MasterCraft Boat Holdings, Inc. Sells NauticStar Business

VONORE, Tenn., Sept. 08, 2022 (GLOBE NEWSWIRE) — MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”) today announced that its NauticStar business has been acquired by a subsidiary of Iconic Marine Group. Iconic Marine Group has assumed substantially all liability for the NauticStar business and intends to continue to operate the NauticStar business as usual. The transaction, which closed on September 2, 2022, is subject to a customary working capital adjustment.

Fred Brightbill, Chief Executive Officer and President of MasterCraft Boat Holdings, said, “The sale of the NauticStar business to Iconic Marine Group will better position MasterCraft to generate profitable growth. I am convinced that focusing on our MasterCraft, Crest and Aviara brands will generate added value for MasterCraft shareholders, and that NauticStar will benefit from a new strategic owner dedicated to the future success of the brand. I would like to thank the employees of NauticStar, who have a new home at Iconic Marine Group, for their hard work and dedication to quality and craftsmanship for our customers. We wish them much success in the future.

As previously announced on August 9, 2022, the NauticStar business will be accounted for as a discontinued operation under GAAP beginning in the company’s first quarter of fiscal 2023. Additional details will be provided during the company’s fourth quarter and full year 2022 conference call on September 8. , 2022.

About MasterCraft Boat Holdings, Inc.

Based in Vonore, Tennessee, MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of recreational powerboats through its three brands, MasterCraft, Crest and Aviara. Through these three brands, MasterCraft Boat Holdings holds leading market share in two of the fastest growing segments of the powerboat industry – performance sport boats and pontoon boats – while entering the big growing segment of luxury day boats. For more information about MasterCraft Boat Holdings and its three brands, visit: Investors.MasterCraft.com, www.MasterCraft.com, www.CrestPontoonBoats.com and www.AviaraBoats.com.

Forward-looking statements

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 the impact of the sale of the NauticStar business on our future operations, as well as the treatment accountant expected regarding our sale of the NauticStar business.

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 our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and cost bases, changes in U.S. federal income tax law, including the 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. The 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.

Investor contacts:

MasterCraft Boat Holdings, Inc.
george steinbarger
Revenue Director
Email: [email protected]

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