Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jan. 02, 2022 | Jan. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 2, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | MASTERCRAFT BOAT HOLDINGS, INC. | |
Entity Central Index Key | 0001638290 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,498,202 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MCFT | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-37502 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-1571747 | |
Entity Address, Address Line One | 100 Cherokee Cove Drive | |
Entity Address, City or Town | Vonore | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37885 | |
City Area Code | 423 | |
Local Phone Number | 884-2221 | |
Document Quarterly Report | true | |
Document Transition Report | false |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 02, 2022 | Jan. 03, 2021 | Jan. 02, 2022 | Jan. 03, 2021 | |
Income Statement [Abstract] | ||||
NET SALES | $ 159,465 | $ 118,677 | $ 303,475 | $ 222,422 |
COST OF SALES | 124,267 | 89,404 | 238,155 | 166,919 |
GROSS PROFIT | 35,198 | 29,273 | 65,320 | 55,503 |
OPERATING EXPENSES: | ||||
Selling and marketing | 3,395 | 2,989 | 7,677 | 5,896 |
General and administrative | 10,263 | 8,352 | 19,933 | 17,284 |
Amortization of other intangible assets | 987 | 987 | 2,013 | 1,974 |
Goodwill impairment | 1,100 | |||
Total operating expenses | 14,645 | 12,328 | 30,723 | 25,154 |
OPERATING INCOME | 20,553 | 16,945 | 34,597 | 30,349 |
OTHER EXPENSE: | ||||
Interest expense | 357 | 870 | 739 | 1,889 |
INCOME BEFORE INCOME TAX EXPENSE | 20,196 | 16,075 | 33,858 | 28,460 |
INCOME TAX EXPENSE | 4,794 | 3,574 | 8,070 | 6,392 |
NET INCOME | $ 15,402 | $ 12,501 | $ 25,788 | $ 22,068 |
NET INCOME PER SHARE: | ||||
Basic | $ 0.82 | $ 0.66 | $ 1.37 | $ 1.17 |
Diluted | $ 0.81 | $ 0.66 | $ 1.36 | $ 1.17 |
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF: | ||||
Basic earnings per share | 18,722,386 | 18,807,316 | 18,786,343 | 18,790,826 |
Diluted earnings per share | 18,899,136 | 18,928,408 | 18,951,627 | 18,897,617 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 02, 2022 | Jun. 30, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 13,647 | $ 39,252 |
Accounts receivable, net of allowance of $131 and $115, respectively | 8,907 | 12,080 |
Income tax receivable | 545 | 355 |
Inventories, net (Note 3) | 78,382 | 53,481 |
Prepaid expenses and other current assets | 3,870 | 5,059 |
Total current assets | 105,351 | 110,227 |
Property, plant and equipment, net | 62,737 | 60,495 |
Goodwill (Note 4) | 28,493 | 29,593 |
Other intangible assets, net (Note 4) | 57,886 | 59,899 |
Deferred income taxes | 15,429 | 15,130 |
Deferred debt issuance costs, net | 456 | 507 |
Other long-term assets | 538 | 609 |
Total assets | 270,890 | 276,460 |
CURRENT LIABILITIES: | ||
Accounts payable | 18,292 | 23,861 |
Income tax payable | 177 | 726 |
Accrued expenses and other current liabilities (Note 5) | 49,677 | 46,836 |
Current portion of long-term debt, net of unamortized debt issuance costs (Note 7) | 2,870 | 2,866 |
Total current liabilities | 71,016 | 74,289 |
Long-term debt, net of unamortized debt issuance costs (Note 7) | 70,841 | 90,277 |
Unrecognized tax positions | 4,749 | 3,830 |
Other long-term liabilities | 218 | 276 |
Total liabilities | 146,824 | 168,672 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,610,822 shares at January 2, 2022 and 18,956,719 shares at June 30, 2021 | 186 | 189 |
Additional paid-in capital | 109,423 | 118,930 |
Retained earnings / (accumulated deficit) | 14,457 | (11,331) |
Total stockholders' equity | 124,066 | 107,788 |
Total liabilities and stockholders' equity | $ 270,890 | $ 276,460 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jan. 02, 2022 | Jun. 30, 2021 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 131 | $ 115 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 18,610,822 | 18,956,719 |
Common stock, outstanding shares | 18,610,822 | 18,956,719 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings/(Accumulated Deficit) |
Balance, beginning at Jun. 30, 2020 | $ 48,870 | $ 189 | $ 116,182 | $ (67,501) |
Balance, beginning (in shares) at Jun. 30, 2020 | 18,871,637 | |||
Share-based compensation activity | 486 | 486 | ||
Share-based compensation activity (shares) | 80,701 | |||
Net income | 9,567 | 9,567 | ||
Balance, ending at Oct. 04, 2020 | 58,923 | $ 189 | 116,668 | (57,934) |
Balance, ending (in shares) at Oct. 04, 2020 | 18,952,338 | |||
Balance, beginning at Jun. 30, 2020 | 48,870 | $ 189 | 116,182 | (67,501) |
Balance, beginning (in shares) at Jun. 30, 2020 | 18,871,637 | |||
Net income | 22,068 | |||
Balance, ending at Jan. 03, 2021 | 72,001 | $ 189 | 117,245 | (45,433) |
Balance, ending (in shares) at Jan. 03, 2021 | 18,949,295 | |||
Balance, beginning at Oct. 04, 2020 | 58,923 | $ 189 | 116,668 | (57,934) |
Balance, beginning (in shares) at Oct. 04, 2020 | 18,952,338 | |||
Share-based compensation activity | 577 | 577 | ||
Share-based compensation activity (shares) | (3,043) | |||
Net income | 12,501 | 12,501 | ||
Balance, ending at Jan. 03, 2021 | 72,001 | $ 189 | 117,245 | (45,433) |
Balance, ending (in shares) at Jan. 03, 2021 | 18,949,295 | |||
Balance, beginning at Jun. 30, 2021 | 107,788 | $ 189 | 118,930 | (11,331) |
Balance, beginning (in shares) at Jun. 30, 2021 | 18,956,719 | |||
Share-based compensation activity | 706 | $ 1 | 705 | |
Share-based compensation activity (shares) | 62,865 | |||
Repurchase and retirement of common stock | (1,487) | $ (1) | (1,486) | |
Repurchase and retirement of common stock (shares) | (58,379) | |||
Net income | 10,386 | 10,386 | ||
Balance, ending at Oct. 03, 2021 | 117,393 | $ 189 | 118,149 | (945) |
Balance, ending (in shares) at Oct. 03, 2021 | 18,961,205 | |||
Balance, beginning at Jun. 30, 2021 | 107,788 | $ 189 | 118,930 | (11,331) |
Balance, beginning (in shares) at Jun. 30, 2021 | 18,956,719 | |||
Repurchase and retirement of common stock (shares) | (414,675) | |||
Net income | 25,788 | |||
Balance, ending at Jan. 02, 2022 | 124,066 | $ 186 | 109,423 | 14,457 |
Balance, ending (in shares) at Jan. 02, 2022 | 18,610,822 | |||
Balance, beginning at Oct. 03, 2021 | 117,393 | $ 189 | 118,149 | (945) |
Balance, beginning (in shares) at Oct. 03, 2021 | 18,961,205 | |||
Share-based compensation activity | 1,159 | 1,159 | ||
Share-based compensation activity (shares) | 5,913 | |||
Repurchase and retirement of common stock | (9,888) | $ (3) | (9,885) | |
Repurchase and retirement of common stock (shares) | (356,296) | |||
Net income | 15,402 | 15,402 | ||
Balance, ending at Jan. 02, 2022 | $ 124,066 | $ 186 | $ 109,423 | $ 14,457 |
Balance, ending (in shares) at Jan. 02, 2022 | 18,610,822 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 02, 2022 | Jan. 03, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 25,788 | $ 22,068 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,595 | 5,599 |
Share-based compensation | 2,104 | 1,283 |
Unrecognized tax benefits | 919 | 865 |
Amortization of debt issuance costs | 119 | 316 |
Goodwill impairment | 1,100 | |
Changes in certain operating assets and liabilities | (24,484) | (740) |
Other, net | 83 | 764 |
Net cash provided by operating activities | 12,224 | 30,155 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (6,715) | (18,903) |
Net cash used in investing activities | (6,715) | (18,903) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on revolving credit facility | (30,000) | (30,000) |
Borrowings on revolving credit facility | 12,000 | 20,000 |
Principal payments on long-term debt | (1,500) | (4,710) |
Repurchase and retirement of common stock | (11,375) | |
Other, net | (239) | (787) |
Net cash used in financing activities | (31,114) | (15,497) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (25,605) | (4,245) |
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD | 39,252 | 16,319 |
CASH AND CASH EQUIVALENTS — END OF PERIOD | 13,647 | 12,074 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash payments for interest | 600 | 1,348 |
Cash payments for income taxes | 9,002 | 5,132 |
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Capital expenditures in accounts payable and accrued expenses | $ 393 | $ 594 |
ORGANIZATION, BASIS OF PRESENTA
ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jan. 02, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES | 1. Organization — MasterCraft Boat Holdings, Inc. (“Holdings”) was formed on January 28, 2000, as a Delaware holding company and operates primarily through its wholly owned subsidiaries, MasterCraft Boat Company, LLC; MasterCraft Services, LLC; MasterCraft Parts, Ltd.; MasterCraft International Sales Administration, Inc.; Aviara Boats, LLC; Nautic Star, LLC; NS Transport, LLC; and Crest Marine, LLC. Holdings and its subsidiaries collectively are referred to herein as the “Company.” Basis of Presentation — The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the fiscal quarter end will not always coincide with the date of the end of a calendar month. The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2021 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of January 2, 2022, its results of operations for the three and six months ended January 2, 2022 and January 3, 2021, its cash flows for the six months ended January 2, 2022 and January 3, 2021, and its statements of stockholders’ equity for the three and six months ended January 2, 2022 and January 3, 2021. All adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the SEC for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2021 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our 2021 Annual Report on Form 10-K. Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and six months ended January 2, 2022 as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2021. Change in Reportable Segments — Beginning with the first quarter of fiscal 2022, our chief operating decision maker (“CODM”) began to manage our business, allocate resources, and evaluate performance based on the changes that have been made in the Company’s management structure in connection with the transition of Aviara production to our Merritt Island facility. As a result, the Company has realigned its reportable segments to MasterCraft, Crest, NauticStar, and Aviara. The Company has recast segment information for all prior periods presented. Refer to Note 11 – Segment Information for further information on the Company’s reportable segments. Reclassifications — Certain historical amounts have been reclassified in these notes to the condensed consolidated financial statements to conform to the current presentation. Recently Adopted Accounting Standards Income Taxes — In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Income Taxes (Topic 740). It also clarifies and amends existing guidance to improve consistent application. The guidance is effective for fiscal years beginning after December 15, 2020. The adoption of this standard did not have an impact on the Company’s consolidated financial statements. Reference Rate Reform — In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. An entity may apply ASU 2020-04 as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. The adoption of this standard did not have an impact on the Company’s consolidated financial statements. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jan. 02, 2022 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | 2 . REVENUE RECOGNITION Consistent with the Company’s change in reportable segments described in Note 11—Segment Information, the Company has changed its presentation of disaggregated revenue to align with the new segment structure. The following tables present the Company’s revenue by major product category for each reportable segment. Three Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 104,464 $ 29,368 $ 15,000 $ 7,909 $ 156,741 Parts 2,055 151 60 — 2,266 Other revenue 254 199 5 — 458 Total $ 106,773 $ 29,718 $ 15,065 $ 7,909 $ 159,465 Six Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 192,392 $ 61,737 $ 28,236 $ 13,764 $ 296,129 Parts 5,883 387 180 — 6,450 Other revenue 513 374 9 — 896 Total $ 198,788 $ 62,498 $ 28,425 $ 13,764 $ 303,475 Three Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 77,558 $ 20,757 $ 14,857 $ 3,248 $ 116,420 Parts 1,726 138 87 — 1,951 Other revenue 227 74 5 — 306 Total $ 79,511 $ 20,969 $ 14,949 $ 3,248 $ 118,677 Six Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 142,367 $ 38,368 $ 27,073 $ 7,021 $ 214,829 Parts 6,271 529 211 — 7,011 Other revenue 464 111 7 — 582 Total $ 149,102 $ 39,008 $ 27,291 $ 7,021 $ 222,422 Contract Liabilities As of June 30, 2021, the Company had $1.8 million of contract liabilities associated with customer deposits. During the six months ended January 2, 2022, $1.6 million of this amount was recognized as revenue. As of January 2, 2022, total contract liabilities associated with customer deposits were $4.8 million, were reported in Accrued expenses and other current liabilities on the condensed consolidated balance sheet, and are expected to be recognized as revenue during the remainder of the year ending June 30, 2022. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jan. 02, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 3 . INVENTORIES Inventories consisted of the following: January 2, June 30, 2022 2021 Raw materials and supplies $ 56,795 $ 37,089 Work in process 17,404 10,171 Finished goods 6,134 8,362 Obsolescence reserve (1,951 ) (2,141 ) Total inventories $ 78,382 $ 53,481 Raw materials and supplies have increased to support higher production volumes and to increase safety stock to manage supply chain risk. Work in process has increased due to supply chain disruptions. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jan. 02, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 4. GOODWILL AND OTHER INTANGIBLE ASSETS Beginning with the first quarter of fiscal 2022, the Company realigned its reportable segments to MasterCraft, Crest, NauticStar, and Aviara. Refer to Note 11 – Segment Information for further information on the Company’s reportable segments. As a result of the change in segments, in accordance with ASC 350, Intangibles-Goodwill and Other Prior to realigning our segments, we evaluated our goodwill for impairment and determined no impairment existed as the fair value of our MasterCraft reporting unit, which was the only reporting unit containing goodwill, was in excess of its carrying amount. In conjunction with the reallocation of goodwill, we tested the goodwill at our MasterCraft and Aviara reporting units for impairment using an income-based approach, specifically a discounted cash flow model. The cash flow model included significant judgements and assumptions related to revenue growth and discount rates. At the time of the impairment test, near-term operating losses generated by start-up inefficiencies had negatively impacted the fair value of Aviara, causing the carrying value of the reporting unit to be in excess of the fair value. Consequently, a $1.1 million impairment charge was recognized in the first quarter of fiscal 2022. The carrying amounts of goodwill attributable to each of the Company’s reportable segments, were as follows: MasterCraft Crest NauticStar Aviara Total Balance at June 30, 2021 Goodwill $ 29,593 $ 36,238 $ 36,199 $ — $ 102,030 Accumulated impairment losses — (36,238 ) (36,199 ) — (72,437 ) Goodwill, net at June 30, 2021 29,593 — — — 29,593 Goodwill reallocation (1,100 ) — — 1,100 — Impairment — — — (1,100 ) (1,100 ) Goodwill, net at January 2, 2022 $ 28,493 $ — $ — $ — $ 28,493 The following table presents the carrying amount of Other intangible assets, net: January 2, June 30, 2022 2021 Gross Amount Accumulated Amortization / Impairment Other intangible assets, net Gross Amount Accumulated Amortization / Impairment Other intangible assets, net Amortized intangible assets Dealer networks $ 39,500 $ (15,700 ) $ 23,800 $ 39,500 $ (13,711 ) $ 25,789 Software 245 (159 ) 86 245 (135 ) 110 39,745 (15,859 ) 23,886 39,745 (13,846 ) 25,899 Unamortized intangible assets Trade names 49,000 (15,000 ) 34,000 49,000 (15,000 ) 34,000 Total other intangible assets $ 88,745 $ (30,859 ) $ 57,886 $ 88,745 $ (28,846 ) $ 59,899 Amortization expense related to Other intangible assets, net for both the three and six months ended January 2, 2022 and January 3, 2021 was $1.0 million and $2.0 million, respectively. Estimated amortization expense for the fiscal year ending June 30, 2022 is $4.0 million. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended |
Jan. 02, 2022 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 5 . ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: January 2, June 30, 2022 2021 Warranty $ 24,100 $ 22,329 Dealer incentives 9,986 10,634 Contract liabilities 4,839 1,848 Compensation and related accruals 4,493 6,046 Freight 669 778 Self-insurance 1,005 865 Inventory repurchase contingent obligation 1,027 471 Other 3,558 3,865 Total accrued expenses and other current liabilities $ 49,677 $ 46,836 Accrued warranty liability activity was as follows for the six months ended: January 2, January 3, 2022 2021 Balance at the beginning of the period $ 22,329 $ 20,004 Provisions 5,646 4,469 Payments made (4,969 ) (4,272 ) Aggregate changes for preexisting warranties 1,094 718 Balance at the end of the period $ 24,100 $ 20,919 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jan. 02, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Purchase Commitments In October 2021, we signed a new supplier agreement to purchase marine outboard engines during fiscal 2022. During the term of the agreement, we committed to purchasing a minimum annual gross dollar value of $27.0 million in engines. Legal Proceedings The Company is subject to various litigation, claims and proceedings, which have arisen in the ordinary course of business. The Company accrues for litigation, claims and proceedings when a liability is both probable and the amount can be reasonably estimated. As of January 2, 2022, the Company’s accruals for litigation matters are not material. While these matters are subject to inherent uncertainties, management believes that current litigation, claims and proceedings, individually and in the aggregate, and after considering expected insurance reimbursements, are not likely to have a material adverse impact on the Company’s financial position, results of operations or cash flows. |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Jan. 02, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | 7. LONG-TERM DEBT Long-term debt is as follows: January 2, June 30, 2022 2021 Revolving credit facility $ 15,728 $ 33,728 Term loans 58,500 60,000 Debt issuance costs on term loans (517 ) (585 ) Total debt 73,711 93,143 Less current portion of long-term debt 3,000 3,000 Less current portion of debt issuance costs on term loans (130 ) (134 ) Long-term debt, net of current portion $ 70,841 $ 90,277 On June 28, 2021, the Company entered into a credit agreement with a syndicate of certain financial institutions (the “Credit Agreement”). The Credit Agreement provides the Company with a $160.0 million senior secured credit facility, consisting of a $60.0 million term loan (the “Term Loan”) and a $100.0 million revolving credit facility (the “Revolving Credit Facility”). The Credit Agreement refinanced and replaced the previously existing credit agreement. The Credit Agreement is secured by a first priority security interest in substantially all of the Company’s assets. The Credit Agreement contains a number of covenants that, among other things, restrict the Company’s ability to, subject to specified exceptions, incur additional debt; incur additional liens and contingent liabilities; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve; engage in businesses that are not in a related line of business; make loans, advances or guarantees; pay dividends or make other distributions; engage in transactions with affiliates; and make investments. The Company is also required to maintain a minimum fixed charge coverage ratio and a maximum net leverage ratio. The Credit Agreement bears interest, at the Company’s option, at either the prime rate plus an applicable margin ranging from 0.25% to 1.00% or at an adjusted LIBOR rate plus an applicable margin ranging from 1.25% to 2.00%, in each case based on the Company’s net leverage ratio. The Company is also required to pay a commitment fee for any unused portion of the revolving credit facility ranging from 0.15% to 0.30% based on the Company’s net leverage ratio. Effective during the three and six months ended January 2, 2022, the applicable margin for loans accruing at the prime rate was 0.25% and the applicable margin for loans accruing interest at LIBOR was 1.25%. As of January 2, 2022, the interest rate on the Company’s term loan and revolving credit facility was 1.38%. The Credit Agreement will mature and all remaining amounts outstanding thereunder will be due and payable on June 28, 2026. As of January 2, 2022, the Company was in compliance with its financial covenants under the Credit Agreement. Revolving Credit Facility As of January 2, 2022, the Company had $15.7 million of borrowings outstanding on its Revolving Credit Facility and had remaining availability of $84.3 million. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jan. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 8 . INCOME TAXES The Company’s consolidated interim effective tax rate is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The differences between the Company’s effective tax rates and the statutory federal tax rate of 21.0% primarily relate to the inclusion of the state tax rate in the overall effective rate, the benefit of federal and state credits, and a permanent benefit associated with the foreign derived intangible income deduction, partially offset by a permanent add-back for Section 162(m) limitations. During the three months ended January 2, 2022 and January 3, 2021, the Company’s effective tax rate was 23.7% and 22.2%, respectively. During the six months ended January 2, 2022 and January 3, 2021, the Company’s effective tax rate was 23.8% and 22.5%, respectively. The Company’s effective tax rate for the three and six months ended January 2, 2022 is higher compared to the effective tax rate for th e three and six months ended January 3, 2021 , primarily due to an increase in the effective state tax rate, an increase in the tax impact of uncertain state tax positions and a reduction in the benefit of federal and state tax credits, partially offset by an increase in the Company’s net permanent benefits, largely driven by changes in foreign derived intangible income due to an increase in forecasted foreign taxable income, sales and gross margin. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Jan. 02, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
SHARE-BASED COMPENSATION | 9 . SHARE-BASED COMPENSATION The following table presents the components of share-based compensation expense by award type. Three Months Ended Six Months Ended January 2, January 3, January 2, January 3, 2022 2021 2022 2021 Restricted stock awards $ 518 $ 388 $ 985 $ 805 Performance stock units 690 255 1,119 478 Share-based compensation expense $ 1,208 $ 643 $ 2,104 $ 1,283 Restricted Stock Awards During the six months ended January 2, 2022, the Company granted 74,961 restricted stock awards (“RSAs”) to the Company’s non-executive directors, officers and certain other key employees. Generally, the shares of restricted stock granted during the six months ended January 2, 2022, vest pro-rata over three years for officers and certain other key employees and over one year for non-executive directors. The Company determined the fair value of the shares awarded by using the close price of our common stock as of the date of grant. The weighted average grant date fair value of RSAs granted in the six months ended January 2, 2022, was $26.14 per share. The following table summarizes the status of nonvested RSAs as of January 2, 2022, and changes during the six months then ended. Average Nonvested Grant-Date Restricted Fair Value Shares (per share) Nonvested at June 30, 2021 118,193 $ 19.42 Granted 74,961 26.14 Vested (58,086 ) 19.16 Forfeited (2,660 ) 26.01 Nonvested at January 2, 2022 132,408 23.22 As of January 2, 2022, there was $2.3 million of total unrecognized compensation expense related to nonvested RSAs. The Company expects this expense to be recognized over a weighted average period of 1.8 years. Performance Stock Units Performance stock units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of the Company’s stockholders, and to create long-term stockholder value. The awards will be earned based on the Company’s achievement of certain performance criteria over a three-year likelihood of numerous possible outcomes of long-term market performance. Compensation expense related to nonvested PSUs is recognized ratably over the performance period. The following table summarizes the status of nonvested PSUs as of January 2, 2022, and changes during the six months then ended. Average Nonvested Grant-Date Performance Fair Value Stock Units (per share) Nonvested at June 30, 2021 160,285 $ 21.03 Granted 53,842 28.73 Forfeited (2,177 ) 28.71 Nonvested at January 2, 2022 211,950 22.91 As of January 2, 2022, there was $2.9 million of total unrecognized compensation expense related to nonvested PSUs. The Company expects this expense to be recognized over a weighted average period of 1.9 years. |
EARNINGS PER SHARE AND COMMON S
EARNINGS PER SHARE AND COMMON STOCK | 6 Months Ended |
Jan. 02, 2022 | |
Equity [Abstract] | |
EARNINGS PER SHARE AND COMMON STOCK | 10 . EARNINGS PER SHARE AND COMMON STOCK The following table sets forth the computation of the Company’s net income per share: Three Months Ended Six Months Ended January 2, January 3, January 2, January 3, 2022 2021 2022 2021 Net income $ 15,402 $ 12,501 $ 25,788 $ 22,068 Weighted average shares — basic 18,722,386 18,807,316 18,786,343 18,790,826 Dilutive effect of assumed exercises of stock options 12,994 13,950 13,618 14,025 Dilutive effect of assumed restricted share awards/units 163,756 107,142 151,666 92,766 Weighted average outstanding shares — diluted 18,899,136 18,928,408 18,951,627 18,897,617 Basic net income per share $ 0.82 $ 0.66 $ 1.37 $ 1.17 Diluted net income per share $ 0.81 $ 0.66 $ 1.36 $ 1.17 For the three and six months ended January 2, 2022 and January 3, 2021, an immaterial number of shares were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive. Stock Repurchase Program On June 24, 2021, the board of directors of the Company authorized a stock repurchase program that allows for the repurchase of up to $50.0 million of our common stock during the three-year period ending June 24, 2024. During the three months ended January 2, 2022, the Company repurchased 356,296 shares of common stock for $9.9 million in cash, including related fees and expenses. During the six months ended January 2, 2022, the Company repurchased 414,675 shares of common stock for $11.4 million in cash, including related fees and expenses. As of January 2, 2022, $38.6 million remained available under the program. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jan. 02, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 11. SEGMENT INFORMATION Change in Reportable Segments Beginning with the first quarter of fiscal 2022 and as discussed in Note 1, our CODM began to manage our business, allocate resources, and evaluate performance based on the reportable segments of MasterCraft, Crest, NauticStar, and Aviara. Reportable Segments Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the CODM in making decisions on how to allocate resources and assess performance. For the three and six months ended January 2, 2022, the Company’s CODM regularly assessed the operating performance of the Company’s boat brands under four operating and reportable segments: • The MasterCraft segment produces boats at its Vonore, Tennessee facility. These are premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating. • The Crest segment produces pontoon boats at its Owosso, Michigan facility. Crest’s boats are primarily used for general recreational boating. • The NauticStar segment produces boats at its Amory, Mississippi facility. NauticStar’s boats are primarily used for saltwater fishing and general recreational boating. • The Aviara segment produces luxury day boats at its Merritt Island, Florida facility. Aviara boats are primarily used for general recreational boating. Beginning in fiscal 2022, the CODM has begun to assess Aviara’s performance on a stand-alone basis using criteria consistent with our other operating and reportable segments. Each segment distributes its products through its own independent dealer network. Each segment also has its own management structure which is responsible for the operations of the segment and is directly accountable to the CODM for the operating performance of the segment, which is regularly assessed by the CODM who allocates resources based on that performance, including using measures of performance based operating income. The Company files a consolidated income tax return and does not allocate income taxes and other corporate-level expenses, including interest, to operating segments. All material corporate costs are included in the MasterCraft segment. Selected financial information for the Company’s reportable segments was as follows: For the Three Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 106,773 $ 29,718 $ 15,065 $ 7,909 $ 159,465 Operating income (loss) 21,302 4,637 (3,066 ) (2,320 ) 20,553 Depreciation and amortization 1,226 647 877 491 3,241 Purchases of property, plant and equipment 1,468 673 702 254 3,097 For the Six Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 198,788 $ 62,498 $ 28,425 $ 13,764 $ 303,475 Operating income (loss) 37,482 8,436 (5,402 ) (5,919 ) 34,597 Depreciation and amortization 2,514 1,341 1,772 968 6,595 Goodwill impairment — — — 1,100 1,100 Purchases of property, plant and equipment 3,532 1,044 1,770 369 6,715 For the Three Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 79,511 $ 20,969 $ 14,949 $ 3,248 $ 118,677 Operating income (loss) 16,660 2,650 (326 ) (2,039 ) 16,945 Depreciation and amortization 1,116 624 802 319 2,861 Purchases of property, plant and equipment 1,063 23 516 15,349 16,951 For the Six Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 149,102 $ 39,008 $ 27,291 $ 7,021 $ 222,422 Operating income (loss) 31,027 4,312 (1,945 ) (3,045 ) 30,349 Depreciation and amortization 2,210 1,248 1,616 525 5,599 Purchases of property, plant and equipment 2,699 23 759 15,422 18,903 The following table presents total assets for the Company’s reportable segments. January 2, 2022 June 30, 2021 Assets: MasterCraft $ 136,693 $ 158,610 Crest 46,089 42,204 NauticStar 55,357 44,181 Aviara 32,751 31,465 Total assets $ 270,890 $ 276,460 |
ORGANIZATION, BASIS OF PRESEN_2
ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jan. 02, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Organization — MasterCraft Boat Holdings, Inc. (“Holdings”) was formed on January 28, 2000, as a Delaware holding company and operates primarily through its wholly owned subsidiaries, MasterCraft Boat Company, LLC; MasterCraft Services, LLC; MasterCraft Parts, Ltd.; MasterCraft International Sales Administration, Inc.; Aviara Boats, LLC; Nautic Star, LLC; NS Transport, LLC; and Crest Marine, LLC. Holdings and its subsidiaries collectively are referred to herein as the “Company.” |
Fiscal Period | The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the fiscal quarter end will not always coincide with the date of the end of a calendar month. |
Basis of Accounting | The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2021 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of January 2, 2022, its results of operations for the three and six months ended January 2, 2022 and January 3, 2021, its cash flows for the six months ended January 2, 2022 and January 3, 2021, and its statements of stockholders’ equity for the three and six months ended January 2, 2022 and January 3, 2021. All adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the SEC for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2021 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our 2021 Annual Report on Form 10-K. Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and six months ended January 2, 2022 as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2021. |
Change in Reportable Segments | Change in Reportable Segments — Beginning with the first quarter of fiscal 2022, our chief operating decision maker (“CODM”) began to manage our business, allocate resources, and evaluate performance based on the changes that have been made in the Company’s management structure in connection with the transition of Aviara production to our Merritt Island facility. As a result, the Company has realigned its reportable segments to MasterCraft, Crest, NauticStar, and Aviara. The Company has recast segment information for all prior periods presented. Refer to Note 11 – Segment Information for further information on the Company’s reportable segments. |
Reclassifications | Reclassifications — Certain historical amounts have been reclassified in these notes to the condensed consolidated financial statements to conform to the current presentation. |
New Accounting Pronouncements Issued, Adopted and Not Yet Adopted | Recently Adopted Accounting Standards Income Taxes — In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Income Taxes (Topic 740). It also clarifies and amends existing guidance to improve consistent application. The guidance is effective for fiscal years beginning after December 15, 2020. The adoption of this standard did not have an impact on the Company’s consolidated financial statements. Reference Rate Reform — In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. An entity may apply ASU 2020-04 as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. The adoption of this standard did not have an impact on the Company’s consolidated financial statements. |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues from Contracts with Customers by Major Product Category and Reportable Segment | Consistent with the Company’s change in reportable segments described in Note 11—Segment Information, the Company has changed its presentation of disaggregated revenue to align with the new segment structure. The following tables present the Company’s revenue by major product category for each reportable segment. Three Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 104,464 $ 29,368 $ 15,000 $ 7,909 $ 156,741 Parts 2,055 151 60 — 2,266 Other revenue 254 199 5 — 458 Total $ 106,773 $ 29,718 $ 15,065 $ 7,909 $ 159,465 Six Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 192,392 $ 61,737 $ 28,236 $ 13,764 $ 296,129 Parts 5,883 387 180 — 6,450 Other revenue 513 374 9 — 896 Total $ 198,788 $ 62,498 $ 28,425 $ 13,764 $ 303,475 Three Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 77,558 $ 20,757 $ 14,857 $ 3,248 $ 116,420 Parts 1,726 138 87 — 1,951 Other revenue 227 74 5 — 306 Total $ 79,511 $ 20,969 $ 14,949 $ 3,248 $ 118,677 Six Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Total Major Product Categories: Boats and trailers $ 142,367 $ 38,368 $ 27,073 $ 7,021 $ 214,829 Parts 6,271 529 211 — 7,011 Other revenue 464 111 7 — 582 Total $ 149,102 $ 39,008 $ 27,291 $ 7,021 $ 222,422 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: January 2, June 30, 2022 2021 Raw materials and supplies $ 56,795 $ 37,089 Work in process 17,404 10,171 Finished goods 6,134 8,362 Obsolescence reserve (1,951 ) (2,141 ) Total inventories $ 78,382 $ 53,481 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amounts of Goodwill | The carrying amounts of goodwill attributable to each of the Company’s reportable segments, were as follows: MasterCraft Crest NauticStar Aviara Total Balance at June 30, 2021 Goodwill $ 29,593 $ 36,238 $ 36,199 $ — $ 102,030 Accumulated impairment losses — (36,238 ) (36,199 ) — (72,437 ) Goodwill, net at June 30, 2021 29,593 — — — 29,593 Goodwill reallocation (1,100 ) — — 1,100 — Impairment — — — (1,100 ) (1,100 ) Goodwill, net at January 2, 2022 $ 28,493 $ — $ — $ — $ 28,493 |
Schedule of Carrying Amount of Other Intangible Assets, Net | The following table presents the carrying amount of Other intangible assets, net: January 2, June 30, 2022 2021 Gross Amount Accumulated Amortization / Impairment Other intangible assets, net Gross Amount Accumulated Amortization / Impairment Other intangible assets, net Amortized intangible assets Dealer networks $ 39,500 $ (15,700 ) $ 23,800 $ 39,500 $ (13,711 ) $ 25,789 Software 245 (159 ) 86 245 (135 ) 110 39,745 (15,859 ) 23,886 39,745 (13,846 ) 25,899 Unamortized intangible assets Trade names 49,000 (15,000 ) 34,000 49,000 (15,000 ) 34,000 Total other intangible assets $ 88,745 $ (30,859 ) $ 57,886 $ 88,745 $ (28,846 ) $ 59,899 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: January 2, June 30, 2022 2021 Warranty $ 24,100 $ 22,329 Dealer incentives 9,986 10,634 Contract liabilities 4,839 1,848 Compensation and related accruals 4,493 6,046 Freight 669 778 Self-insurance 1,005 865 Inventory repurchase contingent obligation 1,027 471 Other 3,558 3,865 Total accrued expenses and other current liabilities $ 49,677 $ 46,836 |
Summary of Accrued Warranty Liability Activity | Accrued warranty liability activity was as follows for the six months ended: January 2, January 3, 2022 2021 Balance at the beginning of the period $ 22,329 $ 20,004 Provisions 5,646 4,469 Payments made (4,969 ) (4,272 ) Aggregate changes for preexisting warranties 1,094 718 Balance at the end of the period $ 24,100 $ 20,919 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt is as follows: January 2, June 30, 2022 2021 Revolving credit facility $ 15,728 $ 33,728 Term loans 58,500 60,000 Debt issuance costs on term loans (517 ) (585 ) Total debt 73,711 93,143 Less current portion of long-term debt 3,000 3,000 Less current portion of debt issuance costs on term loans (130 ) (134 ) Long-term debt, net of current portion $ 70,841 $ 90,277 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Components of Share-based Compensation Expense by Award Type | The following table presents the components of share-based compensation expense by award type. Three Months Ended Six Months Ended January 2, January 3, January 2, January 3, 2022 2021 2022 2021 Restricted stock awards $ 518 $ 388 $ 985 $ 805 Performance stock units 690 255 1,119 478 Share-based compensation expense $ 1,208 $ 643 $ 2,104 $ 1,283 |
Summary of Status of Nonvested Restricted Stock Awards and Changes | The following table summarizes the status of nonvested RSAs as of January 2, 2022, and changes during the six months then ended. Average Nonvested Grant-Date Restricted Fair Value Shares (per share) Nonvested at June 30, 2021 118,193 $ 19.42 Granted 74,961 26.14 Vested (58,086 ) 19.16 Forfeited (2,660 ) 26.01 Nonvested at January 2, 2022 132,408 23.22 |
Summary of Status of Nonvested Performance Stock Units and Changes | The following table summarizes the status of nonvested PSUs as of January 2, 2022, and changes during the six months then ended. Average Nonvested Grant-Date Performance Fair Value Stock Units (per share) Nonvested at June 30, 2021 160,285 $ 21.03 Granted 53,842 28.73 Forfeited (2,177 ) 28.71 Nonvested at January 2, 2022 211,950 22.91 |
EARNINGS PER SHARE AND COMMON_2
EARNINGS PER SHARE AND COMMON STOCK (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Equity [Abstract] | |
Factors Used in Net Income Per Share Computation | The following table sets forth the computation of the Company’s net income per share: Three Months Ended Six Months Ended January 2, January 3, January 2, January 3, 2022 2021 2022 2021 Net income $ 15,402 $ 12,501 $ 25,788 $ 22,068 Weighted average shares — basic 18,722,386 18,807,316 18,786,343 18,790,826 Dilutive effect of assumed exercises of stock options 12,994 13,950 13,618 14,025 Dilutive effect of assumed restricted share awards/units 163,756 107,142 151,666 92,766 Weighted average outstanding shares — diluted 18,899,136 18,928,408 18,951,627 18,897,617 Basic net income per share $ 0.82 $ 0.66 $ 1.37 $ 1.17 Diluted net income per share $ 0.81 $ 0.66 $ 1.36 $ 1.17 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jan. 02, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operating Information for Reportable Segments | Selected financial information for the Company’s reportable segments was as follows: For the Three Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 106,773 $ 29,718 $ 15,065 $ 7,909 $ 159,465 Operating income (loss) 21,302 4,637 (3,066 ) (2,320 ) 20,553 Depreciation and amortization 1,226 647 877 491 3,241 Purchases of property, plant and equipment 1,468 673 702 254 3,097 For the Six Months Ended January 2, 2022 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 198,788 $ 62,498 $ 28,425 $ 13,764 $ 303,475 Operating income (loss) 37,482 8,436 (5,402 ) (5,919 ) 34,597 Depreciation and amortization 2,514 1,341 1,772 968 6,595 Goodwill impairment — — — 1,100 1,100 Purchases of property, plant and equipment 3,532 1,044 1,770 369 6,715 For the Three Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 79,511 $ 20,969 $ 14,949 $ 3,248 $ 118,677 Operating income (loss) 16,660 2,650 (326 ) (2,039 ) 16,945 Depreciation and amortization 1,116 624 802 319 2,861 Purchases of property, plant and equipment 1,063 23 516 15,349 16,951 For the Six Months Ended January 3, 2021 MasterCraft Crest NauticStar Aviara Consolidated Net sales $ 149,102 $ 39,008 $ 27,291 $ 7,021 $ 222,422 Operating income (loss) 31,027 4,312 (1,945 ) (3,045 ) 30,349 Depreciation and amortization 2,210 1,248 1,616 525 5,599 Purchases of property, plant and equipment 2,699 23 759 15,422 18,903 The following table presents total assets for the Company’s reportable segments. January 2, 2022 June 30, 2021 Assets: MasterCraft $ 136,693 $ 158,610 Crest 46,089 42,204 NauticStar 55,357 44,181 Aviara 32,751 31,465 Total assets $ 270,890 $ 276,460 |
ORGANIZATION, BASIS OF PRESEN_3
ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - ASU 2019-12 | Jan. 02, 2022 |
Organization Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, adoption date | Dec. 15, 2020 |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
REVENUE RECOGNITION - Summary o
REVENUE RECOGNITION - Summary of Revenues From Contracts with Customers by Major Product Category and Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 02, 2022 | Jan. 03, 2021 | Jan. 02, 2022 | Jan. 03, 2021 | |
Revenue by Categories | ||||
Revenue | $ 159,465 | $ 118,677 | $ 303,475 | $ 222,422 |
MasterCraft | ||||
Revenue by Categories | ||||
Revenue | 106,773 | 79,511 | 198,788 | 149,102 |
Crest | ||||
Revenue by Categories | ||||
Revenue | 29,718 | 20,969 | 62,498 | 39,008 |
NauticStar | ||||
Revenue by Categories | ||||
Revenue | 15,065 | 14,949 | 28,425 | 27,291 |
Aviara | ||||
Revenue by Categories | ||||
Revenue | 7,909 | 3,248 | 13,764 | 7,021 |
Boats and trailers | ||||
Revenue by Categories | ||||
Revenue | 156,741 | 116,420 | 296,129 | 214,829 |
Boats and trailers | MasterCraft | ||||
Revenue by Categories | ||||
Revenue | 104,464 | 77,558 | 192,392 | 142,367 |
Boats and trailers | Crest | ||||
Revenue by Categories | ||||
Revenue | 29,368 | 20,757 | 61,737 | 38,368 |
Boats and trailers | NauticStar | ||||
Revenue by Categories | ||||
Revenue | 15,000 | 14,857 | 28,236 | 27,073 |
Boats and trailers | Aviara | ||||
Revenue by Categories | ||||
Revenue | 7,909 | 3,248 | 13,764 | 7,021 |
Parts | ||||
Revenue by Categories | ||||
Revenue | 2,266 | 1,951 | 6,450 | 7,011 |
Parts | MasterCraft | ||||
Revenue by Categories | ||||
Revenue | 2,055 | 1,726 | 5,883 | 6,271 |
Parts | Crest | ||||
Revenue by Categories | ||||
Revenue | 151 | 138 | 387 | 529 |
Parts | NauticStar | ||||
Revenue by Categories | ||||
Revenue | 60 | 87 | 180 | 211 |
Other | ||||
Revenue by Categories | ||||
Revenue | 458 | 306 | 896 | 582 |
Other | MasterCraft | ||||
Revenue by Categories | ||||
Revenue | 254 | 227 | 513 | 464 |
Other | Crest | ||||
Revenue by Categories | ||||
Revenue | 199 | 74 | 374 | 111 |
Other | NauticStar | ||||
Revenue by Categories | ||||
Revenue | $ 5 | $ 5 | $ 9 | $ 7 |
REVENUE RECOGNITION - Additiona
REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 02, 2022 | Jun. 30, 2021 | |
Contract liabilities | ||
Customer contract liabilities | $ 4,839 | $ 1,848 |
Contract liabilities with customer, revenue recognized during the period | 1,600 | |
Accrued Expenses and Other Current Liabilities | ||
Contract liabilities | ||
Customer contract liabilities | $ 4,800 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2022 | Jun. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 56,795 | $ 37,089 |
Work in process | 17,404 | 10,171 |
Finished goods | 6,134 | 8,362 |
Obsolescence reserve | (1,951) | (2,141) |
Total inventories | $ 78,382 | $ 53,481 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 02, 2022 | Oct. 03, 2021 | Jan. 03, 2021 | Jan. 02, 2022 | Jan. 03, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill impairment | $ 1,100 | $ 1,100 | |||
Amortization of other intangible assets | $ 987 | $ 987 | 2,013 | $ 1,974 | |
Estimated amortization expense June 30, 2022 | $ 4,000 | $ 4,000 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Oct. 03, 2021 | Jan. 02, 2022 | Jun. 30, 2021 | |
Goodwill [Line Items] | |||
Goodwill | $ 102,030 | ||
Accumulated impairment losses | (72,437) | ||
Impairment | $ (1,100) | $ (1,100) | |
Goodwill, net | 28,493 | 29,593 | |
MasterCraft | |||
Goodwill [Line Items] | |||
Goodwill | 29,593 | ||
Goodwill reallocation | (1,100) | ||
Goodwill, net | 28,493 | 29,593 | |
Crest | |||
Goodwill [Line Items] | |||
Goodwill | 36,238 | ||
Accumulated impairment losses | (36,238) | ||
NauticStar | |||
Goodwill [Line Items] | |||
Goodwill | 36,199 | ||
Accumulated impairment losses | $ (36,199) | ||
Aviara | |||
Goodwill [Line Items] | |||
Goodwill reallocation | 1,100 | ||
Impairment | $ (1,100) |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jan. 02, 2022 | Jun. 30, 2021 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortized intangible assets, Gross Amount | $ 39,745 | $ 39,745 |
Amortized intangible assets, Accumulated Amortization / Impairment | (15,859) | (13,846) |
Amortized intangible assets, Other intangible assets, net | 23,886 | 25,899 |
Gross Amount | 88,745 | 88,745 |
Accumulated Amortization / Impairment | (30,859) | (28,846) |
Other intangible assets, net | 57,886 | 59,899 |
Dealer network | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortized intangible assets, Gross Amount | 39,500 | 39,500 |
Amortized intangible assets, Accumulated Amortization / Impairment | (15,700) | (13,711) |
Amortized intangible assets, Other intangible assets, net | 23,800 | 25,789 |
Software | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortized intangible assets, Gross Amount | 245 | 245 |
Amortized intangible assets, Accumulated Amortization / Impairment | (159) | (135) |
Amortized intangible assets, Other intangible assets, net | 86 | 110 |
Trade names | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Unamortized intangible assets, Gross Amount | 49,000 | 49,000 |
Unamortized intangible assets, Accumulated Amortization / Impairment | (15,000) | (15,000) |
Unamortized intangible assets, Other intangible assets, net | $ 34,000 | $ 34,000 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2022 | Jun. 30, 2021 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||
Warranty | $ 24,100 | $ 22,329 |
Dealer incentives | 9,986 | 10,634 |
Contract liabilities | 4,839 | 1,848 |
Compensation and related accruals | 4,493 | 6,046 |
Freight | 669 | 778 |
Self-insurance | 1,005 | 865 |
Inventory repurchase contingent obligation | $ 1,027 | $ 471 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent, Other | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent, Other |
Other | $ 3,558 | $ 3,865 |
Total accrued expenses and other current liabilities | $ 49,677 | $ 46,836 |
ACCRUED EXPENSES AND OTHER CU_4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 02, 2022 | Jan. 03, 2021 | |
Roll forward of the accrued warranty liability | ||
Balance at the beginning of the period | $ 22,329 | $ 20,004 |
Provisions | 5,646 | 4,469 |
Payments made | (4,969) | (4,272) |
Aggregate changes for preexisting warranties | 1,094 | 718 |
Balance at the end of the period | $ 24,100 | $ 20,919 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions | 6 Months Ended |
Jan. 02, 2022USD ($) | |
New Supplier Agreement | Marine Outboard Engines | |
Long Term Purchase Commitment [Line Items] | |
Purchase commitments minimum annual gross amount | $ 27 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jan. 02, 2022 | Jun. 30, 2021 |
Long-term debt | ||
Total debt | $ 73,711 | $ 93,143 |
Less current portion of long-term debt | 3,000 | 3,000 |
Long-term debt, net of current portion | 70,841 | 90,277 |
Revolving Credit Facility | ||
Long-term debt | ||
Long-term debt | 15,728 | 33,728 |
Term Loans | ||
Long-term debt | ||
Long-term debt | 58,500 | 60,000 |
Debt issuance costs on term loans | (517) | (585) |
Less current portion of debt issuance costs on term loans | $ (130) | $ (134) |
LONG-TERM DEBT - Senior Secured
LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($) $ in Thousands | Jun. 28, 2021 | Jan. 02, 2022 | Jan. 02, 2022 | Jun. 30, 2021 |
Term Loans | ||||
Long-term debt | ||||
Long-term debt | $ 58,500 | $ 58,500 | $ 60,000 | |
Revolving Credit Facility | ||||
Long-term debt | ||||
Long-term debt | $ 15,728 | $ 15,728 | $ 33,728 | |
Senior Secured Credit Facility | ||||
Long-term debt | ||||
Maximum borrowing capacity | $ 160,000 | |||
Interest rate | 1.38% | |||
Senior Secured Credit Facility | Prime Rate | ||||
Long-term debt | ||||
Variable margin rate | 0.25% | 0.25% | ||
Senior Secured Credit Facility | Prime Rate | Minimum | ||||
Long-term debt | ||||
Variable margin rate | 0.25% | |||
Senior Secured Credit Facility | Prime Rate | Maximum | ||||
Long-term debt | ||||
Variable margin rate | 1.00% | |||
Senior Secured Credit Facility | LIBOR | ||||
Long-term debt | ||||
Variable margin rate | 1.25% | 1.25% | ||
Senior Secured Credit Facility | LIBOR | Minimum | ||||
Long-term debt | ||||
Variable margin rate | 1.25% | |||
Senior Secured Credit Facility | LIBOR | Maximum | ||||
Long-term debt | ||||
Variable margin rate | 2.00% | |||
Senior Secured Credit Facility | Term Loans | ||||
Long-term debt | ||||
Long-term debt | $ 60,000 | |||
Senior Secured Credit Facility | Revolving Credit Facility | ||||
Long-term debt | ||||
Maximum borrowing capacity | $ 100,000 | |||
Senior Secured Credit Facility | Revolving Credit Facility | Minimum | ||||
Long-term debt | ||||
Commitment fee percentage | 0.15% | |||
Senior Secured Credit Facility | Revolving Credit Facility | Maximum | ||||
Long-term debt | ||||
Commitment fee percentage | 0.30% |
LONG-TERM DEBT - Revolving Cred
LONG-TERM DEBT - Revolving Credit Facility - Additional Information (Details) - Revolving Credit Facility $ in Millions | Jan. 02, 2022USD ($) |
Debt Instrument [Line Items] | |
Outstanding borrowings | $ 15.7 |
Remaining borrowing capacity | $ 84.3 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jan. 02, 2022 | Jan. 03, 2021 | Jan. 02, 2022 | Jan. 03, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rates | 23.70% | 22.20% | 23.80% | 22.50% |
Statutory income tax rate | 21.00% |
SHARE-BASED COMPENSATION - Comp
SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 02, 2022 | Jan. 03, 2021 | Jan. 02, 2022 | Jan. 03, 2021 | |
Stock-Based Compensation | ||||
Share-based compensation expense | $ 1,208 | $ 643 | $ 2,104 | $ 1,283 |
Restricted stock awards | ||||
Stock-Based Compensation | ||||
Share-based compensation expense | 518 | 388 | 985 | 805 |
Performance stock units | ||||
Stock-Based Compensation | ||||
Share-based compensation expense | $ 690 | $ 255 | $ 1,119 | $ 478 |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions | 6 Months Ended |
Jan. 02, 2022USD ($)$ / sharesshares | |
Stock-Based Compensation | |
Stock awards granted | 74,961 |
Weighted average grant date value | $ / shares | $ 26.14 |
Unrecognized compensation expense | $ | $ 2.3 |
Weighted average period | 1 year 9 months 18 days |
Non-executive directors, officers and certain other key employees | |
Stock-Based Compensation | |
Stock awards granted | 74,961 |
Officers and certain other key employees | |
Stock-Based Compensation | |
Vesting period (in years) | 3 years |
Non-executive directors | |
Stock-Based Compensation | |
Vesting period (in years) | 1 year |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Status of Nonvested Restricted Stock Awards and Changes (Details) - Restricted stock awards | 6 Months Ended |
Jan. 02, 2022$ / sharesshares | |
Nonvested Restricted Shares | |
Nonvested at beginning of period | shares | 118,193 |
Granted | shares | 74,961 |
Vested | shares | (58,086) |
Forfeited | shares | (2,660) |
Nonvested at end of period | shares | 132,408 |
Average Grant-Date Fair Value (Per share) | |
Nonvested at beginning of period | $ / shares | $ 19.42 |
Granted | $ / shares | 26.14 |
Vested | $ / shares | 19.16 |
Forfeited | $ / shares | 26.01 |
Nonvested at end of period | $ / shares | $ 23.22 |
SHARE-BASED COMPENSATION - Perf
SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - Performance stock units $ in Millions | 6 Months Ended |
Jan. 02, 2022USD ($) | |
Stock-Based Compensation | |
Unrecognized compensation expense | $ 2.9 |
Weighted average period | 1 year 10 months 24 days |
Executive officers and certain other key employees | |
Stock-Based Compensation | |
Vesting period (in years) | 3 years |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of Status of Nonvested Performance Stock Units and Changes (Details) - Performance stock units | 6 Months Ended |
Jan. 02, 2022$ / sharesshares | |
Nonvested Performance Stock Units | |
Nonvested at beginning of period | shares | 160,285 |
Granted | shares | 53,842 |
Forfeited | shares | (2,177) |
Nonvested at end of period | shares | 211,950 |
Average Grant-Date Fair Value (Per share) | |
Nonvested at beginning of period | $ / shares | $ 21.03 |
Granted | $ / shares | 28.73 |
Forfeited | $ / shares | 28.71 |
Nonvested at end of period | $ / shares | $ 22.91 |
EARNINGS PER SHARE AND COMMON_3
EARNINGS PER SHARE AND COMMON STOCK - Factors Used in Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 02, 2022 | Jan. 03, 2021 | Jan. 02, 2022 | Jan. 03, 2021 | |
Earnings Per Share Basic [Line Items] | ||||
Net income | $ 15,402 | $ 12,501 | $ 25,788 | $ 22,068 |
Weighted average shares — basic | 18,722,386 | 18,807,316 | 18,786,343 | 18,790,826 |
Weighted average outstanding shares — diluted | 18,899,136 | 18,928,408 | 18,951,627 | 18,897,617 |
Basic net income per share | $ 0.82 | $ 0.66 | $ 1.37 | $ 1.17 |
Diluted net income per share | $ 0.81 | $ 0.66 | $ 1.36 | $ 1.17 |
Stock options | ||||
Earnings Per Share Basic [Line Items] | ||||
Dilutive effect of assumed exercises of stock options and restricted share awards\units | 12,994 | 13,950 | 13,618 | 14,025 |
Restricted stock awards | ||||
Earnings Per Share Basic [Line Items] | ||||
Dilutive effect of assumed exercises of stock options and restricted share awards\units | 163,756 | 107,142 | 151,666 | 92,766 |
EARNINGS PER SHARE AND COMMON_4
EARNINGS PER SHARE AND COMMON STOCK - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 02, 2022 | Oct. 03, 2021 | Jan. 02, 2022 | Jun. 24, 2021 | |
Class Of Stock [Line Items] | ||||
Repurchase of shares in cash, including related fees and expenses | $ 9,900,000 | $ 11,375,000 | ||
Stock repurchase program, remained available under the program | $ 38,600,000 | $ 38,600,000 | ||
Common Stock | ||||
Class Of Stock [Line Items] | ||||
Stock repurchase program, number of shares authorized | $ 50,000,000 | |||
Number of shares repurchased | 356,296 | 58,379 | 414,675 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Details) - segment | 3 Months Ended | 6 Months Ended |
Jan. 02, 2022 | Jan. 02, 2022 | |
Segment Reporting [Abstract] | ||
Number of operating segments | 4 | 4 |
Number of reportable segments | 4 | 4 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Operating Information for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 02, 2022 | Oct. 03, 2021 | Jan. 03, 2021 | Jan. 02, 2022 | Jan. 03, 2021 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 159,465 | $ 118,677 | $ 303,475 | $ 222,422 | ||
Operating income (loss) | 20,553 | 16,945 | 34,597 | 30,349 | ||
Depreciation and amortization | 3,241 | 2,861 | 6,595 | 5,599 | ||
Goodwill impairment | $ 1,100 | 1,100 | ||||
Purchases of property, plant and equipment | 3,097 | 16,951 | 6,715 | 18,903 | ||
Total assets | 270,890 | 270,890 | $ 276,460 | |||
MasterCraft | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 106,773 | 79,511 | 198,788 | 149,102 | ||
Operating income (loss) | 21,302 | 16,660 | 37,482 | 31,027 | ||
Depreciation and amortization | 1,226 | 1,116 | 2,514 | 2,210 | ||
Purchases of property, plant and equipment | 1,468 | 1,063 | 3,532 | 2,699 | ||
MasterCraft | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 136,693 | 136,693 | 158,610 | |||
Crest | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 29,718 | 20,969 | 62,498 | 39,008 | ||
Operating income (loss) | 4,637 | 2,650 | 8,436 | 4,312 | ||
Depreciation and amortization | 647 | 624 | 1,341 | 1,248 | ||
Purchases of property, plant and equipment | 673 | 23 | 1,044 | 23 | ||
Crest | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 46,089 | 46,089 | 42,204 | |||
NauticStar | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 15,065 | 14,949 | 28,425 | 27,291 | ||
Operating income (loss) | (3,066) | (326) | (5,402) | (1,945) | ||
Depreciation and amortization | 877 | 802 | 1,772 | 1,616 | ||
Purchases of property, plant and equipment | 702 | 516 | 1,770 | 759 | ||
NauticStar | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 55,357 | 55,357 | 44,181 | |||
Aviara | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 7,909 | 3,248 | 13,764 | 7,021 | ||
Operating income (loss) | (2,320) | (2,039) | (5,919) | (3,045) | ||
Depreciation and amortization | 491 | 319 | 968 | 525 | ||
Goodwill impairment | 1,100 | |||||
Purchases of property, plant and equipment | 254 | $ 15,349 | 369 | $ 15,422 | ||
Aviara | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | $ 32,751 | $ 32,751 | $ 31,465 |