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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Apr. 01, 2018	May 07, 2018
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 01, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Entity Registrant Name	MCBC Holdings, Inc.
Entity Central Index Key	0001638290
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		18,683,678

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2018	Apr. 02, 2017	Apr. 01, 2018	Apr. 02, 2017
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NET SALES	$ 93,811	$ 58,486	$ 237,295	$ 170,309
COST OF SALES	69,429	43,561	174,816	123,289
GROSS PROFIT	24,382	14,925	62,479	47,020
OPERATING EXPENSES:
Selling and marketing	3,560	2,678	9,969	7,176
General and administrative	5,099	7,939	14,388	16,808
Amortization of intangible assets	524	26	1,077	80
Total operating expenses	9,183	10,643	25,434	24,064
OPERATING INCOME	15,199	4,282	37,045	22,956
OTHER EXPENSE:
Interest expense	897	561	2,527	1,684
INCOME BEFORE INCOME TAX EXPENSE	14,302	3,721	34,518	21,272
INCOME TAX EXPENSE	2,848	1,480	8,009	8,017
NET INCOME	$ 11,454	$ 2,241	$ 26,509	$ 13,255
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 0.62	$ 0.12	$ 1.42	$ 0.71
Diluted (in dollars per share)	$ 0.61	$ 0.12	$ 1.42	$ 0.71
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share (in shares)	18,622,083	18,593,296	18,619,006	18,592,680
Diluted earnings per share (in shares)	18,728,424	18,625,904	18,705,801	18,607,862

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2018	Jun. 30, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 8,500	$ 4,038
Accounts receivable — net of allowances of $71 and $82, respectively	5,975	3,500
Income tax receivable	61
Inventories, net	20,290	11,676
Prepaid expenses and other current assets	3,596	2,438
Total current assets	38,422	21,652
Property, plant and equipment - net	19,728	14,827
Intangible assets - net	51,566	16,643
Goodwill	66,713	29,593
Deferred debt issuance costs — net	406	481
Other	297	125
Total assets	177,132	83,321
CURRENT LIABILITIES
Accounts payable	18,082	11,008
Income tax payable	1,280	780
Accrued expenses and other current liabilities	30,343	21,410
Current portion of long term debt, net of unamortized debt issuance costs	5,101	3,687
Total current liabilities	54,806	36,885
Long-term debt, net of unamortized debt issuance costs ( Note 8)	80,946	30,790
Deferred income taxes	172	953
Unrecognized tax positions	2,134	2,932
Total liabilities	138,058	71,560
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,683,678 shares at April 1, 2018 and 18,637,445 shares at June 30, 2017	187	186
Additional paid-in capital	113,748	112,945
Accumulated deficit	(74,861)	(101,370)
Total stockholders' equity	39,074	11,761
Total liabilities and stockholders' equity	$ 177,132	$ 83,321

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2018	Jun. 30, 2017
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 71	$ 82
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	18,683,678	18,637,445
Common stock, outstanding shares	18,683,678	18,637,445

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - 9 months ended Apr. 01, 2018 - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance, beginning at Jun. 30, 2017	$ 186	$ 112,945	$ (101,370)	$ 11,761
Balance, beginning (in shares) at Jun. 30, 2017	18,637,445
Increase (decrease) in stockholders' equity
Equity-based compensation activity	$ 1	803		804
Equity-based compensation activity (shares)	46,233
Net income			26,509	26,509
Balance, ending at Apr. 01, 2018	$ 187	$ 113,748	$ (74,861)	$ 39,074
Balance, ending (in shares) at Apr. 01, 2018	18,683,678

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Apr. 01, 2018	Apr. 02, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 26,509	$ 13,255
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,665	2,442
Inventory obsolescence reserve	(484)	243
Deferred issuance costs	369	274
Stock-based compensation	882	520
Unrecognized tax benefits	(1,047)	464
Accrued litigation costs		3,111
Deferred income taxes	(698)	3,277
Net provision for doubtful accounts	(11)	57
Changes in operating assets and liabilities:
Accounts receivable	(691)	(3,757)
Inventories	(1,744)	1,139
Prepaid expenses and other current assets	(1,064)	(497)
Income tax receivable	(61)	(1,259)
Other assets	(6)
Accounts payable	4,433	659
Income tax payable	500	(696)
Accrued expenses and other current liabilities	5,736	1,990
Net cash provided by operating activities	36,288	21,222
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of assets	96
Payment for acquisition, net of cash acquired	(80,511)
Purchases of property and equipment	(2,600)	(1,715)
Net cash used in investing activities	(83,015)	(1,715)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	80,832
Payments of costs directly associated with offerings		(449)
Cash paid for withholding taxes on vested stock	(78)
Excess tax benefits		312
Principal payments on long-term debt	(28,325)	(3,750)
Payments on revolving line of credit		(3,126)
Payments of deferred financing costs	(1,240)
Net cash used in financing activities	51,189	(7,013)
NET CHANGE IN CASH AND CASH EQUIVALENTS	4,462	12,494
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	4,038	73
CASH AND CASH EQUIVALENTS — END OF PERIOD	8,500	12,567
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	2,078	1,399
Cash payments for income taxes	$ 9,304	$ 5,923

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
ORGANIZATION AND NATURE OF BUSINESS	Apr. 01, 2018
ORGANIZATION AND NATURE OF BUSINESS
ORGANIZATION AND NATURE OF BUSINESS	1.ORGANIZATION AND NATURE OF BUSINESS MCBC Holdings, Inc. (the “Company”) was formed on January 28, 2000, as a Delaware holding company and operates primarily through its wholly owned subsidiaries, MasterCraft Boat Company, LLC; Nautic Star, LLC; MasterCraft Services, Inc.; MasterCraft Parts, Ltd.; and MasterCraft International Sales Administration, Inc. The Company and its subsidiaries collectively are referred to herein as the “Company”. On October 2, 2017, the Company acquired all of the outstanding membership interests and other equity securities of Nautic Star, LLC, a Mississippi limited liability company (“NauticStar”). As a result of the acquisition, the Company consolidated the financial results of NauticStar. See Note 3: Acquisition. The Company reports its results of operations under two reportable segments: MasterCraft and NauticStar, based on their boat manufacturing operations. The Company is a designer and manufacturer of premium inboard tournament ski boats and luxury performance V-drive runabouts under the MasterCraft brand and salt water fishing and general recreational boats under the NauticStar brand. The Company also leases a parts warehouse in the United Kingdom to expedite service, primarily to MasterCraft dealers and customers in Europe.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Apr. 01, 2018
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	2.BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month. The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2017 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017. The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2017 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of April 1, 2018 and results of its operations, and its cash flows for the nine months ended April 1, 2018 and April 2, 2017 and statement of shareholders’ equity for the nine months ended April 1, 2018. All adjustments are of a normal recurring nature. Our interim operating results for the nine months ended April 1, 2018 and April 2, 2017 are not necessarily indicative of the results to be expected in future operating quarters. There have been no changes in the Company’s significant accounting policies or critical accounting estimates for the nine months ended April 1, 2018 as compared with the significant accounting policies described in the Company’s audited consolidated financial statements for the financial year ended June 30, 2017. New Accounting Pronouncements Issued But Not Yet Adopted—In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 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 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 ASU 2014-09 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 to a dealer. 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 this ASU has not yet been quantified primarily due to the continuing assessment of NauticStar, which was acquired on October 2, 2017. Additionally, the Company’s expectations may change as its implementation progresses. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business that provides a two-step analysis in the determination of whether an acquisition or derecognition is a business or an asset. The update removes the evaluation of whether a market participant could replace any missing elements and provides a framework to assist entities in evaluating whether both an input and a substantive process are present. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods and early adoption is permitted for transactions that meet specified criteria. This guidance is to be applied on a prospective basis for transactions that occur after the effective date. 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 2017, 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. New Accounting Pronouncements Issued And Adopted — In July 2015, the FASB issued 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 adopted the provisions of ASU 2015-11 on a prospective basis during the first quarter of fiscal year 2018. The adoption of this ASU did not have an impact on our financial position or results of operations and related disclosures. 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 adopted the provisions of ASU 2016-1 on a prospective basis during the first quarter of fiscal year 2018. The adoption of this ASU did not have an impact on our financial position or results of operations and related disclosures. 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.

ACQUISITION

9 Months Ended

Apr. 01, 2018

ACQUISITION

ACQUISITION

3. ACQUISITION

On October 2, 2017, the Company completed its acquisition of NauticStar which unites two leading and complementary boat brands and adds to its product diversity. The purchase price was $80,511, including customary adjustments for the amount of working capital in the acquired business at the closing date. A portion of the purchase price was deposited into an escrow account in order to secure certain post-closing obligations of the former members of NauticStar. The Company accounted for the transaction using the acquisition method in accordance with ASC 805, Business Combinations.

The total consideration has been allocated to the assets acquired and liabilities assumed based on preliminary estimates of their fair values as of the date of acquisition. Because of the complexities involved with performing the valuation, the Company has recorded the tangible and intangible assets acquired and liabilities assumed based on their preliminary fair values as of October 2, 2017. The preliminary measurements of fair value were based upon estimates utilizing the assistance of third party valuation specialists, and are subject to change within the measurement period. The Company expects the appraisal of tangible and intangible assets to be finalized during the fourth quarter of fiscal 2018.

The following table summarizes the preliminary purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed of NauticStar at the acquisition date:


Purchase Price:
Cash paid, net of cash acquired	$	80,511


Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	$	1,773
Inventories		6,426
Other current assets		94
Indemnification asset		166
Deferred income taxes		83
Property, Plant and equipment		4,945
Identifiable intangible assets		36,000
Current liabilities		(5,847)
Unrecognized tax positions		(249)
Preliminary estimate of the fair value of assets acquired and liabilities assumed		43,391
Goodwill		37,120
	$	80,511

The preliminary fair value estimates for the Company’s identifiable intangible assets acquired as part of the acquisition are as follows:


	Estimates of Fair Value		Estimated Useful Life (in years)
Definite-lived intangible:
Dealer network	$	20,000	10
Indefinite-lived intangible:
Trade name		16,000
Total identifiable intangible assets	$	36,000

The value allocated to inventories reflects the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less an estimated cost to complete and a reasonable profit margin. The value allocated to accounts receivable represents the estimated fair value of the acquired receivables based on the expected collection of those receivables, less an estimated allowance for bad debts. The fair value of the identifiable intangible assets were determined based on the following approaches:

Dealer Network - The value associated with NauticStar’s dealer network is attributed to its long standing dealer distribution network. The estimate of fair value assigned to this asset was determined using the income approach, which requires an estimate or forecast of the expected future cash flows from the dealer network through the application of the multi-period excess earnings approach. The estimated remaining useful life of dealer network is approximately ten years.

Trade Name - The value attributed to NauticStar’s trade name was determined using the relief from royalty method, a variation of the income approach, which requires an estimate or forecast of the expected future cash flows. The trade name has an indefinite life.

The fair value of the definite-lived intangible asset is being amortized using the straight-line method to amortization of intangible assets expense over the estimated useful life. Indefinite-lived intangible assets are not amortized, but instead are evaluated for potential impairment on an annual basis in accordance with the provisions of ASC Topic 350, Intangibles—Goodwill and Other. The weighted average useful life of identifiable definite-lived intangible assets acquired was 10.0 years. Goodwill of $37,120 arising from the acquisition consists of future growth prospects including dealer expansion into new geographic markets and capacity expansion as well as intangible assets that do not qualify for separate recognition. The indefinite-lived intangible asset and goodwill acquired are expected to be deductible for income tax purposes.

Acquisition related costs of $1,486, which were incurred by the Company during the nine months ended April 1, 2018, were expensed in the period incurred, and are included in general and administrative expenses in the consolidated statement of operations.

Pro Forma Financial Information:

The following unaudited pro forma consolidated results of operations for the three and nine months ended April 1, 2018 and three and nine months ended April 2, 2017, assumes that the acquisition of NauticStar occurred as of July 1, 2016. The unaudited pro forma financial information combines historical results of MasterCraft and NauticStar, with adjustments for depreciation and amortization attributable to preliminary fair value estimates on acquired tangible and intangible assets for the respective periods. Non-recurring pro forma adjustments associated with the fair value step up of inventory were included in the reported pro forma cost of sales and earnings. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal year 2017 or the results that may occur in the future:


	Three Months Ended				Nine Months Ended
	April 1, 2018		April 2, 2017		April 1, 2018		April 2, 2017

Net sales	$	93,811	$	78,707	$	255,364	$	225,107
Net income	$	11,609	$	3,060	$	28,692	$	13,727
Basic earnings per share	$	0.62	$	0.16	$	1.54	$	0.74
Diluted earnings per share	$	0.62	$	0.16	$	1.53	$	0.74

INVENTORIES

9 Months Ended

Apr. 01, 2018

INVENTORIES

INVENTORIES

4.INVENTORIES

Inventories consisted of the following:


	April 1, 2018		June 30, 2017
Raw materials and supplies	$	11,178	$	7,164
Work in process		2,636		1,772
Finished goods		7,647		3,427
Obsolescence reserve		(1,171)		(687)
Total inventories	$	20,290	$	11,676

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Apr. 01, 2018

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 consisted of the following:


	April 1, 2018		June 30, 2017
Prepaid photo shoot	$	525	$	497
Insurance		1,348		765
Trade show deposits		—		73
Interest rate cap		481		90
Other		1,242		1,013
Total prepaid expenses and other current assets	$	3,596	$	2,438

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Apr. 01, 2018

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	April 1, 2018		June 30, 2017
Warranty	$	15,605	$	12,237
Self-insurance		729		763
Compensation and related accruals		3,411		1,691
Inventory repurchase contingent obligation		1,450		1,008
Interest		2,079		1,008
Dealer incentives		4,350		2,755
Other		2,719		1,948
Total accrued expenses and other current liabilities	$	30,343	$	21,410

The following table provides a roll forward of the accrued warranty liability:



Beginning balance - June 30, 2017	$	12,237
Provisions		4,530
Additions for NauticStar acquisition		1,992
Payments made		(2,919)
Adjustments to preexisting warranties		(235)
Ending balance - April 1, 2018	$	15,605

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Apr. 01, 2018

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

7. GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the nine months ended April 1, 2018, were as follows:


Goodwill as of June 30, 2017	$	29,593
Addition related to the acquisition of NauticStar		37,120
Goodwill as of April 1, 2018	$	66,713

As of April 1, 2018, and June 30, 2017, details of the Company’s intangible assets other than goodwill were as follows:


	April 1, 2018
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Dealer network	$	21,590	$	(2,024)	$	19,566
Total amortizable intangible assets		21,590		(2,024)		19,566
Trade names		32,000		—		32,000
Total intangible assets	$	53,590	$	(2,024)	$	51,566


	June 30, 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

Amortization expense recognized on all amortizable intangibles was $1,077 and $80 for the nine months ended April 1, 2018 and April 2, 2017, respectively.

The estimated future amortization of definite-lived intangible assets is as follows:


Fiscal years ending June 30,
Remainder of 2018	$	527
2019		2,107
2020		2,107
2021		2,107
2022		2,107
and thereafter		10,611
Total	$	19,566

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Apr. 01, 2018

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

8. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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


	April 1, 2018
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	481	$	—


	June 30, 2017
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	90	$	—

The interest rate cap is valued utilizing pricing models taking into account inputs such as interest rates and notional amounts. In November 2017, the Company entered into an interest rate cap agreement with its existing lender to cap its London Interbank Offered Rate (“LIBOR”) rate at 2% for $34,594 of outstanding principal on its long-term debt. 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 nine months ended April 1, 2018.

- Definition

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

+ References + Details

LONG-TERM DEBT

9 Months Ended

Apr. 01, 2018

LONG-TERM DEBT

LONG-TERM DEBT

9. LONG-TERM DEBT

Long-term debt outstanding is as follows:


	April 1, 2018		June 30, 2017
Revolving credit facility	$	—	$	—
Senior secured term loan		87,651		35,135
Debt issuance costs on term loan		(1,604)		(658)
Total debt		86,047		34,477
Less current portion of long-term debt		5,512		3,904
Less current portion of debt issuance costs on term loan		(411)		(217)
Long-term debt — less current portion	$	80,946	$	30,790

On October 2, 2017, the Company entered into a Third 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 “Third Amended Credit Agreement”). The Third Amended Credit Agreement replaced and paid off the Company’s Second Amended and Restated Credit Agreement, dated May 27, 2016. The Third Amended Credit Agreement provides the Company with a $145,000 senior secured credit facility, consisting of a $115,000 term loan (the “Third Term Loan”) and a $30,000 revolving credit facility (the “Revolving Credit Facility”).

The Third Amended Credit Agreement bears interest, at the Company’s option, at either the prime rate plus an applicable margin ranging from 0.75% to 1.75% or at an adjusted LIBOR plus an applicable margin ranging from 1.75% to 2.75%, in each case based on the Company’s senior leverage ratio. Based on the Company’s current senior leverage ratio, the applicable margin for loans accruing interest at the prime rate is 1.25% and the applicable margin for loans accruing interest at LIBOR is 2.25%. In connection with the Third Amended Credit Agreement, the Company paid $1,322 of financing costs. The Third Term Loan will mature and all remaining amounts outstanding thereunder will be due and payable on October 2, 2022. On October 17, 2017, December 1, 2017 and February 28, 2018, the Company made voluntary payments on the Third Term Loan of $10,000, $7,000 and $8,000 respectively, out of excess cash. As of April 1, 2018 and June 30, 2017, the Company’s unamortized deferred financing costs were $2,010 and $1,139, respectively. These costs are being amortized over the term of the Third Amended Credit Agreement. The Company was in compliance with all of its debt covenants under its Third Amended Credit Agreement.

As of April 1, 2018 and June 30, 2017, the Company had no borrowings outstanding on its Revolving Credit Facility. Availability under the Revolving Credit Facility is reduced by letters of credit. There were no specified letters of credit outstanding at April 1, 2018. There were specified letters of credit outstanding of $250 at June 30, 2017. As of April 1, 2018 and June 30, 2017, availability under the Revolving Credit Facility was $30,000 and $29,750, respectively, and unamortized deferred financing costs were $406 and $481, respectively.

INCOME TAXES	9 Months Ended
INCOME TAXES	Apr. 01, 2018
INCOME TAXES
INCOME TAXES	10. INCOME TAXES The Company’s results for the three and nine months ended April 1, 2018, reflect the impact of the enactment of the Tax Cuts and Jobs Act (“Tax Reform Act”), which was signed into law on December 22, 2017. The Tax Reform Act reduced federal corporate income tax rates and changed numerous other provisions. As we have a June 30 fiscal year-end, the lower corporate federal income tax rate will be phased in, resulting in a U.S. federal statutory tax rate of 28.1% for our fiscal year ending June 30, 2018, and 21.0% for subsequent fiscal years. The nine months ended April 1, 2018 included a year-to-date provisional expense of approximately $348 to reflect federal deferred taxes at the lower blended effective tax rate. This adjustment to the provision was more than offset by a one-time discrete provisional benefit of approximately $674 as a result of applying the new lower federal income tax rates to the Company’s net deferred tax liabilities. The changes included in the Tax Reform Act are broad and complex. The final transition impacts may differ from the above estimate due to, among other things, changes in interpretations, any legislative action to address questions that arise because of the Tax Reform Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Reform Act, or any updates or changes to estimates we have utilized to calculate the transition impacts. The SEC issued guidance in Staff Accounting Bulletin 118 which allows the Company to record provisional amounts during a one-year measurement period. The Company has determined a reasonable estimate for the measurement and accounting for certain effects of the Tax Reform Act, including the re-measurement of the Company’s net deferred tax assets and liabilities, which have been reflected as provisional amounts in the April 1, 2018 financial statements. The amounts represent the Company’s best estimates based on records, information, and current guidance. Additional information and analysis is required to finalize the impact that the Tax Reform Act will have on the Company’s full year financial results. Although the Company does not anticipate material adjustments to the provisional amounts, final results could vary from these provisional amounts. The Company currently anticipates finalizing and recording any resulting adjustments by the end of the fiscal year ending June 30, 2018. The Company’s effective tax rate is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. During the nine months ended April 1, 2018, the Company’s effective tax rate was 23.2%. The rate was lower than the 28.1% statutory rate primarily due to the impact of Tax Reform, and a permanent benefit associated with the domestic production activities deduction, which was partially offset by the inclusion of the state tax rate in the overall effective rate.

EARNINGS PER SHARE

9 Months Ended

Apr. 01, 2018

EARNINGS PER SHARE

EARNINGS PER SHARE

11. EARNINGS PER SHARE

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


	Three Months Ended				Nine Months Ended
	April 1, 2018		April 2, 2017		April 1, 2018		April 2, 2017
Net income	$	11,454	$	2,241	$	26,509	$	13,255
Weighted average common shares — basic		18,622,083		18,593,296		18,619,006		18,592,680
Dilutive effect of assumed exercises of stock options		41,372		—		35,770		—
Dilutive effect of assumed restricted share awards\units		64,970		32,608		51,026		15,182
Weighted average outstanding shares — diluted		18,728,424		18,625,904		18,705,801		18,607,862
Basic earnings per share	$	0.62	$	0.12	$	1.42	$	0.71
Diluted earnings per share	$	0.61	$	0.12	$	1.42	$	0.71

For the three months ended April 1, 2018, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted earnings per share included 1,039 restricted stock awards. For the three months ended April 2, 2017, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted earnings per share included options to purchase 122,640 shares of common stock.

For the nine months ended April 1, 2018, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted earnings per share included 34,948 restricted stock awards. For the nine months ended April 2, 2017, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted earnings per share included 11,023 restricted stock awards and options to purchase 122,640 shares of common stock.

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Apr. 01, 2018
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. During the nine months ended April 1, 2018 and April 2, 2017, the Company recognized $882 and $520, respectively in stock-based compensation expense. In July 2017, the Company granted to certain employees 23,932 shares of restricted stock awards (“RSAs”) under the 2015 Plan at a per share fair value of $19.34, 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 17,064 RSAs under the 2015 Plan to certain non-employee directors for their annual equity award at a per share fair value of $19.34. In November 2017, the Company granted 5,578 of RSAs to certain employees under the 2015 Plan at a per share fair value of $22.31. In July 2017, the Company granted 23,929 performance stock units (“PSUs”) under its 2015 Plan to certain employees at an estimated per share fair value of $20.33. In November 2017, the Company granted 2,487 PSUs under its 2015 Plan, at an estimated per share fair value of $23.45. The awards will be earned based upon the Company’s attainment of certain performance criteria over a three-year period. The performance period for the awards are a three-year period commencing July 1, 2017 and ending June 30, 2020. 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. In July 2015, the Company granted 137,786 non-qualified stock options (“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. In June 2016, the Company reduced the exercise price of these options by $4.30 per share, which was the amount of the special cash dividend paid in June 2016. Therefore, the exercise price of the options is $10.70 per share. The other terms of the options remained unchanged. We estimated the grant date fair value of stock options using the Black-Scholes pricing model assuming a risk-free interest rate of 1.93%, an expected term of 6.25 years, no dividend yield and a volatility rate of 56.7%.

SEGMENT INFORMATION

9 Months Ended

Apr. 01, 2018

SEGMENT INFORMATION

SEGMENT INFORMATION

13.SEGMENT INFORMATION

The Company designs, manufactures, and markets recreational sport boats and has two operating and reportable segments: MasterCraft and NauticStar. 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, wake surfing, and general recreational boating. The Company distributes the MasterCraft product brand through its dealer network. The NauticStar product brand consists of recreational boats primarily used for salt water fishing, and general recreational boating. The Company distributes the NauticStar product brand through its dealer network. 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.

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 following tables present financial information for the Company’s reportable segments for the three and nine months ended April 1, 2018 and April 2, 2017, respectively, and the Company’s financial position at April 1, 2018 and June 30, 2017, respectively.


	Three Months Ended April 1, 2018
	MasterCraft		NauticStar		Consolidated
Net sales	$	69,257	$	24,554	$	93,811
Cost of sales		49,823		19,606		69,429
Operating income		12,446		2,753		15,199
Depreciation and amortization		840		616		1,456


	Three Months Ended April 2, 2017
	MasterCraft		NauticStar		Consolidated
Net sales	$	58,486	$	—	$	58,486
Cost of sales		43,561		—		43,561
Operating income		4,282		—		4,282
Depreciation and amortization		820		—		820


	Nine Months Ended April 1, 2018
	MasterCraft		NauticStar		Consolidated
Net sales	$	192,545	$	44,750	$	237,295
Cost of sales		138,565		36,251		174,816
Operating income		32,623		4,422		37,045
Depreciation and amortization		2,447		1,218		3,665


	Nine Months Ended April 2, 2017
	MasterCraft		NauticStar		Consolidated
Net sales	$	170,309	$	—	$	170,309
Cost of sales		123,289		—		123,289
Operating income		22,956		—		22,956
Depreciation and amortization		2,442		—		2,442


		As of April 1, 2018		As of June 30, 2017
Assets
MasterCraft	$	88,869	$	83,321
NauticStar		88,263		—
Total Assets(a)	$	177,132	$	83,321

(a)

Total assets as of April 1, 2018 includes goodwill of $29,593 and $37,120 related to MasterCraft and NauticStar, respectively. Total assets as of June 30, 2017 includes goodwill of $29,593 related to MasterCraft.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Apr. 01, 2018
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Fiscal Period	The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month.
Principles of Consolidation	The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2017 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017.
Basis of Accounting	The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2017 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of April 1, 2018 and results of its operations, and its cash flows for the nine months ended April 1, 2018 and April 2, 2017 and statement of shareholders’ equity for the nine months ended April 1, 2018. All adjustments are of a normal recurring nature. Our interim operating results for the nine months ended April 1, 2018 and April 2, 2017 are not necessarily indicative of the results to be expected in future operating quarters.
New Accounting Pronouncements Issued, Adopted and Not Yet Adopted	New Accounting Pronouncements Issued But Not Yet Adopted—In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 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 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 ASU 2014-09 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 to a dealer. 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 this ASU has not yet been quantified primarily due to the continuing assessment of NauticStar, which was acquired on October 2, 2017. Additionally, the Company’s expectations may change as its implementation progresses. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business that provides a two-step analysis in the determination of whether an acquisition or derecognition is a business or an asset. The update removes the evaluation of whether a market participant could replace any missing elements and provides a framework to assist entities in evaluating whether both an input and a substantive process are present. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods and early adoption is permitted for transactions that meet specified criteria. This guidance is to be applied on a prospective basis for transactions that occur after the effective date. 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 2017, 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. New Accounting Pronouncements Issued And Adopted — In July 2015, the FASB issued 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 adopted the provisions of ASU 2015-11 on a prospective basis during the first quarter of fiscal year 2018. The adoption of this ASU did not have an impact on our financial position or results of operations and related disclosures. 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 adopted the provisions of ASU 2016-1 on a prospective basis during the first quarter of fiscal year 2018. The adoption of this ASU did not have an impact on our financial position or results of operations and related disclosures. 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.

ACQUISITION (Tables)

9 Months Ended

Apr. 01, 2018

ACQUISITION

Schedule of preliminary purchase price allocation based on the estimated fair values of assets acquired and liabilities assumed as of the acquisition date


Purchase Price:
Cash paid, net of cash acquired	$	80,511


Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	$	1,773
Inventories		6,426
Other current assets		94
Indemnification asset		166
Deferred income taxes		83
Property, Plant and equipment		4,945
Identifiable intangible assets		36,000
Current liabilities		(5,847)
Unrecognized tax positions		(249)
Preliminary estimate of the fair value of assets acquired and liabilities assumed		43,391
Goodwill		37,120
	$	80,511

Schedule of preliminary fair value estimates of identifiable intangible assets acquired


	Estimates of Fair Value		Estimated Useful Life (in years)
Definite-lived intangible:
Dealer network	$	20,000	10
Indefinite-lived intangible:
Trade name		16,000
Total identifiable intangible assets	$	36,000

Schedule of pro forma financial information


	Three Months Ended				Nine Months Ended
	April 1, 2018		April 2, 2017		April 1, 2018		April 2, 2017

Net sales	$	93,811	$	78,707	$	255,364	$	225,107
Net income	$	11,609	$	3,060	$	28,692	$	13,727
Basic earnings per share	$	0.62	$	0.16	$	1.54	$	0.74
Diluted earnings per share	$	0.62	$	0.16	$	1.53	$	0.74

INVENTORIES (Tables)

9 Months Ended

Apr. 01, 2018

INVENTORIES

Schedule of inventories


	April 1, 2018		June 30, 2017
Raw materials and supplies	$	11,178	$	7,164
Work in process		2,636		1,772
Finished goods		7,647		3,427
Obsolescence reserve		(1,171)		(687)
Total inventories	$	20,290	$	11,676

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Apr. 01, 2018

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of prepaid expenses and other current assets


	April 1, 2018		June 30, 2017
Prepaid photo shoot	$	525	$	497
Insurance		1,348		765
Trade show deposits		—		73
Interest rate cap		481		90
Other		1,242		1,013
Total prepaid expenses and other current assets	$	3,596	$	2,438

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Apr. 01, 2018

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	April 1, 2018		June 30, 2017
Warranty	$	15,605	$	12,237
Self-insurance		729		763
Compensation and related accruals		3,411		1,691
Inventory repurchase contingent obligation		1,450		1,008
Interest		2,079		1,008
Dealer incentives		4,350		2,755
Other		2,719		1,948
Total accrued expenses and other current liabilities	$	30,343	$	21,410

Schedule of roll forward of the accrued warranty liability



Beginning balance - June 30, 2017	$	12,237
Provisions		4,530
Additions for NauticStar acquisition		1,992
Payments made		(2,919)
Adjustments to preexisting warranties		(235)
Ending balance - April 1, 2018	$	15,605

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Apr. 01, 2018

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of changes in the carrying amount of goodwill


Goodwill as of June 30, 2017	$	29,593
Addition related to the acquisition of NauticStar		37,120
Goodwill as of April 1, 2018	$	66,713

Schedule of intangible assets other than goodwill


	April 1, 2018
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Dealer network	$	21,590	$	(2,024)	$	19,566
Total amortizable intangible assets		21,590		(2,024)		19,566
Trade names		32,000		—		32,000
Total intangible assets	$	53,590	$	(2,024)	$	51,566


	June 30, 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

Schedule of estimated amortization expense


Fiscal years ending June 30,
Remainder of 2018	$	527
2019		2,107
2020		2,107
2021		2,107
2022		2,107
and thereafter		10,611
Total	$	19,566

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Apr. 01, 2018

FAIR VALUE MEASUREMENTS

Assets measured at fair value on a recurring basis


	April 1, 2018
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	481	$	—


	June 30, 2017
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	90	$	—

LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 01, 2018

LONG-TERM DEBT

Schedule of long-term debt outstanding


	April 1, 2018		June 30, 2017
Revolving credit facility	$	—	$	—
Senior secured term loan		87,651		35,135
Debt issuance costs on term loan		(1,604)		(658)
Total debt		86,047		34,477
Less current portion of long-term debt		5,512		3,904
Less current portion of debt issuance costs on term loan		(411)		(217)
Long-term debt — less current portion	$	80,946	$	30,790

- 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=84159872&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=75038535&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=84159872&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=84159872&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=84159872&loc=d3e21521-112644

+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Apr. 01, 2018

EARNINGS PER SHARE

Factors used in the earnings per share computation


	Three Months Ended				Nine Months Ended
	April 1, 2018		April 2, 2017		April 1, 2018		April 2, 2017
Net income	$	11,454	$	2,241	$	26,509	$	13,255
Weighted average common shares — basic		18,622,083		18,593,296		18,619,006		18,592,680
Dilutive effect of assumed exercises of stock options		41,372		—		35,770		—
Dilutive effect of assumed restricted share awards\units		64,970		32,608		51,026		15,182
Weighted average outstanding shares — diluted		18,728,424		18,625,904		18,705,801		18,607,862
Basic earnings per share	$	0.62	$	0.12	$	1.42	$	0.71
Diluted earnings per share	$	0.61	$	0.12	$	1.42	$	0.71

SEGMENT INFORMATION (Tables)

9 Months Ended

Apr. 01, 2018

SEGMENT INFORMATION

Schedule of operating information for reportable segments


	Three Months Ended April 1, 2018
	MasterCraft		NauticStar		Consolidated
Net sales	$	69,257	$	24,554	$	93,811
Cost of sales		49,823		19,606		69,429
Operating income		12,446		2,753		15,199
Depreciation and amortization		840		616		1,456


	Three Months Ended April 2, 2017
	MasterCraft		NauticStar		Consolidated
Net sales	$	58,486	$	—	$	58,486
Cost of sales		43,561		—		43,561
Operating income		4,282		—		4,282
Depreciation and amortization		820		—		820


	Nine Months Ended April 1, 2018
	MasterCraft		NauticStar		Consolidated
Net sales	$	192,545	$	44,750	$	237,295
Cost of sales		138,565		36,251		174,816
Operating income		32,623		4,422		37,045
Depreciation and amortization		2,447		1,218		3,665


	Nine Months Ended April 2, 2017
	MasterCraft		NauticStar		Consolidated
Net sales	$	170,309	$	—	$	170,309
Cost of sales		123,289		—		123,289
Operating income		22,956		—		22,956
Depreciation and amortization		2,442		—		2,442


		As of April 1, 2018		As of June 30, 2017
Assets
MasterCraft	$	88,869	$	83,321
NauticStar		88,263		—
Total Assets(a)	$	177,132	$	83,321

ORGANIZATION AND NATURE OF BUSINESS (Details)	9 Months Ended
ORGANIZATION AND NATURE OF BUSINESS (Details)	Apr. 01, 2018 segment
ORGANIZATION AND NATURE OF BUSINESS
Number of reportable segments	2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Interim Quarterly Reporting Periods (Details)	9 Months Ended
	Apr. 01, 2018
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Interim quarterly reporting periods	91 days

ACQUISITION - Purchase Price Allocation (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 02, 2017	Apr. 01, 2018	Jun. 30, 2017
Purchase Price:
Cash paid, net of cash acquired		$ 80,511
Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Goodwill		$ 66,713	$ 29,593
NauticStar
Purchase Price:
Cash paid, net of cash acquired	$ 80,511
Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	1,773
Inventories	6,426
Other current assets	94
Indemnification asset	166
Deferred income taxes	83
Property, plant and equipment	4,945
Identifiable intangible assets	36,000
Current liabilities	(5,847)
Unrecognized tax positions	(249)
Preliminary estimate of the fair value of assets acquired and liabilities assumed	43,391
Goodwill	37,120
Total purchase price allocation	$ 80,511

ACQUISITION - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 02, 2017	Apr. 01, 2018	Jun. 30, 2017
Acquisition
Goodwill		$ 66,713	$ 29,593
NauticStar
Acquisition
Total identifiable intangible assets	$ 36,000
Goodwill	37,120
Acquisition related costs		$ 1,486
NauticStar \| Trade names
Acquisition
Indefinite-lived intangible	16,000
NauticStar \| Dealer network
Acquisition
Definite-lived intangible	$ 20,000
Estimated useful life	10 years

ACQUISITION - Pro forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2018	Apr. 02, 2017	Apr. 01, 2018	Apr. 02, 2017
Pro Forma financial information
Net sales	$ 93,811	$ 78,707	$ 255,364	$ 225,107
Net income	$ 11,609	$ 3,060	$ 28,692	$ 13,727
Basic earnings per share	$ 0.62	$ 0.16	$ 1.54	$ 0.74
Diluted earnings per share	$ 0.62	$ 0.16	$ 1.53	$ 0.74

INVENTORIES - Components (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Jun. 30, 2017
INVENTORIES
Raw materials and supplies	$ 11,178	$ 7,164
Work in process	2,636	1,772
Finished goods	7,647	3,427
Obsolescence reserve	(1,171)	(687)
Total inventories	$ 20,290	$ 11,676

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Components (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Jun. 30, 2017
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid photo shoot	$ 525	$ 497
Insurance	1,348	765
Trade show deposits		73
Interest rate cap	481	90
Other	1,242	1,013
Total prepaid expenses and other current assets	$ 3,596	$ 2,438

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Components (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Jun. 30, 2017
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 15,605	$ 12,237
Self-insurance	729	763
Compensation and related accruals	3,411	1,691
Inventory repurchase contingent obligation	1,450	1,008
Interest	2,079	1,008
Dealer incentives	4,350	2,755
Other	2,719	1,948
Total accrued expenses and other current liabilities	$ 30,343	$ 21,410

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Warranty Liability (Details) $ in Thousands	9 Months Ended
	Apr. 01, 2018 USD ($)
Roll forward of the accrued warranty liability
Beginning balance	$ 12,237
Provisions	4,530
Additions for NauticStar acquisition	1,992
Payments made	(2,919)
Adjustments to preexisting warranties	(235)
Ending balance	$ 15,605

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	9 Months Ended
	Apr. 01, 2018 USD ($)
Goodwill
Goodwill, beginning balance	$ 29,593
Addition related to the acquisition of NauticStar	37,120
Goodwill, ending balance	$ 66,713

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Jun. 30, 2017
Amortizable intangible assets
Gross Carrying Amount	$ 21,590	$ 1,590
Accumulated Amortization	(2,024)	(947)
Total	19,566	643
Indefinite-lived intangible assets
Trade names	32,000	16,000
Total intangible assets
Gross Carrying Amount	53,590	17,590
Net Carrying Amount	51,566	16,643
Dealer network
Amortizable intangible assets
Gross Carrying Amount	21,590	1,590
Accumulated Amortization	(2,024)	(947)
Total	$ 19,566	$ 643

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2018	Apr. 02, 2017	Apr. 01, 2018	Apr. 02, 2017	Jun. 30, 2017
GOODWILL AND OTHER INTANGIBLE ASSETS
Amortization of intangible assets	$ 524	$ 26	$ 1,077	$ 80
Estimated amortization expense
Remainder of 2018	527		527
2019	2,107		2,107
2020	2,107		2,107
2021	2,107		2,107
2022	2,107		2,107
and thereafter	10,611		10,611
Total	$ 19,566		$ 19,566		$ 643

FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Nov. 26, 2017	Jun. 30, 2017
Assets and liabilities measured at fair value
Asset	$ 481		$ 90
Recurring
Assets and liabilities measured at fair value
Transfers of assets between Level 1 and Level 2	0
Transfers of liabilities between Level 1 and Level 2	0
Interest rate cap
Assets and liabilities measured at fair value
Outstanding principal of long-term debt		$ 34,594
Interest rate cap \| LIBOR
Assets and liabilities measured at fair value
Interest rate cap		2.00%
Level 2 \| Interest rate cap \| Recurring
Assets and liabilities measured at fair value
Asset	$ 481		$ 90

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Jun. 30, 2017
Long-term debt
Long-term debt, net of unamortized debt issuance costs	$ 86,047	$ 34,477
Less current portion of long term debt	5,512	3,904
Long-term Debt - less current portion	80,946	30,790
Senior secured term loan
Long-term debt
Long-term debt	87,651	35,135
Debt issuance costs on term loan	(1,604)	(658)
Less current portion of debt issuance costs on term loan	$ (411)	$ (217)

LONG-TERM DEBT - Senior Secured Credit Facility (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Dec. 01, 2017	Oct. 17, 2017	Oct. 02, 2017	Apr. 01, 2018	Jun. 30, 2017
Long-term debt
Unamortized deferred financing costs					$ 406	$ 481
Third Amended Credit Agreement
Long-term debt
Maximum borrowing capacity				$ 145,000
Financing costs				1,322
Total unamortized deferred financing costs					2,010	1,139
Senior secured term loan
Long-term debt
Loan commitment				115,000
Voluntary payments	$ 8,000	$ 7,000	$ 10,000
Revolving credit facility
Long-term debt
Maximum borrowing capacity				$ 30,000
Outstanding borrowings					0	0
Letters of credit outstanding					0	250
Net availability under facility					30,000	29,750
Unamortized deferred financing costs					$ 406	$ 481
Prime Rate \| Third Amended Credit Agreement
Long-term debt
Effective interest rate					1.25%
Prime Rate \| Third Amended Credit Agreement \| Minimum
Long-term debt
Variable margin rate				0.75%
Prime Rate \| Third Amended Credit Agreement \| Maximum
Long-term debt
Variable margin rate				1.75%
LIBOR \| Third Amended Credit Agreement
Long-term debt
Effective interest rate					2.25%
LIBOR \| Third Amended Credit Agreement \| Minimum
Long-term debt
Variable margin rate				1.75%
LIBOR \| Third Amended Credit Agreement \| Maximum
Long-term debt
Variable margin rate				2.75%

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Apr. 01, 2018	Jun. 30, 2019	Jun. 30, 2018
Effective tax rate		23.20%
Effect of Tax Cuts and Jobs Act of 2017, Accounting Incomplete, Provisional
Provisional expense to reflect deferred tax assets at blended effective rate	$ 348	$ 348
Provisional benefit as a result of applying new lower federal income tax rates to net deferred tax liabilities	$ 674	$ 674
Forecast
Statutory income tax rate			21.00%	28.10%

EARNINGS PER SHARE - Factors (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2018	Apr. 02, 2017	Apr. 01, 2018	Apr. 02, 2017
Factors used in the earnings per share computation
Net income	$ 11,454	$ 2,241	$ 26,509	$ 13,255
Weighted average common shares - basic	18,622,083	18,593,296	18,619,006	18,592,680
Weighted average outstanding shares - diluted	18,728,424	18,625,904	18,705,801	18,607,862
Basic earnings per share (in dollars per share)	$ 0.62	$ 0.12	$ 1.42	$ 0.71
Diluted earnings per share (in dollars per share)	$ 0.61	$ 0.12	$ 1.42	$ 0.71
Stock options
Factors used in the earnings per share computation
Dilutive effect of assumed exercises of stock options and restricted share awards\units	41,372		35,770
Restricted stock awards
Factors used in the earnings per share computation
Dilutive effect of assumed exercises of stock options and restricted share awards\units	64,970	32,608	51,026	15,182

EARNINGS PER SHARE - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Apr. 01, 2018	Apr. 02, 2017	Apr. 01, 2018	Apr. 02, 2017
Restricted stock awards
Other disclosures
Anti-dilutive securities excluded from computation of earning per share	1,039		34,948	11,023
Stock options
Other disclosures
Anti-dilutive securities excluded from computation of earning per share		122,640		122,640

STOCK-BASED COMPENSATION - Performance Stock Awards (Details) - 2015 Plan - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	Nov. 26, 2017	Jul. 30, 2017	Apr. 01, 2018	Apr. 02, 2017
Performance stock units
Stock-Based Compensation
Stock-based compensation			$ 882	$ 520
Certain employees \| Restricted stock awards
Stock-Based Compensation
Granted	5,578	23,932
Grant date market price	$ 22.31	$ 19.34
Vesting period (in years)		3 years
Certain employees \| Performance stock units
Stock-Based Compensation
Granted	2,487	23,929
Grant date market price	$ 23.45	$ 20.33
Vesting period (in years)		3 years
Non-employee directors \| Restricted stock awards
Stock-Based Compensation
Granted		17,064
Grant date market price		$ 19.34

STOCK-BASED COMPENSATION - Nonqualified Options (Details) - Stock options - 2015 Plan - $ / shares	1 Months Ended		9 Months Ended
	Jun. 30, 2016	Jul. 28, 2015	Apr. 01, 2018
Stock-Based Compensation
Reduction in exercise price	$ 4.30
Adjusted exercise option price			$ 10.70
Black-Scholes Pricing Model fair value assumptions
Risk-free interest rate (as a percent)			1.93%
Expected term (in years)			6 years 3 months
Dividend yield (as a percent)			0.00%
Volatility rate (as a percent)			56.70%
Certain employees
Stock-Based Compensation
Granted		137,786
Option price at grant date		$ 15.00
Certain employees \| 1st Anniversary
Stock-Based Compensation
Annual vesting percentage		25.00%
Certain employees \| 2nd Anniversary
Stock-Based Compensation
Annual vesting percentage		25.00%
Certain employees \| 3rd Anniversary
Stock-Based Compensation
Annual vesting percentage		25.00%
Certain employees \| 4th Anniversary
Stock-Based Compensation
Annual vesting percentage		25.00%

SEGMENT INFORMATION - Operating Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2018 USD ($)	Apr. 02, 2017 USD ($)	Apr. 01, 2018 USD ($) segment	Apr. 02, 2017 USD ($)	Jun. 30, 2017 USD ($)
Segment reporting information
Number of operating segments \| segment			2
Number of reportable segments \| segment			2
Net sales	$ 93,811	$ 58,486	$ 237,295	$ 170,309
Cost of sales	69,429	43,561	174,816	123,289
Operating income	15,199	4,282	37,045	22,956
Depreciation and amortization	1,456	820	3,665	2,442
Assets	177,132		177,132		$ 83,321
Goodwill	66,713		66,713		29,593
MasterCraft
Segment reporting information
Net sales	69,257	58,486	192,545	170,309
Cost of sales	49,823	43,561	138,565	123,289
Operating income	12,446	4,282	32,623	22,956
Depreciation and amortization	840	$ 820	2,447	$ 2,442
Assets	88,869		88,869		83,321
Goodwill	29,593		29,593		$ 29,593
NauticStar
Segment reporting information
Net sales	24,554		44,750
Cost of sales	19,606		36,251
Operating income	2,753		4,422
Depreciation and amortization	616		1,218
Assets	88,263		88,263
Goodwill	$ 37,120		$ 37,120