MasterCraft Boat Holdings, Inc.

MasterCraft Boat Holdings, Inc. settled a putative class action lawsuit filed by a purported stockholder. The lawsuit challenged a provision in a stockholders agreement regarding director removal and an alleged omission in a 2019 certificate of amendment. To avoid further litigation and costs, MasterCraft amended the challenged agreement, filed a certificate of correction, and agreed to pay $425,000 in attorneys' fees, without admitting any of the plaintiff's claims. The Court subsequently entered an order closing the action.

MasterCraft Boat Holdings, Inc. announced the successful completion of its acquisition of Marine Products Corporation. Marine Products shareholders received $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share owned. This strategic move creates a diversified portfolio of leading brands, including MasterCraft, Crest, Balise, Chaparral, and Robalo, aiming to expand the customer base and enhance scale and innovation. Marine Products common stock has ceased trading on the NYSE.

MasterCraft Boat Holdings, Inc. announced that its stockholders approved the proposal to issue shares of common stock in connection with the proposed merger with Marine Products Corporation. The special meeting was held on May 12, 2026, with a significant majority voting in favor. Additionally, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired on April 6, 2026, satisfying a key closing condition. The company anticipates the merger to close around May 15, 2026.

MasterCraft Boat Holdings, Inc. announced an Agreement and Plan of Merger with Marine Products Corporation, where Marine Products shareholders will receive 0.232 shares of MasterCraft common stock and $2.43 in cash per share. This strategic transaction is expected to close shortly after the May 12, 2026, shareholder meeting. For the third quarter of fiscal 2026, MasterCraft reported a net loss of $(0.74) million, a decrease from a net income of $3.74 million in the prior year, despite a rise in net sales to $78.2 million. However, for the nine months ended March 29, 2026, net income significantly increased to $5.42 million from $1.35 million, with net sales growing to $219.0 million. The company also completed the divestment of its Aviara brand and facility in fiscal 2025 and amended its credit agreement.

MasterCraft Boat Holdings reported fiscal Q3 2026 financial results, with net sales increasing 3.0% to $78.2 million. The company posted a GAAP loss from continuing operations of $0.04 per diluted share, primarily due to one-time transaction costs related to the pending merger with Marine Products Corporation. However, Adjusted Net Income rose to $0.45 per diluted share, and Adjusted EBITDA increased to $10.7 million. MasterCraft reaffirmed its expectation to complete the merger with Marine Products shortly after the May 12, 2026, special shareholder meeting and updated its full-year fiscal 2026 outlook.

MasterCraft Boat Holdings, Inc. announced the appointment of Charles "Chip" Gerlach as General Manager of its pontoon segment, effective immediately. Gerlach will lead the Crest and Balise brands, focusing on product innovation, dealer partnerships, and operational performance. He brings extensive experience in the marine industry to this role. Mike O Connell, the previous General Manager, will transition to Senior Vice President, Operational Excellence, and will continue to support the pontoon segment.

MasterCraft Boat Holdings, Inc. has supplemented its Joint Proxy Statement/Prospectus related to its merger with Marine Products Corporation. This action follows demand letters and two lawsuits filed by purported Marine Products stockholders, alleging misrepresentations and omissions in the merger disclosures. While MasterCraft denies the allegations and believes its disclosures comply with applicable law, it is voluntarily providing additional information to minimize litigation costs and risks. The MasterCraft board continues to unanimously recommend stockholders vote in favor of the merger-related proposals.

MasterCraft Boat Holdings, Inc. announced it will host a live webcast for its fiscal third quarter 2026 earnings conference call on Thursday, May 7, 2026, at 8:30 a.m. EDT. CEO Brad Nelson and CFO Scott Kent will discuss the company's financial results. A pre-market earnings release will be issued prior to the call on the same day, and a replay will be archived on the company's website.

MasterCraft Boat Company, a subsidiary of MasterCraft Boat Holdings, Inc., announced the return of its completely redesigned 23-foot X23 towboat. Last in the lineup in 2018, the X23 is known for its surf performance, comfort, and precise handling. The new model integrates advanced technology, including dual panoramic digital displays and an optional four-camera system, and is powered by Ilmor's 6.2L GDI engine, with an available 6.2L Supercharged engine producing 630 horsepower. This launch aims to meet significant consumer demand and set new industry standards for luxury towboats.