MasterCraft Boat Holdings, Inc. has agreed to sell its boat manufacturing plant in Merritt Island, FL. As previously reported, the company held the facility for open market sale following its agreement to transfer the rights to its Aviara brand, a MarineMax subsidiary.
“We are pleased to announce the sale of our Aviara manufacturing property and facilities to RMI Holdings, Inc., the parent company of Regal Boats,” commented Brad Nelson, CEO of MasterCraft Boat Holdings, Inc. “We deeply appreciate the opportunity to transact with a great local boating partner, which we anticipate will continue the rich heritage of boat building in the Merritt Island community.”
Nelson continued, “The cash proceeds from the transaction further add to our strong financial position, which has provided us with the flexibility to pursue our strategic initiatives, which are focused on extending our leadership position in our MasterCraft, Crest, and Balise brands, optimizing our cost structure, and directing resources towards other long-term initiatives.”
The transaction remains subject to customary closing conditions and is expected to be completed in the fiscal second quarter, ending December 31.
For full year fiscal 2025, MasterCraft Boat Holdings, Inc. expects consolidated net sales to be between $265 million and $300 million, with Adjusted EBITDA between $15 million and $26 million, and Adjusted earnings per share of between 36 cents and 87 cents.
For fiscal 2024 ended June 30, 2024, MasterCraft reported consolidated net sales of $366.6 million, down $295.5 million from fiscal 2023.
Adjusted net income decreased to $20.9 million for fiscal 2024, or $1.22 per diluted share, compared to $95.0 million, or $5.35 per diluted share, in fiscal 2023. Adjusted EBITDA was $32.9 million for fiscal 2024, compared to $131.5 million in fiscal 2023. Adjusted EBITDA margin was 9.0 percent of sales for fiscal 2024, down from 19.9 percent for the prior year.
Image courtesy Mastercraft
