LOUDON, Tenn., Aug. 31, 2026 (GLOBE NEWSWIRE) -- This correction is limited to the Company's non-GAAP Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Income Before Taxes, Adjusted Net Income and related per-share measures for the fiscal fourth quarter, three-month period ended June 30, 2026. It does not affect the Company's previously reported GAAP net sales, gross profit, operating income, net income, or net income per share for the fiscal fourth quarter period or previously issued year-to-date results, nor does it affect non-GAAP Adjusted results for the year-to-date period ended June 30, 2026.

Those non-GAAP corrections are isolated to acquisition and integration related expenses, which for the fiscal fourth quarter three month period ended June 30, 2026 previously reported in the press release dated August 27, 2026 should be $4,145 (instead of $6,698). As a result, for the three months ended June 30, 2026, Adjusted EBITDA (in thousands) should be $31,393 (instead of $33,946), Adjusted EBITDA Margin should be 10.6% (instead of 11.5%), Adjusted Income Before Taxes (in thousands) should be $20,683 (instead of $23,236), Income Tax Expense on Adjusted Income Before Income Taxes (in thousands) should be $4,695 (instead of $5,275), Adjusted Net Income (in thousands) should be $15,988 (instead of $17,961), Adjusted Income Before Taxes Per Share should be $1.06 (instead of $1.19), Income Tax Expense on Adjusted Income Before Income Taxes Per Share should be $0.24 (instead of $0.27), and Adjusted Net Income Per Share should be $0.82 (instead of $0.92).

The updated press release reads:

Malibu Boats, Inc. (Nasdaq: MBUU) announced its financial results for the fourth quarter and fiscal year ended June 30, 2026.

Fourth Quarter Fiscal 2026 Highlights Compared to Fourth Quarter Fiscal 2025

   -- Net sales increased 42.7% to $295.5 million 
 
   -- Unit volume increased 19.2% to 1,456 units 
 
   -- Gross profit increased 59.4% to $52.2 million 
 
   -- General and administrative expenses increased to $31.8 million 
 
   -- GAAP net income increased 53.7% to $7.4 million 
 
   -- GAAP net income available to Class A Common Stock per share (diluted) 
      increased 54.2% to $0.37 per share 
 
   -- Adjusted EBITDA increased 59.7% to $31.4 million 
 
   -- Adjusted net income per share increased 95.2% to $0.82 per share on a 
      weighted average share count of 19.7 million shares of Class A Common 
      Stock 
 
   -- Cash flows provided by operating activities increased 28.1% to $27.0 
      million 
 
   -- Free cash flow increased 19.3% to $17.0 million 

Fiscal Year 2026 Highlights Compared to Fiscal Year 2025

   -- Net sales increased 13.3% to $914.6 million 
 
   -- Unit volume increased 0.9% to 4,944 units 
 
   -- Gross profit increased 1.7% to $146.5 million 
 
   -- General and administrative expenses increased to $105.1 million 
 
   -- GAAP net income decreased 88.8% to $1.7 million 
 
   -- GAAP net income available to Class A Common Stock per share (diluted) 
      decreased 88.2% to $0.09 per share 
 
   -- Adjusted EBITDA decreased 1.1% to $73.9 million 
 
   -- Adjusted net income per share decreased 3.8% to $1.52 on a weighted 
      average share count of 19.3 million shares of Class A Common Stock 
 
   -- Cash flows provided by operating activities increased 19.5% to $67.5 
      million 
 
   -- Free cash flow increased 48.3% to $43.2 million 

Steve Menneto, President and Chief Executive Officer of Malibu Boats, Inc., commented, "Fiscal 2026 demonstrated the power of our strategic execution. We delivered a strong finish to the year, driven by better than expected net sales, disciplined cost management, dealer network optimization, and the successful integration of Saxdor in our first four months with the business. We also invested meaningfully in innovation as our Model Year 2026 lineup added eleven new models across the portfolio that brought new features as well as value to our product line. The Saxdor integration is progressing well, with the completion of our first domestically-built Saxdor boats at our Fort Pierce, Florida facility expected in the first half of fiscal 2027. While we're seeing early signs of stabilization across the industry, we are contending with macro disruptions that continue to pressure the payment buyer, which presents a near-term headwind to an inflection in the cycle. That said, we like how we're positioned relative to the industry heading into fiscal 2027 and expect to build on the momentum we established, while remaining intentional about our outlook until we see more durable evidence of a broader recovery."

David Black, Chief Financial Officer of Malibu Boats, Inc., added, "We closed the year with a strong balance sheet and began our new fiscal year with the completion of our credit agreement refinancing, which extends our maturity through 2031 and gives us added liquidity and flexibility. Our leverage remains well below our stated maximum target, even after financing the Saxdor acquisition. While we chose to pause our open market purchases during our lender negotiations, the Board authorized a new $70 million share repurchase program for fiscal 2027 in June, and we closed our refinancing in July, underscoring our confidence in the business and our commitment to returning capital to shareholders. With that flexibility now in place, we remain opportunistic on capital allocation and are well positioned to keep investing in the business as we move through fiscal 2027."

Results of Operations for the Fourth Quarter and Fiscal Year 2026 (Unaudited)

 
            Three Months Ended June 30,  Fiscal Year Ended June 30, 
            ---------------------------  -------------------------- 
                2026           2025          2026          2025 
            -------------  ------------  ------------  ------------ 
 
                 (In thousands, except unit and per unit data) 
Net Sales   $295,537       $207,039      $914,590      $807,561 
Gross 
 Profit     $ 52,190       $ 32,740      $146,520      $144,091 
Gross 
 Profit 
 Margin         17.7    %      15.8   %      16.0   %      17.8   % 
Net Income  $  7,366       $  4,793      $  1,707      $ 15,240 
Net Income 
 Margin          2.5    %       2.3   %       0.2   %       1.9   % 
Adjusted 
 EBITDA     $ 31,393       $ 19,657      $ 73,936      $ 74,770 
Adjusted 
 EBITDA 
 Margin         10.6    %       9.5   %       8.1   %       9.3   % 
 
 

Comparison of the Fourth Quarter Ended June 30, 2026 to the Fourth Quarter Ended June 30, 2025

Net sales for the three months ended June 30, 2026 increased $88.5 million, or 42.7%, to $295.5 million, compared to the three months ended June 30, 2025. The increase in net sales was driven primarily by $61.2 million of revenue from the new Saxdor segment due to the recent acquisition, increased unit volumes in our Cobalt and Saltwater segments, a favorable model mix across all three existing segments, and year-over-year price increases, partially offset by decreased unit volumes in our Malibu segment. Unit volume for the three months ended June 30, 2026 increased 235 units, or 19.2%, to 1,456 units compared to the three months ended June 30, 2025. Our unit volume increased primarily due to an additional 180 units contributed by Saxdor as well as increased unit volume in our Cobalt and Saltwater segments, partially offset by decreased unit volumes in our Malibu segment.

Net sales attributable to our Malibu segment increased $2.6 million, or 3.2%, to $82.9 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Unit volumes attributable to our Malibu segment decreased 14 units, or 2.5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to lower wholesale shipments driven by lower retail activity. The increase in net sales was driven by a favorable model mix and year-over-year price increases, partially offset by a decrease in units.

Net sales attributable to our Saltwater Fishing segment increased $8.1 million, or 11.1%, to $80.9 million, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Unit volumes increased 7 units, or 2.2% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to higher wholesale shipments as a result of firming dealer inventory levels in pockets of the portfolio. The increase in net sales was driven by an increase in units, a favorable model mix and year-over-year price increases.

Net sales attributable to our Cobalt segment increased $16.7 million, or 31.0%, to $70.5 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Unit volumes attributable to Cobalt increased 62 units, or 18.9% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to higher wholesale shipments as a result of firming dealer inventory levels in pockets of the portfolio. The increase in net sales was driven by an increase in units, a favorable model mix and year-over-year price increases.

Net sales attributable to our Saxdor segment were $61.2 million for the three months ended June 30, 2026. Unit volumes were 180 units for the three months ended June 30, 2026.