MasterCraft said it increased its fourth-quarter net sales to $58.3 million, up 9.3 percent from $53.4 million in the same quarter last year.
The increase reflected a rise in unit sales volume of 37 units, or 5.6 percent, and a favorable pricing and product mix, the company said.
Net sales for the fiscal year that ended June 30 rose to $228.6 million, up 3.2 percent from $221.6 million in the prior year.
MasterCraft said continued demand for performance sport boats drove its sales gains.
The growth was attributable to an increase in unit volume of 48 units, or 1.8 percent, and an increase in net sales per unit of 1.4 percent. This increase was attributable to price increases, as well as increased sales of higher content option packages.
Gross margin in the fourth quarter increased 190 basis points, to 28.2 percent, up from 26.3 percent in the prior-year period, and increased 20 basis points for the fiscal year, to 27.8 percent, from 27.6 percent in fiscal 2016.
Net income for the fourth quarter was $6.3 million, up from $4.8 million in the prior-year period. Net income totaled $19.6 million for the fiscal year, almost double from $10.2 million in the prior year.
“We delivered another strong quarter from both a top- and bottom-line perspective,” said MasterCraft CEO Terry McNew in a statement. “Continued growth in retail demand and our focus on operational efficiency drove results.”
“For the quarter and fiscal year, we delivered gains in net sales, reduced our dealer pipeline inventory, as well as continued to deliver on our industry-leading working capital management — which enabled us to reduce our total debt by $17.7 million during the fiscal year,” he added.
Diluted earnings per share increased to 34 cents for the fourth quarter from 26 cents in the prior-year period. Diluted earnings per share were $1.05 for the fiscal year, compared with 56 cents in the prior year.
Adjusted earnings before interest, tax, depreciation and amortization increased in the fourth quarter to $11.5 million from $9.9 million in the prior-year period and rose for the fiscal year to $43.5 million from $41.2 million in the prior year.
Gross profit for the fourth quarter increased by $2.5 million, or 17.3 percent, to $16.5 million, compared with $14 million in the prior-year period.
Gross profit for the fiscal year increased $2.4 million, or 3.9 percent, to $63.5 million, versus $61.1 million in the prior year. Gross margin rose to 27.8 percent from 27.6 percent in the prior year.