Takes Steps to Protect the Health and Safety of Employees, Dealers and Communities
Temporarily Suspends Manufacturing Across All Brands
Enhances Available Liquidity and Financial Flexibility
Withdraws Fiscal 2020 Guidance
“COVID-19 is posing unprecedented challenges and uncertainty for MasterCraft, our industry and the entire global economy,” said
“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
Increasing Financial Flexibility
As previously announced, on
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
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 uncertain impact on the Company of the COVID-19 pandemic, our long term-prospects and our ability to execute our business strategies and drive synergies, innovation and 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 the potential effects of the COVID-19 pandemic on the Company, general economic conditions, demand for our products, 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 large fixed cost base, and the successful introduction of our new products. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended
Any such forward-looking statements speaks only 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.
Chief Revenue Officer
Source: MasterCraft Boat Holdings, Inc.