Malibu Boats increased sales 10.1 percent to $47.4 million in the first quarter of fiscal 2015, with gross profits rising 9.7 percent to $12.1 million.
Malibu Boats finalized the acquisition of the company’s exclusive licensee in Australia.
Malibu Boats and the World Wakeboard Association announced the creation of an elite contest series for 2015, including three stops for the world’s top pro riders.
Wells Fargo analysts say in a research report that Malibu Boats should benefit in fiscal 2015 from one new and one refreshed model for both its Malibu brand and its Axis brand, along with significant surf system, tower and control panel enhancements.
Malibu Boats president Jack Springer has held CEO positions in a number of industries, including furniture, plastics, body armor, foundry, auto parts stamping, textiles, automotive and semiconductors. He spent time in the marine industry at Nautic Global Group before joining Malibu in May of 2009 — at the height of the recession.
Malibu Boats is leading the ski boat performance segment as the No. 1 or No. 2 brand in 80 percent of the markets, according to the company.
Malibu Boats plans to use the $76.8 million in proceeds it got from offering more than 5.5 million shares to buy units of Australian licensee Malibu Boats Holdings LLC from its owners.
Malibu Boats’ offering of 4.8 million shares, priced at $18.50 a share, is expected to close this week.
Despite some early incremental share losses this year, Malibu Boats expects to realize modest share gains in 2014 overall that are driven by an accelerated pace of innovation and distribution enhancement.
Malibu Boats saw third-quarter net sales increase 6.9 percent to $50.3 million and gross profit increased 7.2 percent to $13.4 million compared with the same quarter last year.