Malibu Boats agreed to pay $20 million in cash to settle an intellectual property rights lawsuit by Pacific Coast Marine Windshields Ltd., resulting in a net loss for the fourth quarter.
"We are very pleased to have reached a settlement of this long-standing litigation and to put this matter behind us,”CEO Jack Springer said in a statement issued in late September. “The settlement enables us to now fully focus on our current and future opportunities.”
The settlement was to be paid Sept. 29, prompting the company to revise the earnings report for its fiscal 2014 fourth quarter, which ended June 30.
General and administrative expenses increased by $20 million to $24.7 million. Net loss for the quarter was $10.6 million, or 39 cents a diluted share, compared with a previously disclosed net income of $5.4 million, or 16 cents a diluted share.
General and administrative expenses for the fiscal year increased by $20 million to $40 million.
Net loss for the fiscal year was $1.2 million, or 42 cents a diluted share, for the period from Feb. 5 to June 30, compared with previously disclosed net income of $14.8 million, or 12 cents a diluted share, for that period.
Adjusted EBITDA, adjusted EBITDA margin, adjusted fully distributed net income and adjusted fully distributed net income per share for the fourth quarter and fiscal year were unchanged.