Malibu Boats reports 1Q results

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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.

The company realized a 1.8 percent unit volume increase to 673 boats with net sales per unit rising 8.1 percent to $70,815 for the quarter that ended Sept. 30.

The first quarter is always a challenging quarter,” Malibu CEO Jack Springer said in a statement. “Dealers are moving previous-year inventory and many, historically, had not been exposed to new boats, innovations and features. This year we did an exceptional job of getting dealers acclimated to and knowledgeable about the new boats and features early and often. The result has been an overwhelming excitement and embrace of the most new products in Malibu's history. We have seen this in our dealer's response to product and their order patterns."

Adjusted EBITDA for the first quarter of fiscal 2015 was $8.1 million, a decrease of $100,000 from the same period in fiscal 2014.

"Our first fiscal quarter for 2015 continues what we have accomplished in every previous quarter since becoming a public company; we met or exceeded our plans and delivered a strong quarter despite tough comparisons from last year,” Springer said. “Revenues, adjusted EBITDA and earnings per share were what we planned to achieve. I continue to be confident that we will be able to meet or exceed our growth plan.”

At Malibu’s dealer meeting in November, the company will debut two new models that are “well positioned to be successful at boat shows in January,” Springer said.

“In addition, the new A22 and new 22 VLX have been very strong out of the gate. Further our 23 LSV, which was new last year, continues to exhibit strong order flow,” Springer said. “In spite of foreign exchange fluctuations and European weakness we continue to be positioned to meet our previously announced financial and performance targets."