Correct Craft said the 2016 model year was the best in the company’s 91-year history.
Correct Craft said its strategy, a combination of internal optimization and targeted acquisitions, resulted in significant growth for the model year that ended June 30, as revenue increased 47 percent and net income increased 45 percent from the 2015 model year — which the company said was its previous best year ever.
“Our team is highly energized by the growth we are experiencing and the progress we are making at our Correct Craft companies, each of which are profitable and growing,” Correct Craft CEO Bill Yeargin said in a statement.
“Even more importantly, we are thrilled with the cultural improvements we have been able to implement at each of our Correct Craft companies,” Yeargin said. “While we want to grow and be profitable, it is equally important to us that we treat people well and develop leaders while working to make life better for our customers, employees, dealers, vendors, strategic partner and people around the world who we can help.”
Correct Craft said all of its companies not only experienced growth in sales and profitability, but also undertook improvement initiatives:
- Nautique Boats completed an $8 million expansion of its facilities and continues to increase production.
- Centurion Boats and Supreme Boats are experiencing “significant dealer and retail growth both domestically and internationally.”
- Pleasurecraft Engine Group has upgraded processes and the plant during the past two years.
- Bass Cat and Yar-Craft have aligned with industry partners and seen growth in sales and profitability.
- Aktion Parks recently announced the opening of a third cable park in Florida.
- SeaArk, Correct Craft’s newest acquisition, is investing heavily in capital improvement to shorten its order backlog.