10-Q Filing

MASTERCRAFT BOAT HOLDINGS, INC. CIK: 1638290 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-004687`
Period End Date	20180331
Filing Date	20180511
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	mcft-20180401.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 64 Cash Flow Statement 66 Stockholders Equity 9

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$82.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$71.00K	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`	$73.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.57M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	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 $71 and $82, respectively	`AccountsReceivableNetCurrent`	$3.50M	USD	Point-in-time
Accounts receivable net of allowances of $71 and $82, respectively	`AccountsReceivableNetCurrent`	$5.97M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.64M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.68M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$61.00K	USD	Point-in-time
Inventories, net	`InventoryNet`	$11.68M	USD	Point-in-time
Inventories, net	`InventoryNet`	$20.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.44M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.65M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$14.83M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$19.73M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$16.64M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$51.57M	USD	Point-in-time
Goodwill	`Goodwill`	$66.71M	USD	Point-in-time
Goodwill	`Goodwill`	$29.59M	USD	Point-in-time
Deferred debt issuance costs net	`DeferredFinanceCostsNoncurrentNet`	$481.00K	USD	Point-in-time
Deferred debt issuance costs net	`DeferredFinanceCostsNoncurrentNet`	$406.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$125.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$297.00K	USD	Point-in-time
Total assets	`Assets`	$177.13M	USD	Point-in-time
Total assets	`Assets`	$83.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.08M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$780.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.28M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$21.41M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherLiabilitiesCurrent`	$30.34M	USD	Point-in-time
Current portion of long term debt, net of unamortized debt issuance costs	`LongTermDebtCurrent`	$3.69M	USD	Point-in-time
Current portion of long term debt, net of unamortized debt issuance costs	`LongTermDebtCurrent`	$5.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.81M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs ( Note 8)	`LongTermDebtNoncurrent`	$80.95M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs ( Note 8)	`LongTermDebtNoncurrent`	$30.79M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$953.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$172.00K	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$2.13M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$2.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.56M	USD	Point-in-time
Total liabilities	`Liabilities`	$138.06M	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, 18,683,678 shares at April 1, 2018 and 18,637,445 shares at June 30, 2017	`CommonStockValue`	$186.00K	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,683,678 shares at April 1, 2018 and 18,637,445 shares at June 30, 2017	`CommonStockValue`	$187.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$113.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$112.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-101.37M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.76M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$39.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$83.32M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$177.13M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`SalesRevenueNet`	$93.81M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$237.29M	USD	3 Qtrs
NET SALES	`SalesRevenueNet`	$170.31M	USD	3 Qtrs
NET SALES	`SalesRevenueNet`	$58.49M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$174.82M	USD	3 Qtrs
COST OF SALES	`CostOfGoodsAndServicesSold`	$43.56M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$69.43M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$123.29M	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	$62.48M	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	$24.38M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$14.93M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$47.02M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$9.97M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$2.68M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$3.56M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$7.18M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$16.81M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$7.94M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$14.39M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$5.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$80.00K	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$26.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$524.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.08M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$10.64M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.18M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$24.06M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$25.43M	USD	3 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$15.20M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$37.05M	USD	3 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$22.96M	USD	3 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$4.28M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.68M	USD	3 Qtrs
Interest expense	`InterestExpense`	$561.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.53M	USD	3 Qtrs
Interest expense	`InterestExpense`	$897.00K	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$14.30M	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$21.27M	USD	3 Qtrs
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.72M	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$34.52M	USD	3 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$2.85M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$8.01M	USD	3 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$1.48M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$8.02M	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$11.45M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$2.24M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$13.26M	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$26.51M	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.62	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.42	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.71	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.61	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.71	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.42	USD	3 Qtrs
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.62M	shares	1 Quarter
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.59M	shares	1 Quarter
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.62M	shares	3 Qtrs
Basic earnings per share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.59M	shares	3 Qtrs
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.73M	shares	1 Quarter
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.61M	shares	3 Qtrs
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.71M	shares	3 Qtrs
Diluted earnings per share (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.63M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$26.51M	USD	3 Qtrs
Net income	`ProfitLoss`	$13.26M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.67M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.44M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.46M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$820.00K	USD	1 Quarter
Inventory obsolescence reserve	`InventoryWriteDown`	$243.00K	USD	3 Qtrs
Inventory obsolescence reserve	`InventoryWriteDown`	$-484.00K	USD	3 Qtrs
Deferred issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$369.00K	USD	3 Qtrs
Deferred issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$274.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$882.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$520.00K	USD	3 Qtrs
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$464.00K	USD	3 Qtrs
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$-1.05M	USD	3 Qtrs
Accrued litigation costs	`LitigationSettlementExpense`	$3.11M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.28M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-698.00K	USD	3 Qtrs
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-11.00K	USD	3 Qtrs
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$57.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.76M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$691.00K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.14M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.74M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$497.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.06M	USD	3 Qtrs
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$1.26M	USD	3 Qtrs
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$61.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$6.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$659.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.43M	USD	3 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-696.00K	USD	3 Qtrs
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$500.00K	USD	3 Qtrs
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$5.74M	USD	3 Qtrs
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$1.99M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$21.22M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$36.29M	USD	3 Qtrs
Disposal of assets	`PaymentsForProceedsFromProductiveAssets`	$-96.00K	USD	3 Qtrs
Payment for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$80.51M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.72M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.60M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-83.02M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.72M	USD	3 Qtrs
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfSecuredDebt`	$80.83M	USD	3 Qtrs
Payments of costs directly associated with offerings	`PaymentsOfStockIssuanceCosts`	$449.00K	USD	3 Qtrs
Cash paid for withholding taxes on vested stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$78.00K	USD	3 Qtrs
Excess tax benefits	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$312.00K	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$3.75M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$28.32M	USD	3 Qtrs
Payments on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$3.13M	USD	3 Qtrs
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$1.24M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.01M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$51.19M	USD	3 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$12.49M	USD	3 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.46M	USD	3 Qtrs
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$73.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$8.50M	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`	$12.57M	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`	$8.50M	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`	$12.57M	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$1.40M	USD	3 Qtrs
Cash payments for interest	`InterestPaidNet`	$2.08M	USD	3 Qtrs
Cash payments for income taxes	`IncomeTaxesPaidNet`	$5.92M	USD	3 Qtrs
Cash payments for income taxes	`IncomeTaxesPaidNet`	$9.30M	USD	3 Qtrs

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$11.76M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$39.07M	USD	Point-in-time
Equity-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$804.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$11.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.24M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.26M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$26.51M	USD	3 Qtrs
Balance, ending	`StockholdersEquity`	$11.76M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$39.07M	USD	Point-in-time

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