10-Q Filing

MASTERCRAFT BOAT HOLDINGS, INC. CIK: 1638290 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001558370-15-002368`
Period End Date	20150930
Filing Date	20151106
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	mcft-20150927.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 34 Cash Flow Statement 56 Stockholders Equity 10

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$135.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$92.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.54M	USD	Point-in-time
Accounts receivable net of allowances of $135 and $92, respectively	`AccountsReceivableNetCurrent`	$4.06M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.00M	shares	Point-in-time
Accounts receivable net of allowances of $135 and $92, respectively	`AccountsReceivableNetCurrent`	$2.65M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	11.14M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	11.14M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$12.70M	USD	Point-in-time
Inventories, net	`InventoryNet`	$11.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.24M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.49M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$7.34M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$6.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$29.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.43M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$13.23M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$13.09M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$16.97M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$16.92M	USD	Point-in-time
Goodwill	`Goodwill`	$29.59M	USD	Point-in-time
Goodwill	`Goodwill`	$29.59M	USD	Point-in-time
Deferred debt issuance costs - net	`DeferredFinanceCostsNoncurrentNet`	$425.00K	USD	Point-in-time
Deferred debt issuance costs - net	`DeferredFinanceCostsNoncurrentNet`	$371.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$125.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$125.00K	USD	Point-in-time
Total assets	`Assets`	$98.52M	USD	Point-in-time
Total assets	`Assets`	$89.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.81M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.53M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$224.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$20.05M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$21.31M	USD	Point-in-time
Common stock warrant liability (in dollars)	`WarrantsAndRightsOutstanding`	$225.00K	USD	Point-in-time
Common stock warrant liability (in dollars)	`WarrantsAndRightsOutstanding`	$9.15M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$18.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$63.77M	USD	Point-in-time
Long-term debt	`LongTermDebt`	$60.49M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$519.00K	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$543.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$7.16M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$7.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$42.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$131.93M	USD	Point-in-time
Common stock, $0.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 17,997,622 shares at September 27, 2015 and 11,139,000 shares at June 30, 2015	`CommonStockValue`	$111.00K	USD	Point-in-time
Common stock, $0.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 17,997,622 shares at September 27, 2015 and 11,139,000 shares at June 30, 2015	`CommonStockValue`	$180.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$108.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$8.84M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-51.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-52.53M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-42.25M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$55.88M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$89.68M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$98.52M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`SalesRevenueNet`	$52.42M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$55.98M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$39.64M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$40.14M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$15.84M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$12.78M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.48M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.14M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.29M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.56M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$55.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$55.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.82M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.75M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$8.03M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$4.02M	USD	1 Quarter
Interest expense	`InterestExpense`	$964.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.29M	USD	1 Quarter
Change in common stock warrant fair value	`FairValueAdjustmentOfWarrants`	$2.88M	USD	1 Quarter
Change in common stock warrant fair value	`FairValueAdjustmentOfWarrants`	$3.35M	USD	1 Quarter
(LOSS) INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.86M	USD	1 Quarter
(LOSS) INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-290.00K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$1.03M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$2.44M	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$1.42M	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-1.32M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Basic (loss) earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.26M	shares	1 Quarter
Basic (loss) earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.14M	shares	1 Quarter
Diluted (loss) earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.50M	shares	1 Quarter
Diluted (loss) earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.26M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.42M	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.32M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$825.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$748.00K	USD	1 Quarter
Inventory obsolescence reserve	`InventoryWriteDown`	$463.00K	USD	1 Quarter
Inventory obsolescence reserve	`InventoryWriteDown`	$141.00K	USD	1 Quarter
Paid in kind interest	`PaidInKindInterest`	$1.03M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$25.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$15.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.42M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-716.00K	USD	1 Quarter
Change in common stock warrant fair value	`FairValueAdjustmentOfWarrants`	$2.88M	USD	1 Quarter
Change in common stock warrant fair value	`FairValueAdjustmentOfWarrants`	$3.35M	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$-87.00K	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$24.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$2.36M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-718.00K	USD	1 Quarter
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-120.00K	USD	1 Quarter
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$44.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.45M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.91M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$943.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.30M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.36M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.39M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.56M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.53M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.31M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-127.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$-1.26M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$1.57M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.40M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.87M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$627.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$912.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-627.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-912.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceInitialPublicOffering`	$91.07M	USD	1 Quarter
Payment of costs directly associated with the issuance of common stock	`PaymentsOfStockIssuanceCosts`	$7.20M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$71.25M	USD	1 Quarter
Payments on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$8.19M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.43M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.49M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.67M	USD	1 Quarter
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.17M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$14.03M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$12.54M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.17M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$14.03M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$12.54M	USD	Point-in-time
Cash payments for interest	`InterestPaid`	$309.00K	USD	1 Quarter
Cash payments for interest	`InterestPaid`	$236.00K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$268.00K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$269.00K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Underwriter discounts, commission and offering expenses	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$9.31M	USD	1 Quarter
Balance, beginning	`StockholdersEquity`	$-42.25M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$55.88M	USD	Point-in-time
Sale of common stock in IPO, net of $9,309 in underwriter discounts, commissions and offering expenses	`StockIssuedDuringPeriodValueNewIssues`	$81.76M	USD	1 Quarter
Issuance of shares in exchange of common stock warrants	`StockIssuedDuringPeriodValueExchangeForWarrants`	$12.27M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.42M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.42M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.32M	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$-42.25M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$55.88M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.