10-Q Filing

MASTERCRAFT BOAT HOLDINGS, INC. CIK: 1638290 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-16-009948`
Period End Date	20160930
Filing Date	20161110
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	mcft-20161002.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 33 Cash Flow Statement 60 Stockholders Equity 8

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$65.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.99M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$93.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.11M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$248.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.11M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$21.59M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$22.28M	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
Current portion of long term debt, net of unamortized debt issuance costs	`LongTermDebtCurrent`	$7.88M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Current portion of long term debt, net of unamortized debt issuance costs	`LongTermDebtCurrent`	$4.77M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$44.38M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.63M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.59M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.60M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.63M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$73.00K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.59M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$212.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.17M	USD	Point-in-time
Accounts receivable net of allowances of $93 and $65, respectively	`AccountsReceivableNetCurrent`	$4.94M	USD	Point-in-time
Accounts receivable net of allowances of $93 and $65, respectively	`AccountsReceivableNetCurrent`	$2.97M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$253.00K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$5.00K	USD	Point-in-time
Inventories	`InventoryNet`	$12.60M	USD	Point-in-time
Inventories	`InventoryNet`	$13.27M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.68M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.78M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.09M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$13.51M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$13.83M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$16.75M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$16.72M	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`	$601.00K	USD	Point-in-time
Deferred debt issuance costs - net	`DeferredFinanceCostsNoncurrentNet`	$571.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.50M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.27M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$170.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$170.00K	USD	Point-in-time
Total assets	`Assets`	$82.53M	USD	Point-in-time
Total assets	`Assets`	$83.52M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs	`LongTermDebtNoncurrent`	$43.15M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs	`LongTermDebtNoncurrent`	$44.34M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$2.30M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$2.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$85.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$90.91M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,630,969 shares at October 2, 2016 and 18,591,808 shares at June 30, 2016	`CommonStockValue`	$186.00K	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,630,969 shares at October 2, 2016 and 18,591,808 shares at June 30, 2016	`CommonStockValue`	$186.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$112.38M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$112.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-120.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-113.96M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-8.38M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.53M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$82.53M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$83.52M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.38	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.38	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Interest expense	`InterestExpense`	$611.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$964.00K	USD	1 Quarter
Change in common stock warrant fair value	`FairValueAdjustmentOfWarrants`	$3.35M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$55.98M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$60.69M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$40.14M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$42.88M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$17.81M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$15.84M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$4.02M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$11.63M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.02M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-290.00K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$1.03M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$4.04M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-1.32M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$6.98M	USD	1 Quarter
Basic earnings (loss) per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.59M	shares	1 Quarter
Basic earnings (loss) per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.26M	shares	1 Quarter
Diluted earnings (loss) per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.59M	shares	1 Quarter
Diluted earnings (loss) per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.26M	shares	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.48M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.05M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.29M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$27.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$55.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.17M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.82M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Cash payments for interest	`InterestPaid`	$592.00K	USD	1 Quarter
Cash payments for interest	`InterestPaid`	$309.00K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$269.00K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$3.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$797.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$825.00K	USD	1 Quarter
Inventory obsolescence reserve	`InventoryWriteDown`	$141.00K	USD	1 Quarter
Inventory obsolescence reserve	`InventoryWriteDown`	$210.00K	USD	1 Quarter
Deferred financing costs	`AmortizationOfFinancingCosts`	$15.00K	USD	1 Quarter
Deferred financing costs	`AmortizationOfFinancingCosts`	$94.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.42M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$119.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-716.00K	USD	1 Quarter
Change in common stock warrant fair value	`FairValueAdjustmentOfWarrants`	$3.35M	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$115.00K	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$24.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.23M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-718.00K	USD	1 Quarter
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$27.00K	USD	1 Quarter
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$44.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.87M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.04M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.67M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$139.00K	USD	1 Quarter
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$73.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$212.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.17M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$73.00K	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`	$212.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.17M	USD	Point-in-time
Proceeds from issuance of common stock	`ProceedsFromIssuanceInitialPublicOffering`	$91.07M	USD	1 Quarter
Payment of costs directly associated with offerings	`PaymentsOfStockIssuanceCosts`	$72.00K	USD	1 Quarter
Payment of costs directly associated with offerings	`PaymentsOfStockIssuanceCosts`	$7.20M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$1.25M	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
Payments on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$3.13M	USD	1 Quarter
Net cash provided by (used) in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-4.45M	USD	1 Quarter
Net cash provided by (used) in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.43M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$6.98M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.32M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.45M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.30M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-462.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$898.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.36M	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$248.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-301.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.56M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-860.00K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.31M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$-684.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$-1.26M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$627.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$455.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-627.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-455.00K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$-8.38M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$-1.53M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$-8.38M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$-1.53M	USD	Point-in-time
Equity-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$119.00K	USD	1 Quarter
Offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$254.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$6.98M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.32M	USD	1 Quarter

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