View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 27, 2016	May 02, 2016
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 27, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Entity Registrant Name	MCBC Holdings, Inc.
Entity Central Index Key	0001638290
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		18,552,466

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 27, 2016	Mar. 29, 2015	Mar. 27, 2016	Mar. 29, 2015
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NET SALES	$ 57,030	$ 54,282	$ 168,214	$ 159,533
COST OF SALES	41,188	41,395	121,168	121,169
GROSS PROFIT	15,842	12,887	47,046	38,364
OPERATING EXPENSES:
Selling and marketing	2,210	2,266	7,569	6,388
General and administrative	6,064	9,479	24,998	14,682
Amortization of intangible assets	55	54	166	166
Total operating expenses	8,329	11,799	32,733	21,236
OPERATING INCOME	7,513	1,088	14,313	17,128
OTHER EXPENSE:
Interest expense	82	1,752	1,090	4,150
Change in common stock warrant fair value	(27)	(517)	3,374	5,248
INCOME BEFORE INCOME TAX EXPENSE	7,458	(147)	9,849	7,730
INCOME TAX EXPENSE (BENEFIT)	2,564	(252)	4,408	4,733
NET INCOME	$ 4,894	$ 105	$ 5,441	$ 2,997
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 0.26	$ 0.01	$ 0.31	$ 0.27
Diluted (in dollars per share)	$ 0.26	$ 0.01	$ 0.30	$ 0.26
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share (in shares)	18,574,887	11,139,000	17,612,492	11,139,000
Diluted earnings per share (in shares)	18,779,557	11,995,366	18,143,176	11,711,054

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 27, 2016	Jun. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 21,571	$ 1,167
Accounts receivable — net of allowances of $142 and $92, respectively	4,325	2,653
Income tax receivable	59
Inventories — net	11,851	11,541
Prepaid expenses and other current assets	5,203	7,235
Deferred income taxes	9,601	6,733
Total current assets	52,610	29,329
Property, plant and equipment — net	13,280	13,233
Intangible assets — net	16,805	16,971
Goodwill	29,593	29,593
Deferred debt issuance costs - net	326	425
Other	182	125
Total assets	112,796	89,676
CURRENT LIABILITIES
Accounts payable	13,135	14,808
Income tax payable	999	224
Accrued expenses and other current liabilities	23,150	21,313
Common stock warrant liability	217	9,147
Current portion of long term debt		18,275
Total current liabilities	37,501	63,767
Long-term debt		60,487
Unrecognized tax positions	2,262	519
Deferred income taxes	6,406	7,156
Total liabilities	46,169	131,929
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,546,346 shares at March 27, 2016 and 11,139,000 shares at June 30, 2015	176	111
Additional paid-in capital	112,215	8,841
Accumulated deficit	(45,764)	(51,205)
Total stockholders' equity (deficit)	66,627	(42,253)
Total liabilities and stockholders' equity (deficit)	$ 112,796	$ 89,676

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 27, 2016	Jun. 30, 2015
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 142	$ 92
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000
Common stock, issued shares	18,546,346	11,139,000
Common stock, outstanding shares	18,546,346	11,139,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT) - 9 months ended Mar. 27, 2016 - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance, beginning at Jun. 30, 2015	$ 111	$ 8,841	$ (51,205)	$ (42,253)
Balance, beginning (in shares) at Jun. 30, 2015	11,139,000
Increase (decrease) in stockholders' equity
Sale of common stock in IPO, net of $9,309 in underwriter discounts, commissions and offering expenses	$ 61	81,701		81,762
Sale of common stock in IPO, net of $9,309 in underwriter discounts, commissions and offering expenses (in shares)	6,071,429
Issuance of shares in exchange of common stock warrants	$ 8	12,296		12,304
Issuance of shares in exchange of common stock warrants and options (shares)	813,271
Repurchase and retirement of common stock	$ (4)	(4,162)		(4,166)
Repurchase and retirement of common stock (shares)	(366,084)
Equity-based compensation		13,539		13,539
Equity-based compensation (shares)	888,730
Net income			5,441	5,441
Balance, ending at Mar. 27, 2016	$ 176	$ 112,215	$ (45,764)	$ 66,627
Balance, ending (in shares) at Mar. 27, 2016	18,546,346

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY (Parenthetical) $ in Thousands	9 Months Ended
	Mar. 27, 2016 USD ($)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
Underwriter discounts, commission and offering expenses	$ 9,309

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Mar. 27, 2016	Mar. 29, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,441	$ 2,997
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,545	2,303
Inventory obsolescence reserve	301	956
Non-cash interest expenses:
Paid in kind interest		1,034
Debt discount accretion		72
Amortization of deferred financing costs	60	34
Stock-based compensation	13,539
Loss on extinguishment of debt	716	851
Change in common stock warrant fair value	3,374	5,248
Unrecognized tax benefits	1,743	(153)
Deferred income tax benefit	(3,618)	4,620
Net provision for doubtful accounts	50	(317)
Changes in operating assets and liabilities:
Accounts receivable	(1,722)	(1,852)
Inventories	(611)	(2,250)
Prepaid expenses and other current assets	(132)	(4,658)
Accounts payable	(1,673)	2,086
Income taxes	716	(169)
Accrued expenses and other current liabilities	1,837	11,158
Net cash provided by operating activities	22,566	21,960
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,426)	(2,629)
Net cash used in investing activities	(2,426)	(2,629)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	91,071
Proceeds from issuance of long-term debt		75,000
Payment of costs directly associated with the issuance of common stock	(7,202)
Principal payments on long-term debt	(71,250)	(67,014)
Proceeds from revolving loan		20,000
Payments on revolving line of credit	(8,189)	(10,000)
Repurchase and retirement of common stock	(4,166)
Debt discount		(1,120)
Payments of deferred financing costs		(453)
Dividends paid		(44,000)
Net cash provided by (used in) financing activities	264	(27,587)
NET CHANGE IN CASH AND CASH EQUIVALENTS	20,404	(8,256)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	1,167	12,539
CASH AND CASH EQUIVALENTS — END OF PERIOD	21,571	4,283
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for interest	360	1,655
Cash payments for income taxes	5,517	$ 534
Common stock warrant
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of shares in exchange of common stock warrants	$ 12,304

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
ORGANIZATION AND NATURE OF BUSINESS	Mar. 27, 2016
ORGANIZATION AND NATURE OF BUSINESS
ORGANIZATION AND NATURE OF BUSINESS	1.ORGANIZATION AND NATURE OF BUSINESS MCBC Holdings, Inc. (“MCBC” or the “Company”) was formed on January 28, 2000, as a Delaware holding company that operates primarily through its wholly owned subsidiaries, MasterCraft Boat Company, LLC and MCBC Hydra Boats, LLC. MCBC and its subsidiaries collectively are referred to herein as the “Company”. The Company is a designer and manufacturer of premium inboard tournament ski boats and luxury performance V-drive runabouts under the MasterCraft brand. The Company also leases a parts warehouse in the United Kingdom to expedite service, primarily to dealers and customers in the European Union.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 27, 2016
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	2.BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The Company's fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month. The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2015 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2015. The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company's audited consolidated financial statements for the year ended June 30, 2015 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company's financial position as of March 27, 2016 and results of its operations, and its cash flows for the nine months ended March 27, 2016 and March 29, 2015 and statement of shareholders' equity for the nine months ended March 27, 2016. All adjustments are of a normal recurring nature. Our interim operating results for the nine months ended March 27, 2016 and March 29, 2015 are not necessarily indicative of the results to be expected in future operating quarters. There have been no changes in the Company's significant accounting policies or critical accounting estimates for the nine months ended March 27, 2016 as compared with the significant accounting policies described in the Company's audited consolidated financial statements for the financial year ended June 30, 2015. Stock Repurchase Program — On February 18, 2016, the Company’s board of directors (the “Board”) authorized the repurchase, at any time or from time to time, prior to June 30, 2017, of shares of the Company’s common stock, par value $0.01 per share, having an aggregate purchase price not to exceed $15,000 (the “Stock Repurchase Program”). The Company may acquire shares, subject to market conditions and other factors, through open market transactions, accelerated share repurchase transactions or privately negotiated transactions. As part of the Stock Repurchase Program, the Board authorized the purchase of $4,117 of common stock from certain members of the Company’s senior management, which was sold to satisfy tax liabilities related to the vesting of shares of restricted stock. The purchase price for the shares of the Company’s common stock repurchased is reflected as a reduction to common stock and the excess over par value to additional paid-in-capital. For the three months ended March 27, 2016, the Company paid $4,166 to repurchase and retire 366,084 shares. The remaining availability for future purchases under the Stock Repurchase Program is $10,834. Initial Public Offering — In July 2015, the Company completed the initial public offering of its common stock, in which it issued and sold 6,071,429 shares of common stock (exclusive of 910,714 shares of common stock sold by the selling stockholders pursuant to the exercise of an overallotment option granted to the underwriters in connection with the offering) at a public offering price of $15.00 per share after giving effect to the 11.139-for-1 stock split consummated on July 22, 2015. The aggregate net proceeds received by the Company from our initial public offering were $81,762, after deducting $6,375 for underwriting discounts and commissions and $2,934 for offering expenses paid by the Company of which $827 were incurred during the nine months ended March 27, 2016. These condensed consolidated financial statements give effect retrospectively to the stock split consummated on July 22, 2015. Reclassifications — Certain amounts in prior periods have been reclassified to conform with the presentation adopted in the current period. Recently Issued Accounting Standards — In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This ASU will become effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In July 2015, FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. This ASU changes the measurement principle for inventories valued under the First-In, First-Out (“FIFO”) or weighted-average methods from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined by the FASB as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU does not change the measurement principles for inventories valued under the Last-In, First-Out (“LIFO”) method. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligation in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also details the accounting treatment for costs to obtain or fulfill a contract. Lastly, disclosure requirements have been enhanced to provide sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB announced that the implementation date would be delayed by one year. It will now be effective for annual and interim periods beginning after December 15, 2017. Early adoption is now permitted for fiscal years beginning after December 15, 2016. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures.

INVENTORIES

9 Months Ended

Mar. 27, 2016

INVENTORIES

INVENTORIES

3.INVENTORIES

Inventories at March 27, 2016 and June 30, 2015 consisted of the following:


	March 27, 2016		June 30, 2015
Raw materials and supplies	$	4,927	$	4,709
Work in process		2,201		1,783
Finished goods		5,225		5,529
Obsolescence reserve		(502)		(480)
Total inventories	$	11,851	$	11,541

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Mar. 27, 2016

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at March 27, 2016 and June 30, 2015, consisted of the following:


	March 27, 2016		June 30, 2015
Prepaid photo shoot	$	373	$	624
Insurance		905		513
Trade show deposits		10		107
Warranty Insurance		3,603		3,012
Deferred IPO costs		—		2,107
Other		312		872
Total prepaid expenses and other current assets	$	5,203	$	7,235

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Mar. 27, 2016

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

5.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at March 27, 2016 and June 30, 2015, consisted of the following:


	March 27, 2016		June 30, 2015
Warranty	$	11,240	$	10,228
Self-insurance		704		894
Compensation and related accruals		2,553		2,320
Inventory repurchase contingent obligation		1,041		923
Interest		1,074		790
Dealer incentives		4,148		3,568
Other		2,390		2,590
Total accrued expenses and other current liabilities	$	23,150	$	21,313

FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 27, 2016

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

6. FAIR VALUE MEASUREMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

When determining the fair value measurements for assets or liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets.

The following tables summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the consolidated balance sheets:

The Company classifies the common stock warrant within Level 3 because it was valued using valuation techniques using certain inputs that are unobservable in the market. Liabilities, measured at fair value on a recurring basis include the following as of March 27, 2016 and June 30, 2015


	March 27, 2016
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Liability — common stock warrant	$	—	$	—	$	217


	June 30, 2015
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Liability — common stock warrant	$	—	$	—	$	9,147

The Company had previously issued a common stock warrant for the purchase of 1,113,900 shares of common stock. The strike price is $4.27 per share and is subject to adjustment based on stock splits, stock dividends and certain other events or transactions. The warrant will expire in June 2019 if not exercised.

As of June 30, 2015, the Company used an option pricing model to estimate the fair value of the warrant. Key inputs used in valuing the Company’s warrant include the Company’s common stock price (estimated using a combination of the income and market approach), the Company’s common stock price volatility, risk-free interest rate, and exercise price of the warrant. The estimated expected volatility was based on the volatility of common stock of a group of comparable, publicly traded companies. As of March 27, 2016, the Company estimated the common stock warrant assuming a hypothetical net exchange based on the Company’s closing common stock price on that date. The decrease in the amount of the warrant liability was primarily due to holders exchanging their warrants for common stock, as over 97% of warrants that were outstanding as of June 30, 2015 were exchanged during the nine months ended March 27, 2016.

As of March 27, 2016, there have been 789,996 shares of common stock issued in exchange of common stock warrants and there were 24,372 common stock warrants that remained outstanding for the purchase of shares of common stock. The Company classifies the warrant as a liability and records the liability at the estimated fair value at each reporting date. At March 27, 2016 and June 30, 2015, the common stock warrant liability was $217 and $9,147, respectively.

The following table shows the reconciliation from the beginning to the ending balance for the Company’s common stock warrant liability measured at fair value on a recurring basis using significant unobservable inputs (i.e., Level 3):


	March 27, 2016		March 29, 2015
Beginning balance	$	9,147	$	2,526
Issuance of shares in exchange for common stock warrant		(12,304)		—
Change in common stock warrant fair value		3,374		5,248
Ending balance	$	217	$	7,774

At March 27, 2016 the Company estimated the common stock warrant assuming a hypothetical cashless net exchange based on the Company’s closing common stock price on March 25, 2016. The Company estimated the common stock warrant using an option pricing model with the following assumptions at June 30, 2015


	June 30, 2015
Expected term (in years)	0.50
Risk-free rate	0.11	%
Expected volatility	52.95	%
Dividend rate	—	%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LONG-TERM DEBT	9 Months Ended
LONG-TERM DEBT	Mar. 27, 2016
LONG-TERM DEBT
LONG-TERM DEBT	7. LONG-TERM DEBT On July 22, 2015, the Company repaid all outstanding borrowings under its $75,000 term loan facility and its outstanding borrowings under its $30,000 revolving line of credit with the proceeds received from the IPO. As a result, the Company had no borrowings outstanding on the revolving line of credit as of March 27, 2016. As of June 30, 2015, the Company had borrowings of $8,189 outstanding on the revolving line of credit. Availability under the revolving line of credit is reduced by letters of credit. There were specified letters of credit outstanding of $250 and $1,175 at March 27, 2016 and June 30, 2015, respectively. The net revolving line of credit availability as of March 27, 2016 and June 30, 2015 was $29,750 and $20,636, respectively. As of March 27, 2016 the Company was in compliance with all of its debt covenants under its line of credit. As of March 27, 2016 and June 30, 2015, the Company's unamortized deferred financing costs were $326 and $425, respectively. These costs are being amortized over the term of its revolving line of credit. In connection with the repayment of the $75,000 term loan facility, the Company recorded a loss on debt extinguishment of $716, consisting of a charge of $676 to extinguish the debt discount and $40 in unamortized deferred financing costs.

INCOME TAXES	9 Months Ended
INCOME TAXES	Mar. 27, 2016
INCOME TAXES
INCOME TAXES	8. INCOME TAXES The Company’s provision for income taxes as a percentage of pretax earnings (“effective tax rate”) is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. During the nine months ended March 27, 2016 the effective tax rate was 44.8 percent. The rate was higher than the federal statutory rate primarily due to the permanent differences relating to the change in fair value of the common stock warrant. During the nine months ended March 29, 2015 the effective tax rate was 61.2 percent. The rate was higher than the federal statutory rate primarily due to the permanent differences relating to the change in fair value of the common stock warrant.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 27, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES In June 2015, Malibu Boats, LLC (“Malibu”) filed a complaint in the United States District Court for the Eastern District of Tennessee alleging that each of the Company’s Gen 2 Surf System and NXT Surf System infringe a Malibu patent relating to Malibu’s wake surf technology. The complaint seeks trebled damages in an unspecified amount, attorneys’ fees and an injunction against future infringement. In August 2015, the Company filed a motion with the court for summary judgment of noninfringement. In February 2016, the court denied the Company’s summary judgment motion without prejudice to refiling after the court interprets the patent claims. Malibu filed another complaint alleging that the Company’s Gen 2 and NXT Surf Systems infringes on another patent in February 2016. As with the previous complaint, Malibu is seeking damages and an injunction. In March 2016, the Company filed a motion to dismiss part of Malibu’s complaint, specifically, Malibu’s claim that the Company’s alleged infringement has been willful. Malibu filed an opposition to the motion to dismiss in March 2016 and the Company filed a reply in April 2016. The parties are awaiting a decision from the court on the Company’s motion to dismiss. The Company does not believe that Malibu’s claims have merit and we intend to defend against these claims vigorously.

EARNINGS PER SHARE

9 Months Ended

Mar. 27, 2016

EARNINGS PER SHARE

EARNINGS PER SHARE

10. EARNINGS PER SHARE

The following table sets forth the computation of the Company’s earnings per share:


	Three Months Ended				Nine Months Ended
	March 27, 2016		March 29, 2015		March 27, 2016		March 29, 2015
Net income	$	4,894	$	105	$	5,441	$	2,997
Weighted average common shares — basic		18,574,887		11,139,000		17,612,492		11,139,000
Dilutive effect of assumed exercises of stock options		57,141		63,362		59,097		61,623
Dilutive effect of assumed restricted share awards		129,772		—		358,037		—
Dilutive effect of assumed exercises of common stock warrant		17,757		793,004		113,550		510,431
Weighted average outstanding shares — diluted		18,779,557		11,995,366		18,143,176		11,711,054
Basic earnings per share	$	0.26	$	0.01	$	0.31	$	0.27
Diluted earnings per share	$	0.26	$	0.01	$	0.30	$	0.26

For the three and nine months ended March 27, 2016, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted earnings per share included options to purchase 137,786 and 124,480 shares of common stock, respectively. There were no anti-dilutive shares excluded from the dilutive shares outstanding for the three and nine months ended March 29, 2015.

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Mar. 27, 2016
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	11.STOCK-BASED COMPENSATION In July 2015, the Board amended and restated the Company's 2015 Equity Incentive Plan (“2015 Plan”), which became effective just prior to the closing of the Company’s initial public offering, to among other things, increase the shares available for issuance under the 2015 Plan from 1,518,958 shares to 2,458,633 shares. The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, deferred stock, deferred stock units, performance awards, SARs, and cash awards. In May 2015, the Company granted to certain employees 841,585 shares of restricted stock under the 2015 Plan at a per share fair value of $15.00, which was the initial public offering price. The award included performance conditions that were based on either an initial public offering or a change in control and until consummation of the event it was not considered probable for accounting purposes. In July 2015, the Company granted 47,146 shares of restricted stock under the 2015 Plan to certain non-employee directors at a per share fair value of $15.66, which was the closing price of the stock on July 24, 2015. For these restricted stock awards, the Company will recognize stock-based compensation on a straight-line basis through 181 days from the Company’s initial public offering date. During the three and nine months ended March 27, 2016, the Company recognized $1,260 and $13,362, respectively in stock-based compensation from these restricted stock awards. In July 2015, the Company granted 137,786 NSOs to certain employees at an option price equal to the $15.00 per share of the Company’s common stock, which was the initial public offering price, which will vest in 25% increments annually on each of the first four anniversaries of the grant date. During the three months ended March 27, 2016, there were 15,146 stock options forfeited. The Company recognized from these NSOs $50 and $177 in stock-based compensation during the three and nine months ended March 27, 2016, respectively. We estimated the grant date fair value of stock options using the Black-Scholes pricing model assuming a risk-free interest rate of 1.93%, an expected term of 6.25 years, no dividend yield and a volatility rate of 56.7%. There was no stock-based compensation recognized for the three and nine months ended March 29, 2015.

SEGMENT INFORMATION

9 Months Ended

Mar. 27, 2016

SEGMENT INFORMATION

SEGMENT INFORMATION

12. SEGMENT INFORMATION

The Company previously reported two operating and reportable segments: MasterCraft and Hydra-Sports. However, the manufacturing agreement with Hydra-Sports expired on June 30, 2015 and the Company did not renew it. The MasterCraft product brand consists of recreational performance boats primarily used for water skiing, wakeboarding and wake surfing, and general recreational boating. The Company distributes the MasterCraft product brand through its dealer network. Net sales outside of North America accounted for 8.8% and 8.3% of net sales for the three and nine months ended March 27, 2016, respectively, and 9.5% and 11.3% of net sales for the three and nine months ended March 29, 2015, respectively.

For the three months ended March 27, 2016, the operating information for the reportable segments is shown as follows:


	Three Months Ended March 27, 2016
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	57,030	$	—	$	57,030
Cost of sales		41,188		—		41,188
Operating income		7,513		—		7,513
Depreciation and amortization		878		—		878

For the three months ended March 29, 2015, the operating information for the reportable segments is shown as follows:


	Three Months Ended March 29, 2015
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	51,099	$	3,183	$	54,282
Cost of sales		38,816		2,579		41,395
Operating income		451		637		1,088
Depreciation and amortization		734		33		767

For the nine months ended March 27, 2016, the operating information for the reportable segments is shown as follows:


	Nine Months Ended March 27, 2016
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	168,214	$	—	$	168,214
Cost of sales		121,168		—		121,168
Operating income		14,313		—		14,313
Depreciation and amortization		2,545		—		2,545

For the nine months ended March 29, 2015, the operating information for the reportable segments is shown as follows:


	Nine Months Ended March 29, 2015
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	149,158	$	10,375	$	159,533
Cost of sales		112,213		8,956		121,169
Operating income		15,490		1,638		17,128
Depreciation and amortization		2,204		99		2,303

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 27, 2016
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Fiscal Period	The Company's fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month.
Principles of Consolidation	The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2015 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2015.
Basis of Accounting	The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company's audited consolidated financial statements for the year ended June 30, 2015 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company's financial position as of March 27, 2016 and results of its operations, and its cash flows for the nine months ended March 27, 2016 and March 29, 2015 and statement of shareholders' equity for the nine months ended March 27, 2016. All adjustments are of a normal recurring nature. Our interim operating results for the nine months ended March 27, 2016 and March 29, 2015 are not necessarily indicative of the results to be expected in future operating quarters.
Stock Repurchase Program and Initial Public Offering	Stock Repurchase Program — On February 18, 2016, the Company’s board of directors (the “Board”) authorized the repurchase, at any time or from time to time, prior to June 30, 2017, of shares of the Company’s common stock, par value $0.01 per share, having an aggregate purchase price not to exceed $15,000 (the “Stock Repurchase Program”). The Company may acquire shares, subject to market conditions and other factors, through open market transactions, accelerated share repurchase transactions or privately negotiated transactions. As part of the Stock Repurchase Program, the Board authorized the purchase of $4,117 of common stock from certain members of the Company’s senior management, which was sold to satisfy tax liabilities related to the vesting of shares of restricted stock. The purchase price for the shares of the Company’s common stock repurchased is reflected as a reduction to common stock and the excess over par value to additional paid-in-capital. For the three months ended March 27, 2016, the Company paid $4,166 to repurchase and retire 366,084 shares. The remaining availability for future purchases under the Stock Repurchase Program is $10,834. Initial Public Offering — In July 2015, the Company completed the initial public offering of its common stock, in which it issued and sold 6,071,429 shares of common stock (exclusive of 910,714 shares of common stock sold by the selling stockholders pursuant to the exercise of an overallotment option granted to the underwriters in connection with the offering) at a public offering price of $15.00 per share after giving effect to the 11.139-for-1 stock split consummated on July 22, 2015. The aggregate net proceeds received by the Company from our initial public offering were $81,762, after deducting $6,375 for underwriting discounts and commissions and $2,934 for offering expenses paid by the Company of which $827 were incurred during the nine months ended March 27, 2016. These condensed consolidated financial statements give effect retrospectively to the stock split consummated on July 22, 2015.
Reclassifications	Reclassifications — Certain amounts in prior periods have been reclassified to conform with the presentation adopted in the current period.
Recently Issued Accounting Standards	Recently Issued Accounting Standards — In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This ASU will become effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In July 2015, FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. This ASU changes the measurement principle for inventories valued under the First-In, First-Out (“FIFO”) or weighted-average methods from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined by the FASB as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU does not change the measurement principles for inventories valued under the Last-In, First-Out (“LIFO”) method. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligation in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also details the accounting treatment for costs to obtain or fulfill a contract. Lastly, disclosure requirements have been enhanced to provide sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB announced that the implementation date would be delayed by one year. It will now be effective for annual and interim periods beginning after December 15, 2017. Early adoption is now permitted for fiscal years beginning after December 15, 2016. The Company is currently evaluating the impact this new guidance is expected to have on its financial position or results of operations and related disclosures.

INVENTORIES (Tables)

9 Months Ended

Mar. 27, 2016

INVENTORIES

INVENTORIES


	March 27, 2016		June 30, 2015
Raw materials and supplies	$	4,927	$	4,709
Work in process		2,201		1,783
Finished goods		5,225		5,529
Obsolescence reserve		(502)		(480)
Total inventories	$	11,851	$	11,541

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Mar. 27, 2016

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS


	March 27, 2016		June 30, 2015
Prepaid photo shoot	$	373	$	624
Insurance		905		513
Trade show deposits		10		107
Warranty Insurance		3,603		3,012
Deferred IPO costs		—		2,107
Other		312		872
Total prepaid expenses and other current assets	$	5,203	$	7,235

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Mar. 27, 2016

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	March 27, 2016		June 30, 2015
Warranty	$	11,240	$	10,228
Self-insurance		704		894
Compensation and related accruals		2,553		2,320
Inventory repurchase contingent obligation		1,041		923
Interest		1,074		790
Dealer incentives		4,148		3,568
Other		2,390		2,590
Total accrued expenses and other current liabilities	$	23,150	$	21,313

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 27, 2016

FAIR VALUE MEASUREMENTS

Liabilities measured at fair value on a recurring basis


	March 27, 2016
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Liability — common stock warrant	$	—	$	—	$	217


	June 30, 2015
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Liability — common stock warrant	$	—	$	—	$	9,147

Reconciliation from the beginning to the ending balance for the Company's common stock warrant liability measured at fair value on a recurring basis using Level 3 inputs


	March 27, 2016		March 29, 2015
Beginning balance	$	9,147	$	2,526
Issuance of shares in exchange for common stock warrant		(12,304)		—
Change in common stock warrant fair value		3,374		5,248
Ending balance	$	217	$	7,774

Assumptions used for option pricing model of common stock warrant


	June 30, 2015
Expected term (in years)	0.50
Risk-free rate	0.11	%
Expected volatility	52.95	%
Dividend rate	—	%

EARNINGS PER SHARE (Tables)

9 Months Ended

Mar. 27, 2016

EARNINGS PER SHARE

Factors used in the earnings per share computation


	Three Months Ended				Nine Months Ended
	March 27, 2016		March 29, 2015		March 27, 2016		March 29, 2015
Net income	$	4,894	$	105	$	5,441	$	2,997
Weighted average common shares — basic		18,574,887		11,139,000		17,612,492		11,139,000
Dilutive effect of assumed exercises of stock options		57,141		63,362		59,097		61,623
Dilutive effect of assumed restricted share awards		129,772		—		358,037		—
Dilutive effect of assumed exercises of common stock warrant		17,757		793,004		113,550		510,431
Weighted average outstanding shares — diluted		18,779,557		11,995,366		18,143,176		11,711,054
Basic earnings per share	$	0.26	$	0.01	$	0.31	$	0.27
Diluted earnings per share	$	0.26	$	0.01	$	0.30	$	0.26

SEGMENT INFORMATION (Tables)

9 Months Ended

Mar. 27, 2016

SEGMENT INFORMATION

SEGMENT INFORMATION

For the three months ended March 27, 2016, the operating information for the reportable segments is shown as follows:


	Three Months Ended March 27, 2016
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	57,030	$	—	$	57,030
Cost of sales		41,188		—		41,188
Operating income		7,513		—		7,513
Depreciation and amortization		878		—		878

For the three months ended March 29, 2015, the operating information for the reportable segments is shown as follows:


	Three Months Ended March 29, 2015
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	51,099	$	3,183	$	54,282
Cost of sales		38,816		2,579		41,395
Operating income		451		637		1,088
Depreciation and amortization		734		33		767

For the nine months ended March 27, 2016, the operating information for the reportable segments is shown as follows:


	Nine Months Ended March 27, 2016
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	168,214	$	—	$	168,214
Cost of sales		121,168		—		121,168
Operating income		14,313		—		14,313
Depreciation and amortization		2,545		—		2,545

For the nine months ended March 29, 2015, the operating information for the reportable segments is shown as follows:


	Nine Months Ended March 29, 2015
	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	149,158	$	10,375	$	159,533
Cost of sales		112,213		8,956		121,169
Operating income		15,490		1,638		17,128
Depreciation and amortization		2,204		99		2,303

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Mar. 27, 2016
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Interim quarterly reporting periods	91 days

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Feb. 18, 2016	Mar. 27, 2016	Mar. 27, 2016	Jun. 30, 2015
Stock Repurchase Program
Common stock, par value		$ 0.01	$ 0.01	$ 0.01
Repurchase and retirement of common stock			$ 4,166
Common shares \| Stock Repurchase Program
Stock Repurchase Program
Common stock, par value	$ 0.01
Repurchase and retirement of common stock		$ 4,166
Repurchase and retirement of common stock (shares)		366,084
Remaining availability for future purchases		$ 10,834	$ 10,834
Common shares \| Stock Repurchase Program \| Maximum
Stock Repurchase Program
Repurchase authorization	$ 15,000
Common shares \| Stock Repurchase Program \| Senior Management
Stock Repurchase Program
Repurchase and retirement of common stock	$ 4,117

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Initial Public Offering (Details) - Common shares $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	Jul. 22, 2015	Jul. 28, 2015 $ / shares shares	Mar. 27, 2016 USD ($)
Initial Public Offering
Stock split, conversion ratio	11.139
IPO
Initial Public Offering
Public offering price per share \| $ / shares		$ 15.00
Proceeds from issuance of common stock, net			$ 81,762
Underwriting discounts and commissions			6,375
Offering expenses of IPO, aggregate			2,934
Offering expenses, current period			$ 827
IPO, excluding over-allotment options
Initial Public Offering
Shares sold \| shares		6,071,429
Over-Allotment Option
Initial Public Offering
Shares sold \| shares		910,714

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 27, 2016	Jun. 30, 2015
INVENTORIES
Raw materials and supplies	$ 4,927	$ 4,709
Work in process	2,201	1,783
Finished goods	5,225	5,529
Obsolescence reserve	(502)	(480)
Total inventories	$ 11,851	$ 11,541

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 27, 2016	Jun. 30, 2015
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid photo shoot	$ 373	$ 624
Insurance	905	513
Trade show deposits	10	107
Warranty insurance	3,603	3,012
Deferred IPO costs		2,107
Other	312	872
Total prepaid expenses and other current assets	$ 5,203	$ 7,235

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 27, 2016	Jun. 30, 2015
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 11,240	$ 10,228
Self-insurance	704	894
Compensation and related accruals	2,553	2,320
Inventory repurchase contingent obligation	1,041	923
Interest	1,074	790
Dealer incentives	4,148	3,568
Other	2,390	2,590
Total accrued expenses and other current liabilities	$ 23,150	$ 21,313

FAIR VALUE MEASUREMENTS - Recurring (Details) - USD ($) $ in Thousands	Mar. 27, 2016	Jun. 30, 2015
Level 3 \| Recurring
Liabilities measured at fair value on a recurring basis
Liability - common stock warrant	$ 217	$ 9,147

FAIR VALUE MEASUREMENTS - Exchange of Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 27, 2016	Jun. 30, 2015
Common stock warrants
Common stock warrant liability (in dollars)	$ 217	$ 9,147
Common stock warrant
Common stock warrants
Number of shares that may be purchased under terms of warrant (in shares)	1,113,900
Strike price per share (in dollars per share)	$ 4.27
Percentage of warrants exchanged for common stock	97.00%
Issuance of shares in exchange of common stock warrants (in shares)	789,996
Common stock warrants outstanding (in shares)	24,372
Warrant liability \| Common stock warrant
Common stock warrants
Common stock warrant liability (in dollars)	$ 217	$ 9,147

FAIR VALUE MEASUREMENTS - Level 3 Reconciliation (Details) - Warrant liability - USD ($) $ in Thousands	9 Months Ended
	Mar. 27, 2016	Mar. 29, 2015
Level 3 Reconciliation
Beginning balance	$ 9,147	$ 2,526
Issuance of shares in exchange for common stock warrant	(12,304)
Change in common stock warrant fair value	3,374	5,248
Ending balance	$ 217	$ 7,774

FAIR VALUE MEASUREMENTS - Pricing Assumptions (Details) - Recurring - Warrant liability - Level 3	12 Months Ended
	Jun. 30, 2015
Fair value assumptions
Expected term	6 months
Risk-free rate	0.11%
Expected volatility	52.95%
Dividend rate	0.00%

LONG-TERM DEBT (Details) - USD ($)	9 Months Ended
LONG-TERM DEBT (Details) - USD ($)	Mar. 27, 2016	Mar. 29, 2015	Jul. 22, 2015	Jun. 30, 2015
Long-term debt
Long-term debt				$ 60,487,000
Extinguishment of debt
Loss on extinguishment of debt	$ 716,000	$ 851,000
Deferred financing costs amortized		$ 72,000
Term loan facility
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity			$ 75,000,000
Extinguishment of debt
Loss on extinguishment of debt	716,000
Write-off of debt discount	676,000
Deferred financing costs amortized	40,000
Revolving line of credit
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity			$ 30,000,000
Long-term debt	0			8,189,000
Letters of credit outstanding	250,000			1,175,000
Net availability under facility	29,750,000			20,636,000
Unamortized deferred finance costs	$ 326,000			$ 425,000

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Mar. 27, 2016	Mar. 29, 2015
INCOME TAXES
Effective tax rate	44.80%	61.20%

EARNINGS PER SHARE - Factors (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 27, 2016	Mar. 29, 2015	Mar. 27, 2016	Mar. 29, 2015
Factors used in the earnings per share computation
Net income	$ 4,894	$ 105	$ 5,441	$ 2,997
Weighted average common shares - basic	18,574,887	11,139,000	17,612,492	11,139,000
Dilutive effect of assumed exercises of common stock warrant	17,757	793,004	113,550	510,431
Weighted average common shares - diluted	18,779,557	11,995,366	18,143,176	11,711,054
Basic earnings per share (in dollars per share)	$ 0.26	$ 0.01	$ 0.31	$ 0.27
Diluted earnings per share (in dollars per share)	$ 0.26	$ 0.01	$ 0.30	$ 0.26
Stock options
Factors used in the earnings per share computation
Dilutive effect of assumed exercises of stock options and restricted share awards	57,141	63,362	59,097	61,623
Restricted stock
Factors used in the earnings per share computation
Dilutive effect of assumed exercises of stock options and restricted share awards	129,772		358,037

EARNINGS PER SHARE - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 27, 2016	Mar. 29, 2015	Mar. 27, 2016	Mar. 29, 2015
Other disclosures
Antidilutive securities excluded from computation of earning per share		0		0
Stock options
Other disclosures
Antidilutive securities excluded from computation of earning per share	137,786		124,480

STOCK-BASED COMPENSATION - 2015 Equity Incentive Plan - General and Restricted Stock Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended	9 Months Ended
	Jul. 24, 2015	Jul. 28, 2015	May 24, 2015	Mar. 27, 2016	Mar. 27, 2016
2015 Plan
Stock-Based Compensation
Shares authorized under plan		2,458,633
2015 Plan \| Before amendment
Stock-Based Compensation
Shares authorized under plan		1,518,958
Restricted stock \| Non-employee directors \| July 2015 Awards
Stock-Based Compensation
Compensation recognition period (in days)		181 days
Restricted stock \| 2015 Plan
Stock-Based Compensation
Stock-based compensation				$ 1,260	$ 13,362
Restricted stock \| 2015 Plan \| Certain employees \| May 2015 Awards
Stock-Based Compensation
Shares granted, other than options			841,585
Shares granted, other than options, grant date fair value per share (in dollars per share)			$ 15.00
Restricted stock \| 2015 Plan \| Non-employee directors \| July 2015 Awards
Stock-Based Compensation
Shares granted, other than options		47,146
Shares granted, other than options, grant date fair value per share (in dollars per share)	$ 15.66

STOCK-BASED COMPENSATION - 2015 Equity Incentive Plan - Nonqualified Options (Details) - Stock options - 2015 Plan - Certain employees - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 16, 2015	Jul. 28, 2015	Mar. 27, 2016	Mar. 29, 2015	Mar. 27, 2016	Mar. 29, 2015
Stock-Based Compensation
Shares granted, nonqualified options		137,786
Shares granted, options, grant date fair value per share (in dollars per share)		$ 15.00
Vesting period (in years)		4 years
Options forfeited (in shares)			15,146
Stock-based compensation			$ 50	$ 0	$ 177	$ 0
Black-Scholes Pricing Model fair value assumptions
Risk-free interest rate (as a percent)			1.93%		1.93%
Expected term (in years)			6 years 3 months		6 years 3 months
Dividend yield (as a percent)			0.00%		0.00%
Volatility rate (as a percent)			56.70%		56.70%
1rst Anniversary
Stock-Based Compensation
Annual vesting percentage		25.00%
2nd Anniversary
Stock-Based Compensation
Annual vesting percentage	25.00%
3rd Anniversary
Stock-Based Compensation
Annual vesting percentage	25.00%
4th Anniversary
Stock-Based Compensation
Annual vesting percentage	25.00%

SEGMENT INFORMATION - Geographic Concentration (Details) - segment	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 27, 2016	Mar. 29, 2015	Mar. 27, 2016	Mar. 29, 2015	Jun. 30, 2015
SEGMENT INFORMATION
Number of operating segments					2
Number of reportable segments					2
MasterCraft \| Net sales \| Geographic concentration \| Outside of North America
SEGMENT INFORMATION
Net sales, percentage	8.80%	9.50%	8.30%	11.30%

SEGMENT INFORMATION - Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 27, 2016	Mar. 29, 2015	Mar. 27, 2016	Mar. 29, 2015
Segment reporting information
Net sales	$ 57,030	$ 54,282	$ 168,214	$ 159,533
Cost of sales	41,188	41,395	121,168	121,169
Operating income	7,513	1,088	14,313	17,128
Depreciation and amortization	878	767	2,545	2,303
MasterCraft
Segment reporting information
Net sales	57,030	51,099	168,214	149,158
Cost of sales	41,188	38,816	121,168	112,213
Operating income	7,513	451	14,313	15,490
Depreciation and amortization	$ 878	734	$ 2,545	2,204
Hydra-Sports
Segment reporting information
Net sales		3,183		10,375
Cost of sales		2,579		8,956
Operating income		637		1,638
Depreciation and amortization		$ 33		$ 99