Baller Jordan Posted May 4, 2015 Baller Share Posted May 4, 2015 http://www.streetinsider.com/IPOs/MasterCraft+Files+for+$100M+IPO/10516920.html Mastercraft going public Link to comment Share on other sites More sharing options...
Baller klindy Posted May 4, 2015 Baller Share Posted May 4, 2015 Interesting. Link to comment Share on other sites More sharing options...
Baller Razorskier1 Posted May 4, 2015 Baller Share Posted May 4, 2015 Not surprised. Private equity investors have a timeline. Link to comment Share on other sites More sharing options...
Baller oldjeep Posted May 4, 2015 Baller Share Posted May 4, 2015 Wasn't aware the owning company was based out of MN . You would think they would have a bigger presence here. Link to comment Share on other sites More sharing options...
Baller eleeski Posted May 4, 2015 Baller Share Posted May 4, 2015 Wait, is that what we have to do to purchase a Mastercraft? IPO, bond issues or some other creative financing can raise enough money to take a new boat home. Maybe. Seriously, good luck to Mastercraft with this activity. We really do need strong boat companies in our sport. Eric Link to comment Share on other sites More sharing options...
Baller Jordan Posted May 4, 2015 Author Baller Share Posted May 4, 2015 2014.... 20.5% of the market 177 million in sales Just under 20 million in profit Link to comment Share on other sites More sharing options...
Baller ntx Posted May 5, 2015 Baller Share Posted May 5, 2015 If I remember correctly when malibu went public about a year ago, it was offered at 17.00. It has gotten has high as 24. Currently In the 19 to 21 range. It will be interesting to see what mastercraft starts at. Link to comment Share on other sites More sharing options...
Baller MattP Posted May 5, 2015 Baller Share Posted May 5, 2015 @Jordan do you have those numbers for Malibu? Link to comment Share on other sites More sharing options...
Baller Razorskier1 Posted May 5, 2015 Baller Share Posted May 5, 2015 @MattP. I can get the details. MBUU market share is in the 30's. Revenue this year forecast at $227mm. They report earnings tomorrow morning before the market open. Link to comment Share on other sites More sharing options...
Baller Jordan Posted May 5, 2015 Author Baller Share Posted May 5, 2015 For Malibu...2014 Market share a few points higher than MC (190m versus 177m in revenue) $190 million in sales Lost $4.6 million Link to comment Share on other sites More sharing options...
Baller Razorskier1 Posted May 5, 2015 Baller Share Posted May 5, 2015 MBUU made $4.7mm last year and was free cash flow positive. For June 15 fiscal year they are forecast to make over $32mm. Operating profit margin around 14%. They have really improved manufacturing efficiency and have been selling high priced wake boats. The average selling price factory to dealer is $67,000. Boat volumes are also showing a nice recovery still from the recession. The best ever years for "performance sport boats" as a category was about 13,000 units. Currently about half that level. Link to comment Share on other sites More sharing options...
Baller MattP Posted May 5, 2015 Baller Share Posted May 5, 2015 @Jordan @Razorskier1 Lost or made ~4.6M? Link to comment Share on other sites More sharing options...
Baller Chef23 Posted May 5, 2015 Baller Share Posted May 5, 2015 @MattP you can see most of the numbers the way Malibu presents them to investors/analysts here: http://files.shareholder.com/downloads/AMDA-2F4INY/138404823x0x813076/cbe47d38-1cc2-4e8a-9bcc-046e2d04620a/Investor_Presentation_for_Q2_2015_-_Winter_-_Orlando_-_for_print.pdf It is from a March 2015 analyst presentation. If you read the presentation you can see they are heavily focused on the wake and surf markets. The only mention of ski boats is the LXR as a new model. Link to comment Share on other sites More sharing options...
Baller Jordan Posted May 5, 2015 Author Baller Share Posted May 5, 2015 @MattP according to their SEC filings they lost $4.676 million in fiscal 2014... http://investors.malibuboats.com/secfiling.cfm?filingID=1590976-14-43&CIK=1590976#MBUU-6302014X10K_HTM_S9B5185DDBD22507EA66B727DE7982841 Link to comment Share on other sites More sharing options...
Baller Razorskier1 Posted May 5, 2015 Baller Share Posted May 5, 2015 Made. They are very profitable Link to comment Share on other sites More sharing options...
Baller Jordan Posted May 5, 2015 Author Baller Share Posted May 5, 2015 Fiscal Year Ended June 30, 2014 Net Sales ...................................................................................$ 190,935 Gross Profit........................................................................................50,794 Operating (loss) income..........................................................................(455) Net (loss) income ................................................................................(1,188) Net (loss) income attributable to non-controlling interest.....................3,488 Net loss attributable to Malibu Boats, Inc..........................................$ (4,676) Basic loss per share of Class A Common Stock........................................$(0.42) Diluted loss per share of Class A Common Stock.....................................$(0.42) Sorry for the formatting issues Information straight from there 10K.....filed with the SEC Link to comment Share on other sites More sharing options...
Baller ForrestGump Posted May 5, 2015 Baller Share Posted May 5, 2015 @Jordan The 4.7M Fiscal '14 loss included a one time charge of $20M from the lawsuit they lost. So operationally they made $15M and some change. Link to comment Share on other sites More sharing options...
Baller RAWSki Posted May 5, 2015 Baller Share Posted May 5, 2015 Not every company should go public, IMO the ski boat business if one of them. Investors want returns year after year, a private company can have 'ups and downs' but still make money for it's ownership and provide jobs. Link to comment Share on other sites More sharing options...
Baller Razorskier1 Posted May 5, 2015 Baller Share Posted May 5, 2015 10K is required reporting. Often has little to do with actual cash flow, and more to do with regulatory requirements. Important reading, but only part of the story. MBUU is profitable and generating free cash flow. Their capex requirements for both maintenance and expansion are very modest. They recently took on some debt to retire some stock (mostly done to reduce the private equity ownership, now down to 23%) and because they can afford some debt given strong free cash flow. For the June 16 and June 17 fiscal years they should generate more than $30mm in free cash flow per year while growing adjusted earnings per share at a double digit clip. I spoke with management less than two months ago and continue to be impressed with their strategic focus and efficiency of operations. @RAWSki -- absolutely agree. The pressures public companies to both consistently beat investor expectations on a quarterly basis AND manage for the long-term are sometimes at odds. As a private company, you have the luxury of investing for the future without worrying about how shareholders will deal with it. Link to comment Share on other sites More sharing options...
Baller Jordan Posted May 5, 2015 Author Baller Share Posted May 5, 2015 Never commented on the company's Cash Flow..... Always read the 10k, to calculate FCF also....a lot more truth gets published in required filings than at investor presentations. Link to comment Share on other sites More sharing options...
Baller auskier Posted May 6, 2015 Baller Share Posted May 6, 2015 would that have included the purchase of the australian factory as well? Link to comment Share on other sites More sharing options...
Baller MattP Posted July 24, 2015 Baller Share Posted July 24, 2015 http://www.knoxnews.com/business/mastercraft-closes-successful-ipo_73953595 Link to comment Share on other sites More sharing options...
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