MCFT 8-K
MasterCraft Boat Holdings, Inc. (MCFT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 8, 2023, MasterCraft Boat Holdings, Inc. announced its financial results for its fiscal 2024 quarter ended October 1, 2023. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information in this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being furnished as part of this report:
Exhibit No. |
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Description |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MASTERCRAFT BOAT HOLDINGS, INC. |
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Date: |
November 8, 2023 |
By: |
/s/ TIMOTHY M. OXLEY |
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Timothy M. Oxley |
Exhibit 99.1
FOR IMMEDIATE RELEASE
MasterCraft Boat Holdings, Inc. Reports Results for Fiscal 2024 First Quarter
VONORE, Tenn. – November 8, 2023 – MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2024 first quarter ended October 1, 2023.
Highlights:
Unless otherwise indicated, the highlights and commentary provided herein relate to our continuing operations, which excludes our former NauticStar segment. Results for NauticStar are reported as discontinued operations.
Fred Brightbill, Chief Executive Officer and Chairman, commented, “Our business performed well during the first quarter as we delivered better-than-expected results despite continuing macroeconomic and demand uncertainty. With the summer selling season now complete we are focused on rebalancing dealer inventories with anticipated retail demand as we seek to ensure the health of our dealer network. We are maintaining a disciplined approach to capital allocation as we prioritize balance sheet resilience and the return of cash to shareholders through our share repurchase program.”
Brightbill continued, “Given the uncertain environment, our strong balance sheet is a significant advantage which provides us with abundant financial flexibility. Despite the cyclical headwinds facing the industry, we are well positioned to pursue our capital allocation priorities, including investment in long-term growth. We continue to prudently invest in targeted initiatives that will take advantage of the industry’s positive, underlying secular trends. These investments will support long-term growth and value creation through product line expansion, relentless innovation, and an unyielding focus on the consumer.”
First Quarter Results
Unless otherwise indicated, the financial results provided herein relate to our continuing operations, which excludes our former NauticStar segment. Results for NauticStar are reported as discontinued operations.
For the first quarter of fiscal 2024, MasterCraft Boat Holdings, Inc. reported consolidated net sales of $104.2 million, down $65.3 million from the first quarter of fiscal 2023. The net sales decrease reflects lower unit volume as we focus on rebalancing dealer inventories consistent with anticipated softness in retail demand, and an increase in dealer incentives, partially offset by higher prices. Dealer incentives include higher floor plan financing costs as a result of increased dealer inventories and interest rates, and other incentives as the retail environment remains competitive.
Gross profit decreased $24.1 million and gross profit margin decreased 610 basis points to 21.0 percent in the first quarter of fiscal 2024 from 27.1 percent in the first quarter of fiscal 2023. The decrease in margin was mainly due to lower cost absorption due to planned decreased sales volume, higher dealer incentives, and higher costs related to material, labor and overhead inflation, partially offset by higher prices.
Operating expenses decreased $0.5 million for the first quarter of fiscal 2024, compared to the prior-year period.
Net income from continuing operations was $7.1 million for the first quarter of fiscal 2024, compared to $24.6 million in the prior-year period. Diluted net income from continuing operations per share was $0.41, compared to $1.37 for the first quarter of fiscal 2023.
Adjusted Net Income decreased to $8.1 million for the first quarter, or $0.47 per diluted share, compared to $25.7 million, or $1.43 per diluted share, in the prior-year period.
Adjusted EBITDA was $12.2 million for the first quarter of fiscal 2024, compared to $35.9 million in the prior-year period. Adjusted EBITDA margin was 11.7 percent for the first quarter, down from 21.2 percent for the prior-year period.
Net income was $6.2 million for the first quarter of fiscal 2024, compared to net income of $4.1 million in the prior-year period.
See “Non-GAAP Measures” below for a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Net Income per share to the most directly comparable financial measures presented in accordance with GAAP.
Outlook
Concluded Brightbill, “Macroeconomic factors, including interest rates which could remain elevated for some time, are adversely impacting the demand for recreational boats and other luxury consumer goods. The potential for a broader economic downturn during fiscal 2024 could worsen this headwind for the industry. In addition, political and geopolitical risks are creating uncertainties that weigh on consumer confidence. Given the dynamic macroeconomic and geopolitical backdrop, which is limiting retail demand visibility, we have planned for a range of potential retail demand scenarios.”
The Company’s outlook is as follows:
Conference Call and Webcast Information
MasterCraft Boat Holdings, Inc. will host a live conference call and webcast to discuss fiscal first quarter 2024 results today, November 8, 2023, at 8:30 a.m. EDT. Participants may access the conference call live via webcast on the investor section of the Company’s website, Investors.MasterCraft.com, by clicking on the webcast icon. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website.
About MasterCraft Boat Holdings, Inc.
Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of recreational powerboats through its three brands, MasterCraft, Crest, and Aviara. Through these three brands, MasterCraft Boat Holdings has leading market share positions in two of the fastest growing segments of the powerboat industry – performance sport boats and pontoon boats – while entering the large, growing luxury day boat segment. For more information about MasterCraft Boat Holdings, and its three brands, visit: Investors.MasterCraft.com, www.MasterCraft.com, www.CrestPontoons.com, and www.AviaraBoats.com.
Forward-Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can often be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,”
“estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and include statements in this press release concerning the resilience of our business model; and our intention to drive value and accelerate growth.
Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: the potential effects of supply chain disruptions and production inefficiencies, general economic conditions, demand for our products, inflation, changes in consumer preferences, competition within our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our fixed cost base, the successful introduction of our new products, and geopolitical conflicts, such as the conflict between Russia and Ukraine and the conflict in the Gaza Strip. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, filed with the Securities and Exchange Commission (the “SEC”) on August 30, 2023, could cause actual results to differ materially from those indicated by the forward-looking statements. The discussion of these risks is specifically incorporated by reference into this press release.
Any such forward-looking statements represent management's estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue or cause our views to change, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Use of Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures in this release. Reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in tables immediately following the consolidated statements of operations. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with GAAP.
Results of Operations for the Three Months Ended October 1, 2023
MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
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Three Months Ended |
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October 1, |
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October 2, |
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2023 |
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2022 |
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Net sales |
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$ |
104,217 |
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$ |
169,516 |
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Cost of sales |
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82,381 |
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123,543 |
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Gross profit |
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21,836 |
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45,973 |
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Operating expenses: |
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Selling and marketing |
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3,464 |
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3,779 |
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General and administrative |
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9,357 |
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9,483 |
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Amortization of other intangible assets |
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462 |
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489 |
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Total operating expenses |
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13,283 |
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13,751 |
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Operating income |
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8,553 |
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32,222 |
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Other income (expense): |
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Interest expense |
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(878 |
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(562 |
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Interest income |
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1,351 |
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151 |
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Income before income tax expense |
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9,026 |
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31,811 |
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Income tax expense |
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1,950 |
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7,176 |
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Net income from continuing operations |
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7,076 |
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24,635 |
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Loss from discontinued operations, net of tax |
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(881 |
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(20,567 |
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Net income |
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$ |
6,195 |
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$ |
4,068 |
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Net income (loss) per share |
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Basic |
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Continuing operations |
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$ |
0.41 |
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$ |
1.38 |
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Discontinued operations |
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(0.05 |
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(1.15 |
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Net income |
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$ |
0.36 |
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$ |
0.23 |
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Diluted |
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Continuing operations |
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$ |
0.41 |
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$ |
1.37 |
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Discontinued operations |
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(0.05 |
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(1.14 |
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Net income |
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$ |
0.36 |
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$ |
0.23 |
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Weighted average shares used for computation of: |
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Basic earnings per share |
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17,156,283 |
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17,946,061 |
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Diluted earnings per share |
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17,224,608 |
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18,031,725 |
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MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
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October 1, |
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June 30, |
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2023 |
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2023 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
23,459 |
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$ |
19,817 |
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Held-to-maturity securities |
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66,532 |
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91,560 |
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Accounts receivable, net of allowances of $137 and $122, respectively |
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16,304 |
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15,741 |
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Inventories, net |
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55,472 |
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58,298 |
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Prepaid expenses and other current assets |
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12,593 |
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10,083 |
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Total current assets |
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174,360 |
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195,499 |
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Property, plant and equipment, net |
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76,050 |
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77,921 |
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Goodwill |
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28,493 |
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28,493 |
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Other intangible assets, net |
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35,000 |
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35,462 |
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Deferred income taxes |
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12,460 |
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12,428 |
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Deferred debt issuance costs, net |
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279 |
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304 |
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Other long-term assets |
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7,586 |
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3,869 |
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Total assets |
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$ |
334,228 |
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$ |
353,976 |
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LIABILITIES AND EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
16,950 |
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$ |
20,391 |
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Income tax payable |
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500 |
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5,272 |
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Accrued expenses and other current liabilities |
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61,964 |
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72,496 |
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Current portion of long-term debt, net of unamortized debt issuance costs |
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4,384 |
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4,381 |
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Total current liabilities |
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83,798 |
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102,540 |
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Long-term debt, net of unamortized debt issuance costs |
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48,198 |
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49,295 |
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Unrecognized tax positions |
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7,546 |
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7,350 |
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Operating lease liabilities |
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2,790 |
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2,702 |
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Total liabilities |
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142,332 |
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161,887 |
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COMMITMENTS AND CONTINGENCIES |
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EQUITY: |
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Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 17,256,141 shares at October 1, 2023 and 17,312,850 shares at June 30, 2023 |
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171 |
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173 |
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Additional paid-in capital |
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69,510 |
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75,976 |
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Retained earnings |
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122,015 |
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115,820 |
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MasterCraft Boat Holdings, Inc. equity |
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191,696 |
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191,969 |
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Noncontrolling interest |
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200 |
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120 |
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Total equity |
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191,896 |
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192,089 |
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Total liabilities and equity |
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$ |
334,228 |
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$ |
353,976 |
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Supplemental Operating Data
The following table presents certain supplemental operating data for the periods indicated:
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Three Months Ended |
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October 1, |
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October 2, |
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2023 |
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2022 |
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Change |
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(Dollars in thousands) |
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Unit sales volume: |
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MasterCraft |
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494 |
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781 |
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(36.7 |
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% |
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Crest |
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362 |
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846 |
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(57.2 |
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% |
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Aviara |
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25 |
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32 |
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(21.9 |
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% |
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Consolidated |
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881 |
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1,659 |
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(46.9 |
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% |
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Net sales: |
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MasterCraft |
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$ |
75,836 |
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$ |
113,020 |
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(32.9 |
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% |
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Crest |
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18,469 |
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43,561 |
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(57.6 |
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% |
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Aviara |
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9,912 |
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12,935 |
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(23.4 |
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% |
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Consolidated |
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$ |
104,217 |
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$ |
169,516 |
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(38.5 |
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% |
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Net sales per unit: |
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MasterCraft |
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$ |
154 |
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$ |
145 |
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6.2 |
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% |
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Crest |
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51 |
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51 |
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— |
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% |
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Aviara |
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396 |
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404 |
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(2.0 |
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% |
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Consolidated |
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118 |
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102 |
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15.7 |
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% |
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Gross margin |
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21.0 |
% |
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27.1 |
% |
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(610) bps |
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Non-GAAP Measures
EBITDA, Adjusted EBITDA, EBITDA Margin, and Adjusted EBITDA Margin
We define EBITDA as net income from continuing operations, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations. For the periods presented herein, the adjustment is for share-based compensation. We define EBITDA margin and Adjusted EBITDA margin as EBITDA and Adjusted EBITDA, respectively, each expressed as a percentage of net sales.
Adjusted Net Income and Adjusted Net Income per share
We define Adjusted Net Income and Adjusted Net Income per share as net income from continuing operations, adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. For the periods presented herein, these adjustments include other intangible asset amortization and share-based compensation.
EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Net Income per share, which we refer to collectively as the Non-GAAP Measures, are not measures of net income or operating income as determined under accounting principles generally accepted in the United States, or U.S. GAAP. The Non-GAAP Measures are not measures of performance in accordance with U.S. GAAP and should not be considered as an alternative to net income, net income per share, or operating cash flows determined in accordance with U.S. GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of cash flow. We believe that the inclusion of the Non-GAAP Measures is appropriate to provide additional information to investors because securities analysts and
investors use the Non-GAAP Measures to assess our operating performance across periods on a consistent basis and to evaluate the relative risk of an investment in our securities. We use Adjusted Net Income and Adjusted Net Income per share to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with U.S. GAAP, provides a more complete understanding of factors and trends affecting our business than does U.S. GAAP measures alone. We believe Adjusted Net Income and Adjusted Net Income per share assists our board of directors, management, investors, and other users of the financial statements in comparing our net income on a consistent basis from period to period because it removes certain non-cash items and other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. The Non-GAAP Measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:
In addition, because not all companies use identical calculations, our presentation of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies, including companies in our industry.
Beginning in the first quarter of fiscal 2023, due to the effects of discontinued operations, as discussed above, the Company's non-GAAP financial measures are presented on a continuing operations basis, for all periods presented.
We do not provide forward-looking guidance for certain financial measures on a U.S. GAAP basis because we are unable to predict certain items contained in the U.S. GAAP measures without unreasonable efforts. These items may include acquisition-related costs, litigation charges or settlements, impairment charges, and certain other unusual adjustments.
The following table presents a reconciliation of net income from continuing operations as determined in accordance with U.S. GAAP to EBITDA and Adjusted EBITDA, and net income from continuing operations margin (expressed as a percentage of net sales) to EBITDA margin and Adjusted EBITDA margin (each expressed as a percentage of net sales) for the periods indicated:
(Dollars in thousands) |
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Three Months Ended |
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October 1, |
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% of Net |
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October 2, |
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% of Net |
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2023 |
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sales |
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2022 |
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sales |
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Net income from continuing operations |
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$ |
7,076 |
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6.8% |
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$ |
24,635 |
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14.5% |
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Income tax expense |
|
|
1,950 |
|
|
|
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|
7,176 |
|
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Interest expense |
|
|
878 |
|
|
|
|
|
562 |
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Interest income |
|
|
(1,351 |
) |
|
|
|
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(151 |
) |
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Depreciation and amortization |
|
|
2,727 |
|
|
|
|
|
2,601 |
|
|
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EBITDA |
|
|
11,280 |
|
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10.8% |
|
|
34,823 |
|
|
20.5% |
|
Share-based compensation |
|
|
939 |
|
|
|
|
|
1,120 |
|
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Adjusted EBITDA |
|
$ |
12,219 |
|
|
11.7% |
|
$ |
35,943 |
|
|
21.2% |
|
The following table sets forth a reconciliation of net income from continuing operations as determined in accordance with U.S. GAAP to Adjusted Net Income for the periods indicated:
(Dollars in thousands, except per share data) |
Three Months Ended |
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|
October 1, |
|
|
October 2, |
|
|
||
|
2023 |
|
|
2022 |
|
|
||
Net income from continuing operations |
$ |
7,076 |
|
|
$ |
24,635 |
|
|
Income tax expense |
|
1,950 |
|
|
|
7,176 |
|
|
Amortization of acquisition intangibles |
|
462 |
|
|
|
462 |
|
|
Share-based compensation |
|
939 |
|
|
|
1,120 |
|
|
Adjusted Net Income before income taxes |
|
10,427 |
|
|
|
33,393 |
|
|
Adjusted income tax expense (a) |
|
2,294 |
|
|
|
7,680 |
|
|
Adjusted Net Income |
$ |
8,133 |
|
|
$ |
25,713 |
|
|
|
|
|
|
|
|
|
||
Adjusted net income per common share |
|
|
|
|
|
|
||
Basic |
$ |
0.47 |
|
|
$ |
1.43 |
|
|
Diluted |
$ |
0.47 |
|
|
$ |
1.43 |
|
|
Weighted average shares used for the computation of (b): |
|
|
|
|
|
|
||
Basic Adjusted net income per share |
|
17,156,283 |
|
|
|
17,946,061 |
|
|
Diluted Adjusted net income per share |
|
17,224,608 |
|
|
|
18,031,725 |
|
|
The following table presents the reconciliation of net income from continuing operations per diluted share to Adjusted Net Income per diluted share for the periods presented:
(Dollars in thousands, except per share data) |
Three Months Ended |
|
|
|||||
|
October 1, |
|
|
October 2, |
|
|
||
|
2023 |
|
|
2022 |
|
|
||
Net income from continuing operations per diluted share |
$ |
0.41 |
|
|
$ |
1.37 |
|
|
Impact of adjustments: |
|
|
|
|
|
|
||
Income tax expense |
|
0.11 |
|
|
|
0.40 |
|
|
Amortization of acquisition intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
Share-based compensation |
|
0.05 |
|
|
|
0.06 |
|
|
Adjusted Net Income per diluted share before income taxes |
|
0.60 |
|
|
|
1.86 |
|
|
Impact of adjusted income tax expense on net income per diluted share before income taxes (a) |
|
(0.13 |
) |
|
|
(0.43 |
) |
|
Adjusted Net Income per diluted share |
$ |
0.47 |
|
|
$ |
1.43 |
|
|
Investor Contact:
MasterCraft Boat Holdings, Inc.
Bobby Potter
Vice President of Strategy & Investor Relations
Email: [email protected]
# # #