Malibu Boats reported a net sales increase of more than 16 percent to $43.9 million for the second quarter of 2014.
“On every front, we had a phenomenal fiscal second quarter,” Malibu CEO Jack Springer said in a statement. “Net sales were up over 16 percent, driven by strong increases in both unit volume and average selling price.”
Unit volume increased 10.1 percent to 662 boats and net sales per unit increased 5.5 percent to $66,372.
Gross profits increased 25.8 percent to $11.7 million, and gross margin increased 204 basis points to 26.6 percent, the highest adjusted second-quarter margins in company history, the company noted.
“Our margins improved across the board, and we generated the highest second quarter adjusted EBITDA margin in the company's history,” Springer said. “Our new product introductions, which included the 23 LSV, the Axis A24, the Axis T22 and the addition of Surf Gate as an optional feature on all Axis boats, have been very well received by our dealers and created a lot of excitement in the market.”
Adjusted EBITDA increased 27.9 percent to $8.7 million and adjusted EBITDA margin increased 182 basis points to 19.8 percent. Adjusted fully distributed net income was $4.4 million, or $0.20 per share, on a fully distributed weighted average share count of 22.4 million shares of Class A Common Stock.
“We remain encouraged about the momentum of the business heading into the peak retail selling season and believe we are well positioned to continue benefiting from our No. 1 position in the performance sportboat industry and a recovery in the overall segment,” Springer said.