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MasterCraft Acquires Marine Products for $232.2 Million
MasterCraft Boat Holdings (MCFT) and Marine Products (MPX) announced that they have entered into a definitive agreement under which MasterCraft will acquire Marine Products in a cash and stock transaction valued at approximately $232.2M, net of acquired cash. Under the terms of the agreement, Marine Products shareholders will receive $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share of Marine Products they own. Based on MasterCraft's closing share price of $23.12 on February 4, 2026, this consideration implies a value of $7.79 per Marine Products share. The corresponding transaction value of $232.2 million represents approximately 7.2x Marine Products' expected EBITDA for the twelve months ending June 30, 2026, after adjusting for the elimination of approximately $6 million of public company costs and corporate overhead. Upon closing of the transaction, MasterCraft shareholders will own 66.5% and Marine Products shareholders will own 33.5% of the combined company. The transaction has been unanimously approved by the Boards of Directors of both companies and the Special Committee of the Board of Directors of Marine Products. The transaction is expected to be financed through combined cash on hand. The transaction is expected to close in the second calendar quarter of 2026, subject to approval by both MasterCraft and Marine Products shareholders and the satisfaction of other customary closing conditions.
Marine Products reports Q2 EPS 12c vs. 14c last year
Reports Q2 revenue $67.7M vs. $69.55M last year. "Second quarter results reflected a stabilization of demand and a more balanced environment," stated Ben Palmer, Marine Products' president and CEO. "Second quarter sales were down 3% year-over-year; however, shipments and sales grew sequentially again this quarter and are now solidly off second half of 2024 lows. We are excited about our model year 2026 introductions, which feature new models, enhancements across the entire portfolio, and thoughtful approaches to offer cost-effective alternatives."
Marine Products reports Q1 EPS 6c vs. 13c last year
Reports Q1 revenue $59M vs. $69.34M last year. "We started off 2025 with a continuation of challenging marine industry trends while we focused on supporting our dealers, managing inventories and controlling costs," stated Ben M. Palmer, Marine Products' president and CEO. "First quarter sales were down 15%, reflecting lower volumes and hesitation from dealers to place orders in the current demand environment. However, first quarter sales were up 23% sequentially versus the fourth quarter of 2024. Our field inventories are at a reasonable level, and we will begin working with our dealer network for model year 2026 introductions. It is likely we will take a conservative approach to the rollout and inventory management but still deliver innovative designs and enhanced features to maintain our leading reputation with our dealers and consumers."
Marine Products reports Q4 EPS 12c vs. 16c last year
Reports Q4 revenue $47.8M vs. $70.8M last year...EBITDA was $4.4M, down from $6.5M. EBITDA margin was 9.2%, consistent with last year's fourth quarter"We were encouraged with our fourth quarter results after a very challenging 2024," stated Ben M. Palmer, Marine Products' President and Chief Executive Officer. "Our year-over-year sales decline in the fourth quarter was 33%, marking our smallest quarterly decrease this year. While we are not pleased with these results, we believe we are past the toughest quarterly sales comparisons and have seen sequential gross margin stability, with a slight improvement compared to last year's fourth quarter margin. Our efforts to scale down production and allow the channel to de-stock have been successful, however our dealers remain cautious given persistently high inventories across other competitors and categories. We have managed our costs aggressively during this challenging demand period to preserve margins and will remain prudent with hiring and production increases until we have more definitive signals for improved demand. Feedback from recent boat shows has been positive, with good attendance and solid interest from buyers." "From a macro perspective, our industry welcomed recent interest rate cuts by the Fed, but the rate outlook appears unclear with mixed signals for further relief in the near-term. These cuts helped lower floor plan carrying costs for dealers and financing costs for consumers, but buying conviction still appears modest from both groups. This has been a difficult year for the industry, but we are proud of our model year 2025 product launches and lineup improvements and our ability to exit the year in a very strong financial position. We can comfortably fund our internal growth projects, capital investments and dividends, as we continue to look for the right M&A opportunity to drive value for our shareholders," concluded Palmer.
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