Tommys vs Malibu

[85 Barefoot]

https://stockhouse.com/news/press-releases/2024/05/02/malibu-boats-inc-announces-third-quarter-fiscal-2024-results

Whoa…call starting now on malibuboats.com

[COOP]

Wow. 

Is this as bad as the numbers look?

And Im not knowledgeable on this kind of thing, but I would think all these boats that the banks will sell off will have an affect on how much dealers buy for little while which will just add fuel to the fire. 

Edited May 2 by COOP

[Steve B.]

They did say they were going to adjust production to better meet the market demand, while at the same time being a little more aggressive in price points.

[Five Cent Worth]

6 hours ago, COOP said:

Wow. 

Is this as bad as the numbers look?

And Im not knowledgeable on this kind of thing, but I would think all these boats that the banks will sell off will have an affect on how much dealers buy for little while which will just add fuel to the fire. 

MC investor call is 05/08.  This will determine if these numbers are isolated or industry wide.  I.E. are these as bad as they look...

Edited May 2 by Five Cent Worth

[23LSVOwner]

My money is on industry wide.

[Michigan boarder]

These are 2023 to 2024 comparisons, I'm more interested in how 2024 YTD compares to the 2024 annual operating plan (budget).  Was 10.5% EBITDA part of the FY2024 plan all along?  What is their normal target?

[bwski]

Everything really needs to be compared to pre 2020.  Even though the last 4 years happened and the numbers were real, the market was pumped with all kinds of free money and its pure fantasy to expect the results to continue.  Here is the link to their Q3 2019 results.  Even compared to that its not great.  Units are quite a bit less.  Looking at the net sales shows just how much prices have increased since then!!!! 2024 has about 800 less units and more net sales.  

 

https://www.globenewswire.com/news-release/2019/05/09/1820612/29346/en/Malibu-Boats-Inc-Announces-Third-Quarter-Fiscal-2019-Results.html

[dizzygti]

Lowest quarter in volume since 2018 other than the initial Covid fallout in 2020.   I haven't looked at volume before 2018, but yeah that's bad. 

[MikeR397]

Don’t see anything to corroborate this? 
 

https://www.crainsgrandrapids.com/news/retail/embroiled-in-three-lawsuits-tommys-boats-lands-in-receivership/

[oldjeep]

2 minutes ago, MikeR397 said:

Don’t see anything to corroborate this? 
 

https://www.crainsgrandrapids.com/news/retail/embroiled-in-three-lawsuits-tommys-boats-lands-in-receivership/

IF you view the page source you can actually see the whole article.  It lists who the receiver is and which judge appointed them.  As well as the other suits against the owners other holding companies.

 

[belmont]

Phoenix and Vegas locations are locked up today for defaulting on their leases.

Ironic since the landlords are the same Boulder Boats people that sold those dealerships to Tommy's. 

Hopefully another dealer will swoop in quickly and takeover. Lots of good people over there.

[MikeR397]

I’m on my phone at the gym, could someone post the full text? 

[oldjeep]

Just now, MikeR397 said:

I’m on my phone at the gym, could someone post the full text? 

Copy paste of stuff that is behind a paywall is typically a no-no.  But like I said, their paywall is a pile.  You just need to view source on the page and you can read it all.

[TallRedRider]

Almost completely derailing the thread, but sorta related...The 5 year MBUU stock price looks pretty crappy.  I bought 10 shares a year ago or so just to say I still owned some Malibu at $55 per share, which seemed fairly smart at the time since it had peaked at $80+.  Now it is trading just over 30 and I think about to go lower.  

[BlindSquirrel]

5 hours ago, bwski said:

Everything really needs to be compared to pre 2020.  Even though the last 4 years happened and the numbers were real, the market was pumped with all kinds of free money and its pure fantasy to expect the results to continue. 

Could I get you to email the leadership at my company this. 

[asp13]

Might have to buy some puts on MBUU and MC hehe

[oldjeep]

2 hours ago, asp13 said:

Might have to buy some puts on MBUU and MC hehe

I think I'll just go to the bar and buy some pull tabs rather than doing anything with rec vehicle stocks.

[Craig98]

I just got a call at 8:30 PM from the service manager at the Tommy's dealership in Fort Worth.  He said they are locking their doors tomorrow by noon and I needed to come pick up my boat or it would be locked up for an indefinite amount of time.  I will be there when it opens!!  I just HOPE it opens.  So now I have a boat (or I damn well better have one!) under warranty (2022) at the start of the season that needs a new surf gate actuator and no way to get it.   Anyone around DFW got info on warranty work?

[Horns1]

The Lewisville location?  I’m noticed they had most of the boat inventory between the 2 locations.    

[Bozboat]

43 minutes ago, Craig98 said:

I just got a call at 8:30 PM from the service manager at the Tommy's dealership in Fort Worth.  He said they are locking their doors tomorrow by noon and I needed to come pick up my boat or it would be locked up for an indefinite amount of time.  I will be there when it opens!!  I just HOPE it opens.  So now I have a boat (or I damn well better have one!) under warranty (2022) at the start of the season that needs a new surf gate actuator and no way to get it.   Anyone around DFW got info on warranty work?

Very sad, I hope you get your boat out from this mess.  Some of you are going to be without boats while the receiver grinds out who owns what.

[skurfer]

50 minutes ago, Craig98 said:

I just got a call at 8:30 PM from the service manager at the Tommy's dealership in Fort Worth.  He said they are locking their doors tomorrow by noon and I needed to come pick up my boat or it would be locked up for an indefinite amount of time.  I will be there when it opens!!  I just HOPE it opens.  So now I have a boat (or I damn well better have one!) under warranty (2022) at the start of the season that needs a new surf gate actuator and no way to get it.   Anyone around DFW got info on warranty work?

Go get it NOW! Tell him to leave it out!!

[familyfun]

19 minutes ago, Horns1 said:

The Lewisville location?  I’m noticed they had most of the boat inventory between the 2 locations.    

My understanding is that the Lewisville store (formally Waterski America) could not order any parts as of yesterday (Wednesday).

[The Hulk]

Praying Detroit stays open for a few days

[Hemmy]

10 hours ago, oldjeep said:

I think I'll just go to the bar and buy some pull tabs rather than doing anything with rec vehicle stocks.

It's not all bad.  Patrick Industries stock went over $100/share back in January while things were slow.  Started a steep increase in October last year while the RV industry was really slow.  Can't rule them all out.

[familyfun]

12 hours ago, Craig98 said:

I just got a call at 8:30 PM from the service manager at the Tommy's dealership in Fort Worth.  He said they are locking their doors tomorrow by noon and I needed to come pick up my boat or it would be locked up for an indefinite amount of time.  I will be there when it opens!!  I just HOPE it opens.  So now I have a boat (or I damn well better have one!) under warranty (2022) at the start of the season that needs a new surf gate actuator and no way to get it.   Anyone around DFW got info on warranty work?

As of this morning, the Lewisville location is staying open, and in fact I was told that the Fort Worth techs are transferring over.  This could obviously change at any time, so I imagine there is some risk.  And again, if they don't have the necessary parts in stock locally, I doubt they will be able to do the repair.