Malibu Boats reports 4Q, year-end results

Net sales increased 13.7 percent for Malibu Boats in its fiscal fourth quarter to $60.7 million.
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Net sales increased 13.7 percent for Malibu Boats in its fiscal fourth quarter to $60.7 million, setting a record for the company, and unit volume increased 13.1 percent to 904 boats, including 85 from Australia.

Net sales for the fiscal year that ended June 30 rose 19.7 percent, to $222.6 million, compared with the previous year, and unit volume rose 17 percent, to 3,404 boats, including 225 from Australia.

"Fourth-quarter results were solid, with both our Malibu and Axis brands performing well,” CEO Jack Springer said in a statement. “In fact, our fourth quarter was the best fourth quarter in company history. We exceeded our internal goals and projections for the year and remain pleased with the overall trends in the business. Demand for our product continues to be strong in the U.S. and Australia despite the currency headwinds, as net sales for the quarter increased 13.7 percent and unit volume increased 13.1 percent.”

“As expected, the 23 LSV, 22 MXZ, and 22 VLX have all been strong on the Malibu side, while the A22, T22 and T23 have been the top-selling boats for Axis,” Springer said. “Our dealers continued to sell through existing inventory in the quarter and we were very pleased with the overall channel inventories and business trends at the end of the fiscal year."

Gross fourth-quarter profit increased 10.9 percent, to $16.3 million, and gross profit for the full fiscal year rose 19 percent, to $60.4 million, compared with the previous year.

"We introduced more new products and features than any time in the company's history in fiscal 2015 and we continue to build momentum in the marketplace with our 2016 model year offerings,” Springer said. “We have already launched three completely new boats for model year 2016, with plans to fully unveil our fourth new boat before the start of the boat show season. We introduced several new or upgraded products and features, including our game-changing Surf Gate system with hydraulic actuators, our patented rider-controlled Surf Band technology, new windshields, interiors and backup cameras. We are very excited about our model year 2016 offerings and the performance and quality these offerings will bring to our consumers."

The strong U.S. dollar created headwinds in Malibu’s international sales, but demand in domestic markets remained strong, Springer said.

For the fourth quarter, adjusted earnings before interest, taxes, depreciation and amortization increased 14.8 percent to $11.9 million from last year. Adjusted fully distributed net income increased by 17.3 percent to $6.5 million, or 32 cents a share. Net sales per unit rose 0.5 percent to $67,164, compared with last year’s fourth quarter, and net sales per unit in the United States increased 4.3 percent from the same period last year.

For fiscal 2015, net sales per unit increased 2.4 percent to $67,162, compared with the previous year, and net sales per unit in the United States increased 5.1 percent.

Adjusted EBITDA increased 17.1 percent to $43.6 million from the previous year. Adjusted fully distributed net income increased 38.4 percent to $24.4 million, or $1.11 a share.

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