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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2017	Sep. 07, 2017	Jan. 01, 2017
Document and Entity Information
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Entity Registrant Name	MCBC Holdings, Inc.
Entity Central Index Key	0001638290
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 271,090,256
Entity Common Stock, Shares Outstanding		18,637,445

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 4,038	$ 73
Accounts receivable — net of allowances of $82 and $65, respectively	3,500	2,966
Income tax receivable		5
Inventories, net (Note 4)	11,676	13,268
Prepaid expenses and other current assets (Note 5)	2,438	1,780
Total current assets	21,652	18,092
Property, plant and equipment — net (Note 6)	14,827	13,826
Intangible assets — net (Note 7)	16,643	16,750
Goodwill	29,593	29,593
Deferred debt issuance costs — net	481	601
Deferred income taxes (Note 2 and 11)		3,501
Other	125	170
Total assets	83,321	82,533
CURRENT LIABILITIES
Accounts payable	11,008	13,112
Income tax payable	780	1,108
Accrued expenses and other current liabilities (Note 8)	21,410	22,276
Current portion of long term debt, net of unamortized debt issuance costs (Note 10)	3,687	7,885
Total current liabilities	36,885	44,381
Long-term debt, net of unamortized debt issuance costs Note 10)	30,790	44,342
Deferred income taxes (Note 2 and 11)	953
Unrecognized tax positions (Note 11)	2,932	2,189
Total liabilities	71,560	90,912
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,637,445 shares at June 30, 2017 and 18,591,808 shares at June 30, 2016	186	186
Additional paid-in capital	112,945	112,375
Accumulated deficit	(101,370)	(120,940)
Total stockholders' equity (deficit)	11,761	(8,379)
Total liabilities and stockholders' equity (deficit)	$ 83,321	$ 82,533

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 82	$ 65
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	18,637,445	18,591,808
Common stock, outstanding shares	18,637,445	18,591,808

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
CONSOLIDATED STATEMENTS OF OPERATIONS
NET SALES	$ 228,634	$ 221,600	$ 214,386
COST OF SALES	165,158	160,521	163,220
GROSS PROFIT	63,476	61,079	51,166
OPERATING EXPENSES:
Selling and marketing	9,380	9,685	8,552
General and administrative	20,474	29,162	18,472
Amortization of intangible assets	107	221	222
Total operating expenses	29,961	39,068	27,246
OPERATING INCOME	33,515	22,011	23,920
OTHER EXPENSE (INCOME):
Interest expense	2,222	1,280	5,171
Change in common stock warrant fair value		3,425	6,621
Other income		(1,212)
INCOME BEFORE INCOME TAX EXPENSE	31,293	18,518	12,128
INCOME TAX EXPENSE	11,723	8,308	6,594
NET INCOME	$ 19,570	$ 10,210	$ 5,534
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 1.05	$ 0.57	$ 0.50
Diluted (in dollars per share)	$ 1.05	$ 0.56	$ 0.47
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share (in shares)	18,592,885	17,849,319	11,139,000
Diluted earnings per share (in shares)	18,620,708	18,257,007	11,862,699

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance, beginning at Jun. 30, 2014	$ 111	$ 8,841	$ (12,739)	$ (3,787)
Balance, beginning (in shares) at Jun. 30, 2014	11,139,000
Increase (decrease) in stockholders' equity
Dividends			(44,000)	(44,000)
Net income			5,534	5,534
Balance, ending at Jun. 30, 2015	$ 111	8,841	(51,205)	(42,253)
Balance, ending (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 of common stock warrants and options	$ 9	12,653		12,662
Issuance of shares of common stock warrants and options (shares)	864,946
Repurchase and retirement of common stock	$ (4)	(4,322)		(4,326)
Repurchase and retirement of common stock (shares)	(378,417)
Equity-based compensation activity	$ 9	13,502		13,511
Equity-based compensation activity (shares)	894,850
Offering costs				(9,309)
Dividends			(79,945)	(79,945)
Net income			10,210	10,210
Balance, ending at Jun. 30, 2016	$ 186	112,375	(120,940)	(8,379)
Balance, ending (in shares) at Jun. 30, 2016	18,591,808
Increase (decrease) in stockholders' equity
Equity-based compensation activity		1,019		1,019
Equity-based compensation activity (shares)	45,637
Offering costs		(449)		(449)
Net income			19,570	19,570
Balance, ending at Jun. 30, 2017	$ 186	$ 112,945	$ (101,370)	$ 11,761
Balance, ending (in shares) at Jun. 30, 2017	18,637,445

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
Underwriter discounts, commission and offering expenses	$ 449	$ 9,309

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,570	$ 10,210	$ 5,534
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,231	3,444	3,278
Inventory obsolescence reserve	399	359	776
Paid in kind interest			1,034
Deferred issuance costs	361	109	169
Stock-based compensation	711	13,687
Loss on extinguishment of debt		716	852
Change in common stock warrant fair value		3,425	6,621
Unrecognized tax benefits	743	1,670	(101)
Deferred income taxes	4,454	(3,923)	6,062
Net provision for doubtful accounts	17	(27)	(373)
Loss on disposal of fixed assets	10	1	78
Changes in operating assets and liabilities:
Accounts receivable	(551)	(286)	2,126
Inventories	1,193	(2,086)	(632)
Prepaid expenses and other current assets	(658)	3,348	(5,667)
Income tax receivable	5	(5)
Other assets	45	(45)	(45)
Accounts payable	(2,104)	(1,697)	1,788
Income tax payable	(328)	884	42
Accrued expenses and other current liabilities	(866)	963	3,712
Net cash provided by operating activities	26,232	30,747	25,254
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of assets			(10)
Purchases of property and equipment	(4,135)	(3,817)	(3,467)
Net cash used in investing activities	(4,135)	(3,817)	(3,477)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		91,071
Proceeds from issuance of long-term debt		50,000	75,000
Payments of costs directly associated with offerings	(449)	(7,202)
Cash paid for withholding taxes on vested stock	(4)
Excess tax benefits	312
Principal payments on long-term debt	(14,865)	(71,250)	(70,764)
Proceeds from revolving line of credit		9,208	20,188
Payments on revolving line of credit	(3,126)	(14,271)	(12,000)
Repurchase and retirement of common stock		(4,502)
Payments of debt discount		(923)	(1,120)
Payments of deferred financing costs		(300)	(453)
Dividends paid		(79,945)	(44,000)
Proceeds from exercise of common stock warrant		90
Net cash used in financing activities	(18,132)	(28,024)	(33,149)
NET CHANGE IN CASH AND CASH EQUIVALENTS	3,965	(1,094)	(11,372)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	73	1,167	12,539
CASH AND CASH EQUIVALENTS — END OF PERIOD	4,038	73	1,167
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	2,006	397	2,725
Cash payments for income taxes	$ 6,541	9,635	$ 551
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payment of costs directly associated with the issuance of common stock		2,107
Issuance of shares of common stock warrants		$ 12,572

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
ORGANIZATION AND NATURE OF BUSINESS	Jun. 30, 2017
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	12 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2017
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2.BASIS OF PRESENTATION The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, MasterCraft Boat Company, LLC; MasterCraft Services, Inc.; MCBC Hydra Boats, LLC; MasterCraft Parts, Ltd.; and MasterCraft International Sales Administration, Inc.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2017

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

3.SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation — The consolidated financial statements include the accounts of MCBC and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates — The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, sales, and expenses and related disclosures. The Company bases these estimates on historical results and various other assumptions believed to be reasonable. The Company’s most significant financial statement estimates include allowances for bad debts, warranty liability, inventory allowance for obsolescence, self-insurance liability, fair value of stock options and warrant, inventory repurchase contingent obligation, uncertain tax positions, impairment of long-lived assets and intangibles subject to amortization, impairment of goodwill and indefinite-lived intangibles, and potential litigation claims and settlements. Actual results could differ from those estimates.

Revenue Recognition — The Company’s revenue is derived primarily from the sale of boats, marine parts, and accessories. Revenue is recognized in accordance with the terms of the sale, primarily upon shipment to customers, once the sales price is fixed or determinable and collectability is reasonably assured. The Company offers discounts and sales incentives that include retail promotions, rebates, and floor plan reimbursement costs that are recorded as reductions of revenues in net sales in the consolidated statements of operations. The estimated liability and reduction in revenue for sales incentives is recorded at the later of when the program has been communicated to the customer or at the time of sale.

Dealers generally have no rights to return unsold boats. Occasionally, the Company may accept returns in limited circumstances and at the Company’s discretion under its warranty policy (Note 8). The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The Company accrues estimated losses when a loss, due to the default of one of its dealers, is determined to be probable and the amount of the loss is reasonably estimable.

Dealer Incentives

The Company provides for various structured dealer rebate and sales promotions incentives, which are recognized as a reduction in net sales, at the time of sale to the dealer. Dealer rebate and sales promotions incentives are based on actual wholesale rebate and applicable sales promotion expenses at the time of sale to the dealer. Examples of such programs include seasonal discounts, volume commitment rebates and other allowances. Dealer rebate and sales promotion incentives recorded during the years ended June 30, 2017, 2016, and 2015, were $5,660, $6,701 and $5,152, respectively.

Rebates may apply to boats already in dealer inventory. These “retail rebates” on boats in the dealer’s inventory are recorded when the rebate is communicated to the dealer. Retail rebates are estimated based on current programs and historical achievement and/or usage rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from historical trends. Retail rebates recorded during the years ended June 30, 2017, 2016, and 2015, were $5,484, $3,628 and $2,987, respectively.

Accrued rebates are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

Floor Plan Reimbursement Costs

The Company participates in various programs whereby it agrees to reimburse its dealers for certain floor plan interest costs incurred by such dealers for limited periods of time, ranging up to nine months. Such costs are included as a reduction in net sales in the consolidated statements of operations and totaled $3,705, $3,472 and $2,459 for the years ended June 30, 2017, 2016, and 2015, respectively.

Shipping and Handling Costs — The Company includes shipping and handling costs billed to customers in net sales in the consolidated statements of operations. The Company includes costs incurred to transport product to customers and internal handling costs, which relate to activities to prepare goods for shipment, in cost of sales. For the years ended June 30, 2017, 2016, and 2015, shipping and handling costs billed to customers totaled $4,124, $4,043 and $4,050, respectively, and shipping and handling costs included in cost of sales totaled $3,584, $3,952 and $4,461, respectively.

Accounts Receivable — Accounts receivable represents amounts billed to customers under credit terms customary in its industry. The Company normally does not charge interest on its accounts receivable. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes-off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to bad debt recovery.

Cash and Cash Equivalents — The Company considers all highly-liquid investments with an original maturity of three months or less to be cash and cash equivalents. The Company’s cash deposits are in financial institutions located in Tennessee and Ohio and may at times exceed federally insured amounts. The Company had no cash equivalents at June 30, 2017 and 2016.

Concentrations of Credit and Business Risk — Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of trade receivables. Credit risk on trade receivables is mitigated as a result of the Company’s use of trade letters of credit, dealer floor plan financing arrangements, and the geographically diversified nature of the Company’s customer base.

The Company is dependent on third-party equipment manufacturers, distributors, and dealers for certain parts and materials utilized in the manufacturing process. In 2017, 2016, and 2015 the Company purchased all engines for its MasterCraft boats under a supply agreement with one vendor. Total purchases to this vendor were $31,075, $31,232 and $29,027 for 2017, 2016, and 2015, respectively. Total accounts payable to this vendor were $2,291 and $2,309 as of June 30, 2017 and 2016, respectively. The Company is dependent on the ability of its suppliers to provide products on a timely basis and on favorable pricing terms. The loss of certain principal suppliers or a significant reduction in product availability from principal suppliers could have a material adverse effect on the Company. Business risk insurance is in place to mitigate the business risk associated with sole suppliers for sudden disruptions such as those caused by natural disasters.

Inventories — Inventories are valued at the lower of cost or market and are shown net of an inventory allowance in the balance sheet. Inventory cost includes material, labor, and manufacturing overhead and is determined based on the first-in, first-out (FIFO) method. Provisions are made as necessary to reduce inventory amounts to their net realizable value or to provide for obsolete products.

Property, Plant, and Equipment — Property, plant, and equipment are recorded at historical cost less accumulated depreciation, and depreciated on a straight-line basis over the estimated useful lives. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements that increase the asset’s useful life are capitalized.

Ranges of asset lives used for depreciation purposes are:


Buildings and improvements	7	-	40	years
Machinery and equipment	3	-	7	years
Furniture and fixtures	3	-	5	years

Goodwill and Other Intangible Assets — The Company does not amortize goodwill and other purchased intangible assets with indefinite lives. All of the Company’s goodwill and intangible assets relate to the MasterCraft reporting unit. The Company’s primary intangible assets with finite lives consist of a dealer network, developed technologies, software, and order backlog, and are carried at their estimated fair values at the time of acquisition, less accumulated amortization. Amortization is recognized on a straight-line basis over the estimated useful lives of the respective assets (see Note 7). Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below.

Impairment of Goodwill and Other Intangible Assets — The Company performed a qualitative assessment of goodwill and other indefinite-lived intangible assets for the years ended June 30, 2017, 2016 and 2015 to determine if it was more likely than not that the fair value of a reporting unit was less than its carrying amount. Based on the Company’s qualitative assessments it was determined that there was no impairment charge related to its intangible assets during the years ended June 30, 2017, 2016, and 2015. These assets are reviewed for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Impairment of Long-Lived Assets Other Than Indefinite-Lived Assets — The Company assesses the potential for impairment of its long- lived assets if facts and circumstances, such as declines in sales, earnings, or cash flows or adverse changes in the business climate, suggest that they may be impaired. The Company performs its review by comparing the book value of the assets to the estimated future undiscounted cash flows associated with the assets. If any impairment in the carrying value of its long-lived assets is indicated, the assets would be adjusted to an estimate of fair value. The Company did not evaluate its long-lived assets for impairment as of June 30, 2017 and 2016 as no triggering event occurred.

Income Taxes — Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. The Company records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates.

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Significant judgment is required in evaluating the need for and magnitude of appropriate valuation allowances against deferred tax assets. The realization of these assets is dependent on generating future taxable income.

A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense.

In determining the amount of current and deferred tax the Company takes into account the impact of uncertain tax positions and whether additional taxes, interest and penalties may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will have an impact on tax expense in the period that such a determination is made. The income tax effects of the differences we identify are classified as long-term deferred tax assets and liabilities in our Consolidated Balance Sheets as of June 30, 2017 and June 30, 2016, following the adoption of ASU 2015-17, Income Taxes during the year ended June 30, 2016.

Product Warranties — The Company offers warranties on the sale of certain products for a period of up to five years and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimates of the level of future claims, and are subject to adjustment as actual claims are determined or as changes in the obligations become reasonably estimable. Such costs are included in cost of sales in the consolidated statements of operations. In fiscal 2014, the Company entered into a contract with an insurance company to reimburse warranty claims paid to independent boat dealerships for years two through five of the warranty period. During fiscal 2016, the Company terminated this insurance contract.

Research and Development — Research and development expenditures are expensed as incurred. The amount charged against the years ended June 30, 2017, 2016, and 2015 was $3,550, $3,508 and $3,027, respectively, and is included in operating expenses in the consolidated statements of operations.

Self-Insurance — The Company is self-insured for certain losses relating to product liability claims and employee medical claims. The Company has purchased stop-loss coverage in order to limit its exposure to any significant levels under these plans. Losses are accrued based upon the Company’s estimates of the aggregate liability for self-insured claims incurred using certain actuarial assumptions followed in the insurance industry and the Company’s historical experience.

Deferred Financing Costs — Certain costs incurred to obtain financing are capitalized and amortized over the term of the related debt using the effective interest method. For the year ended June 30, 2017 the Company did not incur any deferred financing costs. For the years ended June 30, 2016 and 2015, the Company incurred deferred financing costs of $300 and $453, respectively. For the years ended June 30, 2017, 2016, and 2015 the Company recorded amortization of $361, $85 and $42, respectively.

Stock-Based Compensation — Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. The Black-Scholes model is utilized to estimate the fair value of stock options. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award.

Common Stock Warrant — The Company accounted for its freestanding common stock warrant as a liability until settlement. As of June 3, 2016, all of the common stock warrants were exercised or exchanged. Changes in the estimated fair value of the warrant are separately stated in the consolidated statements of operations.

Advertising — Advertising costs are expensed as incurred. The amount charged against operations during the years ended June 30, 2017, 2016, and 2015, was $5,201, $5,725 and $5,521, respectively, and is included in selling and marketing expenses in the consolidated statements of operations.

Fair Value Measurements — The Company measures its “financial” assets and liabilities and certain “non-financial” assets and liabilities at fair value and utilizes the established framework for measuring fair value and disclosing information about fair value measurements. Fair value is the price received to transfer an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Measuring fair value involves a hierarchy of valuation inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly; and, Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring a company to develop its own valuation assumptions.

Fair Value of Financial Instruments — The carrying amounts of the Company’s financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable and other liabilities, approximate their estimated fair values due to the relative short-term nature of the amounts. The carrying amount of debt approximates fair value due to variable interest rates at customary terms and rates the Company could obtain in current financing.

Repurchase Commitments — In connection with its dealers’ wholesale floor-plan financing of boats, the Company has entered into repurchase agreements with various lending institutions. The repurchase commitment is on an individual unit basis with a term from the date it is financed by the lending institution through the payment date by the dealer, generally not exceeding two and a half years. The Company accrues estimated losses for obligations to repurchase inventory repossessed from dealerships by financial institutions when it is probable that a loss has been incurred and the amount of loss is reasonably estimable. The Company has applied these provisions to its floor plan repurchase agreements as disclosed in Notes 8 and 13.

Earnings Per Common Share — Basic earnings per common share reflects reported earnings divided by the weighted average number of common shares outstanding. Diluted earnings per common share include the effect of dilutive stock options and warrant and the respective tax benefits, unless inclusion would not be dilutive.

Operating Leases — The Company leases warehouse space and equipment under operating lease arrangements. Lease agreements may include rent holidays, rent escalation clauses, and tenant improvement allowances. The Company recognizes scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased space.

Segment Information — Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company views its operations in two operating segments based on product brand consisting of the MasterCraft brand and the Hydra-Sports brand. Hydra-Sports production was terminated on June 30, 2015.

New Accounting Pronouncements Issued But Not Yet Adopted

In May 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. This guidance provides clarity and reduces complexity when applying the guidance in Topic 718, Compensation—Stock Compensation to a change to the term or condition of a share-based payment. ASU 2017-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company is currently evaluating the effect that the adoption of this new guidance is expected to have on our financial position or results of operations and related disclosures.

In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This guidance eliminates Step 2 from the goodwill impairment test. Instead, an entity should recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019. The Company is currently evaluating the effect that the adoption of this new guidance is expected to have on our financial position or results of operations and related disclosures.

In May 2014, the FASB and International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which includes new principles-based accounting guidance for revenue recognition that will supersede virtually 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 July 2015, the FASB announced that the implementation date would be delayed by one year. During 2016, the FASB issued certain amendments to clarify and improve the implementation of the guidance in ASU 2014-09. The effective date and transition requirements for these amendments and ASU 2014-09 are now for annual and interim periods beginning after December 15, 2017. The Company will adopt this guidance for our fiscal year beginning July 1, 2018.

The Company is continuing to assess the potential effects of these ASUs on its consolidated financial statements, business processes, systems and controls. The Company plans to use the modified retrospective approach in applying the new standard. Based on the Company’s progress, it expects an impact from the new standard for dealers who are offered retail promotions which are currently recorded at the later of when the program has been communicated to the dealer or at the time of sale. Under the new standard, the Company expects these retail promotions to be recognized at the time of sale. As a result, the Company expects a change in the timing of recording retail promotions and rebates; however, it does not expect a change in the total amount of cumulative revenue recognized for each transaction. Any potential effect of adoption of these ASUs have not yet been quantified. Additionally, the Company’s expectations may change as its implementation progresses.

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flow, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In March 2016, the FASB issued 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 of this new guidance, but does not expect it will have a material impact on its consolidated financial statements.

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 July 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-11, Simplifying the Measurement of Inventory. This ASU changes the measurement principle for inventories valued under the 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 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 of this new guidance, but does not expect it will have a material impact on its consolidated financial statements.

There are no other recently issued accounting pronouncements that are expected to have a material impact on our financial position or results of operations and related disclosures.

INVENTORIES

12 Months Ended

Jun. 30, 2017

INVENTORIES

INVENTORIES

4.INVENTORIES

Inventories at June 30, 2017 and 2016 consisted of the following:


	2017		2016
Raw materials and supplies	$	7,164	$	5,420
Work in process		1,772		2,196
Finished goods		3,427		5,984
Obsolescence reserve		(687)		(332)
Total inventories	$	11,676	$	13,268

Activity in the obsolescence reserve was as follows for the years ended June 30, 2017 and 2016:


	2017		2016
Beginning balance	$	(332)	$	(480)
Charged to costs and expenses		(399)		(359)
Disposals		44		507
Ending balance	$	(687)	$	(332)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Jun. 30, 2017

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at June 30, 2017 and 2016, consisted of the following:


	2017		2016
Prepaid photo shoot	$	497	$	650
Insurance		765		591
Trade show deposits		73		133
Other		1,103		406
Total prepaid expenses and other current assets	$	2,438	$	1,780

PROPERTY, PLANT, AND EQUIPMENT

12 Months Ended

Jun. 30, 2017

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT

6.PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment — net at June 30, 2017 and 2016, consisted of the following:


	2017		2016
Land and improvements	$	1,125	$	1,125
Buildings and improvements		8,208		8,371
Machinery and equipment		16,189		17,666
Furniture and fixtures		847		1,028
Construction in progress		3,465		1,930
Total property, plant, and equipment		29,834		30,121
Less accumulated depreciation		(15,007)		(16,295)
Property, plant, and equipment — net	$	14,827	$	13,826

Depreciation expense for the years ended June 30, 2017, 2016, and 2015 was $3,124, $3,223 and $3,057, respectively.

INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2017

INTANGIBLE ASSETS

INTANGIBLE ASSETS

7.INTANGIBLE ASSETS

As of June 30, 2017 and 2016, details of the Company’s intangible assets other than goodwill were as follows:


	2017
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Dealer network	$	1,590	$	(947)	$	643
Total amortizable intangible assets		1,590		(947)		643
Trade names		16,000		—		16,000
Total intangible assets	$	17,590	$	(947)	$	16,643


	2016
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Dealer network	$	1,590	$	(840)	$	750
Total amortizable intangible assets		1,590		(840)		750
Trade names		16,000		—		16,000
Total intangible assets	$	17,590	$	(840)	$	16,750

The amortizable intangible assets reflected in the table above were determined by management to have finite lives. The useful life for the dealer network intangible, which is 14 years, was based on the average tenure of the dealer group. The trade names have been determined to have indefinite lives and are not being amortized, based on management’s expectation that trade names will generate cash flows for an indefinite period. Management expects to maintain usage of the trade names on existing products and introduce new products in the future under the trade names, thus extending their lives indefinitely.

Amortization expense for the years ended June 30, 2017, 2016, and 2015, was $107, $221 and $222, respectively. Estimated amortization expense for the five years subsequent to June 30, 2017, is shown in the following table:


Fiscal years ending June 30,
2018	$	107
2019		107
2020		107
2021		107
2022		107
and thereafter		108
Total	$	643

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Jun. 30, 2017

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

8.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at June 30, 2017 and 2016, consisted of the following:


	2017		2016
Warranty	$	12,237	$	11,392
Self-insurance		763		809
Compensation and related accruals		1,691		1,706
Inventory repurchase contingent obligation		1,008		742
Interest		1,008		1,178
Dealer incentives		2,755		4,336
Other		1,948		2,113
Total accrued expenses and other current liabilities	$	21,410	$	22,276

The following table provides a roll forward of the accrued warranty liability for the years ended June 30, 2017 and 2016:


	2017		2016
Beginning balance	$	11,392	$	10,228
Provisions		4,723		5,461
Payments made		(3,052)		(4,297)
Adjustments to preexisting warranties		(825)		—
Ending balance	$	12,237	$	11,392

Activity in dealer incentives for the years ended June 30, 2017 and 2016 was as follows:


	2017		2016
Beginning balance	$	4,336	$	3,568
Provisions		11,160		10,759
Payments made		(12,741)		(9,991)
Ending balance	$	2,755	$	4,336

FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 30, 2017

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

9. 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 summarizes the basis used to measure certain financial assets and liabilities at fair value as of June 30, 2017:


	2017 Fair Value Measurements Using
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	90	$	—

There were no financial assets or liabilities subject to fair value measurements at June 30, 2016. The interest rate cap is valued utilizing pricing models taking into account inputs such as interest rates and notional amounts. Fair value measurements for the Company’s interest rate cap are classified under Level 2 because such measurements are based on significant other observable inputs. There were no transfers of assets or liabilities between Level 1 and Level 2 during the fiscal year ended June 30, 2017.

The Company had issued a common stock warrant for the purchase of 1,113,900 shares of common stock which was classified within Level 3 because it was valued using valuation techniques using certain inputs that are unobservable in the market. The strike price was $4.27 per share and is subject to adjustment based on stock splits, stock dividends and certain other events or transactions. The Company used an option pricing model to estimate the fair value of the warrant as of June 30, 2015. 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 June 3, 2016 all holders of the common stock warrants had exchanged or exercised their warrants for common stock.

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) at June 30, 2016:


		2016
Beginning balance		9,147
Issuance of shares for common stock warrant		(12,572)
Change in common stock warrant fair value		3,425
Ending balance		—

- 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

12 Months Ended

Jun. 30, 2017

LONG-TERM DEBT

LONG-TERM DEBT

10. LONG-TERM DEBT

Long-term debt outstanding at June 30, 2017 and 2016 is as follows:


	2017		2016
Revolving credit facility	$	—	$	3,126
Senior secured term loan		35,135		50,000
Debt issuance costs on term loan		(658)		(899)
Total debt		34,477		52,227
Less current portion of long-term debt		3,904		8,126
Less current portion of debt issuance costs on term loan		(217)		(241)
Long-term debt — less current portion	$	30,790	$	44,342

In December 2013, certain of the Company’s subsidiaries entered into a credit and guaranty agreement with Fifth Third Bank, as the agent and letter of credit issuer, SunTrust Bank as the syndication agent and the other lenders party thereto, the (“Senior Secured Credit Facility”). The Senior Secured Credit Facility provided, among other things, for (i) an initial term loan commitment of $25,000; and (ii) a revolving loan commitment of $10,000. In November 2014, the Company entered into a first amendment to the Senior Secured Credit Facility to, among other things, increase the Term Loan Facility to $50,000, repay all amounts outstanding under our Senior Secured PIK Notes due 2014 with the additional borrowings under our Term Loan Facility and extend the maturity date to November 26, 2019. In March 2015, the Company entered into an Amended and Restated Credit and Guaranty Agreement (the “Amended and Restated Credit and Guaranty Agreement”) which increased the term loan commitment from $50,000 to $75,000 and increased the revolving loan to $30,000. The Company initially borrowed $20,000 on the revolving loan and repaid $10,000 during March 2015. The Company used $44,000 of the proceeds to pay a cash dividend to common stockholders in March 2015. The dividend per basic and diluted common share was $3.95 and $3.71, respectively.

In July 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. 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 incurred under its $75,000 term loan facility. In February 2016, the Company amended its Senior Secured Credit Facility to provide that the Company may repurchase shares in an aggregate amount not to exceed $20,000.

In May 2016, the Company entered into a Second Amended and Restated Credit and Guaranty Agreement with Fifth Third Bank, as the agent and letter of credit issuer, and the lenders party thereto (the “Amended Credit Agreement”). The Amended Credit Agreement replaces the Company’s Amended and Restated Credit Agreement, dated March 13, 2015 (as amended in February 2016. The Amended Credit Agreement provides the Company with an $80,000 senior secured credit facility, consisting of a $50,000 term loan (the “Term Loan”) and a $30,000 revolving credit facility (the “Revolving Credit Facility”). The Amended Credit Agreement bears interest, at the Company’s option, at either the prime rate plus an applicable margin ranging from 0.75% to 1.50% or at an adjusted London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from 2.75% to 3.50%, in each case based on the Company’s senior leverage ratio. Based on the Company’s senior leverage ratio for the fiscal year ended June 30, 2017, the applicable margin for loans accruing interest at the prime rate is 0.75% and the applicable margin for loans accruing interest at LIBOR is 2.75%. The Amended Credit Agreement is secured by a first-priority security interest in substantially all of the Company’s assets. Obligations under the Amended Credit Agreement are guaranteed by the Company and each of its domestic subsidiaries.

The Amended Credit Agreement contains a number of covenants that, among other things, restrict the Company’s ability to, subject to specified exceptions, incur additional debt; incur additional liens and contingent liabilities; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve; engage in businesses that are not in a related line of business; make loans, advances or guarantees; pay dividends or make other distributions; engage in transactions with affiliates; and make investments. The Company is also required to maintain a specified consolidated fixed charge coverage ratio and a specified total leverage ratio. The Amended Credit Agreement includes customary events of default, including, but not limited to, payment defaults, covenant defaults, breaches of representations and warranties, cross-defaults to certain indebtedness, certain events of bankruptcy and insolvency, defaults under any security documents, and a change of control. The Term Loan will mature and all remaining amounts outstanding thereunder will be due and payable on May 26, 2021. The Company used the proceeds to pay a $79,945 cash dividend to common stockholders in June 2016. The cash dividend payment per share was $4.30 based on shares outstanding as of June 6, 2016.

Under the Revolving Credit Facility, as of June 30, 2017, the Company had no borrowings and as of June 30, 2016, the Company had borrowings of $3,126. As of June 30, 2017 and 2016, the Company had net availability of $29,750 and $26,627, respectively. Availability was reduced by outstanding letters of credit of $250 at June 30, 2017 and June 30, 2016. As of June 30, 2017 and 2016, the effective interest rate on borrowings outstanding were 3.803% and 3.559%, respectively. As of June 30, 2017 the Company was in compliance with all of its debt covenants under its Term Loan and Revolving Credit Facility.

Long-term debt maturities for the Term Loan subsequent to June 30, 2017 are as follows:


Fiscal years ending June 30,
2018	$	3,904
2019		5,856
2020		5,856
2021		19,519
2022		—
Total	$	35,135

INCOME TAXES

12 Months Ended

Jun. 30, 2017

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

Earnings from continuing operations before income taxes and equity by jurisdiction were all in the U.S. except for a loss of $53 and income of $53 in 2017 and 2016, respectively.

For the years ended June 30, the components of the provision for income taxes are as follows:


	For the Years Ended June 30,
	2017		2016		2015
Current income tax expense:
Federal	$	5,803	$	10,530	$	436
State and other		1,584		2,020		96
Benefit of operating loss carryforwards		(118)		(319)		—
Total current tax expense		7,269		12,231		532
Deferred tax expense:
Federal		4,154		(3,583)		5,636
State and other		300		(340)		426
Total deferred tax expense		4,454		(3,923)		6,062
Income tax expense	$	11,723	$	8,308	$	6,594

The difference between the statutory and the effective federal tax rate for the periods below is attributable to the following:


	For the Years Ended June, 30
	2017		2016		2015
Statutory income tax rate	35.00	%	35.00	%	34.00	%
State taxes (net of federal income tax benefit and valuation allowance)	2.83		0.41		2.73
Valuation allowance	—		0.06		0.30
Tax credits	(0.62)		(2.82)		—
Other	0.04		(0.21)		(2.95)
Uncertain tax positions	1.93		6.06		(0.55)
Permanent differences	(1.72)		6.36		20.84
Effective income tax rate	37.46	%	44.86	%	54.37	%

As of June 30, 2017 and 2016, a summary of the significant components of the Company’s deferred tax assets and liabilities was as follows:


	2017		2016
Deferred tax assets:
Warranty reserves	$	4,392	$	4,301
Repurchase agreements		362		280
Other reserves		121		998
Unrecognized tax benefits		859		719
Stock Compensation		336		4,527
State net operating loss		130		130
Foreign net operating loss		104		117
Valuation allowance		(234)		(247)
Total deferred tax assets		6,070		10,825
Deferred tax liabilities:
Depreciation		(984)		(907)
Intangible asset basis difference		(6,037)		(6,406)
Other		(2)		(11)
Total deferred tax liabilities		(7,023)		(7,324)
Net deferred tax assets (liabilities)	$	(953)	$	3,501


	2017		2016
Noncurrent deferred tax assets		—		3,501
Noncurrent deferred tax liabilities		(953)		—
Net deferred tax assets (liabilities)	$	(953)	$	3,501

The Company has state net operating loss (NOL) carryforwards of $3,013 that expire in varying years ranging from June 30, 2024 to June 30, 2029, and foreign NOL carryforwards of $494 that can be carried forward indefinitely. However, the Company determined that it is more likely than not that the benefit from these state and foreign NOL carryforwards will not be realized. In recognition of this risk, the Company has provided a full valuation allowance on the deferred tax assets relating to these state and foreign NOL carryforwards.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued amounts for interest and penalties, is as follows:


	2017		2016
Balance at July 1	$	2,054	$	328
Additions based on tax positions related to the current year		413		623
Additions for tax positions of prior years		—		1,143
Reductions for tax positions of prior years		(25)		(40)
Balance at June 30	$	2,442	$	2,054

Of this total, $910 and $667 as of June 30, 2017 and 2016, respectively represent the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The total amount of interest and penalties recorded in the consolidated statements of operations for the years ended June 30, 2017, and 2016 were a benefit of $355 and $57, respectively. The amounts accrued for interest and penalties at June 30, 2017 and 2016 were $490 and $135 respectively.

In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of June 30, 2017, the Company has not made a provision for U.S. or additional foreign withholding taxes on investments in foreign subsidiaries that are indefinitely reinvested. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances.

The Company and its subsidiaries are subject to U.S. federal income tax, as well as various other income state taxes and foreign income taxes. The Company is no longer subject to examination by taxing authorities for years before June 30, 2011. The Company expects the total amount of unrecognized benefits to increase by approximately $845 in the next twelve months.

STOCK-BASED COMPENSATION

12 Months Ended

Jun. 30, 2017

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

12.STOCK-BASED COMPENSATION

During fiscal year ended June 30, 2015 the Company adopted the Amended and Restated MCBC Holdings, Inc. 2015 Incentive Award Plan (“2015 Plan”) in order to facilitate the grant of cash and equity incentives to non-employee directors, employees, and consultants of the Company and certain of its affiliates and to enable the Company and certain of its affiliates to obtain and retain the services of these individuals, which is essential to our long-term success. In July 2015, the Board amended and restated the Company's 2015 Plan which became effective just prior to the closing of the Company’s initial public offering to 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, restricted stock awards, or RSAs, deferred stock, deferred stock units, performance awards, stock appreciation rights, or SARs, performance stock units, or PSUs, and cash awards. As of June 30, 2017, there were 1,722,190 shares available for issuance under the 2015 Plan. All outstanding awards granted under the Company’s 2010 Equity Incentive Plan have vested. The Company does not intend to grant additional awards under this plan.

In May 2015, the Company granted to certain employees 841,585 shares of restricted stock under the 2015 Plan. For accounting purposes, the vesting conditions were not probable at the time of the grant. Upon completion of the IPO, the vesting conditions had been met at which time the restricted shares had 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 recognized stock-based compensation through the vesting date on a straight-line basis over 181 days from the Company’s initial public offering date. In April 2016, the Company granted 6,140 shares of restricted stock under the 2015 Plan to certain non-employee directors at a per share fair value of $13.41, which was the closing price of the stock on April 2, 2016. For these restricted stock awards, the Company recognized stock-based compensation through the vesting date of June 30, 2016.

In August 2016, the Company granted to certain employees 28,391 shares of RSAs under the 2015 Plan at a per share fair value of $11.85, which is the market value of the Company’s common stock on the grant date. The RSAs will vest in three equal annual installments. In addition, the Company granted 10,770 RSAs under the 2015 Plan to certain non-employee directors for their annual equity award at a per share fair value of $11.85. In December 2016, the Company granted 5,572 RSAs under the 2015 Plan to its two new non-employee directors for their pro-rata portion of their annual equity award at a per share fair value of $13.47. In January 2017, the Company granted 1,968 RSAs under the 2015 Plan to its new non-employee directors for the pro-rata portion of their annual equity award at a per share fair value of $14.63. During the fiscal years ended June 30, 2017 and 2016, the Company recognized $321 and $13,444, respectively, in stock-based compensation from RSAs.

A summary of restricted stock award activity for the year ended June 30, 2017 is as follows:


	Number of Restricted Stock Awards Outstanding		Weighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Awards at beginning of year	—	$	—
Granted	47,131		12.22
Vested	(18,740)		18.94
Forfeited	(1,974)		19.55
Total Non-vested Restricted Stock Awards at end of year	26,417	$	12.22

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 fiscal year ended June 30, 2016, there were 15,146 stock options forfeited. During the fiscal year ended June 30, 2017 and 2016, the Company recognized $240 and $243, respectively, from these NSOs in stock-based compensation.

The Company 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%. The Company determined that it does not have sufficient information on which to base a reasonable and supportable estimate of expected volatility of its share price, because they have limited or no active stock transactions with third parties. Therefore, the Company has selected to use the calculated value method. Under this method, the Company used comparable public companies to estimate expected volatility. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. There was no stock-based compensation recognized for the fiscal year ended June 30, 2015.

A summary of option activity for the year ending June 30, 2017 is as follows:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Yrs.)	Value
Outstanding at beginning of year	122,640	$	10.70	9.1	$	43
Granted	—	$	—	—	$	—
Exercised	(1,578)	$	10.70	8.1	$	—
Forfeited or expired	(4,734)	$	10.70	8.1	$	—
Outstanding at end of year	116,328	$	10.70	8.1	$	1,030
Fully vested and exercisable at end of year	—	$	—	—	$	—

A summary of option activity for the year ending June 30, 2016 is as follows:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Yrs.)	Value
Outstanding at beginning of year	86,985	$	4.03	4.7	$	833
Granted	137,786	$	15.00	10.0	$	—
Exercised	(86,985)	$	4.03	—	$	—
Forfeited or expired	(15,146)	$	15.00	—	$	—
Outstanding at end of year	122,640	$	10.70	9.1	$	43
Fully vested and exercisable at end of year	—	$	—	—	$	—

Pursuant to the terms of the 2015 Plan, the exercise price of options were reduced by $4.30, the amount of the special cash dividend paid on June 10, 2016, from an exercise price of $15.00 to an exercise price of $10.70. The other terms of the options remain unchanged.

In August 2016, the Company granted 42,587 performance stock units (“PSUs”) under its 2015 Plan to certain employees at a per share fair value of $11.85, which was the market value of the Company’s common stock on the grant date. The awards will be earned based upon the Company’s obtainment of certain performance criteria over a three-year period. The performance period for the awards are a three-year period commencing July 1, 2016 and ending June 30, 2019. Following the determination of the Company’s achievement with respect to the performance criteria, the amount of shares awarded will be subject to adjustment based upon the application of a total shareholder return (“TSR”) modifier. The probability of achieving the performance criteria is assessed quarterly, and compensation expense is recognized ratably over the performance period in accordance with ASC 718, Compensation—Stock Compensation. The Company recognized $150 in stock-based compensation expense from these PSUs during the fiscal year ended June 30, 2017.

A summary of performance stock award activity for the year ending June 30, 2017 is as follows:


	Number of Performance Stock Units Outstanding		Weighted Average Grant Date Fair Value
Total Non-vested Performance Stock Units at beginning of year	—	$	—
Granted	42,587		11.85
Vested	—		—
Forfeited	(1,974)		11.85
Total Non-vested Performance Stock Units at end of year	40,613	$	11.85

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2017

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

The Company leases equipment and warehouse space under operating lease agreements expiring through 2020. Rental expense was $603, $468, and $262 during the years ended June 30, 2017, 2016, and 2015, respectively. Future minimum rental payments under all non-cancelable operating leases with remaining lease terms in excess of one year at June 30, 2017, are as follows:


Fiscal years ending June 30,
2018	$	484
2019		314
2020		114
2021		87
2022		72
and thereafter		11
Total	$	1,082

Under certain conditions, the Company is obligated to repurchase new inventory repossessed from dealerships by financial institutions that provide credit to boat dealerships. Under the terms of these repurchase agreements, the Company is obligated to repurchase inventory repossessed by these financial institutions for a period ranging from 18 months to 30 months from the date of the original sale of the products to the respective dealers. Repossession of products by the financial institutions normally occurs when a dealer goes out of business or defaults with a lender. The maximum obligation of the Company under such floor plan agreements aggregated approximately $94,046 and $88,810 as of June 30, 2017 and 2016, respectively. No units were repurchased for the fiscal year ended June 30, 2017 or June 30, 2016. The Company recorded a liability of $1,008 and $742 as of June 30, 2017 and 2016, respectively, after giving effect to proceeds anticipated to be received from the resale of those products to alternative dealers, and taking into consideration the credit quality of the dealers.

The Company is engaged in an exclusive contract with Ilmor Marine to provide engines for its MasterCraft boats. This contract makes Ilmor Marine the only supplier to MasterCraft for in-board engines and expires June 30, 2019. The Company is obligated to purchase a minimum number of engines during each model year and penalties can be assessed if the Company does not meet the purchase requirements. The Company did not incur any penalties related to engine purchase shortfalls for the years ended June 30, 2017 and 2016. Estimated purchases under the agreement range from approximately $26,000 to $27,000 for each of the years ending June 30, 2018 and 2019.

Future minimum purchase commitments under supply and other agreements are as follows:


Fiscal years ending June 30,
2018	$	1,153
2019		1,153
2020		1,500
2021		—
2022		—
and thereafter		470
Total	$	4,276

The Company is involved in certain claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s financial condition or results of operations.

On May 2, 2017, the Company reached a resolution of its pending patent litigation with Malibu Boats. The resolution of the litigation included a full release of all claims and counterclaims by the parties. The resolution of the litigation also included a $2.5 million settlement charge, which is included in general and administrative expense in the accompanying consolidated statement of operations, and the Company entering into a license agreement related to certain of Malibu’s patents.

RELATED PARTY

12 Months Ended

Jun. 30, 2017

RELATED PARTY

RELATED PARTY

14. RELATED PARTY

The schedule below identifies balances included in the consolidated statements of operations for the years ended June 30, 2017, 2016 and 2015.


	2017		2016		2015
Interest expense (Wayzata Investment Partners)		—		—		1,639

COMMON STOCK	12 Months Ended
COMMON STOCK	Jun. 30, 2017
COMMON STOCK
COMMON STOCK	15. COMMON STOCK As of June 30, 2017, the Company has authorized 100,000,000 shares of common stock, par value of $0.01 per share. Holders of common stock are each entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Holders are entitled to receive dividends when and if declared by the board of directors. In the event of liquidation, dissolution, or winding up, holders of common stock are entitled to receive a pro rata share of remaining assets available for distribution. Initial Public Offering — On July 22, 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 over-allotment 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 the Company’s 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 paid during the year ended June 30, 2016. These condensed consolidated financial statements give effect retrospectively to the stock split consummated on July 22, 2015. On May 26, 2016, the Company declared a special dividend of $4.30 per share which was paid on June 10, 2016. Follow-on Offering — In September 2016, the Company completed a follow-on offering of 4,600,000 shares of its common stock held by the Selling Stockholders at a public offering price of $10.25 per share. This included 600,000 shares sold by the Selling Stockholders pursuant to the over-allotment option granted to the underwriters, which was exercised concurrently with the closing of the follow-on offering. The Company received no proceeds from the follow-on offering. The Company paid $254 for offering expenses incurred during September 2016, which are reflected as a reduction to paid-in capital. Secondary Offerings — In December 2016, the Company completed two secondary offerings for a total of 2,995,000 shares of its common stock held by certain entities associated with Wayzata Investment Partners (collectively, the “Selling Stockholders”). The public offering price for the first offering consisting of 1,495,000 shares was $13.35 per share which included 195,000 shares sold by the Selling Stockholders pursuant to the over-allotment option granted to the underwriter, which was exercised concurrently with the closing of the secondary offering. The public offering price for the second offering consisting of 1,500,000 shares was $13.45 per share. The Company received no proceeds from the secondary offerings. The Company incurred $181 for offering expenses during December 2016, which are reflected as a reduction to paid-in capital. Wayzata Investment Partners has now divested of all outstanding shares of the Company’s common stock acquired in connection with the Company’s initial public offering.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SAB Topic 4.E)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.5-02(29))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2017

EARNINGS PER SHARE

EARNINGS PER SHARE

16. EARNINGS PER SHARE

The factors used in the earnings per share computation are as follows:


	2017		2016		2015
Net income	$	19,570	$	10,210	$	5,534
Weighted average common shares — basic		18,592,885		17,849,319		11,139,000
Dilutive effect of assumed exercises of stock options		4,488		50,775		57,126
Dilutive effect of assumed restricted share awards\units		23,335		268,853		—
Dilutive effect of assumed exercises of common stock warrant		—		88,060		666,573
Weighted average outstanding shares — diluted		18,620,708		18,257,007		11,862,699
Basic earnings per share	$	1.05	$	0.57	$	0.50
Diluted earnings per share	$	1.05	$	0.56	$	0.47

For the year ended June 30 2017 and June 30, 2016, stock options for 91,980 and 124,020 shares of common stock, respectively, were not considered in computing diluted earnings per share because they were anti-dilutive. There were no anti-dilutive options or warrant shares excluded from the dilutive shares outstanding for the year ended June 30, 2015.

SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2017

SEGMENT INFORMATION

SEGMENT INFORMATION

17. SEGMENT INFORMATION

The Company designs, manufactures, and markets recreational performance boats and prior to July 1, 2015 had two operating and reportable segments: MasterCraft and Hydra-Sports. The Company’s segments are defined by management’s reporting structure, product brands, and distribution channels. 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. The Company manufactured Hydra-Sports recreational fishing boats under a contract manufacturing agreement with Hydra-Sports Custom Boats, LLC, an unrelated third party. All sales related to the Hydra-Sports brand were to the unrelated third party. The Company’s chief operating decision maker (“CODM”) regularly reviews the operating performance of each product brand including measures of performance based on income from operations. The Company considers each of the product brands to be an operating segment and has further concluded that presenting disaggregated information of these two operating segments provides meaningful information as certain economic characteristics are dissimilar as well as the characteristics of the customer base served.

On June 30, 2012, the Company sold the trade name, tooling, certain machinery, and finished goods of its Hydra-Sports business to Hydra-Sports Custom Boats, LLC, an unaffiliated third party. The Company concurrently entered into an agreement with the purchaser to contract manufacture a specified number of Hydra-Sports models annually at established prices, using certain of the tooling and machinery assets sold to Hydra-Sports Custom Boats, LLC which remained in use by the Company at the Company’s manufacturing facility for the duration of the manufacturing contract. This manufacturing agreement expired on June 30, 2015 and the Company did not renew it. The Company determined that this did not have a major effect on its operations and financial results and decided to early adopt FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.

Sales outside of North America accounted for 9.1%, 8.6%, and 10.1% of net sales of the MasterCraft segment for the years ended the years ended June 30, 2017, 2016, and 2015, respectively. The Company has no significant assets, concentration of sales to individual dealers or countries outside of North America during the years ended June 30, 2017 and 2016. All sales for the fiscal year ended June 30, 2015 in the Hydra-Sports segment were domestic.

Management evaluates performance based on business segment operating income. The Company files a consolidated income tax return and does not allocate income taxes and other corporate level expenses including interest to operating segments.

The Company does not maintain separate balance sheets for operating segments because this information is not considered meaningful for decision making as the CODM manages the business on a consolidated basis. All corporate costs are allocated to MasterCraft. All amounts in the accompanying Consolidated Statements of Operations for the years ended June 30, 2017 and 2016 pertain exclusively to the MasterCraft segment.

For the year ended June 30, 2015, the operating information for the reportable segments is as follows:


	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	199,907	$	14,479	$	214,386
Cost of sales		150,622		12,598		163,220
Operating income		21,695		2,225		23,920
Depreciation and amortization		3,169		109		3,278

- 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
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+ Details

QUARTERLY FINANCIAL REPORTING (UNAUDITED)

12 Months Ended

Jun. 30, 2017

QUARTERLY FINANCIAL REPORTING (UNAUDITED)

QUARTERLY FINANCIAL REPORTING (UNAUDITED)

18. QUARTERLY FINANCIAL REPORTING (UNAUDITED)

The following table sets forth summary quarterly financial information for the years ended June 30, 2017 and 2016.


		June 30		April 2		January 1		October 2
		2017		2017		2017		2016

Net sales	$	58,325	$	58,486	$	51,134	$	60,689
Gross profit		16,456		14,925		14,286		17,809
Operating income		10,559		4,282		7,039		11,635
Net income	$	6,315	$	2,241	$	4,031	$	6,983
Basic earnings per common share	$	0.34	$	0.12	$	0.22	$	0.38
Diluted earnings per common share	$	0.34	$	0.12	$	0.22	$	0.38
Weighted average shares used for computation of:
Basic earnings per common share		18,593,501		18,593,296		18,592,936		18,591,808
Diluted earnings per common share		18,659,246		18,625,904		18,605,078		18,592,603


		June 30		March 27		December 27		September 27
		2016		2016		2015		2015

Net sales	$	53,386	$	57,030	$	55,203	$	55,981
Gross profit		14,033		15,842		15,365		15,839
Operating income		7,698		7,513		2,780		4,020
Net income	$	4,769	$	4,894	$	1,870	$	(1,323)
Basic earnings per common share	$	0.27	$	0.26	$	0.10	$	(0.08)
Diluted earnings per common share	$	0.26	$	0.26	$	0.10	$	(0.08)
Weighted average shares used for computation of:
Basic earnings per common share		17,849,319		18,574,887		17,998,796		16,263,793
Diluted earnings per common share		18,257,007		18,779,557		18,606,884		16,263,793

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2017

SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Use of Estimates

Revenue Recognition

Dealer Incentives

Accrued rebates are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

Floor Plan Reimbursement Costs

Shipping and Handling Costs

Accounts Receivable

Cash and Cash Equivalents

Concentrations of Credit and Business Risk

Inventories

Property, Plant, and Equipment

Ranges of asset lives used for depreciation purposes are:


Buildings and improvements	7	-	40	years
Machinery and equipment	3	-	7	years
Furniture and fixtures	3	-	5	years

Goodwill and Other Intangible Assets

Impairment of Long-Lived Assets Other Than Indefinite-Lived Assets

Income Taxes

The Company recognizes interest and/or penalties related to income tax matters in income tax expense.

Product Warranties

Research and Development

Self-Insurance

Deferred Financing Costs

Stock-Based Compensation

Common Stock Warrant

Advertising

Fair Value Measurements

Fair Value of Financial Instruments

Repurchase Commitments

Earnings Per Common Share

Operating Leases

Segment Information

New Accounting Pronouncements Issued But Not Yet Adopted

There are no other recently issued accounting pronouncements that are expected to have a material impact on our financial position or results of operations and related disclosures.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2017

SIGNIFICANT ACCOUNTING POLICIES

Schedule of ranges of asset lives used for depreciation purposes


Buildings and improvements	7	-	40	years
Machinery and equipment	3	-	7	years
Furniture and fixtures	3	-	5	years

INVENTORIES (Tables)

12 Months Ended

Jun. 30, 2017

INVENTORIES

Schedule of inventories


	2017		2016
Raw materials and supplies	$	7,164	$	5,420
Work in process		1,772		2,196
Finished goods		3,427		5,984
Obsolescence reserve		(687)		(332)
Total inventories	$	11,676	$	13,268

Schedule of activity in the obsolescence reserve


	2017		2016
Beginning balance	$	(332)	$	(480)
Charged to costs and expenses		(399)		(359)
Disposals		44		507
Ending balance	$	(687)	$	(332)

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Jun. 30, 2017

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of prepaid expenses and other current assets


	2017		2016
Prepaid photo shoot	$	497	$	650
Insurance		765		591
Trade show deposits		73		133
Other		1,103		406
Total prepaid expenses and other current assets	$	2,438	$	1,780

PROPERTY, PLANT, AND EQUIPMENT (Tables)

12 Months Ended

Jun. 30, 2017

PROPERTY, PLANT, AND EQUIPMENT

Schedule of property, plant, and equipment - net


	2017		2016
Land and improvements	$	1,125	$	1,125
Buildings and improvements		8,208		8,371
Machinery and equipment		16,189		17,666
Furniture and fixtures		847		1,028
Construction in progress		3,465		1,930
Total property, plant, and equipment		29,834		30,121
Less accumulated depreciation		(15,007)		(16,295)
Property, plant, and equipment — net	$	14,827	$	13,826

INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 2017

INTANGIBLE ASSETS

Schedule of intangible assets other than goodwill


	2017
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Dealer network	$	1,590	$	(947)	$	643
Total amortizable intangible assets		1,590		(947)		643
Trade names		16,000		—		16,000
Total intangible assets	$	17,590	$	(947)	$	16,643


	2016
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Dealer network	$	1,590	$	(840)	$	750
Total amortizable intangible assets		1,590		(840)		750
Trade names		16,000		—		16,000
Total intangible assets	$	17,590	$	(840)	$	16,750

Schedule of estimated amortization expense


Fiscal years ending June 30,
2018	$	107
2019		107
2020		107
2021		107
2022		107
and thereafter		108
Total	$	643

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Jun. 30, 2017

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	2017		2016
Warranty	$	12,237	$	11,392
Self-insurance		763		809
Compensation and related accruals		1,691		1,706
Inventory repurchase contingent obligation		1,008		742
Interest		1,008		1,178
Dealer incentives		2,755		4,336
Other		1,948		2,113
Total accrued expenses and other current liabilities	$	21,410	$	22,276

Schedule of roll forward of the accrued warranty liability


	2017		2016
Beginning balance	$	11,392	$	10,228
Provisions		4,723		5,461
Payments made		(3,052)		(4,297)
Adjustments to preexisting warranties		(825)		—
Ending balance	$	12,237	$	11,392

Schedule of activity in accrued dealer incentives


	2017		2016
Beginning balance	$	4,336	$	3,568
Provisions		11,160		10,759
Payments made		(12,741)		(9,991)
Ending balance	$	2,755	$	4,336

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2017

FAIR VALUE MEASUREMENTS

Assets measured at fair value on a recurring basis


	2017 Fair Value Measurements Using
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	90	$	—

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


		2016
Beginning balance		9,147
Issuance of shares for common stock warrant		(12,572)
Change in common stock warrant fair value		3,425
Ending balance		—

LONG-TERM DEBT (Tables)

12 Months Ended

Jun. 30, 2017

LONG-TERM DEBT

Schedule of long-term debt outstanding


	2017		2016
Revolving credit facility	$	—	$	3,126
Senior secured term loan		35,135		50,000
Debt issuance costs on term loan		(658)		(899)
Total debt		34,477		52,227
Less current portion of long-term debt		3,904		8,126
Less current portion of debt issuance costs on term loan		(217)		(241)
Long-term debt — less current portion	$	30,790	$	44,342

Schedule of maturities of long-term debt


Fiscal years ending June 30,
2018	$	3,904
2019		5,856
2020		5,856
2021		19,519
2022		—
Total	$	35,135

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2017

INCOME TAXES

Schedule of the components of the provision for income taxes


	For the Years Ended June 30,
	2017		2016		2015
Current income tax expense:
Federal	$	5,803	$	10,530	$	436
State and other		1,584		2,020		96
Benefit of operating loss carryforwards		(118)		(319)		—
Total current tax expense		7,269		12,231		532
Deferred tax expense:
Federal		4,154		(3,583)		5,636
State and other		300		(340)		426
Total deferred tax expense		4,454		(3,923)		6,062
Income tax expense	$	11,723	$	8,308	$	6,594

Schedule of difference between the statutory and the effective federal tax rate


	For the Years Ended June, 30
	2017		2016		2015
Statutory income tax rate	35.00	%	35.00	%	34.00	%
State taxes (net of federal income tax benefit and valuation allowance)	2.83		0.41		2.73
Valuation allowance	—		0.06		0.30
Tax credits	(0.62)		(2.82)		—
Other	0.04		(0.21)		(2.95)
Uncertain tax positions	1.93		6.06		(0.55)
Permanent differences	(1.72)		6.36		20.84
Effective income tax rate	37.46	%	44.86	%	54.37	%

Summary of the significant components of the Company’s deferred tax assets and liabilities


	2017		2016
Deferred tax assets:
Warranty reserves	$	4,392	$	4,301
Repurchase agreements		362		280
Other reserves		121		998
Unrecognized tax benefits		859		719
Stock Compensation		336		4,527
State net operating loss		130		130
Foreign net operating loss		104		117
Valuation allowance		(234)		(247)
Total deferred tax assets		6,070		10,825
Deferred tax liabilities:
Depreciation		(984)		(907)
Intangible asset basis difference		(6,037)		(6,406)
Other		(2)		(11)
Total deferred tax liabilities		(7,023)		(7,324)
Net deferred tax assets (liabilities)	$	(953)	$	3,501

Schedule of net deferred tax assets and liabilities as classified in the consolidated balance sheets


	2017		2016
Noncurrent deferred tax assets		—		3,501
Noncurrent deferred tax liabilities		(953)		—
Net deferred tax assets (liabilities)	$	(953)	$	3,501

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits excluding accrued amounts for interest and penalties


	2017		2016
Balance at July 1	$	2,054	$	328
Additions based on tax positions related to the current year		413		623
Additions for tax positions of prior years		—		1,143
Reductions for tax positions of prior years		(25)		(40)
Balance at June 30	$	2,442	$	2,054

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2017

STOCK-BASED COMPENSATION

Schedule of of restricted stock award activity

A summary of restricted stock award activity for the year ended June 30, 2017 is as follows:


	Number of Restricted Stock Awards Outstanding		Weighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Awards at beginning of year	—	$	—
Granted	47,131		12.22
Vested	(18,740)		18.94
Forfeited	(1,974)		19.55
Total Non-vested Restricted Stock Awards at end of year	26,417	$	12.22

Schedule of stock option activity

A summary of option activity for the year ending June 30, 2017 is as follows:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Yrs.)	Value
Outstanding at beginning of year	122,640	$	10.70	9.1	$	43
Granted	—	$	—	—	$	—
Exercised	(1,578)	$	10.70	8.1	$	—
Forfeited or expired	(4,734)	$	10.70	8.1	$	—
Outstanding at end of year	116,328	$	10.70	8.1	$	1,030
Fully vested and exercisable at end of year	—	$	—	—	$	—

A summary of option activity for the year ending June 30, 2016 is as follows:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Yrs.)	Value
Outstanding at beginning of year	86,985	$	4.03	4.7	$	833
Granted	137,786	$	15.00	10.0	$	—
Exercised	(86,985)	$	4.03	—	$	—
Forfeited or expired	(15,146)	$	15.00	—	$	—
Outstanding at end of year	122,640	$	10.70	9.1	$	43
Fully vested and exercisable at end of year	—	$	—	—	$	—

Schedule of performance stock award activity

A summary of performance stock award activity for the year ending June 30, 2017 is as follows:


	Number of Performance Stock Units Outstanding		Weighted Average Grant Date Fair Value
Total Non-vested Performance Stock Units at beginning of year	—	$	—
Granted	42,587		11.85
Vested	—		—
Forfeited	(1,974)		11.85
Total Non-vested Performance Stock Units at end of year	40,613	$	11.85

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Jun. 30, 2017

COMMITMENTS AND CONTINGENCIES

Future minimum rental payments under all non-cancelable operating leases with remaining terms in excess of one year


Fiscal years ending June 30,
2018	$	484
2019		314
2020		114
2021		87
2022		72
and thereafter		11
Total	$	1,082

Future minimum purchase commitments under supply and other agreements


Fiscal years ending June 30,
2018	$	1,153
2019		1,153
2020		1,500
2021		—
2022		—
and thereafter		470
Total	$	4,276

RELATED PARTY (Tables)

12 Months Ended

Jun. 30, 2017


	2017		2016		2015
Interest expense (Wayzata Investment Partners)		—		—		1,639

EARNINGS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2017

EARNINGS PER SHARE

Factors used in the earnings per share computation


	2017		2016		2015
Net income	$	19,570	$	10,210	$	5,534
Weighted average common shares — basic		18,592,885		17,849,319		11,139,000
Dilutive effect of assumed exercises of stock options		4,488		50,775		57,126
Dilutive effect of assumed restricted share awards\units		23,335		268,853		—
Dilutive effect of assumed exercises of common stock warrant		—		88,060		666,573
Weighted average outstanding shares — diluted		18,620,708		18,257,007		11,862,699
Basic earnings per share	$	1.05	$	0.57	$	0.50
Diluted earnings per share	$	1.05	$	0.56	$	0.47

SEGMENT INFORMATION (Tables)

12 Months Ended

Jun. 30, 2017

SEGMENT INFORMATION

Schedule of operating information for reportable segments

For the year ended June 30, 2015, the operating information for the reportable segments is as follows:


	MasterCraft		Hydra-Sports		Consolidated
Net sales	$	199,907	$	14,479	$	214,386
Cost of sales		150,622		12,598		163,220
Operating income		21,695		2,225		23,920
Depreciation and amortization		3,169		109		3,278

QUARTERLY FINANCIAL REPORTING (UNAUDITED) (Tables)

12 Months Ended

Jun. 30, 2017

QUARTERLY FINANCIAL REPORTING (UNAUDITED)

Schedule of quarterly financial information


		June 30		April 2		January 1		October 2
		2017		2017		2017		2016

Net sales	$	58,325	$	58,486	$	51,134	$	60,689
Gross profit		16,456		14,925		14,286		17,809
Operating income		10,559		4,282		7,039		11,635
Net income	$	6,315	$	2,241	$	4,031	$	6,983
Basic earnings per common share	$	0.34	$	0.12	$	0.22	$	0.38
Diluted earnings per common share	$	0.34	$	0.12	$	0.22	$	0.38
Weighted average shares used for computation of:
Basic earnings per common share		18,593,501		18,593,296		18,592,936		18,591,808
Diluted earnings per common share		18,659,246		18,625,904		18,605,078		18,592,603


		June 30		March 27		December 27		September 27
		2016		2016		2015		2015

Net sales	$	53,386	$	57,030	$	55,203	$	55,981
Gross profit		14,033		15,842		15,365		15,839
Operating income		7,698		7,513		2,780		4,020
Net income	$	4,769	$	4,894	$	1,870	$	(1,323)
Basic earnings per common share	$	0.27	$	0.26	$	0.10	$	(0.08)
Diluted earnings per common share	$	0.26	$	0.26	$	0.10	$	(0.08)
Weighted average shares used for computation of:
Basic earnings per common share		17,849,319		18,574,887		17,998,796		16,263,793
Diluted earnings per common share		18,257,007		18,779,557		18,606,884		16,263,793

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition and Shipping and Handling Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Revenue Recognition
Dealer rebates and sales promotion incentives	$ 5,660	$ 6,701	$ 5,152
Retail rebates	5,484	3,628	2,987
Floor plan reimbursement costs	3,705	3,472	2,459
Shipping and Handling Costs
Shipping and handling costs billed to customers	4,124	4,043	4,050
Shipping and handling costs included in cost of sales	3,584	3,952	$ 4,461
Cash and Cash Equivalents
Cash equivalents	$ 0	$ 0
Maximum
Revenue Recognition
Term of reimbursement program	9 months

SIGNIFICANT ACCOUNTING POLICIES - Concentrations of Credit and Business Risk (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2017 USD ($) item	Jun. 30, 2016 USD ($) item	Jun. 30, 2015 USD ($) item
Concentrations of Credit and Business Risk
Accounts payable	$ 11,008	$ 13,112
Supplier Concentration Risk \| Cost of Goods \| Engine Supplier
Concentrations of Credit and Business Risk
Number of vendors \| item	1	1	1
Purchases during period	$ 31,075	$ 31,232	$ 29,027
Accounts payable	$ 2,291	$ 2,309

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details)	12 Months Ended
	Jun. 30, 2017
Buildings and improvements \| Minimum
Property, plant, and equipment
Asset lives	7 years
Buildings and improvements \| Maximum
Property, plant, and equipment
Asset lives	40 years
Machinery and equipment \| Minimum
Property, plant, and equipment
Asset lives	3 years
Machinery and equipment \| Maximum
Property, plant, and equipment
Asset lives	7 years
Furniture and fixtures \| Minimum
Property, plant, and equipment
Asset lives	3 years
Furniture and fixtures \| Maximum
Property, plant, and equipment
Asset lives	5 years

SIGNIFICANT ACCOUNTING POLICIES - Warranties, Research and Development, Deferred Financing Costs, and Other (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2017 USD ($) segment	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 item
Goodwill and Other Intangible Assets
Impairment of indefinite-lived intangible assets	$ 0	$ 0	$ 0
Product Warranties
Year within the product warranty term in which insurance coverage begins \| item				2
Year within the product warranty term in which insurance coverage ends \| item				5
Research and Development
Research and development expenditures	3,550	3,508	3,027
Deferred Financing Costs
Deferred financing costs incurred		300	453
Amortization of deferred financing costs	361	85	42
Advertising
Advertising costs	$ 5,201	$ 5,725	$ 5,521
Repurchase Commitments
Maximum term of repurchase commitments		2 years 6 months
Segment Information
Number of reportable segments \| segment	2
Maximum
Product Warranties
Product warranty term	5 years

INVENTORIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
INVENTORIES
Raw materials and supplies	$ 7,164	$ 5,420
Work in process	1,772	2,196
Finished goods	3,427	5,984
Obsolescence reserve	(687)	(332)	$ (480)
Total inventories	$ 11,676	$ 13,268

INVENTORIES - Obsolescence Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Activity in the obsolescence reserve
Beginning balance	$ (332)	$ (480)
Charged to costs and expenses	(399)	(359)
Disposals	44	507
Ending balance	$ (687)	$ (332)

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid photo shoot	$ 497	$ 650
Insurance	765	591
Trade show deposits	73	133
Other	1,103	406
Total prepaid expenses and other current assets	$ 2,438	$ 1,780

PROPERTY, PLANT, AND EQUIPMENT - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Property, plant, and equipment-net
Total property, plant, and equipment	$ 29,834	$ 30,121
Less accumulated depreciation	(15,007)	(16,295)
Property, plant, and equipment — net	14,827	13,826
Land and improvements
Property, plant, and equipment-net
Total property, plant, and equipment	1,125	1,125
Buildings and improvements
Property, plant, and equipment-net
Total property, plant, and equipment	8,208	8,371
Machinery and equipment
Property, plant, and equipment-net
Total property, plant, and equipment	16,189	17,666
Furniture and fixtures
Property, plant, and equipment-net
Total property, plant, and equipment	847	1,028
Construction in progress
Property, plant, and equipment-net
Total property, plant, and equipment	$ 3,465	$ 1,930

PROPERTY, PLANT, AND EQUIPMENT - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
PROPERTY, PLANT, AND EQUIPMENT
Depreciation	$ 3,124	$ 3,223	$ 3,057

INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Amortizable intangible assets
Gross Carrying Amount	$ 1,590	$ 1,590
Accumulated Amortization	(947)	(840)
Net Carrying Amount	643	750
Indefinite-lived intangible assets
Trade names	16,000	16,000
Total intangible assets
Gross Carrying Amount	17,590	17,590
Net Carrying Amount	16,643	16,750
Dealer network
Amortizable intangible assets
Gross Carrying Amount	1,590	1,590
Accumulated Amortization	(947)	(840)
Net Carrying Amount	$ 643	$ 750

INTANGIBLE ASSETS - Amortization Periods (Details)	12 Months Ended
INTANGIBLE ASSETS - Amortization Periods (Details)	Jun. 30, 2017
Dealer network
Finite-lived intangible assets
Amortization Period (in years)	14 years

INTANGIBLE ASSETS - Future Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
INTANGIBLE ASSETS
Amortization of intangible assets	$ 107	$ 221	$ 222
Estimated amortization expense
2018	107
2019	107
2020	107
2021	107
2022	107
and thereafter	108
Net Carrying Amount	$ 643	$ 750

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 12,237	$ 11,392
Self-insurance	763	809
Compensation and related accruals	1,691	1,706
Inventory repurchase contingent obligation	1,008	742
Interest	1,008	1,178
Dealer incentives	2,755	4,336	$ 3,568
Other	1,948	2,113
Total accrued expenses and other current liabilities	$ 21,410	$ 22,276

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Roll forward of the accrued warranty liability
Beginning balance	$ 11,392	$ 10,228
Provisions	4,723	5,461
Payments made	(3,052)	(4,297)
Adjustments to preexisting warranties	(825)
Ending balance	$ 12,237	$ 11,392

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Dealer Incentives Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Activity in dealer incentives
Beginning balance	$ 4,336	$ 3,568
Provisions	11,160	10,759
Payments made	(12,741)	(9,991)
Ending balance	$ 2,755	$ 4,336

FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Assets and liabilities measured at fair value
Asset		$ 0
Liability		$ 0
Transfers of assets between Level 1 and Level 2	$ 0
Transfers of liabilities between Level 1 and Level 2	0
Level 2 \| Interest rate cap
Assets and liabilities measured at fair value
Asset	$ 90
Common stock warrant
Assets and liabilities measured at fair value
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

FAIR VALUE MEASUREMENTS - Level 3 Reconciliation (Details) - Recurring - Level 3 - Warrant liability $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($)
Level 3 Reconciliation
Beginning balance	$ 9,147
Issuance of shares for common stock warrant	(12,572)
Change in common stock warrant fair value	3,425
Ending balance	$ 0

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Long-term debt
Long-term debt, net of unamortized debt issuance costs	$ 34,477	$ 52,227
Less current portion of long term debt	3,904	8,126
Less current portion of debt issuance costs on term loan	(217)	(241)
Long-term Debt - less current portion	30,790	44,342
Revolving credit facility
Long-term debt
Long-term debt		3,126
Senior secured term loan
Long-term debt
Long-term debt	35,135	50,000
Debt issuance costs on term loan	$ (658)	$ (899)

LONG-TERM DEBT - Senior Secured Credit Facility (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
	Jun. 06, 2016	Jun. 30, 2016	May 22, 2016	Jul. 28, 2015	Mar. 29, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Feb. 21, 2016	Nov. 23, 2014	Dec. 29, 2013
Long-term debt
Proceeds from revolving line of credit							$ 9,208	$ 20,188
Payments on revolving line of credit						$ 3,126	14,271	12,000
Dividends paid
Cash dividends paid		$ 79,945			$ 44,000		79,945	44,000
Dividend per basic common share					$ 3.95
Dividend per diluted common share					$ 3.71
Cash dividend per share	$ 4.30
Extinguishment of debt
Loss on extinguishment of debt				$ 716			716	$ 852
Write-off of debt discount				676
Deferred financing costs amortized				$ 40
Unamortized deferred financing costs		601				481	601
Senior secured term loan
Long-term debt
Long-term debt		50,000				35,135	50,000
Extinguishment of debt
Unamortized deferred finance costs		899				$ 658	899
Revolving credit facility
Long-term debt
Long-term debt		3,126					3,126
Senior Secured Credit Facility \| Senior secured term loan
Long-term debt
Loan commitment										$ 50,000	$ 25,000
Senior Secured Credit Facility \| Revolving credit facility
Long-term debt
Maximum borrowing capacity											$ 10,000
Amended and Restated Credit and Guaranty Agreement \| Maximum
Extinguishment of debt
Repurchase authorization									$ 20,000
Amended and Restated Credit and Guaranty Agreement \| Senior secured term loan
Long-term debt
Loan commitment					$ 75,000
Amended and Restated Credit and Guaranty Agreement \| Revolving credit facility
Long-term debt
Maximum borrowing capacity					30,000
Proceeds from revolving line of credit					20,000
Payments on revolving line of credit					$ 10,000
Amended Credit Agreement
Long-term debt
Maximum borrowing capacity			$ 80,000
Amended Credit Agreement \| Prime Rate
Long-term debt
Variable margin rate based on current senior leverage ratio						0.75%
Amended Credit Agreement \| Prime Rate \| Minimum
Long-term debt
Variable margin rate			0.75%
Amended Credit Agreement \| Prime Rate \| Maximum
Long-term debt
Variable margin rate			1.50%
Amended Credit Agreement \| LIBOR
Long-term debt
Variable margin rate based on current senior leverage ratio						2.75%
Amended Credit Agreement \| LIBOR \| Minimum
Long-term debt
Variable margin rate			2.75%
Amended Credit Agreement \| LIBOR \| Maximum
Long-term debt
Variable margin rate			3.50%
Amended Credit Agreement \| Senior secured term loan
Long-term debt
Loan commitment			$ 50,000
Amended Credit Agreement \| Revolving credit facility
Long-term debt
Maximum borrowing capacity			$ 30,000
Long-term debt		3,126				$ 0	3,126
Letters of credit outstanding		250				250	250
Net availability under facility		$ 26,627				$ 29,750	$ 26,627
Effective interest rate		3.559%				3.803%	3.559%

LONG-TERM DEBT - Maturities (Details) - Senior secured term loan - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Long-term debt maturities
2018	$ 3,904
2019	5,856
2020	5,856
2021	19,519
Total	$ 35,135	$ 50,000

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Earnings from continuing operations before income taxes and equity by jurisdiction
Income (loss) from continuing operations before income taxes and equity, foreign	$ (53)	$ 53
Current income tax expense:
Federal	5,803	10,530	$ 436
State and other	1,584	2,020	96
Benefit of operating loss carryforwards	(118)	(319)
Total current tax expense	7,269	12,231	532
Deferred tax expense:
Federal	4,154	(3,583)	5,636
State and other	300	(340)	426
Total deferred tax expense	4,454	(3,923)	6,062
Income tax expense	$ 11,723	$ 8,308	$ 6,594

INCOME TAXES - Reconciliation of Statutory Rate (Details)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Difference between the statutory and the effective federal tax rate
Statutory income tax rate	35.00%	35.00%	34.00%
State taxes (net of federal income tax benefit and valuation allowance)	2.83%	0.41%	2.73%
Valuation allowance		0.06%	0.30%
Tax credits	(0.62%)	(2.82%)
Other	0.04%	(0.21%)	(2.95%)
Uncertain tax positions	1.93%	6.06%	(0.55%)
Permanent deductions	(1.72%)
Permanent differences		6.36%	20.84%
Effective income tax rate	37.46%	44.86%	54.37%

INCOME TAXES - Deferred Tax Assets (Liabilities) - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Deferred tax assets:
Warranty reserves	$ 4,392	$ 4,301
Repurchase agreements	362	280
Other reserves	121	998
Unrecognized tax benefits	859	719
Stock compensation	336	4,527
State net operating loss	130	130
Foreign net operating loss	104	117
Valuation allowance	(234)	(247)
Total deferred tax assets	6,070	10,825
Deferred tax liabilities:
Depreciation	(984)	(907)
Intangible asset basis difference	(6,037)	(6,406)
Other	(2)	(11)
Total deferred tax liabilities	(7,023)	(7,324)
Net deferred tax liabilities	$ (953)
Net deferred tax assets		$ 3,501

INCOME TAXES - Deferred Tax Assets (Liabilities) - Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Classification of the related asset and liability
Noncurrent deferred tax assets		$ 3,501
Noncurrent deferred tax liabilities	$ (953)
Net deferred tax assets		$ 3,501
Net deferred tax liabilities	$ (953)

INCOME TAXES - Net Operating Losses (Details) $ in Thousands	Jun. 30, 2017 USD ($)
State
Net operating loss carryforwards
Net operating loss carryforwards	$ 3,013
Foreign
Net operating loss carryforwards
Net operating loss carryforwards	$ 494

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at end of period	$ 2,054	$ 328
Additions based on tax positions related to the current year	413	623
Additions for tax positions of prior years		1,143
Reductions for tax positions of prior years	(25)	(40)
Balance at beginning of period	2,442	2,054
Unrecognized tax benefits that would impact effective tax rate	910	667
Benefit from interest and penalties recorded	355	57
Accrued for interest and penalties	490	$ 135
Amount of unrecognized benefits expected to increase over the next twelve months	$ 845

STOCK-BASED COMPENSATION - 2015 Equity Incentive Plan (Details) - 2015 Plan - shares	Jun. 30, 2017	Jul. 28, 2015	Jun. 30, 2015
Stock-Based Compensation
Shares authorized under plan		2,458,633	1,518,958
Shares available for grant	1,722,190

STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - Restricted stock awards - 2015 Plan $ / shares in Units, $ in Thousands	1 Months Ended						12 Months Ended
	Jan. 29, 2017 $ / shares shares	Jan. 01, 2017 director $ / shares shares	Aug. 28, 2016 $ / shares shares	Apr. 24, 2016 $ / shares shares	Jul. 28, 2015 $ / shares shares	May 24, 2015 $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($)
Stock-Based Compensation
Shares granted \| shares							47,131
Shares granted, grant date fair value per share (in dollars per share) \| $ / shares							$ 12.22
Stock-based compensation \| $							$ 321	$ 13,444
Certain employees
Stock-Based Compensation
Shares granted \| shares			28,391			841,585
Shares granted, grant date fair value per share (in dollars per share) \| $ / shares			$ 11.85			$ 15.00
Vesting period (in years)			3 years
Non-employee directors
Stock-Based Compensation
Shares granted \| shares	1,968	5,572	10,770	6,140	47,146
Shares granted, grant date fair value per share (in dollars per share) \| $ / shares	$ 14.63	$ 13.47	$ 11.85	$ 13.41	$ 15.66
Compensation recognition period (in days)					181 days
Number of new non-employee directors receiving awards \| director		2

STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - 2015 Plan - Restricted stock awards	12 Months Ended
	Jun. 30, 2017 $ / shares shares
Number of Restricted Stock Awards Outstanding
Granted \| shares	47,131
Vested \| shares	(18,740)
Forfeited \| shares	(1,974)
Total Non-vested Stock Units at end of year \| shares	26,417
Weighted Average Grant Date Fair Value
Granted \| $ / shares	$ 12.22
Vested \| $ / shares	18.94
Forfeited \| $ / shares	19.55
Total Non-vested Stock Awards at end of year \| $ / shares	$ 12.22

STOCK-BASED COMPENSATION - Nonqualified Stock Option Awards (Details) - 2015 Plan - Nonqualified stock options - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 28, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Stock-Based Compensation
Options granted			137,786
Option price			$ 15.00
Black-Scholes pricing model assumptions
Risk-free rate		1.93%
Expected term		6 years 3 months
Dividend rate		0.00%
Expected volatility		56.70%
Certain employees
Stock-Based Compensation
Options granted	137,786
Option price	$ 15.00
Annual vesting percentage	25.00%
Vesting period (in years)	4 years
Options forfeited			15,146
Stock-based compensation		$ 240	$ 243	$ 0

STOCK-BASED COMPENSATION - Nonqualified Stock Option Activity (Details) - 2015 Plan - Nonqualified stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Shares
Outstanding at beginning of year	122,640	86,985
Granted		137,786
Exercised	(1,578)	(86,985)
Forfeited or expired	(4,734)	(15,146)
Outstanding at end of year	116,328	122,640	86,985
Weighted Average Exercise Price
Outstanding at beginning of year	$ 10.70	$ 4.03
Granted		15.00
Exercised	10.70	4.03
Forfeited or expired	10.70	15.00
Outstanding at end of year	$ 10.70	10.70	$ 4.03
Reduction in exercise price pursuant to terms of the plan		$ 4.30
Weighted Average Remaining Contractual Term
Granted		10 years
Exercised	8 years 1 month 6 days
Forfeited or expired	8 years 1 month 6 days
Outstanding	8 years 1 month 6 days	9 years 1 month 6 days	4 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding at beginning of year	$ 43	$ 833
Outstanding at end of year	$ 1,030	$ 43	$ 833

STOCK-BASED COMPENSATION - Performance Stock Awards (Details) - Performance stock - 2015 Plan - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 28, 2016	Jun. 30, 2017
Stock-Based Compensation
Grant date market price		$ 11.85
Stock-based compensation		$ 150
Certain employees
Stock-Based Compensation
Granted	42,587
Grant date market price	$ 11.85
Vesting period (in years)	3 years

STOCK-BASED COMPENSATION - Performance Stock Activity (Details) - 2015 Plan - Performance stock	12 Months Ended
	Jun. 30, 2017 $ / shares shares
Number of Restricted Stock Awards Outstanding
Granted \| shares	42,587
Forfeited \| shares	(1,974)
Total Non-vested Stock Units at end of year \| shares	40,613
Weighted Average Grant Date Fair Value
Granted \| $ / shares	$ 11.85
Forfeited \| $ / shares	11.85
Total Non-vested Stock Awards at end of year \| $ / shares	$ 11.85

COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Operating leases
Rental expense	$ 603	$ 468	$ 262
Future minimum rental payments
2018	484
2019	314
2020	114
2021	87
2022	72
and thereafter	11
Total	$ 1,082

COMMITMENTS AND CONTINGENCIES - Repurchase Agreements (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2017 USD ($) item	Jun. 30, 2016 USD ($) item
Repurchase agreements
Inventory repurchase contingent obligation	$ 1,008	$ 742
Obligation to Repurchase Inventory
Repurchase agreements
Maximum repurchase obligation under aggregated floor plan agreements	$ 94,046	$ 88,810
Number of units repurchased \| item	0	0
Inventory repurchase contingent obligation	$ 1,008	$ 742
Obligation to Repurchase Inventory \| Minimum
Repurchase agreements
Inventory repurchase contingent obligation period	18 months
Obligation to Repurchase Inventory \| Maximum
Repurchase agreements
Inventory repurchase contingent obligation period	30 months

COMMITMENTS AND CONTINGENCIES - Purchase Commitments (Details) - Ilmor Marine - In-Board Engines - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Future minimum purchase commitments
2018			$ 1,153
2019			1,153
2020			1,500
and thereafter			470
Total			$ 4,276
Forecast \| Minimum
Purchase commitments
Estimated annual purchases made under the purchase commitment contract	$ 26,000	$ 26,000
Forecast \| Maximum
Purchase commitments
Estimated annual purchases made under the purchase commitment contract	$ 27,000	$ 27,000

COMMITMENTS AND CONTINGENCIES - Settlement (Details) $ in Millions	May 02, 2017 USD ($)
General and Administrative Expense \| Settlement Agreement
Commitments and contingencies
Settlement charge	$ 2.5

RELATED PARTY (Details) $ in Thousands	12 Months Ended
RELATED PARTY (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Wayzata Investment Partners
Related party transactions
Interest expense	$ 1,639

COMMON STOCK - Common Stock (Details)	12 Months Ended
COMMON STOCK - Common Stock (Details)	Jun. 30, 2017 Vote $ / shares shares	Jun. 30, 2016 $ / shares shares
COMMON STOCK
Common stock, authorized shares \| shares	100,000,000	100,000,000
Common stock, par value \| $ / shares	$ 0.01	$ 0.01
Number of votes entitled for each share of common stock held \| Vote	1

COMMON STOCK - Initial Public Offering (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Jun. 10, 2016 $ / shares	Jun. 06, 2016 $ / shares	Jul. 22, 2015 $ / shares shares	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Initial Public Offering
Offering expenses of IPO paid in period				$ 449	$ 7,202
Special dividend paid (dollars per share) \| $ / shares		$ 4.30
Common shares
Initial Public Offering
Stock split, conversion ratio			11.139
Special dividend paid (dollars per share) \| $ / shares	$ 4.30
IPO \| Common shares
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 of IPO paid in period					$ 827
IPO, excluding over-allotment options \| Common shares
Initial Public Offering
Shares sold \| shares			6,071,429
Over-Allotment Option \| Common shares
Initial Public Offering
Shares sold \| shares			910,714

COMMON STOCK - Follow-on and Secondary Offerings (Details) - Common shares $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 01, 2017 USD ($) item $ / shares shares	Oct. 02, 2016 USD ($) $ / shares shares
Follow-on Public Offering
Public Offerings
Proceeds from issuance of common stock, net \| $		$ 0
Offering costs, aggregate \| $		$ 254
Follow-on Public Offering \| Selling Stockholders
Public Offerings
Shares sold by selling stockholders		4,600,000
Public offering price per share \| $ / shares		$ 10.25
Secondary Public Offerings
Public Offerings
Number of secondary offerings \| item	2
Proceeds from issuance of common stock, net \| $	$ 0
Offering costs, aggregate \| $	$ 181
Secondary Public Offerings \| Selling Stockholders
Public Offerings
Shares sold by selling stockholders	2,995,000
First Secondary Public Offering \| Selling Stockholders
Public Offerings
Shares sold by selling stockholders	1,495,000
Public offering price per share \| $ / shares	$ 13.35
Second Secondary Public Offering \| Selling Stockholders
Public Offerings
Shares sold by selling stockholders	1,500,000
Public offering price per share \| $ / shares	$ 13.45
Over-Allotment Option \| Selling Stockholders
Public Offerings
Shares sold by selling stockholders	195,000	600,000

EARNINGS PER SHARE - Factors (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Apr. 02, 2017	Jan. 01, 2017	Oct. 02, 2016	Jun. 30, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Factors used in the earnings per share computation
Net income									$ 19,570	$ 10,210	$ 5,534
Weighted average common shares - basic	18,593,501	18,593,296	18,592,936	18,591,808	17,849,319	18,574,887	17,998,796	16,263,793	18,592,885	17,849,319	11,139,000
Dilutive effect of assumed exercises of common stock warrants										88,060	666,573
Weighted average outstanding shares - diluted	18,659,246	18,625,904	18,605,078	18,592,603	18,257,007	18,779,557	18,606,884	16,263,793	18,620,708	18,257,007	11,862,699
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.12	$ 0.22	$ 0.38	$ 0.27	$ 0.26	$ 0.10	$ (0.08)	$ 1.05	$ 0.57	$ 0.50
Diluted earnings per share (in dollars per share)	$ 0.34	$ 0.12	$ 0.22	$ 0.38	$ 0.26	$ 0.26	$ 0.10	$ (0.08)	$ 1.05	$ 0.56	$ 0.47
Stock options
Factors used in the earnings per share computation
Dilutive effect of assumed exercises of stock options and restricted share awards\units									4,488	50,775	57,126
Restricted stock awards
Factors used in the earnings per share computation
Dilutive effect of assumed exercises of stock options and restricted share awards\units									23,335	268,853

EARNINGS PER SHARE - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Stock options
Other disclosures
Anti-dilutive securities excluded from computation of earning per share	91,980	124,020	0
Common stock warrant
Other disclosures
Anti-dilutive securities excluded from computation of earning per share			0

SEGMENT INFORMATION - Geographic Concentration (Details) - segment	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	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	9.10%	8.60%	10.10%

SEGMENT INFORMATION - Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Apr. 02, 2017	Jan. 01, 2017	Oct. 02, 2016	Jun. 30, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Segment reporting information
Net sales	$ 58,325	$ 58,486	$ 51,134	$ 60,689	$ 53,386	$ 57,030	$ 55,203	$ 55,981	$ 228,634	$ 221,600	$ 214,386
Cost of sales									165,158	160,521	163,220
Operating income	$ 10,559	$ 4,282	$ 7,039	$ 11,635	$ 7,698	$ 7,513	$ 2,780	$ 4,020	33,515	22,011	23,920
Depreciation and amortization									$ 3,231	$ 3,444	3,278
MasterCraft
Segment reporting information
Net sales											199,907
Cost of sales											150,622
Operating income											21,695
Depreciation and amortization											3,169
Hydra-Sports
Segment reporting information
Net sales											14,479
Cost of sales											12,598
Operating income											2,225
Depreciation and amortization											$ 109

QUARTERLY FINANCIAL REPORTING (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Apr. 02, 2017	Jan. 01, 2017	Oct. 02, 2016	Jun. 30, 2016	Mar. 27, 2016	Dec. 27, 2015	Sep. 27, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
QUARTERLY FINANCIAL REPORTING (UNAUDITED)
Net sales	$ 58,325	$ 58,486	$ 51,134	$ 60,689	$ 53,386	$ 57,030	$ 55,203	$ 55,981	$ 228,634	$ 221,600	$ 214,386
Gross profit	16,456	14,925	14,286	17,809	14,033	15,842	15,365	15,839	63,476	61,079	51,166
Operating income	10,559	4,282	7,039	11,635	7,698	7,513	2,780	4,020	33,515	22,011	23,920
Net income	$ 6,315	$ 2,241	$ 4,031	$ 6,983	$ 4,769	$ 4,894	$ 1,870	$ (1,323)	$ 19,570	$ 10,210	$ 5,534
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.12	$ 0.22	$ 0.38	$ 0.27	$ 0.26	$ 0.10	$ (0.08)	$ 1.05	$ 0.57	$ 0.50
Diluted earnings per share (in dollars per share)	$ 0.34	$ 0.12	$ 0.22	$ 0.38	$ 0.26	$ 0.26	$ 0.10	$ (0.08)	$ 1.05	$ 0.56	$ 0.47
Weighted average shares used for computation of:
Basic earnings per share (in shares)	18,593,501	18,593,296	18,592,936	18,591,808	17,849,319	18,574,887	17,998,796	16,263,793	18,592,885	17,849,319	11,139,000
Diluted earnings per share (in shares)	18,659,246	18,625,904	18,605,078	18,592,603	18,257,007	18,779,557	18,606,884	16,263,793	18,620,708	18,257,007	11,862,699