Malibu Boats reports 1Q results

Net sales increased 8.4 percent in the first quarter for Malibu Boats to $62 million.
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Net sales increased 8.4 percent in the first quarter for Malibu Boats to $62 million and unit volume increased 1 percent to 833 boats compared with the quarter a year earlier.

The company said today that net sales per unit rose 7.3 percent to $74,455 and net sales per unit in the United States increased 7.6 percent to $77,735 for the quarter that ended Sept. 30.

Gross profit increased 7.6 percent to $15.8 million compared with the year-earlier quarter.

Net income increased 6.2 percent to $4.2 million, or 21 cents a share, from the quarter last year. Adjusted EBITDA increased 4.4 percent to $9.9 million.

Adjusted fully distributed net income increased 4.1 percent to $4.9 million from the year-earlier quarter.

"Malibu has again had the best first quarter in units, revenue, net income and adjusted EBITDA in our history,” Malibu CEO Jack Springer said in a statement. “We continue to meet expectations despite various international and economic uncertainties. While we continue to monitor such factors, we believe we have anticipated and positioned Malibu to be successful despite these influences.”

Adjusted fully distributed net income per share increased 4 percent to $0.26 a share on a fully distributed weighted average share count of 19.2 million shares of Class A common stock, compared with the quarter last year, the company said.

“The new product we deliver each year has been a critical driver of our success,” Springer said. “We are fortunate that the new boats we have brought to market have been well accepted and have propelled our market share to the highest level in our history. Malibu also continues to be the company of innovation and advanced technology. Our new products and features continue to be compelling and drive the advantages of owning a Malibu boat.”

"While the international markets continue to be challenged, due to a strong U.S. dollar, among other reasons, the domestic markets have been slightly stronger than we had anticipated,” Springer added. “This strength has continued into the fall season, driven by the warm temperatures across most of the country. Especially encouraging is the West region, led by California, where we continue to see strong growth, with other regions of the country also faring well. While we continue to watch the global environment, we are encouraged by the strength of the domestic market, the strength of our dealers and the strength of our product."

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