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MasterCraft Boat Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $65,359,000 from $94,305,000 in the same quarter the previous year. The decrease is attributed to lower unit volumes and unfavorable model mix.
Gross profit for the quarter was $11,798,000, down from $22,475,000 in the previous year, with the decline due to lower cost absorption and higher dealer incentives.
Operating expenses decreased to $10,794,000 from $11,922,000, primarily due to lower share-based compensation costs and professional fees.
Operating income for the quarter was $1,004,000, down from $10,553,000 in the previous year.
Net income from continuing operations was $1,016,000, compared to $8,531,000 in the previous year. Loss from discontinued operations was $6,161,000, resulting in a net loss of $5,145,000.
Cash provided by operating activities was $2,404,000, while cash used in investing and financing activities was $8,313,000 and $3,951,000, respectively.
MasterCraft had a working capital of $146,373,000 as of September 29, 2024. The company continues to focus on rebalancing dealer inventory levels amid challenging market conditions.
The filing also details the completion of the Aviara Transaction, where the company transferred rights to the Aviara brand to MarineMax, Inc. (HZO-1.52%), and plans to sell its Aviara manufacturing facility.
MasterCraft's share repurchase program authorized up to $50 million of stock repurchases, with $31.9 million remaining as of September 29, 2024.
The company does not anticipate significant changes in its liquidity position, with cash and cash equivalents totaling $14,160,000 and held-to-maturity securities at $68,649,000.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MasterCraft Boat Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.