Revenue: As of FY2025 Q4, the actual value is USD 64.57 M.EPS: As of FY2025 Q4, the actual value is USD 0.07.EBIT: As of FY2025 Q4, the actual value is USD 3.363 M.<h4>Fourth Quarter 2025 Financial Results (Year-over-Year Comparisons versus 4Q:24)</h4><ul><li>Revenue<ul><li>Net sales increased 35% to $64.6 million, driven by a 12% price/mix increase and a 22% increase in the number of boats sold during the quarter.</li></ul></li><li>Profitability<ul><li>Gross profit was $12.7 million, an increase of 39%.</li><li>Gross margin was 19.6%, up 40 basis points.</li><li>Operating income was $3,739 thousand, compared to $3,684 thousand in 4Q:24.</li><li>Net income was $2.4 million, a decrease of 45%.</li><li>Net income margin decreased 520 basis points to 3.7%.</li><li>Adjusted net income was $3.4 million.</li><li>Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $4.5 million, an increase of 3%.</li><li>EBITDA margin decreased 220 basis points to 7.0%.</li></ul></li><li>Operating Costs<ul><li>Selling, general and administrative expenses were $8.9 million, up 61%, and represented 13.9% of net sales, an increase of 230 basis points.</li></ul></li><li>Other Financial Items<ul><li>Interest income was $376 thousand.</li><li>Income tax provision was $1.8 million, or 42.5% of income before income taxes.</li></ul></li><li>Cash and Balance Sheet<ul><li>Cash and cash equivalents were $43.5 million at the end of 4Q:25, with no outstanding debt.</li></ul></li></ul><h4>Full Year 2025 Financial Results (Year-over-Year Comparisons versus Full Year 2024)</h4><ul><li>Revenue<ul><li>Net sales increased 3% to $244.4 million.</li></ul></li><li>Profitability<ul><li>Gross profit was $46,775 thousand, compared to $45,498 thousand in the prior year.</li><li>Operating income was $14,028 thousand, compared to $18,266 thousand in the prior year.</li><li>Net income was $11.4 million, a decrease of 36%.</li><li>Net income margin decreased 280 basis points to 4.7%.</li><li>Adjusted net income was $12.4 million.</li><li>EBITDA was $17.2 million, a decrease of 18%.</li><li>EBITDA margin decreased 190 basis points to 7.0%.</li></ul></li><li>Operating Costs<ul><li>Selling, general and administrative expenses were $32,747 thousand, compared to $27,376 thousand in the prior year.</li></ul></li><li>Other Financial Items<ul><li>Interest income, net was $1,737 thousand, compared to $2,876 thousand in the prior year.</li><li>Income tax provision was $4,382 thousand, compared to $3,289 thousand in the prior year.</li></ul></li><li>Cash Flow and Capital Allocation<ul><li>Net cash provided by operating activities was $16.5 million year-to-date through 4Q:25.</li><li>Capital expenditures were - $1,541 thousand.</li><li>Free cash flow was $14.9 million year-to-date through 4Q:25.</li><li>Payment of dividends totaled $19.6 million year-to-date through 4Q:25.</li></ul></li></ul><h4>Transaction Details and Pro Forma Financials</h4><ul><li>MasterCraft Boat Holdings, Inc. will acquire 海洋产品 (Marine Products Corporation) for approximately $232.2 million, net of acquired cash.</li><li>The transaction implies a value of $7.79 per 海洋产品 (Marine Products Corporation) share, based on MasterCraft’s closing share price of $23.12 on February 4, 2026.</li><li>The transaction value represents approximately 7.2x 海洋产品 (Marine Products Corporation)’s 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.</li><li>Upon closing, MasterCraft shareholders will own 66.5% and 海洋产品 (Marine Products Corporation) shareholders will own 33.5% of the combined company.</li><li>Pro Forma Financials (Twelve Months Ending June 30, 2026)<ul><li>The combined company is expected to generate net sales of approximately $560 million.</li><li>The combined company is expected to generate adjusted EBITDA of approximately $64 million.</li></ul></li><li>Cash and Cash Equivalents (as of December 31, 2025)<ul><li>MasterCraft Boat Holdings, Inc. had $81.4 million, and 海洋产品 (Marine Products Corporation) had $43.5 million.</li></ul></li><li>Expected Pro Forma Financials at Closing<ul><li>Cash: $40 million - $60 million.</li><li>Total Debt: $0.</li><li>Liquidity: $115 million - $135 million.</li><li>Free Cash Flow: Positive.</li></ul></li><li>Refinancing<ul><li>Consists of a 5-year, $75 million revolving credit facility with an accordion up to $100 million.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Annual Net Savings: The combination is expected to result in approximately $6 million in annual net savings from the elimination of 海洋产品 (Marine Products Corporation)’s public company costs and corporate overhead.</li><li>Combined Consumer Reach: The combination more than doubles consumer reach with brands including MasterCraft, Crest, Balise, Chaparral, and Robalo.</li><li>Dealer Network: The combined network includes over 500 global dealers, with more than 400 dealers across coastal and inland U.S.</li><li>Manufacturing Capabilities: Enhanced innovation and manufacturing capabilities are expected to deliver differentiated and innovative new products while accelerating new model launches.</li><li>海洋产品 (Marine Products Corporation) Overview: The company is one of the largest manufacturers of fiberglass powerboats in the U.S., has received over 70 awards, operates with 290+ global dealers, and offers 41 boat models.</li><li>Combined Company by the Numbers (LTM as of 12/31/2025)<ul><li>Annual Units Sold: Approximately 4,700.</li><li>Annual Revenue: Approximately $540 million.</li><li>Global Dealers: Over 500.</li><li>Employees: Approximately 1,400.</li><li>Brands: 5.</li></ul></li><li>Manufacturing Footprint: The combined entity will have 1.9 million square feet across 3 facilities located in Vonore, TN, Owosso, MI, and Nashville, GA, with the Nashville, GA facility noted as one of the largest single-site sport boat production plants in the U.S.</li></ul><h4>Outlook / Guidance</h4>On a pro forma basis for the twelve months ending June 30, 2026, the combined company is expected to generate net sales of approximately $560 million and adjusted EBITDA of approximately $64 million. The combination is anticipated to be accretive to adjusted EPS in Fiscal 2027, with the closing projected for the second calendar quarter of 2026. Management expects to achieve additional operating efficiencies and commercial synergies over time, including leveraging a combined innovation platform, complementary dealer network, manufacturing best practices, sourcing, procurement, and vertical integration opportunities.

Marine Products | 8-K: FY2025 Q4 Revenue: USD 64.57 M