$MCFT
MasterCraft Boat Holdings, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021005216 Filed on February 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q2 2019 Q4
Revenue $118.7M $51.09M $99.63M
YoY Change 15.71% -58.4% -18.03%
Cost Of Revenue $89.40M $43.70M $78.49M
YoY Change 9.97% -52.14% -16.95%
Gross Profit $29.27M $7.407M $21.14M
YoY Change 37.6% -76.48% -21.91%
Gross Profit Margin 24.67% 14.5% 21.22%
Selling, General & Admin $11.34M $8.800M $9.820M
YoY Change 3.1% -20.0% -13.86%
% of Gross Profit 38.74% 118.81% 46.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.861M $2.840M $2.683M
YoY Change 8.7% 21.37% 39.52%
% of Gross Profit 9.77% 38.34% 12.69%
Operating Expenses $12.33M $9.800M $10.81M
YoY Change 2.73% -18.33% -12.14%
Operating Profit $16.95M -$2.422M $10.34M
YoY Change -135.92% -79.01% -29.8%
Interest Expense $870.0K -$1.400M $1.237M
YoY Change -179.09% -17.65% -161.85%
% of Operating Profit 5.13% 11.97%
Other Income/Expense, Net
YoY Change
Pretax Income $16.08M -$3.800M $9.098M
YoY Change -133.28% -71.21% -28.36%
Income Tax $3.574M -$1.000M $2.219M
% Of Pretax Income 22.23% 24.39%
Net Earnings $12.50M -$2.836M $6.879M
YoY Change -134.05% -71.81% -32.48%
Net Earnings / Revenue 10.53% -5.55% 6.9%
Basic Earnings Per Share $0.66 -$0.15 $0.37
Diluted Earnings Per Share $0.66 -$0.15 $0.37
COMMON SHARES
Basic Shares Outstanding 18.81M 18.74M 18.73M
Diluted Shares Outstanding 18.93M 18.74M 18.77M

Balance Sheet

Concept 2021 Q1 2020 Q2 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.10M $16.30M $5.400M
YoY Change -70.49% 181.03% -70.81%
Cash & Equivalents $12.07M $16.32M $5.448M
Short-Term Investments
Other Short-Term Assets $3.700M $3.700M $4.300M
YoY Change -26.0% -17.78% 22.86%
Inventory $34.57M $25.64M $29.50M
Prepaid Expenses
Receivables $7.403M $6.145M $4.400M
Other Receivables $4.800M $5.000M $1.700M
Total Short-Term Assets $62.57M $56.74M $45.30M
YoY Change -36.78% 4.38% -20.67%
LONG-TERM ASSETS
Property, Plant & Equipment $55.98M $40.48M $42.40M
YoY Change 34.33% 20.35% 54.18%
Goodwill $29.59M $29.59M
YoY Change 0.0% 0.0%
Intangibles $61.87M $63.85M $77.82M
YoY Change -4.57% -19.99%
Long-Term Investments
YoY Change
Other Assets $888.0K $752.0K $6.200M
YoY Change 258.06% 197.23% 675.0%
Total Long-Term Assets $164.5M $151.2M $200.5M
YoY Change 8.71% -22.24% -6.53%
TOTAL ASSETS
Total Short-Term Assets $62.57M $56.74M $45.30M
Total Long-Term Assets $164.5M $151.2M $200.5M
Total Assets $227.0M $207.9M $245.8M
YoY Change -9.28% -16.42% -9.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.39M $10.51M $9.600M
YoY Change 2.75% -41.53% -30.94%
Accrued Expenses $14.40M $11.40M $15.80M
YoY Change -20.88% -40.63% -13.66%
Deferred Revenue $559.0K
YoY Change -30.13%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.739M $8.932M $8.994M
YoY Change 8.16% 2.37% -15.15%
Total Short-Term Liabilities $65.72M $55.43M $57.43M
YoY Change -0.31% -19.14% -10.4%
LONG-TERM LIABILITIES
Long-Term Debt $84.40M $99.67M $96.68M
YoY Change -34.79% -5.09% -28.65%
Other Long-Term Liabilities $373.0K $277.0K $3.800M
YoY Change -89.64% -90.45% 65.22%
Total Long-Term Liabilities $84.77M $99.94M $96.68M
YoY Change -34.5% -4.83% -29.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.72M $55.43M $57.43M
Total Long-Term Liabilities $84.77M $99.94M $96.68M
Total Liabilities $155.0M $159.1M $154.1M
YoY Change -22.05% -9.86% -24.04%
SHAREHOLDERS EQUITY
Retained Earnings -$45.43M -$67.50M
YoY Change -29.74% 55.34%
Common Stock $117.4M $116.4M
YoY Change 1.22% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.00M $48.87M $87.91M
YoY Change
Total Liabilities & Shareholders Equity $227.0M $207.9M $245.8M
YoY Change -9.28% -16.42% -9.5%

Cashflow Statement

Concept 2021 Q1 2020 Q2 2019 Q4
OPERATING ACTIVITIES
Net Income $12.50M -$2.836M $6.879M
YoY Change -134.05% -71.81% -32.48%
Depreciation, Depletion And Amortization $2.861M $2.840M $2.683M
YoY Change 8.7% 21.37% 39.52%
Cash From Operating Activities $22.79M $6.300M $14.60M
YoY Change 461.33% -61.44% -40.38%
INVESTING ACTIVITIES
Capital Expenditures $16.95M -$640.0K $7.173M
YoY Change 707.96% -82.56% 176.2%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.00K $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$16.86M -$640.0K -$7.170M
YoY Change 702.86% -82.61% -91.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.710M -30.33M -8.410M
YoY Change -108.07% 146.79% -111.64%
NET CHANGE
Cash From Operating Activities 22.79M 6.300M 14.60M
Cash From Investing Activities -16.86M -640.0K -7.170M
Cash From Financing Activities -2.710M -30.33M -8.410M
Net Change In Cash 3.220M -24.67M -980.0K
YoY Change -90.94% -6767.57% -107.91%
FREE CASH FLOW
Cash From Operating Activities $22.79M $6.300M $14.60M
Capital Expenditures $16.95M -$640.0K $7.173M
Free Cash Flow $5.839M $6.940M $7.427M
YoY Change 197.6% -65.32% -66.08%

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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5826000
us-gaap Interest Paid Net
InterestPaidNet
1348000
us-gaap Interest Paid Net
InterestPaidNet
2025000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5132000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5376000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
594000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
427000
CY2019Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1283000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
544000
us-gaap Fiscal Period
FiscalPeriod
The Company’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.
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
99628000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
222422000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
600000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
CY2021Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
72437000
CY2020Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
72437000
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2068000
CY2020Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1424000
CY2021Q1 us-gaap Inventory Net
InventoryNet
34570000
CY2020Q2 us-gaap Inventory Net
InventoryNet
25636000
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
24258000
CY2020Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
18318000
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
5822000
CY2020Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
3866000
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6558000
CY2020Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4876000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
86230000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
67199000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
30254000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
26718000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55976000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40481000
CY2021Q1 us-gaap Goodwill Gross
GoodwillGross
102030000
CY2021Q1 us-gaap Goodwill
Goodwill
29593000
CY2020Q2 us-gaap Goodwill
Goodwill
29593000
CY2020Q2 us-gaap Goodwill Gross
GoodwillGross
102030000
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39745000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11871000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
27874000
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39745000
CY2020Q2 mcft Intangible Assets Excluding Goodwill Accumulated Amortization
IntangibleAssetsExcludingGoodwillAccumulatedAmortization
24896000
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
63849000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9896000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
29849000
CY2021Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
88745000
CY2021Q1 mcft Intangible Assets Excluding Goodwill Accumulated Amortization
IntangibleAssetsExcludingGoodwillAccumulatedAmortization
26871000
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
61874000
CY2020Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
88745000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000.0
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
4000000.0
CY2020Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
20004000
CY2020Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
9180000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4120000
CY2021Q1 mcft Inventory Repurchase Contingent Obligation
InventoryRepurchaseContingentObligation
891000
CY2020Q2 mcft Inventory Repurchase Contingent Obligation
InventoryRepurchaseContingentObligation
1132000
CY2021Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
599000
CY2021Q1 mcft Interest Payable Debt Current
InterestPayableDebtCurrent
226000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5379000
CY2020Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3477000
CY2021Q1 mcft Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
41590000
CY2020Q2 mcft Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
35985000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4272000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
4469000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
3858000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4332000
CY2020Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
20004000
mcft Standard Product Warranty Accrual Aggregate Changes For Preexisting Warranties
StandardProductWarrantyAccrualAggregateChangesForPreexistingWarranties
718000
CY2019Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
17205000
CY2020Q2 us-gaap Assets
Assets
207923000
CY2021Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
20919000
CY2019Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
18495000
mcft Standard Product Warranty Accrual Aggregate Changes For Preexisting Warranties
StandardProductWarrantyAccrualAggregateChangesForPreexistingWarranties
1764000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
94138000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
108598000
CY2021Q1 mcft Long Term Debt Current Maturities Gross
LongTermDebtCurrentMaturitiesGross
10205000
CY2020Q2 mcft Long Term Debt Current Maturities Gross
LongTermDebtCurrentMaturitiesGross
9420000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
84399000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
99666000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.244
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.225
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12501000
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6879000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22068000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15502000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18807316
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18730688
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18790826
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18727267
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18928408
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18770783
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18897617
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18770770
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5053000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11491000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
643000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
118677000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
16945000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2861000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16951000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
222422000
us-gaap Operating Income Loss
OperatingIncomeLoss
30349000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5599000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18903000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
99628000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
10335000
CY2019Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2683000
CY2019Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7173000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
209417000
us-gaap Operating Income Loss
OperatingIncomeLoss
23032000

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