
- For the second quarter of fiscal
2024, consolidated net sales is expected to be approximately $96
million, with Adjusted EBITDA of approximately $7 million, and
Adjusted Net Income per diluted share of approximately $0.22.
Conference Call and Webcast
Information
MasterCraft Boat Holdings, Inc. will host a live
conference call and webcast to discuss fiscal first quarter 2024
results today, November 8, 2023, at 8:30 a.m. EST. Participants may
access the conference call live via webcast on the investor section
of the Company’s website, Investors.MasterCraft.com, by clicking on
the webcast icon. To participate via telephone, please register in
advance at this link. Upon registration, all telephone participants
will receive a confirmation email detailing how to join the
conference call, including the dial-in number along with a unique
passcode and registrant ID that can be used to access the call. A
replay of the conference call and webcast will be archived on the
Company's website.
About MasterCraft Boat Holdings,
Inc.
Headquartered in Vonore, Tenn., MasterCraft Boat
Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer,
manufacturer and marketer of recreational powerboats through its
three brands, MasterCraft, Crest, and Aviara. Through these three
brands, MasterCraft Boat Holdings has leading market share
positions in two of the fastest growing segments of the powerboat
industry – performance sport boats and pontoon boats – while
entering the large, growing luxury day boat segment. For more
information about MasterCraft Boat Holdings, and its three brands,
visit: Investors.MasterCraft.com, www.MasterCraft.com,
www.CrestPontoons.com, and www.AviaraBoats.com.
Forward-Looking Statements
This press release includes forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995). Forward-looking statements can
often be identified by such words and phrases as “believes,”
“anticipates,” “expects,” “intends,” “estimates,” “may,” “will,”
“should,” “continue” and similar expressions, comparable
terminology or the negative thereof, and include statements in this
press release concerning the resilience of our business model; and
our intention to drive value and accelerate growth.
Forward-looking statements are subject to risks,
uncertainties and other important factors that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements, including, but not limited to: the
potential effects of supply chain disruptions and production
inefficiencies, general economic conditions, demand for our
products, inflation, changes in consumer preferences, competition
within our industry, our reliance on our network of independent
dealers, our ability to manage our manufacturing levels and our
fixed cost base, the successful introduction of our new products,
and geopolitical conflicts, such as the conflict between Russia and
Ukraine and the conflict in the Gaza Strip. These and other
important factors discussed under the caption “Risk Factors” in our
Annual Report on Form 10-K for the fiscal year ended June 30, 2023,
filed with the Securities and Exchange Commission (the “SEC”) on
August 30, 2023, could cause actual results to differ materially
from those indicated by the forward-looking statements. The
discussion of these risks is specifically incorporated by reference
into this press release.
Any such forward-looking statements represent
management's estimates as of the date of this press release. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release. We undertake no obligation (and we expressly
disclaim any obligation) to update or supplement any
forward-looking statements that may become untrue or cause our
views to change, whether because of new information, future events,
changes in assumptions or otherwise. Comparison of results for
current and prior periods are not intended to express any future
trends or indications of future performance, unless expressed as
such, and should only be viewed as historical data.
Use of Non-GAAP Financial
Measures
To supplement the Company’s consolidated
financial statements prepared in accordance with U.S. generally
accepted accounting principles (“GAAP”), the Company uses certain
non-GAAP financial measures in this release. Reconciliations of the
non-GAAP financial measures used in this release to the most
comparable GAAP measures for the respective periods can be found in
tables immediately following the consolidated statements of
operations. Non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation or as a
substitute for the Company’s financial results prepared in
accordance with GAAP.
Results of Operations for the Three Months Ended October 1,
2023 |
|
MASTERCRAFT BOAT HOLDINGS, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Dollars in thousands, except per share data) |
|
|
|
Three Months Ended |
|
|
|
|
October 1, |
|
|
October 2, |
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
104,217 |
|
|
$ |
169,516 |
|
|
Cost
of sales |
|
|
82,381 |
|
|
|
123,543 |
|
|
Gross profit |
|
|
21,836 |
|
|
|
45,973 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling and marketing |
|
|
3,464 |
|
|
|
3,779 |
|
|
General and administrative |
|
|
9,357 |
|
|
|
9,483 |
|
|
Amortization of other intangible assets |
|
|
462 |
|
|
|
489 |
|
|
Total operating expenses |
|
|
13,283 |
|
|
|
13,751 |
|
|
Operating income |
|
|
8,553 |
|
|
|
32,222 |
|
|
Other
income (expense): |
|
|
|
|
|
|
|
Interest expense |
|
|
(878 |
) |
|
|
(562 |
) |
|
Interest income |
|
|
1,351 |
|
|
|
151 |
|
|
Income before income tax expense |
|
|
9,026 |
|
|
|
31,811 |
|
|
Income tax expense |
|
|
1,950 |
|
|
|
7,176 |
|
|
Net
income from continuing operations |
|
|
7,076 |
|
|
|
24,635 |
|
|
Loss
from discontinued operations, net of tax |
|
|
(881 |
) |
|
|
(20,567 |
) |
|
Net
income |
|
$ |
6,195 |
|
|
$ |
4,068 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.41 |
|
|
$ |
1.38 |
|
|
Discontinued operations |
|
|
(0.05 |
) |
|
|
(1.15 |
) |
|
Net income |
|
$ |
0.36 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.41 |
|
|
$ |
1.37 |
|
|
Discontinued operations |
|
|
(0.05 |
) |
|
|
(1.14 |
) |
|
Net income |
|
$ |
0.36 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares used for computation of: |
|
|
|
|
|
|
|
Basic earnings per share |
|
|
17,156,283 |
|
|
|
17,946,061 |
|
|
Diluted earnings per share |
|
|
17,224,608 |
|
|
|
18,031,725 |
|
|
|
|
|
|
|
|
|
|
|
|
MASTERCRAFT BOAT HOLDINGS, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
(Dollars in thousands, except per share data) |
|
|
|
October 1, |
|
|
June 30, |
|
|
|
2023 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,459 |
|
|
$ |
19,817 |
|
Held-to-maturity securities |
|
|
66,532 |
|
|
|
91,560 |
|
Accounts receivable, net of allowances of $137 and $122,
respectively |
|
|
16,304 |
|
|
|
15,741 |
|
Inventories, net |
|
|
55,472 |
|
|
|
58,298 |
|
Prepaid expenses and other current assets |
|
|
12,593 |
|
|
|
10,083 |
|
Total current assets |
|
|
174,360 |
|
|
|
195,499 |
|
Property, plant and equipment, net |
|
|
76,050 |
|
|
|
77,921 |
|
Goodwill |
|
|
28,493 |
|
|
|
28,493 |
|
Other
intangible assets, net |
|
|
35,000 |
|
|
|
35,462 |
|
Deferred income taxes |
|
|
12,460 |
|
|
|
12,428 |
|
Deferred debt issuance costs, net |
|
|
279 |
|
|
|
304 |
|
Other
long-term assets |
|
|
7,586 |
|
|
|
3,869 |
|
Total assets |
|
$ |
334,228 |
|
|
$ |
353,976 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
|
$ |
16,950 |
|
|
$ |
20,391 |
|
Income tax payable |
|
|
500 |
|
|
|
5,272 |
|
Accrued expenses and other current liabilities |
|
|
61,964 |
|
|
|
72,496 |
|
Current portion of long-term debt, net of unamortized debt issuance
costs |
|
|
4,384 |
|
|
|
4,381 |
|
Total current liabilities |
|
|
83,798 |
|
|
|
102,540 |
|
Long-term debt, net of unamortized debt issuance costs |
|
|
48,198 |
|
|
|
49,295 |
|
Unrecognized tax positions |
|
|
7,546 |
|
|
|
7,350 |
|
Operating lease liabilities |
|
|
2,790 |
|
|
|
2,702 |
|
Total liabilities |
|
|
142,332 |
|
|
|
161,887 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
Common stock, $.01 par value per share — authorized,
100,000,000 shares; issued and outstanding, 17,256,141 shares at
October 1, 2023 and 17,312,850 shares at June 30, 2023 |
|
|
171 |
|
|
|
173 |
|
Additional paid-in capital |
|
|
69,510 |
|
|
|
75,976 |
|
Retained earnings |
|
|
122,015 |
|
|
|
115,820 |
|
MasterCraft Boat Holdings, Inc. equity |
|
|
191,696 |
|
|
|
191,969 |
|
Noncontrolling interest |
|
|
200 |
|
|
|
120 |
|
Total equity |
|
|
191,896 |
|
|
|
192,089 |
|
Total
liabilities and equity |
|
$ |
334,228 |
|
|
$ |
353,976 |
|
|
|
|
|
|
|
|
|
|
Supplemental Operating Data
The following table presents certain
supplemental operating data for the periods indicated:
|
|
Three Months Ended |
|
|
|
October 1, |
|
|
October 2, |
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
Change |
|
|
|
(Dollars in thousands) |
Unit
sales volume: |
|
|
|
|
|
|
|
|
|
|
|
MasterCraft |
|
|
494 |
|
|
|
781 |
|
|
|
(36.7 |
) |
% |
|
Crest |
|
|
362 |
|
|
|
846 |
|
|
|
(57.2 |
) |
% |
|
Aviara |
|
|
25 |
|
|
|
32 |
|
|
|
(21.9 |
) |
% |
|
Consolidated |
|
|
881 |
|
|
|
1,659 |
|
|
|
(46.9 |
) |
% |
|
Net
sales: |
|
|
|
|
|
|
|
|
|
|
|
MasterCraft |
|
$ |
75,836 |
|
|
$ |
113,020 |
|
|
|
(32.9 |
) |
% |
|
Crest |
|
|
18,469 |
|
|
|
43,561 |
|
|
|
(57.6 |
) |
% |
|
Aviara |
|
|
9,912 |
|
|
|
12,935 |
|
|
|
(23.4 |
) |
% |
|
Consolidated |
|
$ |
104,217 |
|
|
$ |
169,516 |
|
|
|
(38.5 |
) |
% |
|
Net
sales per unit: |
|
|
|
|
|
|
|
|
|
|
|
MasterCraft |
|
$ |
154 |
|
|
$ |
145 |
|
|
|
6.2 |
|
% |
|
Crest |
|
|
51 |
|
|
|
51 |
|
|
|
— |
|
% |
|
Aviara |
|
|
396 |
|
|
|
404 |
|
|
|
(2.0 |
) |
% |
|
Consolidated |
|
|
118 |
|
|
|
102 |
|
|
|
15.7 |
|
% |
|
Gross
margin |
|
|
21.0 |
% |
|
|
27.1 |
% |
|
(610) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
EBITDA, Adjusted EBITDA, EBITDA Margin, and
Adjusted EBITDA Margin
We define EBITDA as net income from continuing
operations, before interest, income taxes, depreciation and
amortization. We define Adjusted EBITDA as EBITDA further adjusted
to eliminate certain non-cash charges or other items that we do not
consider to be indicative of our core and/or ongoing operations.
For the periods presented herein, the adjustment is for share-based
compensation. We define EBITDA margin and Adjusted EBITDA margin as
EBITDA and Adjusted EBITDA, respectively, each expressed as a
percentage of net sales.
Adjusted Net Income and Adjusted Net Income per
share
We define Adjusted Net Income and Adjusted Net
Income per share as net income from continuing operations, adjusted
to eliminate certain non-cash charges or other items that we do not
consider to be indicative of our core and/or ongoing operations and
reflecting income tax expense on adjusted net income before income
taxes at our estimated annual effective tax rate. For the periods
presented herein, these adjustments include other intangible asset
amortization and share-based compensation.
EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted
EBITDA margin, Adjusted Net Income, and Adjusted Net Income per
share, which we refer to collectively as the Non-GAAP Measures, are
not measures of net income or operating income as determined under
accounting principles generally accepted in the United States, or
U.S. GAAP. The Non-GAAP Measures are not measures of performance in
accordance with U.S. GAAP and should not be considered as an
alternative to net income, net income per share, or operating cash
flows determined in accordance with U.S. GAAP. Additionally,
Adjusted EBITDA is not intended to be a measure of cash flow. We
believe that the inclusion of the Non-GAAP Measures is appropriate
to provide additional information to investors because securities
analysts and investors use the Non-GAAP Measures to assess our
operating performance across periods on a consistent basis and to
evaluate the relative risk of an investment in our securities. We
use Adjusted Net Income and Adjusted Net Income per share to
facilitate a comparison of our operating performance on a
consistent basis from period to period that, when viewed in
combination with our results prepared in accordance with U.S. GAAP,
provides a more complete understanding of factors and trends
affecting our business than does U.S. GAAP measures alone. We
believe Adjusted Net Income and Adjusted Net Income per share
assists our board of directors, management, investors, and other
users of the financial statements in comparing our net income on a
consistent basis from period to period because it removes certain
non-cash items and other items that we do not consider to be
indicative of our core and/or ongoing operations and reflecting
income tax expense on adjusted net income before income taxes at
our estimated annual effective tax rate. The Non-GAAP Measures have
limitations as an analytical tool and should not be considered in
isolation or as a substitute for analysis of our results as
reported under U.S. GAAP. Some of these limitations are:
- Although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized will often have to be replaced in the future and the
Non-GAAP Measures do not reflect any cash requirements for such
replacements;
- The Non-GAAP Measures do not
reflect our cash expenditures, or future requirements for capital
expenditures or contractual commitments;
- The Non-GAAP Measures do not
reflect changes in, or cash requirements for, our working capital
needs;
- The Non-GAAP Measures do not
reflect our tax expense or any cash requirements to pay income
taxes;
- The Non-GAAP Measures do not
reflect interest expense, or the cash requirements necessary to
service interest payments on our indebtedness; and
- The Non-GAAP Measures do not
reflect the impact of earnings or charges resulting from matters we
do not consider to be indicative of our core and/or ongoing
operations, but may nonetheless have a material impact on our
results of operations.
In addition, because not all companies use
identical calculations, our presentation of the Non-GAAP Measures
may not be comparable to similarly titled measures of other
companies, including companies in our industry.
Beginning in the first quarter of fiscal 2023,
due to the effects of discontinued operations, as discussed above,
the Company's non-GAAP financial measures are presented on a
continuing operations basis, for all periods presented.
We do not provide forward-looking guidance for
certain financial measures on a U.S. GAAP basis because we are
unable to predict certain items contained in the U.S. GAAP measures
without unreasonable efforts. These items may include
acquisition-related costs, litigation charges or settlements,
impairment charges, and certain other unusual adjustments.
The following table presents a reconciliation of net income from
continuing operations as determined in accordance with U.S. GAAP to
EBITDA and Adjusted EBITDA, and net income from continuing
operations margin (expressed as a percentage of net sales) to
EBITDA margin and Adjusted EBITDA margin (each expressed as a
percentage of net sales) for the periods indicated:
(Dollars in thousands) |
|
Three Months Ended |
|
|
|
October 1, |
|
|
% of Net |
|
October 2, |
|
|
% of Net |
|
|
|
2023 |
|
|
sales |
|
2022 |
|
|
sales |
|
Net income from continuing operations |
|
$ |
7,076 |
|
|
6.8 |
% |
|
$ |
24,635 |
|
|
14.5 |
% |
|
Income tax expense |
|
|
1,950 |
|
|
|
|
|
7,176 |
|
|
|
|
Interest expense |
|
|
878 |
|
|
|
|
|
562 |
|
|
|
|
Interest income |
|
|
(1,351 |
) |
|
|
|
|
(151 |
) |
|
|
|
Depreciation and amortization |
|
|
2,727 |
|
|
|
|
|
2,601 |
|
|
|
|
EBITDA |
|
|
11,280 |
|
|
10.8 |
% |
|
|
34,823 |
|
|
20.5 |
% |
|
Share-based compensation |
|
|
939 |
|
|
|
|
|
1,120 |
|
|
|
|
Adjusted EBITDA |
|
$ |
12,219 |
|
|
11.7 |
% |
|
$ |
35,943 |
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table sets forth a reconciliation of net income
from continuing operations as determined in accordance with U.S.
GAAP to Adjusted Net Income for the periods indicated:
(Dollars
in thousands, except per share data) |
Three Months Ended |
|
|
|
|
October 1, |
|
|
October 2, |
|
|
|
|
2023 |
|
|
2022 |
|
|
Net income from continuing operations |
$ |
7,076 |
|
|
$ |
24,635 |
|
|
Income tax expense |
|
1,950 |
|
|
|
7,176 |
|
|
Amortization of
acquisition intangibles |
|
462 |
|
|
|
462 |
|
|
Share-based
compensation |
|
939 |
|
|
|
1,120 |
|
|
Adjusted Net
Income before income taxes |
|
10,427 |
|
|
|
33,393 |
|
|
Adjusted income
tax expense (a) |
|
2,294 |
|
|
|
7,680 |
|
|
Adjusted Net Income |
$ |
8,133 |
|
|
$ |
25,713 |
|
|
|
|
|
|
|
|
|
|
Adjusted net
income per common share |
|
|
|
|
|
|
|
Basic |
$ |
0.47 |
|
|
$ |
1.43 |
|
|
|
Diluted |
$ |
0.47 |
|
|
$ |
1.43 |
|
|
Weighted
average shares used for the computation of (b): |
|
|
|
|
|
|
|
Basic
Adjusted net income per share |
|
17,156,283 |
|
|
|
17,946,061 |
|
|
|
Diluted Adjusted net income per share |
|
17,224,608 |
|
|
|
18,031,725 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
For fiscal 2024 and 2023, income tax expense reflects an income tax
rate of 22.0% and 23.0%, respectively, for each period
presented. |
(b) |
Represents the Weighted Average Shares used for the computation of
Basic and Diluted earnings per share as presented on the
Consolidated Statements of Operations to calculate Adjusted Net
Income per basic and diluted share for all periods presented
herein. |
|
|
The following table presents the reconciliation of net income
from continuing operations per diluted share to Adjusted Net Income
per diluted share for the periods presented:
(Dollars in
thousands, except per share data) |
Three Months Ended |
|
|
|
|
October 1, |
|
|
October 2, |
|
|
|
|
2023 |
|
|
2022 |
|
|
Net income
from continuing operations per diluted share |
$ |
0.41 |
|
|
$ |
1.37 |
|
|
Impact of
adjustments: |
|
|
|
|
|
|
|
Income tax expense |
|
0.11 |
|
|
|
0.40 |
|
|
|
Amortization of acquisition
intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
Share-based compensation |
|
0.05 |
|
|
|
0.06 |
|
|
|
Adjusted Net Income per diluted share before income taxes |
|
0.60 |
|
|
|
1.86 |
|
|
|
Impact of adjusted income tax
expense on net income per diluted share before income
taxes (a) |
|
(0.13 |
) |
|
|
(0.43 |
) |
|
Adjusted
Net Income per diluted share |
$ |
0.47 |
|
|
$ |
1.43 |
|
|
|
(a) |
For fiscal 2024 and 2023, income tax expense reflects an income tax
rate of 22.0% and 23.0%, respectively, for each period
presented. |
|
|
Investor Contact:MasterCraft Boat Holdings,
Inc.Bobby PotterVice President of Strategy & Investor
RelationsEmail: investorrelations@mastercraft.com
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