$MCFT
MasterCraft Boat Holdings, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020023454 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q3 2019 Q1
Revenue $102.6M $109.8M $128.4M
YoY Change -20.12% 17.24%
Cost Of Revenue $81.30M $84.26M $97.03M
YoY Change -16.21% 19.62%
Gross Profit $21.27M $25.53M $31.36M
YoY Change -32.16% 10.04%
Gross Profit Margin 20.74% 23.26% 24.42%
Selling, General & Admin $11.00M $11.85M $11.91M
YoY Change -7.61% 7.11%
% of Gross Profit 51.71% 46.41% 37.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.632M $2.371M $2.091M
YoY Change 25.87% 65.23%
% of Gross Profit 12.37% 9.29% 6.67%
Operating Expenses $12.00M $12.84M $12.89M
YoY Change -6.93% 10.73%
Operating Profit -$47.18M $12.70M $18.46M
YoY Change -355.51% 9.35%
Interest Expense -$1.100M $1.344M -$1.867M
YoY Change -41.08% 46.09%
% of Operating Profit 10.59% -10.11%
Other Income/Expense, Net
YoY Change
Pretax Income -$48.30M $11.35M $16.60M
YoY Change -391.02% 6.19%
Income Tax -$11.60M $2.730M $3.834M
% Of Pretax Income 24.05% 23.1%
Net Earnings -$36.71M $8.623M $12.76M
YoY Change -387.65% 1.87%
Net Earnings / Revenue -35.8% 7.85% 9.94%
Basic Earnings Per Share -$1.96 $0.46 $0.68
Diluted Earnings Per Share -$1.96 $0.46 $0.68
COMMON SHARES
Basic Shares Outstanding 18.74M 18.72M 18.66M
Diluted Shares Outstanding 18.74M 18.77M 18.76M

Balance Sheet

Concept 2020 Q1 2019 Q3 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.00M $6.400M $5.500M
YoY Change 645.45% 4.92%
Cash & Equivalents $40.99M $6.411M $5.461M
Short-Term Investments
Other Short-Term Assets $5.000M $4.600M $4.600M
YoY Change 8.7% 27.78%
Inventory $37.16M $34.91M $30.00M
Prepaid Expenses
Receivables $10.15M $9.287M $17.67M
Other Receivables $5.800M $1.400M $400.0K
Total Short-Term Assets $98.98M $56.59M $58.11M
YoY Change 70.34% 36.68%
LONG-TERM ASSETS
Property, Plant & Equipment $41.67M $35.98M $30.80M
YoY Change 35.27% 50.55%
Goodwill $29.59M $74.03M $101.8M
YoY Change -70.92%
Intangibles $64.84M $78.81M $83.79M
YoY Change -22.62%
Long-Term Investments
YoY Change
Other Assets $248.0K $4.184M $256.0K
YoY Change -3.13% 597.33%
Total Long-Term Assets $151.3M $200.6M $217.1M
YoY Change -30.31% 42.5%
TOTAL ASSETS
Total Short-Term Assets $98.98M $56.59M $58.11M
Total Long-Term Assets $151.3M $200.6M $217.1M
Total Assets $250.3M $257.2M $275.2M
YoY Change -9.06% 41.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.01M $16.97M $20.68M
YoY Change -32.28% -8.74%
Accrued Expenses $18.20M $15.20M $20.10M
YoY Change -9.45% 24.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.004M $8.734M $9.495M
YoY Change -5.17% 58.8%
Total Short-Term Liabilities $65.92M $67.29M $73.73M
YoY Change -10.59% 25.31%
LONG-TERM LIABILITIES
Long-Term Debt $129.4M $105.1M $116.4M
YoY Change 11.17% 54.36%
Other Long-Term Liabilities $3.600M $3.384M $2.600M
YoY Change 38.46% 61.14%
Total Long-Term Liabilities $129.4M $108.5M $116.4M
YoY Change 11.17% 54.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.92M $67.29M $73.73M
Total Long-Term Liabilities $129.4M $108.5M $116.4M
Total Liabilities $198.9M $176.1M $193.3M
YoY Change 2.89% 41.92%
SHAREHOLDERS EQUITY
Retained Earnings -$64.67M -$34.83M -$33.39M
YoY Change 93.65% -46.26%
Common Stock $116.0M $115.9M $115.3M
YoY Change 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.36M $81.11M $81.86M
YoY Change
Total Liabilities & Shareholders Equity $250.3M $257.2M $275.2M
YoY Change -9.06% 41.18%

Cashflow Statement

Concept 2020 Q1 2019 Q3 2019 Q1
OPERATING ACTIVITIES
Net Income -$36.71M $8.623M $12.76M
YoY Change -387.65% 1.87%
Depreciation, Depletion And Amortization $2.632M $2.371M $2.091M
YoY Change 25.87% 65.23%
Cash From Operating Activities $4.060M $5.242M $11.69M
YoY Change -65.27% 55.69%
INVESTING ACTIVITIES
Capital Expenditures $2.098M $4.328M $4.365M
YoY Change -51.94% 26.36%
Acquisitions
YoY Change
Other Investing Activities $20.00K $10.00K $0.00
YoY Change
Cash From Investing Activities -$2.100M -$4.314M -$4.360M
YoY Change -51.83% 26.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.59M -343.0K -20.36M
YoY Change -264.98% -80.52%
NET CHANGE
Cash From Operating Activities 4.060M 5.242M 11.69M
Cash From Investing Activities -2.100M -4.314M -4.360M
Cash From Financing Activities 33.59M -343.0K -20.36M
Net Change In Cash 35.55M 585.0K -13.03M
YoY Change -372.83% -132.21%
FREE CASH FLOW
Cash From Operating Activities $4.060M $5.242M $11.69M
Capital Expenditures $2.098M $4.328M $4.365M
Free Cash Flow $1.962M $914.0K $7.325M
YoY Change -73.22% -1675.86%

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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the fiscal quarter end will not always coincide with the date of the end of a calendar month.</p>
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5735000
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
727000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5921000
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39745000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8909000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
30836000
mcft Standard Product Warranty Accrual Aggregate Changes For Preexisting Warranties
StandardProductWarrantyAccrualAggregateChangesForPreexistingWarranties
2417000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.237
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39745000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5946000
CY2020Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
19318000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
16733000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
44437000
CY2020Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
12000000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
44437000
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
12000000
CY2020Q1 us-gaap Goodwill Gross
GoodwillGross
102030000
CY2020Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
72437000
CY2019Q2 us-gaap Goodwill Gross
GoodwillGross
102030000
CY2019Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
28000000
CY2019Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
88745000
CY2019Q2 mcft Intangible Assets Excluding Goodwill Accumulated Amortization
IntangibleAssetsExcludingGoodwillAccumulatedAmortization
8946000
CY2019Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
79799000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2500000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
4000000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
113741000
CY2019Q2 mcft Long Term Debt Current Maturities Gross
LongTermDebtCurrentMaturitiesGross
9167000
CY2019Q3 mcft Reclassification From Operating Lease Assets To Finance Lease Assets Due To Exercise Of Purchase Option
ReclassificationFromOperatingLeaseAssetsToFinanceLeaseAssetsDueToExerciseOfPurchaseOption
2800000
CY2019Q3 mcft Reclassification From Operating Lease Liabilities To Finance Lease Liabilities Due To Exercise Of Purchase Option
ReclassificationFromOperatingLeaseLiabilitiesToFinanceLeaseLiabilitiesDueToExerciseOfPurchaseOption
2800000
CY2019Q3 mcft Additional Finance Lease Assets Due To Exercise Of Purchase Option
AdditionalFinanceLeaseAssetsDueToExerciseOfPurchaseOption
1300000
CY2019Q3 mcft Additional Finance Lease Liabilities Due To Exercise Of Purchase Option
AdditionalFinanceLeaseLiabilitiesDueToExerciseOfPurchaseOption
1300000
CY2020Q1 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
mcft:AccruedExpensesAndOtherLiabilitiesCurrent
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
779000
CY2020Q1 us-gaap Lease Cost
LeaseCost
102000
us-gaap Lease Cost
LeaseCost
407000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
92000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
359000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
298000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
72000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
822000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
43000
CY2020Q1 mcft Operating Lease Liability Excluding Purchase Amount Of Leased Asset
OperatingLeaseLiabilityExcludingPurchaseAmountOfLeasedAsset
779000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0473
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M9D
us-gaap Operating Lease Payments
OperatingLeasePayments
400000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
703000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
690000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
628000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
402000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
402000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.239
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1806000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4631000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
371000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
703000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1159000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-36713000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12763000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2632000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21211000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31415000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
159000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2098000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2091000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4365000
CY2019Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
128390000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
364565000
CY2019Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
12765000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
32944000
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.68
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.77
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.68
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.76

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