0001564590-20-043257 | 10-K | XBRL Viewer | Mastercraft Boat Holdings INC

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Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 04, 2020	Dec. 29, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	Mastercraft Boat Holdings, Inc.
Entity Central Index Key	0001638290
Title of 12(b) Security	Common Stock
Trading Symbol	MCFT
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 286,400,000
Entity Common Stock, Shares Outstanding		18,872,119
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37502
Entity Tax Identification Number	06-1571747
Entity Address, Address Line One	100 Cherokee Cove Drive
Entity Address, City or Town	Vonore
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37885
City Area Code	423
Local Phone Number	884-2221
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the proxy statement for the 2020 annual meeting of stockholders, which will be filed no later than 120 days after the close of the registrant’s fiscal year ended June 30, 2020, are incorporated by reference into Part III of this report.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 16,319	$ 5,826
Accounts receivable, net of allowances of $247 and $281, respectively	6,145	12,463
Income tax receivable	4,924	951
Inventories, net (Note 4)	25,636	30,660
Prepaid expenses and other current assets	3,719	4,464
Total current assets	56,743	54,364
Property, plant and equipment, net (Note 5)	40,481	33,636
Goodwill (Note 6)	29,593	74,030
Other intangible assets, net (Note 6)	63,849	79,799
Deferred income taxes (Note 9)	16,080	6,240
Deferred debt issuance costs, net	425	451
Other long-term assets	752	253
Total assets	207,923	248,773
CURRENT LIABILITIES:
Accounts payable	10,510	17,974
Income tax payable		426
Accrued expenses and other current liabilities (Note 7)	35,985	41,421
Current portion of long-term debt, net of unamortized debt issuance costs (Note 8)	8,932	8,725
Total current liabilities	55,427	68,546
Long term debt, net of unamortized debt issuance costs (Note 8)	99,666	105,016
Unrecognized tax positions (Note 9)	3,683	2,895
Other long-term liabilities	277
Total liabilities	159,053	176,457
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,871,637 shares at June 30, 2020 and 18,764,037 shares at June 30, 2019	189	188
Additional paid-in capital	116,182	115,582
Accumulated deficit	(67,501)	(43,454)
Total stockholders' equity	48,870	72,316
Total liabilities and stockholders' equity	$ 207,923	$ 248,773

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 247	$ 281
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	18,871,637	18,764,037
Common stock, outstanding shares	18,871,637	18,764,037

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
NET SALES	$ 363,073	$ 466,381	$ 332,725
COST OF SALES	287,717	353,254	242,361
GROSS PROFIT	75,356	113,127	90,364
OPERATING EXPENSES:
Selling and marketing	15,981	17,670	13,011
General and administrative	25,557	27,706	19,773
Amortization of other intangible assets	3,948	3,492	1,597
Goodwill and other intangible asset impairment	56,437	31,000
Total operating expenses	101,923	79,868	34,381
OPERATING INCOME (LOSS)	(26,567)	33,259	55,983
OTHER EXPENSE:
Interest expense	5,045	6,513	3,474
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT)	(31,612)	26,746	52,509
INCOME TAX EXPENSE (BENEFIT)	(7,565)	5,392	12,856
NET INCOME (LOSS)	$ (24,047)	$ 21,354	$ 39,653
EARNINGS (LOSS) PER SHARE:
Basic	$ (1.28)	$ 1.14	$ 2.13
Diluted	$ (1.28)	$ 1.14	$ 2.12
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings (loss) per share	18,734,482	18,653,892	18,619,793
Diluted earnings (loss) per share	18,734,482	18,768,207	18,714,531

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect Period of Adoption Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect Period of Adoption Adjustment
Balance, beginning at Jun. 30, 2017	$ 11,761		$ 186	$ 112,945	$ (101,370)
Balance, beginning (in shares) at Jun. 30, 2017			18,637,445
Increase (decrease) in stockholders' equity
Share-based compensation activity	1,108		$ 1	1,107
Share-based compensation activity (shares)			44,893
Net income (loss)	39,653				39,653
Balance, ending at Jun. 30, 2018	52,522		$ 187	114,052	(61,717)
Balance, ending (in shares) at Jun. 30, 2018			18,682,338
Increase (decrease) in stockholders' equity
Share-based compensation activity	1,531		$ 1	1,530
Share-based compensation activity (shares)			81,699
Net income (loss)	21,354				21,354
Balance, ending at Jun. 30, 2019	72,316		$ 188	115,582	(43,454)
Balance, ending (in shares) at Jun. 30, 2019			18,764,037
Increase (decrease) in stockholders' equity
Adoption of accounting standards (Note 3)	(43,454)
Adoption of accounting standards (Note 3) \| ASU 14-09		$ (3,091)				$ (3,091)
Share-based compensation activity	601		$ 1	600
Share-based compensation activity (shares)			107,600
Net income (loss)	(24,047)				(24,047)
Balance, ending at Jun. 30, 2020	48,870		$ 189	$ 116,182	$ (67,501)
Balance, ending (in shares) at Jun. 30, 2020			18,871,637
Increase (decrease) in stockholders' equity
Adoption of accounting standards (Note 3)	$ (67,501)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (24,047)	$ 21,354	$ 39,653
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	10,527	7,787	5,086
Share-based compensation	1,061	1,678	1,186
Deferred income taxes	(9,840)	(6,734)	557
Unrecognized tax benefits	788	913	(1,199)
Amortization of debt issuance costs	572	553	496
Goodwill and other intangible asset impairment	56,437	31,000
Changes in certain operating assets and liabilities
Accounts receivable	6,291	(1,835)	(211)
Inventories	4,752	(449)	(2,754)
Prepaid expenses and other current assets	695	(1,464)	(763)
Income tax receivable	(3,973)	(951)
Accounts payable	(6,874)	(2,995)	2,847
Accrued expenses and other current liabilities	(5,527)	6,609	4,720
Other, net	(664)	420	(221)
Net cash provided by operating activities	30,198	55,886	49,397
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for acquisitions, net of cash acquired		(81,729)	(80,511)
Purchases of property, plant and equipment	(14,241)	(14,064)	(5,305)
Proceeds from disposal of property, plant and equipment	23	7	96
Net cash used in investing activities	(14,218)	(95,786)	(85,720)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		80,000	80,832
Principal payments on long-term debt	(15,357)	(41,306)	(39,320)
Borrowings on revolving credit facility	35,000
Principal payments on revolving credit facility	(25,000)
Proceeds from insurance premium financing	1,130
Principal payments on insurance premium financing	(468)
Other, net	(792)	(877)	(1,318)
Net cash provided (used) by financing activities	(5,487)	37,817	40,194
NET CHANGE IN CASH AND CASH EQUIVALENTS	10,493	(2,083)	3,871
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	5,826	7,909	4,038
CASH AND CASH EQUIVALENTS — END OF PERIOD	16,319	5,826	7,909
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	4,841	5,526	2,976
Cash payments for income taxes	6,146	12,437	13,549
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures in accounts payable and accrued expenses	$ 318	$ 908	$ 733

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

1. SIGNIFICANT ACCOUNTING POLICIES

Organization – MasterCraft Boat Holdings, Inc. (“Holdings”) was formed on January 28, 2000, as a Delaware holding company and operates primarily through its wholly owned subsidiaries, MasterCraft Boat Company, LLC; MasterCraft Services, LLC; MasterCraft Parts, Ltd.; and MasterCraft International Sales Administration, Inc. (collectively “MasterCraft”); Nautic Star, LLC and NS Transport, LLC (collectively “NauticStar”); and Crest Marine, LLC (“Crest”). The Company acquired NauticStar on October 2, 2017 and Crest on October 1, 2018. Holdings and its subsidiaries collectively are referred to herein as the “Company.”

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 three operating segments based on its operations and management structures: MasterCraft, NauticStar, and Crest (see Note 13).

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 from the dates of their acquisitions.

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

Holdings has no independent operations and no material assets, other than its wholly owned equity interests of MasterCraft, NauticStar, and Crest, which totaled $163.0 million as of June 30, 2020 and 2019, and no material liabilities. As of June 30, 2020, Holdings had no material contingencies, long-term obligations, or guarantees other than a guarantee of the Company’s subsidiaries’ long-term debt (see Note 8).

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, revenues, 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 warranty liability, dealer incentives liability, fair value of share-based compensation, inventory repurchase contingent obligation, unrecognized tax positions, impairment of long-lived assets and intangible assets subject to amortization, impairment of goodwill and indefinite-lived intangible assets, and potential litigation claims and settlements. Actual results could differ from those estimates.

Reclassifications — Certain historical amounts have been reclassified in the accompanying consolidated financial statements to conform to the current presentation.

Revenue Recognition — The Company’s revenue is derived primarily from the sale of boats and trailers, marine parts, and accessories to its independent dealers. The Company recognizes revenue when obligations under the terms of a contract are satisfied and control over promised goods is transferred to a customer. For the majority of sales, this occurs when the product is released to the carrier responsible for transporting it to a customer. The Company typically receives payment within 5 business days of shipment. Revenue is measured as the amount of consideration it expects to receive in exchange for a product. The Company offers dealer incentives that include wholesale rebates, retail rebates and promotions, floor plan reimbursement or cash discounts, and other allowances that are recorded as reductions of revenues in Net sales in the consolidated statements of operations. The consideration recognized represents the amount specified in a contract with a customer, net of estimated incentives the Company reasonably expects to pay. The estimated liability and reduction in revenue for dealer incentives is recorded at the time of sale. Subsequent adjustments to incentive estimates are possible because actual results may differ from these estimates if conditions dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from historical trends. Accrued dealer incentives are included in Accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

Rebates and Discounts

Dealers earn wholesale rebates based on purchase volume commitments and achievement of certain performance metrics. The Company estimates the amount of wholesale rebates based on historical achievement, forecasted volume, and assumptions regarding dealer behavior. Rebates that apply to boats already in dealer inventory are referred to as retail rebates. The Company estimates the amount of retail rebates based on historical data for specific boat models adjusted for forecasted sales volume, product mix, dealer and consumer behavior, and assumptions concerning market conditions. The Company also utilizes various programs whereby it offers cash discounts or agrees to reimburse its dealers for certain floor plan interest costs incurred by dealers for limited periods of time, generally ranging up to nine months.

Shipping and Handling Costs

Shipping and handling costs includes those costs incurred to transport product to customers and internal handling costs, which relate to activities to prepare goods for shipment. The Company has elected to account for shipping and handling costs associated with outbound freight after control over a product has transferred to a customer as a fulfillment cost. The Company includes shipping and handling costs, including costs billed to customers, in Cost of sales in the consolidated statements of operations.

Contract Liabilities

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the point at which it receives pre-payment from the customer.

Other Revenue Recognition Matters

Dealers generally have no right to return unsold boats. Occasionally, the Company may accept returns in limited circumstances and at the Company’s discretion under its warranty policy. 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 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 30 months. The Company accounts for these arrangements as guarantees and recognizes a liability based on the estimated fair value of the repurchase obligation. The estimated fair value takes into account our estimate of the loss we will incur upon resale of any repurchases. The Company accrues the estimated fair value of this obligation based on the age of inventory currently under floor plan financing and estimated credit quality of dealers holding the inventory. Inputs used to estimate this fair value include significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, this liability is classified within Level 3 of the fair value hierarchy.

The Company has excluded sales and other taxes assessed by a governmental authority in connection with revenue-producing activities from the determination of the transaction price for all contracts. The Company has not adjusted Net sales for the effects of a significant financing component because the period between the transfer of the promised goods and the customer's payment is expected to be one year or less.

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. Amounts recorded as bad debt expense, write-offs, and recoveries were not material for the years ended June 30, 2020, 2019, and 2018.

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 may at times exceed federally insured amounts. The Company had no cash equivalents at June 30, 2020 and 2019.

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.

Supplier Concentrations

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.

The Company is dependent on third-party equipment manufacturers, distributors, and dealers for certain parts and materials utilized in the manufacturing process. During the years ended June 30, 2020, 2019, and 2018 the Company purchased all engines for its MasterCraft performance sport boats under a supply agreement with a single vendor. Total purchases to this vendor were $27.6 million, $39.3 million, and $34.7 million for the years ended June 30, 2020, 2019, and 2018, respectively. During the years ended June 30, 2020 and 2019, the Company purchased a majority of engines for its NauticStar boats under a supply agreement with one vendor. Total purchases from this vendor were $15.2 million, $23.7 million, and $19.7 million for the years ended June 30, 2020. 2019, and 2018, respectively. During the years ended June 30, 2020 and 2019, the Company purchased a majority of the engines for its Crest boats under a supply agreement with a single vendor. Total purchases from this vendor were $15.5 million and $20.4 million for the years ended June 30, 2020 and 2019, respectively.

Inventories — Inventories are valued at the lower of cost or net realizable value and are shown net of an inventory allowance in the consolidated 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 inventory.

Property, Plant, and Equipment — Property, plant, and equipment are recorded at historical cost less accumulated depreciation and are 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	-	7	years

Goodwill and Other Intangible Assets — The Company does not amortize goodwill and other purchased intangible assets with indefinite lives. The Company’s intangible assets with finite lives consist primarily of dealer networks 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 6). 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. All of the Company’s goodwill and other intangible assets relate to our MasterCraft, NauticStar, or Crest reporting units (see Note 13).

Goodwill

Goodwill results from the excess of purchase price over the net identifiable assets of businesses acquired. The Company reviews goodwill for impairment annually, at fiscal yearend, and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As part of the annual test, the Company may perform a qualitative, rather than quantitative, assessment to determine whether the fair values of its reporting units are “more likely than not” to be greater than their carrying values. In performing this qualitative analysis, the Company considers various factors, including the effect of market or industry changes and the reporting units' actual results compared to projected results.

If the fair value of a reporting unit does not meet the "more likely than not" criteria discussed above, the impairment test for goodwill is a quantitative test. This test involves comparing the fair value of the reporting unit with its carrying value. If the fair value exceeds the carrying value, goodwill is not considered impaired. If the carrying amount exceeds the fair value then the goodwill is considered impaired and an impairment loss is recognized in an amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the carrying amount of the goodwill allocated to that reporting unit.

The Company calculates the fair value of its reporting units by considering both the income approach and market approach. The income approach calculates the fair value of the reporting unit using a discounted cash flow method. Internally forecasted future cash flows, which the Company believes reasonably approximate market participant assumptions, are discounted using a weighted average cost of capital (“Discount Rate”) developed for each reporting unit. The Discount Rate is developed using observable market inputs, as well as considering whether or not there is a measure of risk related to the specific reporting unit’s forecasted performance. Fair value under the market approach is determined for each unit by applying market multiples for comparable public companies to the unit’s financial results. The key uncertainties in these calculations are the assumptions used in determining the reporting unit’s forecasted future performance, including revenue growth and operating margins, as well as the perceived risk associated with those forecasts in determining the Discount Rate, along with selecting representative market multiples.

During the years ended June 30, 2020 and 2019, the Company performed quantitative impairment tests for all three reporting units and determined that goodwill attributable to the NauticStar and Crest reporting units was impaired. As a result, the Company recognized associated impairment charges during each of those fiscal years (see Note 6). The Company recognized no impairments related to goodwill for the year ended June 30, 2018.

Other Intangible Assets

The Company's primary intangible assets other than goodwill are dealer networks and trade names acquired in business combinations. These intangible assets are initially valued using a methodology commensurate with the intended use of the asset. The dealer networks were valued using an 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 fair value of trade names is measured using a relief-from-royalty approach, a variation of the income approach, which requires an estimate or forecast of the expected future cash flows. This method assumes the value of the trade name is the discounted cash flows of the amount that would be paid to third parties had the Company not owned the trade name and instead licensed the trade name from another company. The basis for future sales projections for these methods are based on internal revenue forecasts by reporting unit, which the Company believes represent reasonable market participant assumptions. The future cash flows are discounted using an applicable Discount Rate as well as any potential risk premium to reflect the inherent risk of holding a standalone intangible asset.

The key uncertainties in these fair value calculations, as applicable, are: assumptions used in developing internal revenue growth and dealer expense forecasts, assumed dealer attrition rates, the selection of an appropriate royalty rate, as well as the perceived risk associated with those forecasts in determining the Discount Rate.

The costs of amortizable intangible assets, including dealer networks, are recognized over their expected useful lives, approximately ten years for the dealer networks, using the straight-line method. 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. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset.

During the years ended June 30, 2020 and 2019, the Company performed quantitative impairment tests for intangible assets and determined that trade names attributable to the NauticStar and Crest were impaired. As a result, the Company recognized associated impairment charges during each of those fiscal years (see Note 6). The Company recognized no impairments related to other intangible assets for the year ended June 30, 2018.

Long-Lived Assets Other than Intangible 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 incurred no such impairments during the years ended June 30, 2020, 2019, and 2018.

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 deferred tax assets and liabilities in our consolidated balance sheets.

Product Warranties — The Company offers warranties on the sale of certain products for periods of between one and five years. These warranties require us or our dealers to repair or replace defective products during the warranty period at no cost to the consumer. We estimate the costs that may be incurred under our basic limited warranty and record as a liability the amount of such costs at the time the product revenue is recognized. Factors that affect our warranty liability include the number of units sold, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of the recorded warranty liabilities and adjust the amounts as actual claims are determined or as changes in the obligations become reasonably estimable.

Research and Development — Research and development expenditures are expensed as incurred. Research and development expense for the years ended June 30, 2020, 2019, and 2018 was $5.2 million, $5.6 million, and $4.9 million, 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 on 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 Debt Issuance 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 years ended June 30, 2020, 2019, and 2018 the Company incurred deferred financing costs of $0.3 million, $0.7 million, and $1.2 million, respectively. For the years ended June 30, 2020, 2019, and 2018 the Company recorded related amortization expense of $0.6 million, $0.6 million, and $0.5 million, respectively.

Share-Based Compensation — The Company records amounts for all share-based compensation, including grants of restricted stock awards, performance stock units, and nonqualified stock options over the vesting period in the consolidated statements of operations based on their fair values at the date of the grant. Forfeitures of share-based compensation, if any, are recognized as they occur. Share-based compensation costs are included in Selling, general and administrative expense in the consolidated statements of Operations. See Note 10 – Share-Based Compensation for a description of the Company's accounting for share-based compensation plans.

Advertising — Advertising costs are expensed when the advertising first takes place. Advertising expense recognized during the years ended June 30, 2020, 2019, and 2018, was $7.0 million, $9.3 million, and $6.8 million, respectively, and is included in Selling and marketing expenses in the consolidated statements of operations.

Fair Value Measurements — The Company measures certain of its 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 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 inputs that market participants would use in pricing an asset or liability.

When measuring 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 Company’s most significant financial asset or liability measured at fair value on a recurring basis is its inventory repurchase contingent obligation (see “Revenue Recognition - Other Revenue Recognition Matters” and Note 11).

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.

Earnings Per Common Share — Basic earnings per common share reflects reported earnings divided by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share include the effect of dilutive stock options and restricted share awards, unless inclusion would not be dilutive.

Postretirement Benefits – The Company has a defined contribution plan and makes contributions including matching and discretionary contributions which are based on various percentages of compensation, and in some instances are based on the amount of the employees' contributions to the plans. The expense related to the defined contribution plans was $1.2 million, $1.2 million, and $0.8 million for the years ended June 30, 2020, 2019, and 2018, respectively. Comparability between the years ended June 30, 2019 and 2018 was impacted, primarily, by the acquisition of Crest and NauticStar during the years ended June 30, 2019 and 2018, respectively (See Note 3).

COVID-19 Pandemic — The outbreak of a novel coronavirus throughout the world, including the United States, during early calendar year 2020 has caused widespread business and economic disruption through mandated and voluntary business closings and restrictions on the movement and activities of people (“COVID-19 Pandemic”). We are subject to risks and uncertainties as a result of the COVID-19 Pandemic. The extent of the impact of the COVID-19 Pandemic on the Company's business is highly uncertain and difficult to predict, as the response to the COVID-19 Pandemic is rapidly evolving in many countries, including the United States and other markets where the Company operates. It is expected that many of the Company's consumers, dealers, and suppliers could be impacted by these closings and restrictions which could materially and adversely affect demand for our products, our ability to obtain or deliver inventory, and our ability to collect accounts receivables as our dealers and financing counterparties face higher liquidity and solvency risk. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 Pandemic, and it has caused economic downturns or recessions in the U.S. and other markets where the Company operates. Such economic disruption could have a material adverse effect on our business as retail demand for our products could decline which would in-turn reduce wholesale demand from our dealers. Policymakers around the world have responded with fiscal and monetary policy actions to support the economy. The magnitude and overall effectiveness of these actions remains uncertain.

To balance wholesale production with the then anticipated impacts to retail demand caused by the economic impacts of the COVID-19 Pandemic, we reduced production in February 2020 and, in late March 2020, temporarily suspended manufacturing operations at all of our facilities to protect the health of our employees and comply with governmental mandates. As a result of this action, the Company temporarily laid off nearly all of its hourly workforce. We resumed operations at all our manufacturing facilities by mid-May 2020. Our facilities resumed operations with new temperature screening, social distancing, personal protective equipment, and cleaning protocols to protect our employees and mitigate risk of further business interruption. The Company continues to evaluate and monitor the health and safety of its employees and will adhere to federal and local government mandates and guidelines.

The severity of the impact of the COVID-19 Pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration, spread, severity, and impact of the pandemic, the remedial actions and stimulus measures adopted by local and federal governments, the effects of the pandemic on the Company's consumers, dealers, suppliers and workforce, and to the extent normal economic and operating conditions can resume, all of which are uncertain and cannot be predicted. The Company's future results of operations, cash flows, and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, supply chain or workforce disruptions and uncertain demand, additional goodwill and other intangible asset impairment charges (see Note 6), and the impact of any initiatives that the Company may undertake to address financial and operational challenges faced by it and its consumers, dealers, and suppliers. As of the date of issuance of these consolidated financial statements, the extent to which the COVID-19 Pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain.

New Accounting Pronouncements Issued And Adopted

Leases — In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases, (“ASC 842”) which, among other things, requires lessees to recognize assets and liabilities on the balance sheet for all operating leases. On July 1, 2019, the Company adopted ASC 842 and all related amendments. The Company elected the optional transition method provided by the FASB in ASU 2018-11, Leases (Topic 842): Targeted Improvements, and as a result, has not restated its consolidated financial statements for prior periods presented. The Company has elected the package of practical expedients upon transition which allowed the Company to retain the lease classification for any leases that existed prior to adoption, to not reassess whether any contracts entered into prior to adoption are leases, and to not reassess initial direct costs for any leases that existed prior to adoption. In addition, the Company elected not to record on the consolidated balance sheet any lease with a term of twelve months or less.

ASC 842 did not have a material impact on the Company's consolidated statements of operations. The cumulative effect of the changes made to the Company's consolidated balance sheet as of July 1, 2019 for the adoption of ASC 842 was as follows:

	Balance as of		Adjustments		Balance as of
	June 30, 2019		Due to ASC 842		July 1, 2019
Assets
Other long-term assets	$	253	$	3,931	$	4,184

Current liabilities
Accrued expenses and other current liabilities		41,421		547		41,968

Long-term liabilities
Other long-term liabilities		—		3,384		3,384

The Company leases various equipment under operating lease arrangements. The Company determines if an arrangement is a lease at lease inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Because the rates implicit in the Company's lease contracts are not readily determinable, the Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease ROU asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred.

The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company may enter into lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes. See Note 11 for information regarding the Company’s leases.

Share-Based Compensation — In June 2018, the Financial Accounting Standards Board issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This guidance provides clarity and reduces complexity when applying the guidance in Topic 718, Compensation—Stock Compensation to the term or condition of share-based payments to nonemployees. ASU 2018-07 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018. The Company adopted this guidance for its fiscal year beginning July 1, 2019. The adoption of this standard did not have a material impact on the consolidated financial statements.

New Accounting Pronouncements Issued But Not Yet Adopted

Fair Value Measurements — In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This guidance modifies the disclosure requirements on fair value measurements in Topic 820 by removing disclosures regarding transfers between Level 1 and Level 2 of the fair value hierarchy, by modifying the measurement uncertainty disclosure, and by requiring additional disclosures for Level 3 fair value measurements, among others. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company does not expect the adoption of this new guidance to have a material impact on the consolidated financial statements.

Current Expected Credit Loss — In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which updated the ASC to use an impairment model that is based on expected losses rather than incurred losses. The Company will adopt this guidance for its fiscal year beginning July 1, 2020. Our evaluation of this guidance is substantially complete, and the adoption of this standard is not expected to have a material impact on the consolidated financial statements.

REVENUE RECOGNITION

12 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

REVENUE RECOGNITION

2. REVENUE RECOGNITION

The following table presents the Company’s revenue by major product category for each reportable segment.

	Year Ended June 30, 2020								Year Ended June 30, 2019
	MasterCraft		NauticStar		Crest^(a)		Total		MasterCraft		NauticStar		Crest^(a)		Total
Major Product Categories:
Boats and trailers	$	236,108	$	54,473	$	60,888	$	351,469	$	301,010	$	77,896	$	75,742	$	454,648
Parts		9,731		448		591		10,770		9,471		85		498		10,054
Other revenue		616		9		209		834		1,349		14		316		1,679
Total	$	246,455	$	54,930	$	61,688	$	363,073	$	311,830	$	77,995	$	76,556	$	466,381

(a) Crest was acquired on October 1, 2018.

Sales outside of North America accounted for 4.8%, 5.2%, and 7.5% of the Company’s net sales for the years ended June 30, 2020, 2019, and 2018, respectively. The Company had no significant concentrations of sales to individual dealers or in countries outside of North America during the years ended June 30, 2020, 2019, and 2018.

Contract Liabilities

As of June 30, 2019, the Company had $0.8 million of contract liabilities associated with customer deposits. During the year ended June 30, 2020, all of this amount was recognized as revenue. As of June 30, 2020, total contract liabilities were $0.6 million, were reported in Accrued expenses and other current liabilities on the consolidated balance sheet and are expected to be recognized as revenue during the year ended June 30, 2021.

See Note 1 for a description of the Company’s significant revenue recognition policies.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

ACQUISITIONS

12 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

ACQUISITIONS

3. ACQUISITIONS

Fiscal 2019 Acquisition

On October 1, 2018, the Company completed its acquisition of Crest for $81.7 million. Crest, a manufacturer of pontoons, expands the Company’s product portfolio. Proceeds from the $80.0 term loan (see Note 8) were used to fund this acquisition.

The following table is a summary of the assets acquired, liabilities assumed, and net cash consideration paid for Crest during fiscal 2019:

	Fair Value
Accounts receivable	$	5,215
Inventories		9,853
Other current assets		179
Property, plant and equipment		1,840
Identifiable intangible assets^(a)		35,245
Current liabilities		(6,841	)
Fair value of assets acquired and liabilities assumed		45,491
Goodwill^(a)		36,238
Net cash consideration paid	$	81,729

(a) The goodwill and other intangible assets recorded for the Crest acquisition are deductible for tax purposes.

	Fair Value		Estimated Useful Life (in years)
Definite-lived intangible assets:
Dealer network	$	18,000	10
Software		245	5
Indefinite-lived intangible asset:
Trade name		17,000
Total identifiable intangible assets	$	35,245

Related Party Transactions

In connection with the operations of Crest, the Company made rental payments to Crest Marine Real Estate LLC (“Real Estate”) for a manufacturing facility, storage and office building (the “Crest Facility”). One of the minority owners of Real Estate is a member of the Crest management team. The lease was to expire on September 30, 2028, and was subject to four consecutive, five-year renewal periods. The lease terms included an option for the Company to purchase the Crest Facility for an amount equal to its fair market value, as determined by appraisals and negotiation between the Company and Real Estate (the “Purchase Option”). The annual rent under the lease was $0.3 million for the first five years of the lease term, and was to increase to $0.4 million for the remaining five years. Additionally, at the beginning of each of the optional renewal terms the rent was to be adjusted based on the change in the Consumer Price Index. In accordance with the Purchase Option, on October 24, 2019 the Company purchased the Crest Facility for $4.1 million. See Note 11 for additional information regarding the purchase.

Crest purchases fiberglass component parts from a supplier whose minority owner was the same member of the Crest management team that has a minority ownership interest in Real Estate. On January 31, 2020 this minority ownership interest was divested and this supplier ceased being a related party. During the period beginning July 1, 2019 and ending January 31, 2020, the Company purchased $1.8 million of products from the supplier. During the year ended June 30, 2019, the Company purchased $2.8 million of products from the supplier.

Pro Forma Financial Information

The following unaudited pro forma consolidated results of operations for the fiscal years ended June 30, 2019 and 2018, assumes that the acquisition of NauticStar (acquired on October 2, 2017) and Crest (acquired on October 1, 2018) occurred as of the beginning of the earliest period presented in the consolidated financial statements. The unaudited pro forma financial information combines historical results of MasterCraft, NauticStar, and Crest with adjustments for depreciation and amortization attributable to 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 not indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal year 2018, or the results that may occur in the future:

	Fiscal Years Ended
	2019		2018
Net sales	$	487,374	$	423,630
Net income	$	21,619	$	38,269
Basic earnings per share	$	1.16	$	2.06
Diluted earnings per share	$	1.15	$	2.04

INVENTORIES

12 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES

4. INVENTORIES

Inventories consisted of the following:

	As of June 30,
	2020			2019
Raw materials and supplies	$	18,318		$	20,034
Work in process		3,866			4,571
Finished goods		4,876			7,207
Obsolescence reserve		(1,424	)		(1,152	)
Total inventories	$	25,636		$	30,660

PROPERTY, PLANT, AND EQUIPMENT

12 Months Ended

Jun. 30, 2020

Property Plant And Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

5. PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment, net consisted of the following:

	As of June 30,
	2020			2019
Land and improvements	$	3,030		$	1,901
Buildings and improvements		22,366			15,652
Machinery and equipment		38,262			29,804
Furniture and fixtures		2,229			1,719
Construction in progress		1,312			4,866
Total property, plant, and equipment		67,199			53,942
Less accumulated depreciation		(26,718	)		(20,306	)
Property, plant, and equipment, net	$	40,481		$	33,636

Depreciation expense for the years ended June 30, 2020, 2019, and 2018 was $6.6 million, $4.3 million, and $3.5 million, respectively.

Subsequent Event

On August 13, 2020, the Company entered into an agreement to purchase certain real and personal property located in Merritt Island, Florida, including a 140,000 sq. ft. boat manufacturing facility, (the “Property”) for $14.0 million (the “Purchase Agreement”). The Company plans to use the Property to expand its boat building capacity. The Purchase Agreement is subject to customary closing conditions and closing is expected to occur in October 2020. The Company expects to use liquidity sources existing as of June 30, 2020 to fund this purchase.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

6. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and Other Intangible Asset Impairment

The current economic environment, including the significant share price and market volatility, as well as disruptions to supply chains resulting from the COVID-19 Pandemic, triggered an interim impairment analysis for the Company’s intangible assets including goodwill. As a result of this analysis, the Company recorded impairment charges totaling $56.4 million during the three months ended March 29, 2020 related to the NauticStar and Crest segments. As of June 30, 2020, our annual impairment test date, the Company performed a qualitative assessment and identified no events or circumstances that indicated that there existed a more likely than not probability of impairment of goodwill and other intangible assets.

The impairment charges recorded for each segment are detailed below and are included in Goodwill and other intangible asset impairment on the consolidated statement of operations. The impairment recorded in fiscal 2020 was principally a result of a decline, in the fiscal third quarter, in market conditions, including our share price, and the then current outlook for sales and operating performance relative to the Company’s acquisition plans and impairment test performed as of June 30, 2019.

During our fiscal 2019 annual assessment of intangible assets including goodwill, the Company recorded impairment charges of $31.0 million related to the NauticStar segment. The impairment was principally a result of a decline, in the fiscal fourth quarter, in the outlook for sales and operating performance relative to our acquisition plan.

See Note 1 for a discussion of the methods used to determine the fair value of goodwill and other intangible assets. In assessing the need for goodwill and intangible impairment, management utilizes a number of estimates, including operating results, business plans, economic projections, anticipated future cash flows, transactions and marketplace data. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy.

Goodwill and other intangible asset impairment charges for the years ended June 30, 2020 and 2019 were as follows:

	2020						2019
	NauticStar		Crest		Consolidated		NauticStar		Consolidated
Goodwill	$	8,199	$	36,238	$	44,437	$	28,000	$	28,000
Trade name		5,000		7,000		12,000		3,000		3,000
Total	$	13,199	$	43,238	$	56,437	$	31,000	$	31,000

While the extent and duration of the economic impact from the COVID-19 pandemic remain unclear, changes in assumptions and estimates may affect the fair value of goodwill and other intangible assets and could result in additional impairment charges in future periods.

Goodwill

The carrying amounts of goodwill as of June 30, 2020 and 2019, attributable to each of the Company’s reportable segments, were as follows:

	2020							2019
	Gross Amount		Accumulated Impairment Losses			Total		Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	29,593	$	-		$	29,593	$	29,593	$	-		$	29,593
NauticStar		36,199		(36,199	)		-		36,199		(28,000	)		8,199
Crest		36,238		(36,238	)		-		36,238		-			36,238
Total	$	102,030	$	(72,437	)	$	29,593	$	102,030	$	(28,000	)	$	74,030

Other Intangible Assets

The following table presents the carrying amount of Other intangible assets, net as of June 30, 2020 and 2019.

	2020							2019
	Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net		Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net
Amortized intangible assets
Dealer networks	$	39,500	$	(9,810	)	$	29,690	$	39,500	$	(5,909	)	$	33,591
Software		245		(86	)		159		245		(37	)		208
		39,745		(9,896	)		29,849		39,745		(5,946	)		33,799

Unamortized intangible assets
Trade names		49,000		(15,000	)		34,000		49,000		(3,000	)		46,000
Total other intangible assets	$	88,745	$	(24,896	)	$	63,849	$	88,745	$	(8,946	)	$	79,799

Amortization expense related to Other intangible assets, net for years ended June 30, 2020, 2019 and 2018 was $3.9, $3.5, and $1.6 million, respectively.

The following table presents estimated future amortization expense for the next five fiscal years and thereafter.

Fiscal years ending June 30,
2021	$	3,950
2022		3,950
2023		3,950
2024		3,806
2025		3,793
and thereafter		10,400
Total	$	29,849

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Jun. 30, 2020

Accrued Liabilities And Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:

	As of June 30,
	2020		2019
Warranty	$	20,004	$	17,205
Dealer incentives		8,448		12,623
Compensation and related accruals		1,488		3,494
Floor plan interest		732		2,060
Inventory repurchase contingent obligation		1,132		1,936
Self-insurance		704		606
Debt interest		—		405
Other		3,477		3,092
Total accrued expenses and other current liabilities	$	35,985	$	41,421

Accrued warranty liability activity was as follows:

	For the Years Ended June 30,
	2020			2019
Balance at the beginning of the period	$	17,205		$	13,077
Provisions		7,039			8,056
Additions for Crest acquisition		—			990
Payments made		(7,634	)		(7,198	)
Aggregate changes for preexisting warranties		3,394			2,280
Balance at the end of the period	$	20,004		$	17,205

Insurance Premium Financing

On March 27, 2020, the Company executed an insurance premium financing agreement of $1.1 million with a premium finance company in order to finance certain of its annual insurance premiums. Beginning on April 1, 2020, the financing agreement is payable in eleven monthly installments of principal and interest of approximately $0.1 million. The agreement bears interest at 3.6%. The balance of the insurance premium financing as of June 30, 2020 was $0.7 million and is recorded in Accrued expenses and other current liabilities.

LONG-TERM DEBT

12 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT

8. LONG-TERM DEBT

Long-term debt outstanding was as follows:

	As of June 30,
	2020			2019
Revolving credit facility	$	10,000		$	—
Term loans		99,993			115,349
Debt issuance costs on term loans		(1,395	)		(1,608	)
Total debt		108,598			113,741
Less current portion of long-term debt		9,420			9,167
Less current portion of debt issuance costs on term loans		(488	)		(442	)
Long-term debt, net of current portion	$	99,666		$	105,016

Previously Existing Credit Facility

On October 2, 2017, the Company entered into a Third Amended and Restated Credit and Guaranty Agreement with a syndicate of certain financial institutions (the “Third Amended Credit Agreement”). The Third Amended Credit Agreement replaced and paid off the Company’s Prior Credit Agreement, dated May 27, 2016. The Third Amended Credit Agreement provided the Company with a $145.0 million senior secured credit facility, consisting of a $115.0 million term loan and a $30.0 million revolving credit facility. A portion of the proceeds from the Third Amended Credit Agreement were used for the Company’s acquisition of NauticStar.

The Third Amended Credit Agreement bore 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 Total Net Leverage Ratio.

Current Credit Facility

On October 1, 2018, the Company entered into a Fourth Amended and Restated Credit and Guaranty Agreement with a syndicate of certain financial institutions (the “Fourth Amended Credit Agreement”), which replaced the credit facility discussed above. The Fourth Amended Credit Agreement provides the Company with a $190.0 million senior secured credit facility, consisting of a $75.0 million term loan, and an $80.0 million term loan (together, the “Term Loans”), and a $35.0 million revolving credit facility (the “Revolving Credit Facility”). Proceeds from the $80.0 million term loan were used to fund the Crest acquisition. The Fourth Amended Credit Agreement is secured by substantially all the assets of the Company. Holdings is a guarantor on the Fourth Amended Credit Agreement and the Fourth Amended Credit Agreement contains covenants that restrict the ability of Holdings’ subsidiaries to make distributions to Holdings. The Term Loans will mature and all remaining amounts outstanding thereunder will be due and payable on October 1, 2023.

Amendment to Fourth Amended Credit Agreement

On May 7, 2020, the Company entered into Amendment No. 3 to the Fourth Amended Credit Agreement (the “Amendment”). The changes effected by the Amendment include, among others, the temporary removal and replacement of the Company’s financial covenants, the addition of a 50 basis point floor on LIBOR, modifications to the range of applicable LIBOR and prime interest rate margins, and a revision of the Total Net Leverage Ratio calculation. Under the Amendment, the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant of the Fourth Amended Credit Agreement are temporarily replaced with three separate covenants: (i) an Interest Coverage Ratio, (ii) a Minimum Liquidity threshold, and (iii) a Maximum Unfinanced Capital Expenditures limitation (the “Package of Financial Covenants”). The Package of Financial Covenants are in place through the quarter ended March 31, 2021, at which time the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant will be reinstated and the Package of Financial Covenants will sunset, and with the minimum liquidity covenant being tested on the last day of each fiscal month through May 31, 2021. In addition, the Total Net Leverage Ratio calculation was temporarily revised to include all unrestricted cash balances, without limitation, until June 30, 2021.

Pursuant to the Amendment, the Company’s debt bore interest at LIBOR, subject to a 50 basis point floor, plus 3.25% through June 30, 2020. Beginning on July 1, 2020, the applicable margin, at the Company’s option, is at either the prime rate plus an applicable margin ranging from 0.5% to 2.25% or at an adjusted LIBOR rate plus an applicable margin ranging from 1.5% to 3.25%, in each case based on the Company’s Total Net Leverage Ratio.

As of June 30, 2020 and 2019, the effective interest rate on borrowings outstanding was 3.75% and 4.48%, respectively.

Revolving Credit Facility

On March 19, 2020, the Company drew $35.0 million on its Revolving Credit Facility as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of uncertainty in the global markets resulting from the COVID-19 Pandemic. As of June 30, 2020, the Company had $10.0 million of borrowings outstanding on its Revolving Credit Facility and the availability under the Revolving Credit Facility was $25.0 million.

All amounts outstanding under the Revolving Credit Facility mature in October 2023. As of June 30, 2020, the Company was in compliance with its financial covenants under the Amendment to the Fourth Amended Credit Agreement.

Maturities for the Term Loans and Revolving Credit Facility subsequent to June 30, 2020 are as follows:


2021	$	9,420
2022		11,775
2023		12,560
2024		76,238
Total	$	109,993

INCOME TAXES

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

9. INCOME TAXES

Earnings before income taxes by jurisdiction were all in the U.S. except for income of approximately $0.1 million during each of the years ended June 30, 2020, 2019 and 2018.

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


	2020			2019			2018
Current income tax expense:
Federal	$	2,096		$	10,405		$	12,140
State		666			1,892			276
Benefit of current year tax credits		(554	)		(171	)		(117	)
Total current tax expense	$	2,208		$	12,126		$	12,299
Deferred tax (benefit) expense:
Federal	$	(8,887	)	$	(5,837	)	$	525
State		(886	)		(897	)		32
Total deferred tax (benefit) expense		(9,773	)		(6,734	)		557
Income tax (benefit) expense	$	(7,565	)	$	5,392		$	12,856

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

	2020			2019			2018
Statutory income tax rate		21.00	%		21.00	%		28.06	%
State taxes (net of federal income tax benefit and valuation allowance)		1.67	%		2.48	%		2.32	%
Tax credits		4.49	%		(3.39	%)		(0.44	%)
Revalue of deferred taxes for change in federal tax rate		—			—			(1.23	%)
Change in valuation allowance		—			(0.57	%)		—
Permanent differences		(0.74	%)		(2.54	%)		(2.41	%)
Uncertain tax positions		(2.49	%)		3.10	%		(1.73	%)
Other		—			0.08	%		(0.09	%)
Effective income tax rate		23.93	%		20.16	%		24.48	%

As of June 30, 2020, and 2019, a summary of the significant components of the Company’s deferred tax assets and liabilities was as follows:

	2020			2019
Deferred tax assets:
Goodwill and other intangible asset basis difference	$	13,776		$	2,306
Warranty reserves		4,616			3,848
Accrued selling		850			1,354
Unrecognized tax benefits		566			520
Stock compensation		402			704
Repurchase agreements		261			427
State net operating loss		14			144
Foreign net operating loss		63			79
Credits		65			48
Other		570			—
Valuation allowance		(65	)		(81	)
Total deferred tax assets		21,118			9,349
Deferred tax liabilities:
Depreciation		(4,839	)		(3,037	)
Other		(199	)		(72	)
Total deferred tax liabilities		(5,038	)		(3,109	)
Net deferred tax assets	$	16,080		$	6,240

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (the “CARES Act”). Among the changes to the U.S. federal income tax rules, the CARES Act included a revision to depreciation rules enacted as part of the Tax Cuts and Jobs Act of 2017. In addition to impacting the current fiscal year, the CARES Act results in the ability to retroactively apply these regulations to certain assets placed in service during the years ended June 30, 2018 and 2019. The Company has evaluated the impacts of the aforementioned provisions and incorporated the necessary changes to tax depreciation methods. We have not identified any material effect on results of operations, financial condition, or cash flows.

The Tax Cuts and Jobs Act (“Tax Reform Act”), which became effective December 22, 2017, overhauled U.S. corporate income tax law by lowering the U.S. federal corporate income tax rate from 35% to 21% (blended rate in year one for fiscal year filers), implementing a territorial tax system, imposing a one time “deemed repatriation” tax on all untaxed offshore earnings, and adding/modifying/deleting several major tax deductions significant to the Company.

As of June 30, 2020, the Company has state net operating loss (NOL) carryforwards of $0.3 million that expire in varying years ranging from June 30, 2024 to June 30, 2029, and foreign NOL carryforwards of $0.3 million that can be carried forward indefinitely. However, the Company determined that it is more likely than not that the benefit from certain state and foreign NOL carryforwards will not be realized. In recognition of this risk, the Company has provided a partial 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:

	2020			2019
Balance at July 1	$	2,504		$	1,711
Additions based on tax positions related to the current year		110			889
Additions for tax positions of prior years		713			473
Reductions for tax positions of prior years		(164	)		(25	)
Settlements of tax positions from prior years		(170	)		(544	)
Balance at June 30	$	2,993		$	2,504

Of this total, $2.1 million and $1.9 million as of June 30, 2020 and 2019, 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, 2020, and 2019 was an expense of $0.3 million and $0.1 million, respectively. The amounts accrued for interest and penalties at June 30, 2020 and 2019 were $0.7 million and $0.4 million respectively and is presented in unrecognized tax positions on the accompanying consolidated balance sheets.

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, 2020, 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 state income taxes and foreign income taxes. The Company is no longer subject to examination by taxing authorities for years before June 30, 2017. The Company expects the total amount of unrecognized benefits to increase by approximately $0.2 million in the next twelve months. The Company records unrecognized tax benefits as liabilities and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

SHARE-BASED COMPENSATION

12 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

SHARE-BASED COMPENSATION

10. SHARE-BASED COMPENSATION

The 2015 Incentive Award Plan (“2015 Plan”) provides for the grant of stock options, including incentive stock options, and nonqualified stock options (“NSOs”), restricted stock, dividend equivalents, stock payments, restricted stock units, restricted stock awards (“RSAs”), deferred stock, deferred stock units, performance awards, stock appreciation rights, performance stock units (“PSUs”), and cash awards. As of June 30, 2020, there were 1,485,683 shares available for issuance under the 2015 Plan.

The following table presents the components of share-based compensation expense by award type for the years ended June 30, 2020, 2019 and 2018.

	2020			2019		2018
Restricted stock awards	$	1,285		$	913	$	616
Performance stock units		(233	)		563		355
Stock options		9			201		215
Share-based compensation expense	$	1,061		$	1,677	$	1,186

Adjustment to Share-Based Compensation

In conjunction with the resignation of an executive officer in October 2019, approximately $0.5 million of share-based compensation expense recognized in prior periods was reversed during fiscal 2020 for RSAs and PSUs that were forfeited. Additionally, based upon current economic trends, the probability of attaining the performance criteria of the PSUs has been lowered. The amount of compensation cost the Company recognizes over the requisite service period is based on the Company’s best estimate of the achievement of the performance conditions. The amount of compensation expense is adjusted on a cumulative basis; therefore, this adjustment lowered the amount of share-based compensation expense recognized during the year ended June 30, 2020.

The following table presents the income tax benefit related to share-based compensation expense recognized by award type.

	2020			2019		2018
Restricted stock awards	$	290		$	217	$	190
Performance stock units		(53	)		134		110
Stock options		2			48		66
Share-based compensation expense	$	239		$	399	$	366

Restricted Stock Awards

Beginning in the year ended June 30, 2018, all RSAs granted to non-employee directors vest over the remainder of that fiscal year, and all RSAs granted to employees vest over a period of between one to three years. Generally, non-vested RSAs are forfeited if employment is terminated prior to vesting. RSAs are granted at a per share fair value equal to the market value of the Company’s common stock on the grant date. The Company recognizes the cost of non-vested RSAs ratably over the requisite service period.

The total grant date fair value of RSAs vested during the years ended June 30, 2020, 2019, and 2018 was $1.0 million , $0.7 million and $0.4 million, respectively.

A summary of RSA activity for the years ended June 30, 2020, 2019 and 2018, is as follows:

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Awards at June 30, 2017		26,417		$	12.22
Granted		47,651			19.88
Vested		(25,870	)		16.79
Forfeited		(4,888	)		15.89
Total Non-vested Restricted Stock Awards at June 30, 2018		43,310			17.28
Granted		51,995			26.79
Vested		(33,093	)		21.54
Forfeited		(8,408	)		23.08
Total Non-vested Restricted Stock Awards at June 30, 2019		53,804			22.94
Granted		138,457			17.41
Vested		(50,570	)		20.09
Forfeited		(34,797	)		20.24
Total Non-vested Restricted Stock Awards at June 30, 2020		106,894			18.01

As of June 30, 2020, there was $1.2 million of total unrecognized compensation expense related to non-vested RSAs. The Company expects this expense to be recognized over a weighted average period of 1.71 years.

Performance Stock Units

During the years ended June 30, 2020, 2019, and 2018, the Company granted performance shares to certain employees. The awards will be earned based on the Company’s achievement of certain performance criteria over a three-year performance period. The performance period for the awards commence on July 1 of the fiscal year in which they were granted and continue for a three-year period, ending on June 30 of the applicable year. The probability of achieving the performance criteria is assessed quarterly. 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 on the application of a total shareholder return (“TSR”) modifier. The grant date fair value is determined based on both the assessment of the probability of the Company’s achieving the performance criteria and an estimate of the expected TSR modifier. The TSR modifier estimate is determined by using a Monte Carlo Simulation model, which considers the likelihood of all possible outcomes of long-term market performance. The amount of compensation cost the Company recognizes over the requisite service period is based on management’s best estimate of the achievement of the performance criteria.

The fair value of PSUs vested during the year ended June 30, 2020 and 2019 was $0.2 million and $0.4 million. No PSUs vested during the years ended June 30, 2018.

A summary of PSU activity for the years ending June 30, 2020, 2019 and 2018, is as follows:

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value
Total Non-vested Performance Stock Units at June 30, 2017		40,612		$	11.85
Granted		26,416			19.62
Forfeited		(7,700	)		14.42
Total Non-vested Performance Stock Units at June 30, 2018		59,328			14.98
Granted		35,122			25.70
Vested		(32,373	)		11.85
Forfeited		(11,456	)		19.73
Total Non-vested Performance Stock Units at June 30, 2019		50,621			23.34
Granted		72,048			18.18
Vested		(8,383	)		19.40
Forfeited		(46,882	)		20.82
Total Non-vested Performance Stock Units at June 30, 2020		67,404			20.02

As of June 30, 2020, there was $0.2 million of total unrecognized compensation expense related to non-vested PSUs. The Company expects this expense to be recognized over a weighted average period of 2.0 years.

Nonqualified Stock Options

In July 2015, the Company granted 137,786 NSOs to certain employees. As of July 2019, all outstanding options were fully vested and exercisable. The fair value of NSOs vested during each of the years ended June 30, 2020, 2019, and 2018 was $0.2 million.

A summary of NSO activity for the years ending June 30, 2020, 2019, and 2018 is as follows:

						Weighted
				Weighted		Average
				Average		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Shares			Price		Term (Yrs.)	Value
Outstanding at June 30, 2017		116,328		$	10.70	8.1	$	1,030
Granted		-
Exercised		(10,905	)		10.70
Forfeited or expired		(12,298	)		10.70
Outstanding at June 30, 2018		93,125			10.70	7.1		1,700
Granted		-
Exercised		(10,563	)		10.70
Forfeited or expired		(1,703	)		10.70
Outstanding at June 30, 2019		80,859			10.70	6.1		719
Granted		-
Exercised		(48,467	)		10.70
Forfeited or expired		-			-
Outstanding at June 30, 2020		32,392			10.70	5.1		270

Fully vested and exercisable at June 30, 2020		32,392			10.70	5.1		270

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company has lease agreements for certain personal and real property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Our lease agreements do not include any significant renewal options. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Upon adoption of ASC 842 on July 1, 2019, the Company’s most significant lease was for the Crest manufacturing facility, which was classified as an operating lease. This lease included a purchase option for the Company to acquire the premises. During the three months ended September 29, 2019, the decision was made to exercise the purchase option which resulted in $2.8 million of operating lease assets and liabilities being reclassified to finance lease assets and liabilities on the September 29, 2019 condensed consolidated balance sheet. In addition, the decision to exercise the purchase option resulted in the remeasurement of the related lease balances which added $1.3 million of additional finance lease assets and finance lease liabilities to the September 29, 2019 condensed consolidated balance sheet.

In accordance with the purchase option, on October 24, 2019 the Company completed the purchase of the Crest manufacturing facility for $4.1 million. Upon completion of this purchase, the Company recognized approximately $4.1 million in Property, plant and equipment, net and derecognized approximately $4.1 million of both Finance lease assets and Accrued expenses and other current liabilities. The purchase price of the Crest Facility was determined by appraisal and negotiation between the Company and the seller, whose minority ownership included a member of the Crest management team. The Company funded the purchase by utilizing cash from operations.

Total lease cost, including immaterial amounts of variable and short-term lease cost, for the year ended June 30, 2020 was $0.5 million and was primarily recognized in Cost of sales. As of June 30, 2020, the total weighted-average discount rate and remaining lease term for the Company's operating leases were 4.73% and 2.26 years, respectively. For the year ended June 30, 2020, total operating cash flows related to operating leases were $0.5 million. As of June 30, 2020, future payments due under the Company’s operating leases total $0.5 million and are immaterial in each of the next five years.

Prior to the adoption of ASC 842, future minimum rental payments under all non-cancelable operating leases with remaining lease terms in excess of one year at June 30, 2019, were as follows:

2020	$	703
2021		690
2022		628
2023		402
2024		402
Thereafter		1,806
Total	$	4,631

Repurchase Obligations

Under certain conditions, the Company is obligated to repurchase new inventory repossessed from dealerships by financial institutions that provide credit to the Company’s dealers. See Note 1 for more information regarding the terms and accounting policies related to this obligation. The maximum obligation of the Company under such floor plan agreements totaled approximately $131.4 million as of June 30, 2020. We incurred no material impact from repurchase events during the years ended June 30, 2020, 2019, and 2018. The Company recorded a repurchase liability of $1.1 million and $1.9 million as of June 30, 2020 and 2019, respectively.

Purchase Commitments

The Company is engaged in an exclusive contract with a single vendor to provide engines for its MasterCraft performance sport boats. This contract makes this vendor the only supplier to MasterCraft for in-board engines and expires June 30, 2023. The Company is obligated to purchase a minimum number of engines for each model year under this contract. The Company could also be required to pay a penalty to this vendor in order to maintain exclusivity if annual purchases under the agreement fail to meet a certain volume threshold.

Legal Proceedings

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, results of operations or cash flows.

EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

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

	2020			2019		2018
Net income (loss)	$	(24,047	)	$	21,354	$	39,653
Weighted average shares — basic		18,734,482			18,653,892		18,619,793
Dilutive effect of assumed exercises of stock options		—			45,799		38,835
Dilutive effect of assumed restricted share awards/units		—			68,516		55,904
Weighted average outstanding shares — diluted		18,734,482			18,768,207		18,714,531
Basic net income (loss) per share	$	(1.28	)	$	1.14	$	2.13
Diluted net income (loss) per share	$	(1.28	)	$	1.14	$	2.12

For the year ended June 30, 2020, the dilutive effect of approximately 45,000 outstanding RSAs, PSUs and NSOs have been excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive because of the net loss for the year ended June 30, 2020. For the years ended June 30, 2019 and 2018, an immaterial number of shares were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.

SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

13. SEGMENT INFORMATION

The Company designs, manufactures, and markets recreational performance sport boats, luxury day boats, and outboard boats under three operating and reportable segments: MasterCraft, NauticStar, and Crest. The Company’s segments are defined by the Company’s operational and reporting structures.

•

The MasterCraft segment produces boats under two product brands, MasterCraft and Aviara, at its Vonore, Tennessee facility. MasterCraft boats are premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating. Aviara boats are luxury day boats primarily used for general recreational boating. Production of Aviara boats began during the year ended June 30, 2019 and the Company began selling these boats in July 2019.

•

The NauticStar segment produces boats at its Amory, Mississippi facility. NauticStar’s boats are primarily used for saltwater fishing and general recreational boating.

•

The Crest segment produces pontoon boats at its Owosso, Michigan facility. Crest’s boats are primarily used for general recreational boating.

Each segment distributes its products through its own dealer network. The Company’s chief operating decision maker (“CODM”) regularly reviews the operating performance of each segment including measures of performance based on operating income. Each segment has its own management structure which is responsible for the operations of the segment and which is directly accountable to the CODM. The Company files a consolidated income tax return and does not allocate income taxes and other corporate-level expenses, including interest, to operating segments. All material corporate costs are allocated to the MasterCraft segment.

Selected financial information for the Company’s reportable segments was as follows:

	For the Year Ended June 30, 2020
	MasterCraft		NauticStar			Crest^(a)			Consolidated
Net sales	$	246,455	$	54,930		$	61,688		$	363,073
Operating income (loss)		33,229		(17,681	)		(42,115	)		(26,567	)
Depreciation and amortization		4,679		3,454			2,394			10,527
Goodwill and other intangible asset impairment		—		13,199			43,238			56,437
Purchases of property, plant and equipment		6,193		2,804			5,244			14,241

	For the Year Ended June 30, 2019
	MasterCraft		NauticStar			Crest^(a)		Consolidated
Net sales	$	311,830	$	77,995		$	76,556	$	466,381
Operating income (loss)		53,989		(27,785	)		7,055		33,259
Depreciation and amortization		3,481		2,684			1,622		7,787
Goodwill and other intangible asset impairment		—		31,000			—		31,000
Purchases of property, plant and equipment		11,730		2,069			265		14,064

	For the Year Ended June 30, 2018
	MasterCraft		NauticStar^(b)		Crest		Consolidated
Net sales	$	266,319	$	66,406	$	—	$	332,725
Operating income (loss)		49,363		6,620		—		55,983
Depreciation and amortization		3,283		1,803		—		5,086
Purchases of property, plant and equipment		4,234		1,071		—		5,305

(a) Crest was acquired on October 1, 2018.

(b) NauticStar was acquired on October 2, 2017.

The following table presents total assets for the Company’s reportable segments as of June 30, 2020, and 2019.

	2020			2019
Assets:
MasterCraft	$	294,139		$	273,046
NauticStar		36,720			52,761
Crest		40,077			85,979
Eliminations		(163,013	)		(163,013	)
Total assets	$	207,923		$	248,773

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

QUARTERLY FINANCIAL REPORTING (UNAUDITED)

12 Months Ended

Jun. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL REPORTING (UNAUDITED)

14. QUARTERLY FINANCIAL REPORTING (UNAUDITED)

The Company maintains its financial records on the basis of a fiscal year ending on June 30, with the fiscal quarters equaling thirteen weeks. The following tables set forth summary quarterly financial information for the years ended June 30, 2020 and 2019. Due to effects of rounding, the quarterly results presented may not sum to the fiscal year results presented.

	Fiscal Quarter Ended										Fiscal Year Ended
	June 30,			March 29,			December 29,		September 29,		June 30,
	2020			2020			2019		2019		2020
Net sales	$	51,094		$	102,562		$	99,628	$	109,789	$	363,073
Gross profit		7,407			21,274			21,142		25,533		75,356
Goodwill and other intangible asset impairment^(a)		—			56,437			—		—		56,437
Operating income (loss)		(2,422	)		(47,177	)		10,335		12,697		(26,567	)
Net income (loss)	$	(2,836	)	$	(36,713	)	$	6,879	$	8,623	$	(24,047	)
Basic earnings (loss) per common share	$	(0.15	)	$	(1.96	)	$	0.37	$	0.46	$	(1.28	)
Diluted earnings (loss) per common share	$	(0.15	)	$	(1.96	)	$	0.37	$	0.46	$	(1.28	)
Weighted average shares used for computation of:
Basic earnings per common share		18,743,915			18,739,480			18,730,688		18,723,845		18,734,482
Diluted earnings per common share		18,743,915			18,739,480			18,770,783		18,770,756		18,734,482

	Fiscal Quarter Ended									Fiscal Year Ended
	June 30,			March 31,		December 30,		September 30,		June 30,
	2019			2019		2018^(b)		2018		2019
Net sales	$	122,809		$	128,390	$	121,541	$	93,641	$	466,381
Gross profit		31,493			31,357		27,074		23,203		113,127
Goodwill and other intangible asset impairment^(a)		31,000			—		—		—		31,000
Operating income (loss)		(11,538	)		18,464		14,722		11,611		33,259
Net income (loss)	$	(10,062	)	$	12,763	$	10,188	$	8,465	$	21,354
Basic earnings (loss) per common share	$	(0.54	)	$	0.68	$	0.55	$	0.45	$	1.14
Diluted earnings (loss) per common share	$	(0.54	)	$	0.68	$	0.54	$	0.45	$	1.14
Weighted average shares used for computation of:
Basic earnings per common share		18,658,701			18,657,719		18,653,111		18,646,039		18,653,892
Diluted earnings per common share		18,658,701			18,756,605		18,772,322		18,768,764		18,768,207

(a) Goodwill and other intangible asset impairment charges are discussed in Note 6.

(b) Crest was acquired on October 1, 2018.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Organization

Segment Information

Principles of Consolidation

Use of Estimates

Reclassifications

Reclassifications — Certain historical amounts have been reclassified in the accompanying consolidated financial statements to conform to the current presentation.

Revenue Recognition

Rebates and Discounts

Shipping and Handling Costs

Contract Liabilities

Other Revenue Recognition Matters

Accounts Receivable

Cash and Cash Equivalents

Concentrations of Credit and Business Risk

Supplier Concentrations

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	-	7	years

Goodwill and Other Intangible Assets

Goodwill

Other Intangible Assets

Long-Lived Assets Other than Intangible 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 Debt Issuance Costs

Stock-Based Compensation

Advertising

Fair Value Measurements

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

Fair Value of Financial Instruments

Earnings Per Common Share

Postretirement Benefits

COVID-19 Pandemic

New Accounting Pronouncements Issued, Adopted and Not Yet Adopted

New Accounting Pronouncements Issued And Adopted

	Balance as of		Adjustments		Balance as of
	June 30, 2019		Due to ASC 842		July 1, 2019
Assets
Other long-term assets	$	253	$	3,931	$	4,184

Current liabilities
Accrued expenses and other current liabilities		41,421		547		41,968

Long-term liabilities
Other long-term liabilities		—		3,384		3,384

New Accounting Pronouncements Issued But Not Yet Adopted

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Ranges of Asset Lives Used for Depreciation Purposes

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	-	7	years

Summary of Cumulative Effect of Changes Made to Company's Consolidated Balance Sheets

The cumulative effect of the changes made to the Company's consolidated balance sheet as of July 1, 2019 for the adoption of ASC 842 was as follows:

	Balance as of		Adjustments		Balance as of
	June 30, 2019		Due to ASC 842		July 1, 2019
Assets
Other long-term assets	$	253	$	3,931	$	4,184

Current liabilities
Accrued expenses and other current liabilities		41,421		547		41,968

Long-term liabilities
Other long-term liabilities		—		3,384		3,384

REVENUE RECOGNITION (Tables)

12 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Summary of Revenues by Major Product Categories

The following table presents the Company’s revenue by major product category for each reportable segment.

	Year Ended June 30, 2020								Year Ended June 30, 2019
	MasterCraft		NauticStar		Crest^(a)		Total		MasterCraft		NauticStar		Crest^(a)		Total
Major Product Categories:
Boats and trailers	$	236,108	$	54,473	$	60,888	$	351,469	$	301,010	$	77,896	$	75,742	$	454,648
Parts		9,731		448		591		10,770		9,471		85		498		10,054
Other revenue		616		9		209		834		1,349		14		316		1,679
Total	$	246,455	$	54,930	$	61,688	$	363,073	$	311,830	$	77,995	$	76,556	$	466,381

(a) Crest was acquired on October 1, 2018.

ACQUISITIONS (Tables)

12 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Purchase Price Allocation Based on Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Acquisition Date

The following table is a summary of the assets acquired, liabilities assumed, and net cash consideration paid for Crest during fiscal 2019:

	Fair Value
Accounts receivable	$	5,215
Inventories		9,853
Other current assets		179
Property, plant and equipment		1,840
Identifiable intangible assets^(a)		35,245
Current liabilities		(6,841	)
Fair value of assets acquired and liabilities assumed		45,491
Goodwill^(a)		36,238
Net cash consideration paid	$	81,729

Schedule of Fair Value Estimates of Identifiable Intangible Assets Acquired

	Fair Value		Estimated Useful Life (in years)
Definite-lived intangible assets:
Dealer network	$	18,000	10
Software		245	5
Indefinite-lived intangible asset:
Trade name		17,000
Total identifiable intangible assets	$	35,245

Schedule of Pro Forma Financial Information

The unaudited pro forma financial information is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal year 2018, or the results that may occur in the future:

	Fiscal Years Ended
	2019		2018
Net sales	$	487,374	$	423,630
Net income	$	21,619	$	38,269
Basic earnings per share	$	1.16	$	2.06
Diluted earnings per share	$	1.15	$	2.04

INVENTORIES (Tables)

12 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	As of June 30,
	2020			2019
Raw materials and supplies	$	18,318		$	20,034
Work in process		3,866			4,571
Finished goods		4,876			7,207
Obsolescence reserve		(1,424	)		(1,152	)
Total inventories	$	25,636		$	30,660

PROPERTY, PLANT, AND EQUIPMENT (Tables)

12 Months Ended

Jun. 30, 2020

Property Plant And Equipment [Abstract]

Schedule of Property, Plant, and Equipment - Net

Property, plant, and equipment, net consisted of the following:

	As of June 30,
	2020			2019
Land and improvements	$	3,030		$	1,901
Buildings and improvements		22,366			15,652
Machinery and equipment		38,262			29,804
Furniture and fixtures		2,229			1,719
Construction in progress		1,312			4,866
Total property, plant, and equipment		67,199			53,942
Less accumulated depreciation		(26,718	)		(20,306	)
Property, plant, and equipment, net	$	40,481		$	33,636

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Asset Impairment Charges

Goodwill and other intangible asset impairment charges for the years ended June 30, 2020 and 2019 were as follows:

	2020						2019
	NauticStar		Crest		Consolidated		NauticStar		Consolidated
Goodwill	$	8,199	$	36,238	$	44,437	$	28,000	$	28,000
Trade name		5,000		7,000		12,000		3,000		3,000
Total	$	13,199	$	43,238	$	56,437	$	31,000	$	31,000

Schedule of Carrying Amounts of Goodwill

The carrying amounts of goodwill as of June 30, 2020 and 2019, attributable to each of the Company’s reportable segments, were as follows:

	2020							2019
	Gross Amount		Accumulated Impairment Losses			Total		Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	29,593	$	-		$	29,593	$	29,593	$	-		$	29,593
NauticStar		36,199		(36,199	)		-		36,199		(28,000	)		8,199
Crest		36,238		(36,238	)		-		36,238		-			36,238
Total	$	102,030	$	(72,437	)	$	29,593	$	102,030	$	(28,000	)	$	74,030

Schedule of Carrying Amount of Other Intangible Assets, Net

The following table presents the carrying amount of Other intangible assets, net as of June 30, 2020 and 2019.

	2020							2019
	Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net		Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net
Amortized intangible assets
Dealer networks	$	39,500	$	(9,810	)	$	29,690	$	39,500	$	(5,909	)	$	33,591
Software		245		(86	)		159		245		(37	)		208
		39,745		(9,896	)		29,849		39,745		(5,946	)		33,799

Unamortized intangible assets
Trade names		49,000		(15,000	)		34,000		49,000		(3,000	)		46,000
Total other intangible assets	$	88,745	$	(24,896	)	$	63,849	$	88,745	$	(8,946	)	$	79,799

Schedule of Estimated Future Amortization Expense

The following table presents estimated future amortization expense for the next five fiscal years and thereafter.

Fiscal years ending June 30,
2021	$	3,950
2022		3,950
2023		3,950
2024		3,806
2025		3,793
and thereafter		10,400
Total	$	29,849

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Jun. 30, 2020

Accrued Liabilities And Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

	As of June 30,
	2020		2019
Warranty	$	20,004	$	17,205
Dealer incentives		8,448		12,623
Compensation and related accruals		1,488		3,494
Floor plan interest		732		2,060
Inventory repurchase contingent obligation		1,132		1,936
Self-insurance		704		606
Debt interest		—		405
Other		3,477		3,092
Total accrued expenses and other current liabilities	$	35,985	$	41,421

Summary of Accrued Warranty Liability Activity

Accrued warranty liability activity was as follows:

	For the Years Ended June 30,
	2020			2019
Balance at the beginning of the period	$	17,205		$	13,077
Provisions		7,039			8,056
Additions for Crest acquisition		—			990
Payments made		(7,634	)		(7,198	)
Aggregate changes for preexisting warranties		3,394			2,280
Balance at the end of the period	$	20,004		$	17,205

LONG-TERM DEBT (Tables)

12 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Outstanding

Long-term debt outstanding was as follows:

	As of June 30,
	2020			2019
Revolving credit facility	$	10,000		$	—
Term loans		99,993			115,349
Debt issuance costs on term loans		(1,395	)		(1,608	)
Total debt		108,598			113,741
Less current portion of long-term debt		9,420			9,167
Less current portion of debt issuance costs on term loans		(488	)		(442	)
Long-term debt, net of current portion	$	99,666		$	105,016

Schedule of Maturities of Long-Term Debt

Maturities for the Term Loans and Revolving Credit Facility subsequent to June 30, 2020 are as follows:


2021	$	9,420
2022		11,775
2023		12,560
2024		76,238
Total	$	109,993

- 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://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

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


	2020			2019			2018
Current income tax expense:
Federal	$	2,096		$	10,405		$	12,140
State		666			1,892			276
Benefit of current year tax credits		(554	)		(171	)		(117	)
Total current tax expense	$	2,208		$	12,126		$	12,299
Deferred tax (benefit) expense:
Federal	$	(8,887	)	$	(5,837	)	$	525
State		(886	)		(897	)		32
Total deferred tax (benefit) expense		(9,773	)		(6,734	)		557
Income tax (benefit) expense	$	(7,565	)	$	5,392		$	12,856

Schedule of Difference Between Statutory and Effective Federal Tax Rate

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

	2020			2019			2018
Statutory income tax rate		21.00	%		21.00	%		28.06	%
State taxes (net of federal income tax benefit and valuation allowance)		1.67	%		2.48	%		2.32	%
Tax credits		4.49	%		(3.39	%)		(0.44	%)
Revalue of deferred taxes for change in federal tax rate		—			—			(1.23	%)
Change in valuation allowance		—			(0.57	%)		—
Permanent differences		(0.74	%)		(2.54	%)		(2.41	%)
Uncertain tax positions		(2.49	%)		3.10	%		(1.73	%)
Other		—			0.08	%		(0.09	%)
Effective income tax rate		23.93	%		20.16	%		24.48	%

Summary of Significant Components of Company's Deferred Tax Assets and Liabilities

As of June 30, 2020, and 2019, a summary of the significant components of the Company’s deferred tax assets and liabilities was as follows:

	2020			2019
Deferred tax assets:
Goodwill and other intangible asset basis difference	$	13,776		$	2,306
Warranty reserves		4,616			3,848
Accrued selling		850			1,354
Unrecognized tax benefits		566			520
Stock compensation		402			704
Repurchase agreements		261			427
State net operating loss		14			144
Foreign net operating loss		63			79
Credits		65			48
Other		570			—
Valuation allowance		(65	)		(81	)
Total deferred tax assets		21,118			9,349
Deferred tax liabilities:
Depreciation		(4,839	)		(3,037	)
Other		(199	)		(72	)
Total deferred tax liabilities		(5,038	)		(3,109	)
Net deferred tax assets	$	16,080		$	6,240

Schedule of Reconciliation of Unrecognized Tax Benefits Excluding Accrued Amounts for Interest and Penalties

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

	2020			2019
Balance at July 1	$	2,504		$	1,711
Additions based on tax positions related to the current year		110			889
Additions for tax positions of prior years		713			473
Reductions for tax positions of prior years		(164	)		(25	)
Settlements of tax positions from prior years		(170	)		(544	)
Balance at June 30	$	2,993		$	2,504

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Components of Share-based Compensation Expense by Award Type

The following table presents the components of share-based compensation expense by award type for the years ended June 30, 2020, 2019 and 2018.

	2020			2019		2018
Restricted stock awards	$	1,285		$	913	$	616
Performance stock units		(233	)		563		355
Stock options		9			201		215
Share-based compensation expense	$	1,061		$	1,677	$	1,186

Schedule of Income Tax Benefit Related to Share-based Compensation Expense by Award Type

The following table presents the income tax benefit related to share-based compensation expense recognized by award type.

	2020			2019		2018
Restricted stock awards	$	290		$	217	$	190
Performance stock units		(53	)		134		110
Stock options		2			48		66
Share-based compensation expense	$	239		$	399	$	366

Summary of Restricted Stock Awards Activity

A summary of RSA activity for the years ended June 30, 2020, 2019 and 2018, is as follows:

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Awards at June 30, 2017		26,417		$	12.22
Granted		47,651			19.88
Vested		(25,870	)		16.79
Forfeited		(4,888	)		15.89
Total Non-vested Restricted Stock Awards at June 30, 2018		43,310			17.28
Granted		51,995			26.79
Vested		(33,093	)		21.54
Forfeited		(8,408	)		23.08
Total Non-vested Restricted Stock Awards at June 30, 2019		53,804			22.94
Granted		138,457			17.41
Vested		(50,570	)		20.09
Forfeited		(34,797	)		20.24
Total Non-vested Restricted Stock Awards at June 30, 2020		106,894			18.01

Summary of Performance Stock Units Activity

A summary of PSU activity for the years ending June 30, 2020, 2019 and 2018, is as follows:

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value
Total Non-vested Performance Stock Units at June 30, 2017		40,612		$	11.85
Granted		26,416			19.62
Forfeited		(7,700	)		14.42
Total Non-vested Performance Stock Units at June 30, 2018		59,328			14.98
Granted		35,122			25.70
Vested		(32,373	)		11.85
Forfeited		(11,456	)		19.73
Total Non-vested Performance Stock Units at June 30, 2019		50,621			23.34
Granted		72,048			18.18
Vested		(8,383	)		19.40
Forfeited		(46,882	)		20.82
Total Non-vested Performance Stock Units at June 30, 2020		67,404			20.02

Summary of Nonqualified Stock Options Activity

A summary of NSO activity for the years ending June 30, 2020, 2019, and 2018 is as follows:

						Weighted
				Weighted		Average
				Average		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Shares			Price		Term (Yrs.)	Value
Outstanding at June 30, 2017		116,328		$	10.70	8.1	$	1,030
Granted		-
Exercised		(10,905	)		10.70
Forfeited or expired		(12,298	)		10.70
Outstanding at June 30, 2018		93,125			10.70	7.1		1,700
Granted		-
Exercised		(10,563	)		10.70
Forfeited or expired		(1,703	)		10.70
Outstanding at June 30, 2019		80,859			10.70	6.1		719
Granted		-
Exercised		(48,467	)		10.70
Forfeited or expired		-			-
Outstanding at June 30, 2020		32,392			10.70	5.1		270

Fully vested and exercisable at June 30, 2020		32,392			10.70	5.1		270

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Future Minimum Rental Payments Under All Non-cancelable Operating Leases

Prior to the adoption of ASC 842, future minimum rental payments under all non-cancelable operating leases with remaining lease terms in excess of one year at June 30, 2019, were as follows:

2020	$	703
2021		690
2022		628
2023		402
2024		402
Thereafter		1,806
Total	$	4,631

EARNINGS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Factors Used in Earnings Per Share Computation

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

	2020			2019		2018
Net income (loss)	$	(24,047	)	$	21,354	$	39,653
Weighted average shares — basic		18,734,482			18,653,892		18,619,793
Dilutive effect of assumed exercises of stock options		—			45,799		38,835
Dilutive effect of assumed restricted share awards/units		—			68,516		55,904
Weighted average outstanding shares — diluted		18,734,482			18,768,207		18,714,531
Basic net income (loss) per share	$	(1.28	)	$	1.14	$	2.13
Diluted net income (loss) per share	$	(1.28	)	$	1.14	$	2.12

SEGMENT INFORMATION (Tables)

12 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Operating Information for Reportable Segments

Selected financial information for the Company’s reportable segments was as follows:

	For the Year Ended June 30, 2020
	MasterCraft		NauticStar			Crest^(a)			Consolidated
Net sales	$	246,455	$	54,930		$	61,688		$	363,073
Operating income (loss)		33,229		(17,681	)		(42,115	)		(26,567	)
Depreciation and amortization		4,679		3,454			2,394			10,527
Goodwill and other intangible asset impairment		—		13,199			43,238			56,437
Purchases of property, plant and equipment		6,193		2,804			5,244			14,241

	For the Year Ended June 30, 2019
	MasterCraft		NauticStar			Crest^(a)		Consolidated
Net sales	$	311,830	$	77,995		$	76,556	$	466,381
Operating income (loss)		53,989		(27,785	)		7,055		33,259
Depreciation and amortization		3,481		2,684			1,622		7,787
Goodwill and other intangible asset impairment		—		31,000			—		31,000
Purchases of property, plant and equipment		11,730		2,069			265		14,064

	For the Year Ended June 30, 2018
	MasterCraft		NauticStar^(b)		Crest		Consolidated
Net sales	$	266,319	$	66,406	$	—	$	332,725
Operating income (loss)		49,363		6,620		—		55,983
Depreciation and amortization		3,283		1,803		—		5,086
Purchases of property, plant and equipment		4,234		1,071		—		5,305

(a) Crest was acquired on October 1, 2018.

(b) NauticStar was acquired on October 2, 2017.

The following table presents total assets for the Company’s reportable segments as of June 30, 2020, and 2019.

	2020			2019
Assets:
MasterCraft	$	294,139		$	273,046
NauticStar		36,720			52,761
Crest		40,077			85,979
Eliminations		(163,013	)		(163,013	)
Total assets	$	207,923		$	248,773

QUARTERLY FINANCIAL REPORTING (UNAUDITED) (Tables)

12 Months Ended

Jun. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information

The following tables set forth summary quarterly financial information for the years ended June 30, 2020 and 2019. Due to effects of rounding, the quarterly results presented may not sum to the fiscal year results presented.

	Fiscal Quarter Ended										Fiscal Year Ended
	June 30,			March 29,			December 29,		September 29,		June 30,
	2020			2020			2019		2019		2020
Net sales	$	51,094		$	102,562		$	99,628	$	109,789	$	363,073
Gross profit		7,407			21,274			21,142		25,533		75,356
Goodwill and other intangible asset impairment^(a)		—			56,437			—		—		56,437
Operating income (loss)		(2,422	)		(47,177	)		10,335		12,697		(26,567	)
Net income (loss)	$	(2,836	)	$	(36,713	)	$	6,879	$	8,623	$	(24,047	)
Basic earnings (loss) per common share	$	(0.15	)	$	(1.96	)	$	0.37	$	0.46	$	(1.28	)
Diluted earnings (loss) per common share	$	(0.15	)	$	(1.96	)	$	0.37	$	0.46	$	(1.28	)
Weighted average shares used for computation of:
Basic earnings per common share		18,743,915			18,739,480			18,730,688		18,723,845		18,734,482
Diluted earnings per common share		18,743,915			18,739,480			18,770,783		18,770,756		18,734,482

	Fiscal Quarter Ended									Fiscal Year Ended
	June 30,			March 31,		December 30,		September 30,		June 30,
	2019			2019		2018^(b)		2018		2019
Net sales	$	122,809		$	128,390	$	121,541	$	93,641	$	466,381
Gross profit		31,493			31,357		27,074		23,203		113,127
Goodwill and other intangible asset impairment^(a)		31,000			—		—		—		31,000
Operating income (loss)		(11,538	)		18,464		14,722		11,611		33,259
Net income (loss)	$	(10,062	)	$	12,763	$	10,188	$	8,465	$	21,354
Basic earnings (loss) per common share	$	(0.54	)	$	0.68	$	0.55	$	0.45	$	1.14
Diluted earnings (loss) per common share	$	(0.54	)	$	0.68	$	0.54	$	0.45	$	1.14
Weighted average shares used for computation of:
Basic earnings per common share		18,658,701			18,657,719		18,653,111		18,646,039		18,653,892
Diluted earnings per common share		18,658,701			18,756,605		18,772,322		18,768,764		18,768,207

(a) Goodwill and other intangible asset impairment charges are discussed in Note 6.

(b) Crest was acquired on October 1, 2018.

SIGNIFICANT ACCOUNTING POLICIES - Organization, Segment Information and Principles of Consolidation - Additional Information (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($) segment	Jun. 30, 2019 USD ($)
Segment Information
Number of reportable segments \| segment	3
Total assets	$ (207,923)	$ (248,773)
Eliminations
Segment Information
Total assets	$ 163,013	$ 163,013

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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-Topic 944
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-Name Accounting Standards Codification
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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition and Shipping and Handling Costs - Additional Information (Details)	12 Months Ended
	Jun. 30, 2020
Revenue Recognition
Maximum term of repurchase commitments	30 months
Maximum
Revenue Recognition
Term of reimbursement program	9 months

SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents - Additional Information (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Cash and cash equivalents
Cash equivalents	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Concentrations of Credit and Business Risk - Additional Information (Details) - Supplier Concentration Risk - Cost of Goods - Engine Supplier $ in Millions	12 Months Ended
	Jun. 30, 2020 USD ($) item	Jun. 30, 2019 USD ($) item	Jun. 30, 2018 USD ($) item
MasterCraft
Concentrations of Credit and Business Risk
Number of vendors \| item	1	1	1
Purchases during period \| $	$ 27.6	$ 39.3	$ 34.7
NauticStar
Concentrations of Credit and Business Risk
Number of vendors \| item	1	1
Purchases during period \| $	$ 15.2	$ 23.7	$ 19.7
Crest
Concentrations of Credit and Business Risk
Number of vendors \| item	1	1
Purchases during period \| $	$ 15.5	$ 20.4

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Ranges of Asset Lives Used for Depreciation Purposes (Details)	12 Months Ended
	Jun. 30, 2020
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	7 years

SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets - Additional Information (Details)	12 Months Ended
	Jun. 30, 2020 USD ($) Unit	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Goodwill and Other Intangible Assets
Number of reporting units \| Unit	3
Impairment of goodwill	$ 44,437,000	$ 28,000,000	$ 0
Impairment of other indefinite-lived intangible assets			0
Impairment of long-lived assets other than intangible assets	$ 0	$ 0	$ 0
Dealer network
Goodwill and Other Intangible Assets
Expected useful lives of intangible assets	10 years

SIGNIFICANT ACCOUNTING POLICIES - Warranties, Research and Development, Deferred Debt Issuance Costs, and Other - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Research and Development
Research and development expenditures	$ 5,200,000	$ 5,600,000	$ 4,900,000
Deferred Debt Issuance Costs
Deferred financing costs incurred	300,000	700,000	1.2
Amortization of deferred financing costs	600,000	600,000	500,000
Advertising
Advertising costs	7,000,000	9,300,000	6,800,000
Postretirement Benefits
Defined contribution plan expense	$ 1,200,000	$ 1,200,000	$ 800,000
Minimum
Product Warranties
Product warranty term	1 year
Maximum
Product Warranties
Product warranty term	5 years

SIGNIFICANT ACCOUNTING POLICIES - Summary of Cumulative Effect of Changes Made to Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jul. 01, 2019	Jun. 30, 2019
ASSETS
Other long-term assets	$ 752	$ 4,184	$ 253
CURRENT LIABILITIES:
Accrued expenses and other current liabilities	35,985	41,968	$ 41,421
Long-term liabilities
Other long-term liabilities	$ 277	3,384
ASC 842 \| Adjustments Due to ASC 842
ASSETS
Other long-term assets		3,931
CURRENT LIABILITIES:
Accrued expenses and other current liabilities		547
Long-term liabilities
Other long-term liabilities		$ 3,384

SIGNIFICANT ACCOUNTING POLICIES - Leases - Additional Information (Details)	12 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Lessee operating lease existence of option to extend [true false]	true
Lessee, operating Lease, existence of option to terminate [true false]	true
Lessee, operating Lease, option to extend or terminate	The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

REVENUE RECOGNITION - Summary of Revenues by Major Product Categories (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Revenue by Categories
Revenue	$ 51,094	$ 102,562	$ 99,628	$ 109,789	$ 122,809	$ 128,390	$ 121,541	$ 93,641	$ 363,073	$ 466,381	$ 332,725
MasterCraft
Revenue by Categories
Revenue									246,455	311,830	266,319
NauticStar
Revenue by Categories
Revenue									54,930	77,995	$ 66,406
Crest
Revenue by Categories
Revenue									61,688	76,556
Boats and trailers
Revenue by Categories
Revenue									351,469	454,648
Boats and trailers \| MasterCraft
Revenue by Categories
Revenue									236,108	301,010
Boats and trailers \| NauticStar
Revenue by Categories
Revenue									54,473	77,896
Boats and trailers \| Crest
Revenue by Categories
Revenue									60,888	75,742
Parts
Revenue by Categories
Revenue									10,770	10,054
Parts \| MasterCraft
Revenue by Categories
Revenue									9,731	9,471
Parts \| NauticStar
Revenue by Categories
Revenue									448	85
Parts \| Crest
Revenue by Categories
Revenue									591	498
Other
Revenue by Categories
Revenue									834	1,679
Other \| MasterCraft
Revenue by Categories
Revenue									616	1,349
Other \| NauticStar
Revenue by Categories
Revenue									9	14
Other \| Crest
Revenue by Categories
Revenue									$ 209	$ 316

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Contract liabilities
Customer contract liabilities		$ 0.8
Contract liabilities with customer, revenue recognized during the period	$ 0.8
Accrued Expenses and Other Current Liabilities
Contract liabilities
Customer contract liabilities	$ 0.6
MasterCraft \| Net Sales \| Geographical concentration \| Outside of North America
Revenue by Categories
Net sales, percentage	4.80%	5.20%	7.50%

ACQUISITIONS - Additional Information (Details)			7 Months Ended	12 Months Ended
ACQUISITIONS - Additional Information (Details)	Oct. 24, 2019 USD ($)	Oct. 01, 2018 USD ($)	Jan. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) item	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Business Acquisition [Line Items]
Cash paid, net of cash acquired					$ 81,729,000	$ 80,511,000
Crest
Business Acquisition [Line Items]
Cash paid, net of cash acquired		$ 81,700,000
Proceeds from term loan		$ 80,000
Lease expiration date				Sep. 30, 2028
Number of consecutive lease extensions available \| item				4
Term of extension				5 years
Annual rent, first five years				$ 300,000
Annual rent, remaining five years				$ 400,000
Facility purchased under Purchase Option	$ 4,100
Crest \| Parts Supplier
Business Acquisition [Line Items]
Product purchases			$ 1,800,000		$ 2,800,000

ACQUISITIONS - Schedule of Purchase Price Allocation Based on Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Acquisition Date (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Jun. 30, 2019

Oct. 01, 2018

Business Acquisition [Line Items]

Goodwill (Note 6)

$ 29,593

$ 74,030

Crest

Business Acquisition [Line Items]

Accounts receivable

$ 5,215

Inventories

9,853

Other current assets

179

Property, plant and equipment

1,840

Identifiable intangible assets(a)

^[1]

35,245

Current liabilities

(6,841)

Fair value of assets acquired and liabilities assumed

45,491

Goodwill (Note 6)

^[1]

36,238

Net cash consideration paid

$ 81,729

[1]	The goodwill and other intangible assets recorded for the Crest acquisition are deductible for tax purposes.

ACQUISITIONS - Schedule of Fair Value Estimates of Identifiable Intangible Assets Acquired (Details) - USD ($)
$ in Thousands

12 Months Ended

Oct. 01, 2018

Jun. 30, 2020

Crest

Identifiable intangible assets

Total identifiable intangible assets

^[1]

$ 35,245

Crest | Trade Names

Identifiable intangible assets

Indefinite-lived intangible asset

17,000

Dealer network

Identifiable intangible assets

Estimated useful life

10 years

Dealer network | Crest

Identifiable intangible assets

Definite-lived intangible assets

$ 18,000

Estimated useful life

10 years

Software | Crest

Identifiable intangible assets

Definite-lived intangible assets

$ 245

Estimated useful life

5 years

[1]	The goodwill and other intangible assets recorded for the Crest acquisition are deductible for tax purposes.

ACQUISITIONS - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Pro Forma financial information
Net sales	$ 487,374	$ 423,630
Net income	$ 21,619	$ 38,269
Basic earnings per share	$ 1.16	$ 2.06
Diluted earnings per share	$ 1.15	$ 2.04

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 18,318	$ 20,034
Work in process	3,866	4,571
Finished goods	4,876	7,207
Obsolescence reserve	(1,424)	(1,152)
Total inventories	$ 25,636	$ 30,660

PROPERTY, PLANT, AND EQUIPMENT - Schedule of Property, Plant, and Equipment - Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Property, plant and equipment - net
Total property, plant, and equipment	$ 67,199	$ 53,942
Less accumulated depreciation	(26,718)	(20,306)
Property, plant, and equipment, net	40,481	33,636
Land and improvements
Property, plant and equipment - net
Total property, plant, and equipment	3,030	1,901
Buildings and improvements
Property, plant and equipment - net
Total property, plant, and equipment	22,366	15,652
Machinery and equipment
Property, plant and equipment - net
Total property, plant, and equipment	38,262	29,804
Furniture and fixtures
Property, plant and equipment - net
Total property, plant, and equipment	2,229	1,719
Construction in progress
Property, plant and equipment - net
Total property, plant, and equipment	$ 1,312	$ 4,866

PROPERTY, PLANT, AND EQUIPMENT - Additional Information (Details) $ in Thousands		12 Months Ended
	Aug. 13, 2020 USD ($) ft²	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Property, plant, and equipment
Depreciation		$ 6,600	$ 4,300	$ 3,500
Payments to acquire property, plant, and equipment		$ 14,241	$ 14,064	$ 5,305
Subsequent Event
Property, plant, and equipment
Area of boat manufacturing facility to be purchased \| ft²	140,000
Payments to acquire property, plant, and equipment	$ 14,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 29, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill [Line Items]
Goodwill and other intangible asset impairment	$ 56,437	$ 31,000	$ 56,437	$ 31,000
NauticStar and Crest Segments
Goodwill [Line Items]
Goodwill and other intangible asset impairment	$ 56,400
NauticStar
Goodwill [Line Items]
Goodwill and other intangible asset impairment			$ 13,199	$ 31,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Asset Impairment Charges (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 29, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Goodwill [Line Items]
Impairment of goodwill			$ 44,437,000	$ 28,000,000	$ 0
Trade name			12,000,000	3,000,000
Total	$ 56,437,000	$ 31,000,000	56,437,000	31,000,000
NauticStar
Goodwill [Line Items]
Impairment of goodwill			8,199,000	28,000,000
Trade name			5,000,000	3,000,000
Total			13,199,000	$ 31,000,000
Crest
Goodwill [Line Items]
Impairment of goodwill			36,238,000
Trade name			7,000,000
Total			$ 43,238,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Goodwill [Line Items]
Gross Amount	$ 102,030	$ 102,030
Accumulated Impairment Losses	(72,437)	(28,000)
Total	29,593	74,030
MasterCraft
Goodwill [Line Items]
Gross Amount	29,593	29,593
Total	29,593	29,593
NauticStar
Goodwill [Line Items]
Gross Amount	36,199	36,199
Accumulated Impairment Losses	(36,199)	(28,000)
Total		8,199
Crest
Goodwill [Line Items]
Gross Amount	36,238	36,238
Accumulated Impairment Losses	$ (36,238)
Total		$ 36,238

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	$ 39,745	$ 39,745
Amortized intangible assets, Accumulated Amortization / Impairment	(9,896)	(5,946)
Amortized intangible assets, Other intangible assets, net	29,849	33,799
Unamortized intangible assets, Accumulated Amortization / Impairment			$ 0
Gross Amount	88,745	88,745
Accumulated Amortization / Impairment	(24,896)	(8,946)
Other intangible assets, net	63,849	79,799
Dealer network
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	39,500	39,500
Amortized intangible assets, Accumulated Amortization / Impairment	(9,810)	(5,909)
Amortized intangible assets, Other intangible assets, net	29,690	33,591
Software
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	245	245
Amortized intangible assets, Accumulated Amortization / Impairment	(86)	(37)
Amortized intangible assets, Other intangible assets, net	159	208
Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Unamortized intangible assets, Gross Amount	49,000	49,000
Unamortized intangible assets, Accumulated Amortization / Impairment	(15,000)	(3,000)
Unamortized intangible assets, Other intangible assets, net	$ 34,000	$ 46,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 3.9	$ 3.5	$ 1.6

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Estimated amortization expense
2021	$ 3,950
2022	3,950
2023	3,950
2024	3,806
2025	3,793
and thereafter	10,400
Amortized intangible assets, Other intangible assets, net	$ 29,849	$ 33,799

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jul. 01, 2019	Jun. 30, 2019
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 20,004		$ 17,205
Dealer incentives	8,448		12,623
Compensation and related accruals	1,488		3,494
Floor plan interest	732		2,060
Inventory repurchase contingent obligation	1,132		1,936
Self-insurance	$ 704		606
Debt interest			$ 405
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	mcft:AccruedExpensesAndOtherLiabilitiesCurrent		mcft:AccruedExpensesAndOtherLiabilitiesCurrent
Other	$ 3,477		$ 3,092
Total accrued expenses and other current liabilities	$ 35,985	$ 41,968	$ 41,421

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Roll forward of the accrued warranty liability
Balance at the beginning of the period	$ 17,205	$ 13,077
Provisions	7,039	8,056
Additions for Crest acquisition		990
Payments made	(7,634)	(7,198)
Aggregate changes for preexisting warranties	3,394	2,280
Balance at the end of the period	$ 20,004	$ 17,205

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Additional Information (Details) - Insurance Premium Financing Agreement - USD ($) $ in Millions	Mar. 27, 2020	Jun. 30, 2020
Accrued Expenses And Other Current Liabilities [Line Items]
Loan commitment	$ 1.1
Financing agreement, frequency of periodic payment	monthly
Number of monthly installments	11 months
Principal and interest monthly payment	$ 0.1
Financing agreement interest rate	3.60%
Accrued Expenses and Other Current Liabilities
Accrued Expenses And Other Current Liabilities [Line Items]
Insurance premium financing		$ 0.7

LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Long-term debt
Total debt	$ 108,598	$ 113,741
Less current portion of long-term debt	9,420	9,167
Long-term debt, net of current portion	99,666	105,016
Revolving Credit Facility
Long-term debt
Long-term debt	10,000
Term Loans
Long-term debt
Long-term debt	99,993	115,349
Debt issuance costs on term loans	(1,395)	(1,608)
Less current portion of debt issuance costs on term loans	$ (488)	$ (442)

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($)	Oct. 02, 2017	Oct. 01, 2018
Third Amended Credit Agreement
Long-term debt
Maximum borrowing capacity	$ 145,000
Third Amended Credit Agreement \| Prime Rate \| Minimum
Long-term debt
Variable margin rate	0.75%
Third Amended Credit Agreement \| Prime Rate \| Maximum
Long-term debt
Variable margin rate	1.75%
Third Amended Credit Agreement \| LIBOR \| Minimum
Long-term debt
Variable margin rate	1.75%
Third Amended Credit Agreement \| LIBOR \| Maximum
Long-term debt
Variable margin rate	2.75%
Third Amended Credit Agreement \| Senior Secured Term Loan
Long-term debt
Loan commitment	$ 115,000
Third Amended Credit Agreement \| Revolving Credit Facility
Long-term debt
Maximum borrowing capacity	$ 30,000
Fourth Amended Credit Agreement
Long-term debt
Maximum borrowing capacity		$ 190,000
Fourth Amended Credit Agreement \| Revolving Credit Facility
Long-term debt
Maximum borrowing capacity		35,000
Fourth Amended Credit Agreement \| Term Loan One
Long-term debt
Loan commitment		75,000
Fourth Amended Credit Agreement \| Term Loan Two
Long-term debt
Loan commitment		$ 80,000

LONG-TERM DEBT - Amendment to Fourth Amended Credit Agreement - Additional Information (Details) - Amendment		12 Months Ended
	May 07, 2020	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Variable margin rate		0.50%
Variable rate basis description	The changes effected by the Amendment include, among others, the temporary removal and replacement of the Company’s financial covenants, the addition of a 50 basis point floor on LIBOR, modifications to the range of applicable LIBOR and prime interest rate margins, and a revision of the Total Net Leverage Ratio calculation.
Debt covenant description	Under the Amendment, the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant of the Fourth Amended Credit Agreement are temporarily replaced with three separate covenants: (i) an Interest Coverage Ratio, (ii) a Minimum Liquidity threshold, and (iii) a Maximum Unfinanced Capital Expenditures limitation (the “Package of Financial Covenants”). The Package of Financial Covenants are in place through the quarter ended March 31, 2021, at which time the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant will be reinstated and the Package of Financial Covenants will sunset, and with the minimum liquidity covenant being tested on the last day of each fiscal month through May 31, 2021. In addition, the Total Net Leverage Ratio calculation was temporarily revised to include all unrestricted cash balances, without limitation, until June 30, 2021.
Effective interest rate		3.75%	4.48%
LIBOR
Debt Instrument [Line Items]
Variable margin rate	0.50%
LIBOR \| Minimum
Debt Instrument [Line Items]
Variable margin rate		1.50%
LIBOR \| Maximum
Debt Instrument [Line Items]
Variable margin rate		3.25%
Prime Rate \| Minimum
Debt Instrument [Line Items]
Variable margin rate		0.50%
Prime Rate \| Maximum
Debt Instrument [Line Items]
Variable margin rate		2.25%

LONG-TERM DEBT - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 19, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Borrowings on revolving credit facility		$ 35,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings on revolving credit facility	$ 35,000
Outstanding borrowings		10,000
Remaining borrowing capacity		$ 25,000
Revolving Credit Facility \| Fourth Amended Credit Agreement
Debt Instrument [Line Items]
Debt maturity month and year		2023-10

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

LONG-TERM DEBT - Schedule of Maturities of Long-Term Debt (Details) - Senior Secured Term Loan and Revolving Credit Facility $ in Thousands	Jun. 30, 2020 USD ($)
Long-term debt maturities
2021	$ 9,420
2022	11,775
2023	12,560
2024	76,238
Total	$ 109,993

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Earnings before income taxes by jurisdiction
Income before income taxes, foreign		$ 0.1	$ 0.1	$ 0.1
Effect of Tax Cuts and Jobs Act of 2017, Accounting Incomplete, Provisional
Statutory income tax rate	35.00%	21.00%	21.00%	28.06%
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Unrecognized tax benefits that would impact effective tax rate		$ 2.1	$ 1.9
Expense from interest and penalties recorded		0.3	0.1
Amount of unrecognized benefits expected to increase over the next twelve months		0.2
Unrecognized tax positions
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Accrued for interest and penalties		0.7	$ 0.4
State
Operating Loss Carryforwards
Net operating loss carryforwards		0.3
Foreign
Operating Loss Carryforwards
Net operating loss carryforwards		$ 0.3

INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Current income tax expense:
Federal	$ 2,096	$ 10,405	$ 12,140
State	666	1,892	276
Benefit of current year tax credits	(554)	(171)	(117)
Total current tax expense	2,208	12,126	12,299
Deferred tax (benefit) expense:
Federal	(8,887)	(5,837)	525
State	(886)	(897)	32
Total deferred tax (benefit) expense	(9,773)	(6,734)	557
Income tax (benefit) expense	$ (7,565)	$ 5,392	$ 12,856

INCOME TAXES - Schedule of Difference Between Statutory and Effective Federal Tax Rate (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Difference between the statutory and the effective federal tax rate
Statutory income tax rate	35.00%	21.00%	21.00%	28.06%
State taxes (net of federal income tax benefit and valuation allowance)		1.67%	2.48%	2.32%
Tax credits		4.49%	(3.39%)	(0.44%)
Revalue of deferred taxes for change in federal tax rate				(1.23%)
Change in valuation allowance			(0.57%)
Permanent differences		(0.74%)	(2.54%)	(2.41%)
Uncertain tax positions		(2.49%)	3.10%	(1.73%)
Other			0.08%	(0.09%)
Effective income tax rate		23.93%	20.16%	24.48%

INCOME TAXES - Summary of Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Deferred tax assets:
Goodwill and other intangible asset basis difference	$ 13,776	$ 2,306
Warranty reserves	4,616	3,848
Accrued selling	850	1,354
Unrecognized tax benefits	566	520
Stock compensation	402	704
Repurchase agreements	261	427
State net operating loss	14	144
Foreign net operating loss	63	79
Credits	65	48
Other	570
Valuation allowance	(65)	(81)
Total deferred tax assets	21,118	9,349
Deferred tax liabilities:
Depreciation	(4,839)	(3,037)
Other	(199)	(72)
Total deferred tax liabilities	(5,038)	(3,109)
Net deferred tax assets	$ 16,080	$ 6,240

INCOME TAXES - Schedule of Reconciliation of Unrecognized Tax Benefits Excluding Accrued Amounts for Interest and Penalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at beginning of period	$ 2,504	$ 1,711
Additions based on tax positions related to the current year	110	889
Additions for tax positions of prior years	713	473
Reductions for tax positions of prior years	(164)	(25)
Settlements of tax positions from prior years	(170)	(544)
Balance at end of period	$ 2,993	$ 2,504

SHARE-BASED COMPENSATION - 2015 Equity Incentive Plan - Additional Information (Details)	Jun. 30, 2020 shares
2015 Plan
Stock-Based Compensation
Shares available for grant	1,485,683

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation
Share-based compensation expense	$ 1,061	$ 1,677	$ 1,186
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	1,285	913	616
Performance stock units
Stock-Based Compensation
Share-based compensation expense	(233)	563	355
Stock options
Stock-Based Compensation
Share-based compensation expense	$ 9	$ 201	$ 215

SHARE-BASED COMPENSATION - Adjustment to Share-Based Compensation - Additional Information (Details) $ in Millions	12 Months Ended
	Jun. 30, 2020 USD ($)
Nonvested Restricted Stock Awards and Performance Stock Units
Stock-Based Compensation
Reversal of share-based compensation expense	$ 0.5

SHARE-BASED COMPENSATION - Schedule of Income Tax Benefit Related to Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation
Income tax benefit related to share-based compensation expense	$ 239	$ 399	$ 366
Restricted stock awards
Stock-Based Compensation
Income tax benefit related to share-based compensation expense	290	217	190
Performance stock units
Stock-Based Compensation
Income tax benefit related to share-based compensation expense	(53)	134	110
Stock options
Stock-Based Compensation
Income tax benefit related to share-based compensation expense	$ 2	$ 48	$ 66

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards - 2015 Plan - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation
Fair value of vested shares	$ 1.0	$ 0.7	$ 0.4
Unrecognized compensation expense	$ 1.2
Weighted average period	1 year 8 months 15 days
Minimum \| Employees
Stock-Based Compensation
Vesting period (in years)			1 year
Maximum \| Employees
Stock-Based Compensation
Vesting period (in years)			3 years

SHARE-BASED COMPENSATION - Summary of Restricted Stock Awards Activity (Details) - 2015 Plan - Restricted stock awards - $ / shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Number of Stock Units
Total Non-vested Stock Awards/Units at beginning of year	53,804	43,310	26,417
Granted	138,457	51,995	47,651
Vested	(50,570)	(33,093)	(25,870)
Forfeited	(34,797)	(8,408)	(4,888)
Total Non-vested Stock Awards/Units at end of year	106,894	53,804	43,310
Weighted Average Grant Date Fair Value
Total Non-vested Stock Awards/Units at beginning of year	$ 22.94	$ 17.28	$ 12.22
Granted	17.41	26.79	19.88
Vested	20.09	21.54	16.79
Forfeited	20.24	23.08	15.89
Total Non-vested Stock Awards/Units at end of year	$ 18.01	$ 22.94	$ 17.28

SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - Performance stock units - 2015 Plan - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation
Fair value of vested shares	$ 200,000	$ 400,000	$ 0
Unrecognized compensation expense	$ 200,000
Weighted average period	2 years
Certain employees
Stock-Based Compensation
Vesting period (in years)	3 years

SHARE-BASED COMPENSATION - Summary of Performance Stock Units Activity (Details) - 2015 Plan - Performance stock units - $ / shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Number of Stock Units
Total Non-vested Stock Awards/Units at beginning of year	50,621	59,328	40,612
Granted	72,048	35,122	26,416
Vested	(8,383)	(32,373)
Forfeited	(46,882)	(11,456)	(7,700)
Total Non-vested Stock Awards/Units at end of year	67,404	50,621	59,328
Weighted Average Grant Date Fair Value
Total Non-vested Stock Awards/Units at beginning of year	$ 23.34	$ 14.98	$ 11.85
Granted	18.18	25.70	19.62
Vested	19.40	11.85
Forfeited	20.82	19.73	14.42
Total Non-vested Stock Awards/Units at end of year	$ 20.02	$ 23.34	$ 14.98

SHARE-BASED COMPENSATION - Nonqualified Stock Option Awards - Additional Information (Details) - 2015 Plan - Nonqualified stock options - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2015	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation
Fair value of NSOs vested		$ 0.2	$ 0.2	$ 0.2
Certain employees
Stock-Based Compensation
Options granted	137,786

SHARE-BASED COMPENSATION - Summary of Nonqualified Stock Options Activity (Details) - 2015 Plan - Nonqualified stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Shares
Outstanding at beginning of year	80,859	93,125	116,328
Exercised	(48,467)	(10,563)	(10,905)
Forfeited or expired		(1,703)	(12,298)
Outstanding at end of year	32,392	80,859	93,125	116,328
Fully vested and exercisable at end of year	32,392
Weighted Average Exercise Price
Outstanding at beginning of year	$ 10.70	$ 10.70	$ 10.70
Exercised	10.70	10.70	10.70
Forfeited or expired		10.70	10.70
Outstanding at end of year	10.70	$ 10.70	$ 10.70	$ 10.70
Fully vested and exercisable at end of year	$ 10.70
Weighted Average Remaining Contractual Term
Outstanding	5 years 1 month 6 days	6 years 1 month 6 days	7 years 1 month 6 days	8 years 1 month 6 days
Fully vested and exercisable at end of year	5 years 1 month 6 days
Aggregate Intrinsic Value
Outstanding at beginning of year	$ 719	$ 1,700	$ 1,030
Outstanding at end of year	270	$ 719	$ 1,700	$ 1,030
Fully vested and exercisable at end of year	$ 270

COMMITMENTS AND CONTINGENCIES - Operating Leases - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 24, 2019	Jun. 30, 2020	Sep. 29, 2019
Lessee Lease Description [Line Items]
Reclassification from operating lease assets to finance lease assets due to exercise of purchase option			$ 2.8
Reclassification from operating lease liabilities to finance lease liabilities due to exercise of purchase option			2.8
Additional finance lease assets due to exercise of purchase option			1.3
Additional finance lease liabilities due to exercise of purchase option			$ 1.3
Total lease cost		$ 0.5
Weighted-average discount rate, operating lease		4.73%
Weighted-average remaining lease term, operating lease		2 years 3 months 3 days
Total operating cash flows from operating leases		$ 0.5
Future payments due under operating leases		$ 0.5
Crest Manufacturing Facility
Lessee Lease Description [Line Items]
Purchase of facility	$ 4.1
Finance lease assets, derecognized	4.1
Crest Manufacturing Facility \| Property, Plant and Equipment
Lessee Lease Description [Line Items]
Operating lease assets, recognized	4.1
Crest Manufacturing Facility \| Accrued Expenses and Other Current Liabilities
Lessee Lease Description [Line Items]
Finance lease liability, derecognized	$ 4.1

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments Under All Non-cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Future minimum rental payments
2020	$ 703
2021	690
2022	628
2023	402
2024	402
Thereafter	1,806
Total	$ 4,631

COMMITMENTS AND CONTINGENCIES - Repurchase Agreements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Repurchase Obligations
Inventory repurchase contingent obligation	$ 1,132	$ 1,936
Obligation to Repurchase Inventory
Repurchase Obligations
Maximum repurchase obligation under floor plan agreements	131,400
Inventory repurchase contingent obligation	$ 1,100	$ 1,900

EARNINGS PER SHARE - Factors Used in Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share Basic [Line Items]
Net income (loss)									$ (24,047)	$ 21,354	$ 39,653
Weighted average shares — basic	18,743,915	18,739,480	18,730,688	18,723,845	18,658,701	18,657,719	18,653,111	18,646,039	18,734,482	18,653,892	18,619,793
Weighted average outstanding shares — diluted	18,743,915	18,739,480	18,770,783	18,770,756	18,658,701	18,756,605	18,772,322	18,768,764	18,734,482	18,768,207	18,714,531
Basic net income (loss) per share	$ (0.15)	$ (1.96)	$ 0.37	$ 0.46	$ (0.54)	$ 0.68	$ 0.55	$ 0.45	$ (1.28)	$ 1.14	$ 2.13
Diluted net income (loss) per share	$ (0.15)	$ (1.96)	$ 0.37	$ 0.46	$ (0.54)	$ 0.68	$ 0.54	$ 0.45	$ (1.28)	$ 1.14	$ 2.12
Stock options
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards/units										45,799	38,835
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards/units										68,516	55,904

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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EARNINGS PER SHARE - Additional Information (Details)	12 Months Ended
EARNINGS PER SHARE - Additional Information (Details)	Jun. 30, 2020 shares
RSAs, PSUs and NSOs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share	45,000

SEGMENT INFORMATION - Additional Information (Details)	12 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Jun. 30, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

SEGMENT INFORMATION - Schedule of Operating Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 51,094	$ 102,562	$ 99,628	$ 109,789	$ 122,809	$ 128,390	$ 121,541	$ 93,641	$ 363,073	$ 466,381	$ 332,725
Operating income (loss)	(2,422)	(47,177)	$ 10,335	$ 12,697	(11,538)	$ 18,464	$ 14,722	$ 11,611	(26,567)	33,259	55,983
Depreciation and amortization									10,527	7,787	5,086
Goodwill and other intangible asset impairment		$ 56,437			31,000				56,437	31,000
Purchases of property, plant and equipment									14,241	14,064	5,305
Total assets	207,923				248,773				207,923	248,773
Eliminations
Segment Reporting Information [Line Items]
Total assets	(163,013)				(163,013)				(163,013)	(163,013)
MasterCraft
Segment Reporting Information [Line Items]
Net sales									246,455	311,830	266,319
Operating income (loss)									33,229	53,989	49,363
Depreciation and amortization									4,679	3,481	3,283
Purchases of property, plant and equipment									6,193	11,730	4,234
MasterCraft \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	294,139				273,046				294,139	273,046
NauticStar
Segment Reporting Information [Line Items]
Net sales									54,930	77,995	66,406
Operating income (loss)									(17,681)	(27,785)	6,620
Depreciation and amortization									3,454	2,684	1,803
Goodwill and other intangible asset impairment									13,199	31,000
Purchases of property, plant and equipment									2,804	2,069	$ 1,071
NauticStar \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	36,720				52,761				36,720	52,761
Crest
Segment Reporting Information [Line Items]
Net sales									61,688	76,556
Operating income (loss)									(42,115)	7,055
Depreciation and amortization									2,394	1,622
Goodwill and other intangible asset impairment									43,238
Purchases of property, plant and equipment									5,244	265
Crest \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 40,077				$ 85,979				$ 40,077	$ 85,979

QUARTERLY FINANCIAL REPORTING (UNAUDITED) - Summary of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 51,094	$ 102,562	$ 99,628	$ 109,789	$ 122,809	$ 128,390	$ 121,541	$ 93,641	$ 363,073	$ 466,381	$ 332,725
Gross profit	7,407	21,274	21,142	25,533	31,493	31,357	27,074	23,203	75,356	113,127	90,364
Goodwill and other intangible asset impairment		56,437			31,000				56,437	31,000
Operating income (loss)	(2,422)	(47,177)	10,335	12,697	(11,538)	18,464	14,722	11,611	(26,567)	33,259	55,983
Net income (loss)	$ (2,836)	$ (36,713)	$ 6,879	$ 8,623	$ (10,062)	$ 12,763	$ 10,188	$ 8,465	$ (24,047)	$ 21,354	$ 39,653
Basic earnings (loss) per common share	$ (0.15)	$ (1.96)	$ 0.37	$ 0.46	$ (0.54)	$ 0.68	$ 0.55	$ 0.45	$ (1.28)	$ 1.14	$ 2.13
Diluted earnings (loss) per common share	$ (0.15)	$ (1.96)	$ 0.37	$ 0.46	$ (0.54)	$ 0.68	$ 0.54	$ 0.45	$ (1.28)	$ 1.14	$ 2.12
Weighted average shares used for computation of:
Basic earnings per common share	18,743,915	18,739,480	18,730,688	18,723,845	18,658,701	18,657,719	18,653,111	18,646,039	18,734,482	18,653,892	18,619,793
Diluted earnings per common share	18,743,915	18,739,480	18,770,783	18,770,756	18,658,701	18,756,605	18,772,322	18,768,764	18,734,482	18,768,207	18,714,531