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EX - 99.1 2 exhibit991 - q32021earningre.htm EX - 99.1 Exhibit 99.1 MALIBU BOATS , INC . ANNOUNCES RECORD THIRD QUARTER FISCAL 2021 RESULTS Fiscal Third Quarter 2021 Highlights Compared to Fiscal Third Quarter 2020 : • Net sales increased 49.8 % to $ 273.2 million • • • Unit volume increased 36.6 % Gross profit increased 57.1 % to $ 72.0 million Net income increased 47.2 % to $ 35.1 million • Adjusted EBITDA increased 56.7 % to $ 57.0 million • Net income available to Class A Common Stock per share ( diluted ) increased 47.7 % to $ 1.61 per share • Adjusted fully distributed net income per share increased 61.1 % to $ 1.82 per share on a fully distributed weighted average share count of 21.7 million shares of Class A Common Stock Loudon , TN , May 4 , 2021 - Malibu Boats , Inc. ( Nasdaq : MBUU ) today announced its financial results for the third quarter ended March 31 , 2021 . " We delivered a record - setting third quarter and the best quarter in company history from both a revenue and earnings perspective . This would have been true even without the addition of Maverick Boat Group this quarter . Our results continue to showcase the agility of our team and the strength of our flexible business model , as we posted production levels for Malibu and Pursuit that significantly exceeded historical levels and the fourth best production month ever for Maverick in March . While we have expertly navigated COVID - related supply chain constraints , disruptions resulting from the Texas storms and Kansas freeze allowed our operational excellence and versatility to shine through , ” commented Jack Springer , Chief Executive Officer of Malibu Boats , Inc. " Maverick is proving to be another home run , and a perfect fit within our Malibu family of brands . We have just begun our proven process of improvement with Maverick and there are many opportunities for growth to come . Further , robust demand for our larger , newer boats has endured , supporting substantial growth and earnings power . We are optimistic that these tailwinds will remain elevated well beyond calendar year 2021. " " As we continue to navigate through an ever - changing macro - economic landscape , I am incredibly proud of our team , who day in and day out remain laser - focused on superior execution and living the values of our Company to ensure we bring our customers industry - leading new product innovation . We look forward to leveraging these catalysts for growth as we conclude our fiscal year 2021 , and continue to deliver value for our shareholders , ” concluded Mr. Springer . Fiscal Third Quarter 2021 Results ( Unaudited ) Three Months Ended March 31 , 2021 2020 Nine Months Ended March 31 , 2021 2020 Net Sales $ Gross Profit $ 273,162 72,028 $ ( Dollars In Thousands ) 182,310 $ $ 45,849 $ 649,793 167,258 $ $ 534,502 125,718 Gross Profit Margin 26.4 % 25.1 % Net Income $ 35,135 $ 23,866 $ 25.7 % 79,320 $ 23.5 % 58,146 Net Income Margin 12.9 % 13.1 % 12.2 % 10.8 % Adjusted EBITDA $ 57,023 $ Adjusted EBITDA Margin 20.9 % 36,399 $ 20.0 % 132,483 $ 95,464 20.4 % 17.9 % Net sales for the three months ended March 31 , 2021 increased $ 90.9 million , or 49.8 % , to $ 273.2 million as compared to the three months ended March 31 , 2020. The increase in net sales was driven primarily by a favorable 1