10-Q Filing

MASTERCRAFT BOAT HOLDINGS, INC. CIK: 1638290 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-056164`
Period End Date	20210930
Filing Date	20211110
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	mcft-10q_20211003_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 33 Cash Flow Statement 47 Stockholders Equity 13

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$212.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$115.00K	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`	$39.25M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.65M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.96M	shares	Point-in-time
Accounts receivable, net of allowance of $212 and $115, respectively	`AccountsReceivableNetCurrent`	$19.11M	USD	Point-in-time
Accounts receivable, net of allowance of $212 and $115, respectively	`AccountsReceivableNetCurrent`	$12.08M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.96M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.96M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$935.00K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.96M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$355.00K	USD	Point-in-time
Inventories, net (Note 3)	`InventoryNet`	$53.48M	USD	Point-in-time
Inventories, net (Note 3)	`InventoryNet`	$75.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.06M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.52M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$110.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$112.75M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$60.49M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$62.34M	USD	Point-in-time
Goodwill (Note 4)	`Goodwill`	$28.49M	USD	Point-in-time
Goodwill (Note 4)	`Goodwill`	$29.59M	USD	Point-in-time
Other intangible assets, net (Note 4)	`OtherIntangibleAssetsNet`	$58.87M	USD	Point-in-time
Other intangible assets, net (Note 4)	`OtherIntangibleAssetsNet`	$59.90M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$15.38M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$15.13M	USD	Point-in-time
Deferred debt issuance costs, net	`DeferredFinanceCostsNoncurrentNet`	$507.00K	USD	Point-in-time
Deferred debt issuance costs, net	`DeferredFinanceCostsNoncurrentNet`	$482.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$609.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$551.00K	USD	Point-in-time
Total assets	`Assets`	$276.46M	USD	Point-in-time
Total assets	`Assets`	$278.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$28.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.86M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$726.00K	USD	Point-in-time
Accrued expenses and other current liabilities (Note 5)	`AccruedExpensesAndOtherLiabilitiesCurrent`	$43.87M	USD	Point-in-time
Accrued expenses and other current liabilities (Note 5)	`AccruedExpensesAndOtherLiabilitiesCurrent`	$46.84M	USD	Point-in-time
Current portion of long-term debt, net of unamortized debt issuance costs (Note 6)	`LongTermDebtCurrent`	$2.87M	USD	Point-in-time
Current portion of long-term debt, net of unamortized debt issuance costs (Note 6)	`LongTermDebtCurrent`	$2.87M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$75.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$74.29M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs (Note 6)	`LongTermDebtNoncurrent`	$90.28M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs (Note 6)	`LongTermDebtNoncurrent`	$81.56M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$3.83M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$4.29M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$239.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$276.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$168.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$161.47M	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, 18,961,205 shares at October 3, 2021 and 18,956,719 shares at June 30, 2021	`CommonStockValue`	$189.00K	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,961,205 shares at October 3, 2021 and 18,956,719 shares at June 30, 2021	`CommonStockValue`	$189.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$118.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$118.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-945.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$58.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$117.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$107.79M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$48.87M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$276.46M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$278.86M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$103.75M	USD	1 Quarter
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$144.01M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$113.89M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$77.52M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$30.12M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$26.23M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$4.28M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.91M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.93M	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$1.03M	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$987.00K	USD	1 Quarter
Goodwill impairment	`GoodwillImpairmentLoss`	$1.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.83M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.08M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$14.04M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$13.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.02M	USD	1 Quarter
Interest expense	`InterestExpense`	$382.00K	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.66M	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$12.38M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$2.82M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$3.28M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$9.57M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$10.39M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.55	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.51	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.51	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.55	USD	1 Quarter
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.85M	shares	1 Quarter
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.77M	shares	1 Quarter
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.87M	shares	1 Quarter
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.00M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.39M	USD	1 Quarter
Net income	`ProfitLoss`	$9.57M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.35M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.74M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$896.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$640.00K	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$464.00K	USD	1 Quarter
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$458.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$159.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$59.00K	USD	1 Quarter
Goodwill impairment	`GoodwillImpairmentLoss`	$1.10M	USD	1 Quarter
Changes in certain operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$30.09M	USD	1 Quarter
Changes in certain operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$6.74M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$273.00K	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$546.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.37M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.55M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.04M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.62M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.04M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.62M	USD	1 Quarter
Principal payments on revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$20.00M	USD	1 Quarter
Principal payments on revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$10.00M	USD	1 Quarter
Borrowings on revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$12.00M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$2.35M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$750.00K	USD	1 Quarter
Repurchase and retirement of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.49M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-436.00K	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-191.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.79M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.43M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-27.60M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-7.46M	USD	1 Quarter
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.32M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.65M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.86M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.32M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.65M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.86M	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$828.00K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$282.00K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$280.00K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaidNet`	$5.17M	USD	1 Quarter
Capital expenditures in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$242.00K	USD	1 Quarter
Capital expenditures in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$815.00K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$58.92M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$117.39M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$107.79M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$48.87M	USD	Point-in-time
Share-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$706.00K	USD	1 Quarter
Share-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$486.00K	USD	1 Quarter
Repurchase and retirement of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.57M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.39M	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$58.92M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$117.39M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$107.79M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$48.87M	USD	Point-in-time

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