Malibu Boats, Inc. announces Q1 2015 results

LOUDON, Tenn. — Malibu Boats, Inc. announced its financial results for the first quarter of fiscal 2015 ended September 30, 2014.

Highlights for the First Quarter of Fiscal 2015

• Net sales for the first quarter of fiscal 2015 increased 10.1% to $47.7 million compared to the first quarter of fiscal 2014. Unit volume increased 1.8% to 673 boats and net sales per unit increased 8.1% during the same period to $70,815.
• Gross profit for the first quarter of fiscal 2015 increased 9.7% to $12.1 million compared to the first quarter of fiscal 2014.
• Adjusted EBITDA for the first quarter of fiscal 2015 was $8.1 million, a decrease of $0.1 million compared to the same period in fiscal 2014.
• Adjusted fully distributed net income for the first quarter of fiscal 2015 was $4.3 million, or $0.19 per share, on a fully distributed weighted average share count of 22.5 million shares of Class A Common Stock.

Jack Springer, Chief Executive Officer, stated, “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. 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. The first quarter is always a challenging quarter. 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.”

Mr. Springer continued, “We expect that our second fiscal quarter will again be a good quarter. At our National Dealer meeting in November, we will be debuting two new models which are well positioned to be successful as boat shows begin in January. 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. In spite of foreign exchange fluctuations and European weakness, we continue to be positioned to meet our previously announced financial and performance targets.”