10-Q Filing

MASTERCRAFT BOAT HOLDINGS, INC. CIK: 1638290 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-041609`
Period End Date	20190930
Filing Date	20191107
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	mcft-20190929.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 32 Cash Flow Statement 63 Stockholders Equity 12

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$281.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$248.00K	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
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.41M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Accounts receivable, net of allowances of $248 and $281, respectively	`AccountsReceivableNetCurrent`	$9.29M	USD	Point-in-time
Accounts receivable, net of allowances of $248 and $281, respectively	`AccountsReceivableNetCurrent`	$12.46M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.84M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.76M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$951.00K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.76M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.84M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.42M	USD	Point-in-time
Inventories, net (Note 4)	`InventoryNet`	$34.91M	USD	Point-in-time
Inventories, net (Note 4)	`InventoryNet`	$30.66M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$56.59M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$35.98M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$33.64M	USD	Point-in-time
Goodwill (Note 6)	`Goodwill`	$74.03M	USD	Point-in-time
Goodwill (Note 6)	`Goodwill`	$74.03M	USD	Point-in-time
Other intangible assets, net (Note 6)	`OtherIntangibleAssetsNet`	$78.81M	USD	Point-in-time
Other intangible assets, net (Note 6)	`OtherIntangibleAssetsNet`	$79.80M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$6.09M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$6.24M	USD	Point-in-time
Deferred debt issuance costs, net	`DeferredFinanceCostsNoncurrentNet`	$451.00K	USD	Point-in-time
Deferred debt issuance costs, net	`DeferredFinanceCostsNoncurrentNet`	$424.00K	USD	Point-in-time
Finance lease assets (Note 8)	`FinanceLeaseRightOfUseAsset`	$4.12M	USD	Point-in-time
Operating lease assets (Note 8)	`OperatingLeaseRightOfUseAsset`	$942.00K	USD	Point-in-time
Operating lease assets (Note 8)	`OperatingLeaseRightOfUseAsset`	$3.93M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$253.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$253.00K	USD	Point-in-time
Total assets	`Assets`	$257.23M	USD	Point-in-time
Total assets	`Assets`	$248.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.97M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$426.00K	USD	Point-in-time
Accrued expenses and other current liabilities (Note 5)	`AccruedExpensesAndOtherLiabilitiesCurrent`	$41.42M	USD	Point-in-time
Accrued expenses and other current liabilities (Note 5)	`AccruedExpensesAndOtherLiabilitiesCurrent`	$41.58M	USD	Point-in-time
Current portion of long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtCurrent`	$8.73M	USD	Point-in-time
Current portion of long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtCurrent`	$8.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$68.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.29M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtNoncurrent`	$105.02M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtNoncurrent`	$105.12M	USD	Point-in-time
Operating lease liabilities (Note 8)	`OperatingLeaseLiabilityNoncurrent`	$613.00K	USD	Point-in-time
Operating lease liabilities (Note 8)	`OperatingLeaseLiabilityNoncurrent`	$3.38M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$3.10M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$2.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$176.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$176.12M	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, 18,838,997 shares at September 29, 2019 and 18,764,037 shares at June 30, 2019	`CommonStockValue`	$188.00K	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,838,997 shares at September 29, 2019 and 18,764,037 shares at June 30, 2019	`CommonStockValue`	$189.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$115.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$115.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-43.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$72.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$81.11M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$52.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$58.17M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$248.77M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$257.23M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$93.64M	USD	1 Quarter
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$109.79M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$70.44M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$84.26M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$23.20M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$25.53M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$4.29M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$4.06M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.79M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.77M	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfOtherIntangibleAssets`	$530.00K	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfOtherIntangibleAssets`	$987.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.84M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.59M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$11.61M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$12.70M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$920.00K	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.69M	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.35M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$2.23M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$2.73M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$8.62M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$8.46M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.45	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.46	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.46	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.45	USD	1 Quarter
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.72M	shares	1 Quarter
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.65M	shares	1 Quarter
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.77M	shares	1 Quarter
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.77M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$8.46M	USD	1 Quarter
Net income	`ProfitLoss`	$8.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.44M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.37M	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$152.00K	USD	1 Quarter
Inventory obsolescence reserve	`InventoryWriteDown`	$158.00K	USD	1 Quarter
Inventory obsolescence reserve	`InventoryWriteDown`	$13.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$127.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$142.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$512.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$384.00K	USD	1 Quarter
Change in interest rate cap fair value	`UnrealizedGainLossOnDerivatives`	$-37.00K	USD	1 Quarter
Change in interest rate cap fair value	`UnrealizedGainLossOnDerivatives`	$2.00K	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$115.00K	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$207.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-284.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$150.00K	USD	1 Quarter
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-34.00K	USD	1 Quarter
Net provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$66.00K	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$3.00K	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$3.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.86M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.21M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.27M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.41M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$133.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$290.00K	USD	1 Quarter
Income tax receivable and payable, net	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-890.00K	USD	1 Quarter
Income tax receivable and payable, net	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-1.38M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-412.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.20M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$-2.34M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilitiesCurrent`	$-4.30M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-139.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.24M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.37M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.42M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.33M	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$14.00K	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.42M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.31M	USD	1 Quarter
Cash paid for withholding taxes on vested stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$105.00K	USD	1 Quarter
Cash paid for withholding taxes on vested stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$343.00K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$1.66M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-343.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.76M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.82M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$585.00K	USD	1 Quarter
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.41M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.09M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.91M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.83M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.41M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.09M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.91M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.83M	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$835.00K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$1.02M	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$3.77M	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$3.50M	USD	1 Quarter
Capital expenditures in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$321.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$72.32M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$81.11M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$52.52M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$58.17M	USD	Point-in-time
Equity-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$170.00K	USD	1 Quarter
Equity-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$279.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.46M	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$72.32M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$81.11M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$52.52M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$58.17M	USD	Point-in-time

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