Archive for » February 9th, 2018«

Malibu Boats, Inc. announces 2Q Fiscal 2018 results

Malibu Boats, Inc. financial results for the second quarter of fiscal 2018 released today included net sales and unit volume increases within a strong U.S. market.

Net sales increased 69 percent to $114.4 million compared to the second quarter of fiscal 2017. Unit volume increased 61 percent to 1,489 boats compared to the second quarter of fiscal 2017.

Malibu’s net sales per unit increased 4.9 percent to $76,812 and net sales per unit for Malibu U.S. increased 4.3 percent to $76,239 compared to the second quarter of fiscal 2017.

Gross profit increased 54.5 percent to $27.5 million compared to the second quarter of fiscal 2017.

Net income decreased 172 percent to a net loss of $5.6 million, or $0.31 per share compared to the second quarter. The decrease in net income was driven by tax reform enacted in the second quarter, Malibu reported.

“In our second quarter Malibu performed very well and we are pleased with the performance,” said Malibu CEO Jack Springer. “The United States business is strong at the wholesale and retail levels and we have seen additional strength in the second quarter and into the third quarter boat show season. Canada continues its slow recovery. Australia continues to perform well for Malibu. We are also very pleased that we continue to see strong market share performance at both Malibu and Cobalt.”

Springer said the company will continue bring more product introductions and innovations to market than its competitors, building its distribution network and maximizing operational excellence to drive margins and profitability.

“Malibu is performing very well in a market that is also strengthening due to the employment rate and tax cuts,” Springer said. “The Cobalt integration is ahead of schedule and successfully delivering efficiencies while demand for the Cobalt product remains strong. We are very pleased with our financial and operating results and believe the segment recovery will continue and the economy will be a strong supporting partner in that recovery.”

The company will host a webcast and conference call to discuss second quarter fiscal 2018 results this morning at 8:30 a.m. Eastern Time.

Interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section on the Malibu’s website. A replay of the webcast will also be archived on the company’s website as well.



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MasterCraft, NauticStar release fiscal 2018 Q2 results

MCBC Holdings, Inc. (NASDAQ:MCFT), the parent entity of MasterCraft Boat Company, LLC and Nautic Star, LLC announced financial results for its fiscal 2018 second quarter ended Dec. 31, 2017.

“Top-line sales grew significantly in the second quarter, driven by double-digit gains on the MasterCraft side and the addition of NauticStar,” said MCBC Holdings, Inc. President and Chief Executive Officer, Terry McNew. “As we further integrate NauticStar, we expect to realize additional efficiencies which will favorably impact margins.”

Net sales for the second quarter ended Dec. 31, 2017, rose 53.4 percent, or $27.3 million to $78.4 million, compared to $51.1 million for the year-ago second quarter.

The gain was primarily due to the inclusion of NauticStar which increased net sales by 39.5 percent, or $20.2 million. The remaining increase of 13.9 percent, or $7.1 million, was attributable to an increase in MasterCraft unit sales volume, favorable product mix and price increases.

For the second quarter, gross profit increased $5.6 million, or 39.5 percent, to $19.9 million compared to $14.3 million for the prior-year second quarter.

The inclusion of NauticStar contributed $3.5 million to gross profit. Growth in MasterCraft unit sales volume, a favorable product mix and price increases, offset by higher material and shipping costs, accounted for the remaining increase.

Gross margin decreased to 25.4 percent for the second quarter ended Dec. 31, 2017, compared to 27.9 percent for fiscal 2017’s second quarter. The decrease was primarily due to the inclusion of NauticStar’s gross margin, which is in the high-teens.

Selling and marketing expense increased $1.3 million, or 50.2 percent, to $3.7 million for the second quarter ended Dec. 31, 2017, compared to $2.4 million for the year-earlier period. This increase resulted mainly from the inclusion of NauticStar, which added $0.6 million in selling and marketing expenses, a rise in dealer meeting costs and an increase in promotional activities related to the introduction of the redesigned 2018 MasterCraft XStar.

General and administrative expense rose by $0.2 million, or 3.7 percent, to $5.0 million for the second quarter ended Dec. 31, 2017, compared to $4.8 million for the prior-year period. This increase resulted mainly from the inclusion of NauticStar, which added $0.8 million in general and administrative expenses, and an increase of $0.5 million for legal and advisory fees related to the NauticStar acquisition.

Increases in general and administrative expenses due to NauticStar were partially offset by a $0.9 million decrease for legal and advisory fees related to Malibu Boats litigation, which was subsequently settled during the fourth quarter of fiscal 2017.

Net income totaled $8.0 million for the second quarter ended Dec. 31, 2017, versus $4.0 million for the year-earlier period, driven by the inclusion of NauticStar and reduced tax rates from the enactment of the Tax Cuts and Jobs Act.

Adjusted net income of $7.8 million, or $0.42 per share, on a fully diluted, pro forma weighted average share count of 18.8 million shares, was computed using the company’s estimated annual effective tax rate of about 29 percent, which due to the Tax Cuts and Jobs Act, is expected to be lowered to about 24 percent for fiscal 2019. This compares with Adjusted net income of $4.9 million, or $0.26 per share, in the prior-year period.

Fiscal Year-to-Date Results
Net sales for the fiscal year-to-date period ended Dec. 31, 2017, increased 28.3 percent, or $31.7 million, to $143.5 million compared to $111.8 million for the year-earlier period. The gain was primarily due to the inclusion of NauticStar, which increased net sales by 18.1 percent, or $20.2 million. The remaining gain of 10.2 percent, or $11.5 million, was attributable to MasterCraft primarily due to an increase in sales volume, favorable product mix and price increases.

For the fiscal year-to-date period ended Dec. 31, 2017, gross profit increased $6.0 million, or 18.7 percent, to $38.1 million, compared to $32.1 million for the prior-year period. The inclusion of NauticStar contributed $3.5 million to gross profit.

The remaining increase stemmed from gains in MasterCraft unit sales volume and favorable pricing, partially offset by higher material and shipping costs. Gross margin decreased to 26.6 percent for the fiscal year-to-date period ended Dec. 31, 2017, compared to 28.7 percent for the fiscal 2017 year-to-date period. The decrease was primarily due to the inclusion of NauticStar’s gross margin, which is in the high-teens.

Selling and marketing expense increased $1.9 million, or 42.5 percent, to $6.4 million for the fiscal year-to-date period ended Dec. 31, 2017, compared to $4.5 million for the prior-year period. This increase resulted mainly from the inclusion of NauticStar, which added $0.6 million in selling and marketing expenses, a rise in dealer meeting costs and an increase in promotional activities related to the introduction of the redesigned 2018 MasterCraft XStar.

General and administrative expense increased by $0.4 million, or 4.7 percent, to $9.3 million for the fiscal year-to-date period ended Dec. 31, 2017, compared to $8.9 million for the fiscal 2017 six months. This increase resulted mainly from the inclusion of NauticStar, which increased general and administrative expenses by $0.8 million, and included a $1.4 million increase in for legal and advisory fees. These were partially offset by a decrease of $1.7 million for legal and advisory fees related to Malibu Boats litigation, which was settled during the fourth quarter of fiscal 2017. 

For the fiscal year-to-date period ended Dec. 31, 2017, net income totaled $15.1 million, versus $11.0 in the fiscal 2017 year-to-date period, driven by the inclusion of NauticStar and reduced tax rates from the enactment of the Tax Cuts and Jobs Act. Adjusted net income of $16.1 million, or $0.86 per share, for the six-month period, on a fully diluted, pro forma weighted average share count of 18.8 million shares, was computed using the company’s estimated normalized annual effective tax rate of about 29 percent, which due to the Tax Cuts and Jobs Act, is expected to be lowered to about 24 percent for fiscal 2019. This compares with Adjusted net income of $12.5 million, or $0.67 per share, in the prior-year period.

MCBC Holdings, Inc. will host a live conference call and webcast to discuss fiscal second-quarter results  Feb. 8,  at 5 p.m. ET. To access the call, dial (800) 219-6861 (domestic) or (574) 990-1024 (international) and provide the operator with the conference ID 7789176. Please dial in at least 10 minutes prior to the call. To access the live webcast, go to the investor section of the company’s website, www.mastercraft.com, on the day of the conference call and click on the webcast icon.



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Area marinas look for good results at New England Boat Show

Goodhue Hawkins display booth at the New England Boat Show will provide an elevated platform with panoramic views of the exhibition hall. (Courtesy photo)

By ROGER AMSDEN, LACONIA DAILY SUN
LACONIA — Lakes Region marinas taking part in the New England Boat Show, which starts this weekend and runs through Feb. 18 at the Boston Convention and Exhibition Center, say they are looking forward to a busy and hopefully, profitable week.
“We’ve had as many as 30 sales at the show in a single year. And with a strong economy, we see this as a great opportunity to get our boat lines out there for people looking to buy a boat,” says Evan Vomacka, who sells boats at Winnisquam Marine.
He says that Winnisquam Marine will have more than 30 boats at the show and is located in the same booth as last year, B29.
“We have the biggest booth for a single dealer at the New England Boat Show and will have 10 to 12 representatives there on weekends,” says Vomacka.
Winnisquam Marine will feature Bennington pontoons, Crownline boats, and Heyday inboards at the show.
Jeremiah Burke, sales manager at Goodhue and Hawkins in Wolfeboro, says the boat yard will have an elaborate display of 12 of its Cobalt boats at the show.
“We’re looking forward to the show. It’s always been a great venue for us with lots of sales. Many of our customers like to come to the show and see our display and what we have that’s new,” said Burke.
He said that one special feature of the Goodhue Hawkins display will be an elevated platform, which will allow visitors to look out over the entire exhibition.
The boatyard will have at least four salesmen at the show each day and will also have people manning the Rossiter boats booth.
Goodhue Hawkins recently acquired Shep Brown’s Boat Basin, which will also be at the show. It will feature Chaparral and Boston Whaler boats and will have its own staff at the show,
Bill Irwin of Irwin Marine in Laconia says that the show generally attracts between 30,000 and 50,000 visitors and that Irwin will have five different at the show.
“We’ll have our Sea Ray boats and Crest pontoon boats as well as Monterey family boats, Yamaha jet boats and Donzi performance boats at the show,” says Irwin.
The marina has had 24 of its boats trucked into the show and at least a dozen of its sales representatives will man the booths.
He said that the show “provides a way for people to get excited about the upcoming boating season and get out and break the grip of Cabin Fever. It’s always been a great show that really helps our business.”
Other marinas from the area taking part in the boat show include Fay’s Boat Yard, Lakeport Landing, Melvin Village Marina, Silver Sands Marina and Ward’s Boat Shop.
The New Hampshire Marine Patrol will also have a booth at the show.


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