MasterCraft Boat Holdings, Inc. Announces Review of
VONORE, Tennessee, Aug. 09, 2022 (GLOBE NEWSWIRE) — MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced that its Board of Directors is evaluating strategic alternatives for the NauticStar business. The Board of Directors is considering a wide range of available alternatives to maximize shareholder value, including a potential sale of NauticStar’s assets, with the intention of exiting the NauticStar business.
Fred Brightbill, Chief Executive Officer and Chairman of the Board, said, “Over the past 18 months, we have successfully delivered on our strategic priorities to position the company to generate sustainable growth and value. Accordingly, we believe the time has come to consider the alternatives available to exit the NauticStar business. This move will allow us to focus on our MasterCraft, Crest and Aviara brands, which continue to perform well in a challenging environment, and ensure that we direct resources to areas that will generate the greatest value for our shareholders. We believe the strength and breadth of our brand offerings and the investments we are making in marketing, production and operational excellence have positioned the company better than at any time in our recent history to manage the environment. current market.
There can be no assurance that the strategic alternatives process will result in the Company pursuing any particular transaction or other strategic outcome. The Company has not set a timeline for the completion of this process and does not intend to disclose further developments unless and until it determines that additional disclosure is appropriate or necessary. .
As the board considers alternatives for NauticStar, the NauticStar business is expected to be accounted for as a discontinued operation under GAAP beginning in the company’s first quarter of fiscal 2023. The company reaffirms its full year 2022 outlook previously provided on May 11, 2022. Additional details will be provided during the company’s fourth quarter and full year 2022 conference call.
About MasterCraft Boat Holdings, Inc.
Headquartered in Vonore, Tennessee, MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of recreational powerboats through its four brands, MasterCraft, NauticStar, Crest and Avira. Through these four brands, MasterCraft Boat Holdings has leading market share in three of the fastest growing segments of the powerboat industry – performance sport boats, outboard saltwater fishing and pontoon boats – while entering the large and growing segment of luxury boats. For more information about MasterCraft Boat Holdings and its four brands, visit: Investors.MasterCraft.com, www.MasterCraft.com, www.NauticStarBoats.com, www.CrestPontoonBoats.com and www.AviaraBoats.com.
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can often be identified by words and phrases such as “believes”, “anticipates”, “expects”, “intends”, “estimates”, “may”, “will”, “should”, “continue” and similar expressions, comparable terminology or their negative form, and include statements in this press release regarding strategic alternatives regarding our NauticStar business, including a potential sale and expected accounting treatment.
Forward-looking statements are subject to important risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to: the potential effects of the COVID-19 pandemic on the Company, supply chain disruptions, inflationary pressures, general economic conditions, demand for our products, changes in consumer preferences, competition within of our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our large cost base, changes to U.S. federal income tax law, including the he global impact and interpretation remain uncertain, the successful launch of our new products and geopolitical conflicts. These and other important factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, filed with the Securities and Exchange Commission (the “SEC”) on September 2, 2021, could cause actual results to differ materially from those indicated by the forward-looking statements. Discussion of these risks is specifically incorporated by reference in this press release.
These forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be taken to represent our views as of any date subsequent to the date of this press release. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue or cause our beliefs to change, whether as a result of new information, future events, changes assumptions or otherwise. Comparison of results for current and prior periods is not intended to express future trends or indications of future performance, unless expressed as such, and should be relied upon as historical data only.
MasterCraft Boat Holdings, Inc.
E-mail: [email protected]