10-Q Filing

MASTERCRAFT BOAT HOLDINGS, INC. CIK: 1638290 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-000540`
Period End Date	20171231
Filing Date	20180209
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	mcft-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 64 Cash Flow Statement 65 Stockholders Equity 9

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$82.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$61.00K	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`	$6.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.04M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.25M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$73.00K	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.64M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.68M	shares	Point-in-time
Accounts receivable net of allowances of $61 and $82, respectively	`AccountsReceivableNetCurrent`	$3.50M	USD	Point-in-time
Accounts receivable net of allowances of $61 and $82, respectively	`AccountsReceivableNetCurrent`	$1.92M	USD	Point-in-time
Inventories, net	`InventoryNet`	$18.28M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.68M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.64M	shares	Point-in-time
Inventories, net	`InventoryNet`	$11.68M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$29.47M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.65M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$19.53M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$14.83M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$16.64M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$52.09M	USD	Point-in-time
Goodwill	`Goodwill`	$66.82M	USD	Point-in-time
Goodwill	`Goodwill`	$29.59M	USD	Point-in-time
Deferred debt issuance costs net	`DeferredFinanceCostsNoncurrentNet`	$428.00K	USD	Point-in-time
Deferred debt issuance costs net	`DeferredFinanceCostsNoncurrentNet`	$481.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$302.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$125.00K	USD	Point-in-time
Total assets	`Assets`	$83.32M	USD	Point-in-time
Total assets	`Assets`	$168.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.80M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$780.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$2.41M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$21.41M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$27.45M	USD	Point-in-time
Current portion of long term debt, net of unamortized debt issuance costs	`LongTermDebtCurrent`	$5.07M	USD	Point-in-time
Current portion of long term debt, net of unamortized debt issuance costs	`LongTermDebtCurrent`	$3.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.73M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs ( Note 8)	`LongTermDebtNoncurrent`	$30.79M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs ( Note 8)	`LongTermDebtNoncurrent`	$89.91M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$953.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$266.00K	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$3.44M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$2.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$141.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.56M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,679,131 shares at December 31, 2017 and 18,637,445 shares at June 30, 2017	`CommonStockValue`	$187.00K	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,679,131 shares at December 31, 2017 and 18,637,445 shares at June 30, 2017	`CommonStockValue`	$186.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$112.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$113.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-101.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-86.31M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.76M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$27.30M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$83.32M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$168.64M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`SalesRevenueNet`	$143.48M	USD	2 Qtrs
NET SALES	`SalesRevenueNet`	$111.82M	USD	2 Qtrs
NET SALES	`SalesRevenueNet`	$78.44M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$51.13M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$105.39M	USD	2 Qtrs
COST OF SALES	`CostOfGoodsAndServicesSold`	$58.50M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$79.73M	USD	2 Qtrs
COST OF SALES	`CostOfGoodsAndServicesSold`	$36.85M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$19.93M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$38.10M	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$32.09M	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$14.29M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.44M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$3.67M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$6.41M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$4.50M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$8.87M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$4.96M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.78M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.29M	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$552.00K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$525.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$54.00K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$27.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.25M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.15M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$13.42M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$16.25M	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$21.85M	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$7.04M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$18.67M	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$10.78M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.14M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.63M	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.12M	USD	2 Qtrs
Interest expense	`InterestExpense`	$512.00K	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.64M	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$20.22M	USD	2 Qtrs
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.53M	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.55M	USD	2 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$5.16M	USD	2 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$6.54M	USD	2 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$2.50M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$1.63M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$11.01M	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$8.01M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$15.05M	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$4.03M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.59	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.81	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.43	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.43	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.81	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.59	USD	2 Qtrs
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.59M	shares	2 Qtrs
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.59M	shares	1 Quarter
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.62M	shares	2 Qtrs
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.62M	shares	1 Quarter
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.70M	shares	1 Quarter
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.60M	shares	2 Qtrs
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.69M	shares	2 Qtrs
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.61M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$11.01M	USD	2 Qtrs
Net income	`ProfitLoss`	$15.05M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$825.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.21M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.62M	USD	2 Qtrs
Inventory obsolescence reserve	`InventoryWriteDown`	$-322.00K	USD	2 Qtrs
Inventory obsolescence reserve	`InventoryWriteDown`	$221.00K	USD	2 Qtrs
Deferred issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$235.00K	USD	2 Qtrs
Deferred issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$185.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$305.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$528.00K	USD	2 Qtrs
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$307.00K	USD	2 Qtrs
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$258.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.10M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-604.00K	USD	2 Qtrs
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$30.00K	USD	2 Qtrs
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-21.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-472.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.38M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.68M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-101.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$489.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$242.00K	USD	2 Qtrs
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$576.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$11.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-849.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.61M	USD	2 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.63M	USD	2 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-749.00K	USD	2 Qtrs
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$1.35M	USD	2 Qtrs
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$-1.84M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.92M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$22.45M	USD	2 Qtrs
Disposal of assets	`PaymentsForProceedsFromProductiveAssets`	$-96.00K	USD	2 Qtrs
Payment for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$79.13M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.47M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.06M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-80.51M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.06M	USD	2 Qtrs
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfSecuredDebt`	$80.83M	USD	2 Qtrs
Payments of costs directly associated with offerings	`PaymentsOfStockIssuanceCosts`	$254.00K	USD	2 Qtrs
Cash paid for withholding taxes on vested stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$43.00K	USD	2 Qtrs
Excess tax benefits	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$312.00K	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$19.20M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$2.50M	USD	2 Qtrs
Payments on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$3.13M	USD	2 Qtrs
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$1.32M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$60.27M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.57M	USD	2 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.29M	USD	2 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.21M	USD	2 Qtrs
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.37M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.04M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$73.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.37M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.04M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$73.00K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$915.00K	USD	2 Qtrs
Cash payments for interest	`InterestPaidNet`	$1.38M	USD	2 Qtrs
Cash payments for income taxes	`IncomeTaxesPaidNet`	$5.15M	USD	2 Qtrs
Cash payments for income taxes	`IncomeTaxesPaidNet`	$3.87M	USD	2 Qtrs
Accrued working capital adjustment - NauticStar acquisition	`BusinessCombinationAccruedWorkingCapitalAdjustment`	$1.38M	USD	Point-in-time

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$11.76M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$27.30M	USD	Point-in-time
Equity-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$485.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$11.01M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.05M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.03M	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$11.76M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$27.30M	USD	Point-in-time

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