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MasterCraft provides updates in response to COVID-19

by George Steinbarger 27 Mar 02:05 PDT
COVID-19 - Coronavirus Disease © Daria Blackwell

MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the "Company") today provided an update on its business and announced several actions that the Company is taking to protect the health and safety of its employees, dealers and communities in light of the COVID-19 pandemic.

"COVID-19 is posing unprecedented challenges and uncertainty for MasterCraft, our industry and the entire global economy," said Fred Brightbill, CEO and Chairman of MasterCraft Boat Holdings, Inc. "As we navigate this rapidly evolving situation, ensuring the health, safety and well-being of our employees, dealers and the communities in which we operate remains our top priority. To that end, we are implementing our business continuity plan that delivers on this objective and protects the financial and operational strength of the Company. Furthermore, while we face significant uncertainties, we are continuing to work on our plans to improve the customer experience, our customer-focused culture, and further advance operational excellence.

"In this challenging market, MasterCraft continues to work closely with dealers to help manage their inventory levels and support the overall health of their businesses. We are monitoring the situation closely, and stand prepared to take additional action as necessary to position MasterCraft and its stakeholders for success over the longer-term," Brightbill concluded.

Suspending Manufacturing Operations

In an effort to further protect the health of its manufacturing employees and to balance wholesale production with retail demand, the Company is suspending operations at its manufacturing facilities for all of its brands (MasterCraft, NauticStar, Crest and Aviara), effective close of business on March 26, 2020. For its corporate employees, the Company is instituting a work-from-home policy for each of its brands' respective headquarters. The Company will evaluate and consider the health and safety of its employees, federal and local government mandates, market demand and input from dealers and its supply chain, among other factors, to determine the duration of the suspension or any further actions regarding its operations.

Increasing Financial Flexibility

As previously announced, on March 19, 2020, the Company drew $35 million on its revolving credit agreement as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak. In the event of an extended manufacturing operation suspension or lower retail demand environment, the proceeds from this draw-down will be used to ensure the ongoing viability of operations and to protect our customers and stakeholders.

Withdrawing Guidance

Given economic uncertainty around the business impact of the COVID-19 pandemic, the Company is withdrawing the fiscal 2020 guidance contained in its second-quarter earnings press release and conference call on February 5, 2020. The Company will provide updates during its fiscal third-quarter call in May 2020.

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