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MasterCraft Boat Holdings Inc. (MCFT-0.44%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing reports net sales of $63.4 million for the second quarter, a decrease from $89.8 million in the same quarter of the previous year. The decrease is attributed to lower production levels and unfavorable model mix.
Cost of sales for the quarter was $52.5 million, compared to $68.8 million in the previous year, resulting in a gross profit of $10.9 million, down from $20.9 million.
Operating expenses increased slightly to $10.7 million from $10.2 million, with selling and marketing expenses rising to $2.8 million from $2.5 million.
Operating income for the quarter was $186,000, a significant decrease from $10.8 million in the previous year.
Net income from continuing operations was $426,000, down from $8.7 million, while income from discontinued operations added $2.3 million, resulting in a total net income of $2.7 million.
The company completed the sale of its Aviara brand and related assets, which is reflected in the discontinued operations.
Cash provided by operating activities was $13.4 million, while cash used in investing and financing activities was $46.3 million and $54.2 million, respectively.
MasterCraft reported having no long-term debt outstanding as of December 29, 2024, and $100.0 million available under its revolving credit facility.
The company repurchased 223,222 shares of its common stock for $4.2 million during the quarter, leaving $31.2 million available under its repurchase program.
The filing includes a cautionary note regarding forward-looking statements, highlighting risks such as economic conditions, changes in consumer preferences, and competition.
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 February 6, 2025. To report an error, please email earnings@qz.com.