Closely following the fiscal fourth quarter reports from a pair of its publicly traded competitors, this week Correct Craft announced that the 2016 model year was the best year in the company’s ninety-one year history.
Correct Craft is the Orlando, Florida-based parent company of several marine brands, including Nautique, Centurion, Supreme, Bass Cat, Yar-Craft and SeaArk boat companies as well as Pleasurecraft Marine Engine Group, and Aktion Parks.
Correct Craft says that it achieved significant growth for the model year ended June 30, 2016, with revenues reportedly increasing 47 percent and net income jumping 45 percent compared to the 2015 model year (Correct Craft’s previous best year ever).
“Our team is highly energized by the growth we are experiencing and the progress we are making at our Correct Craft companies, each of which are profitable and growing,” says Correct Craft CEO, Bill Yeargin. “Even more importantly, we are thrilled with the cultural improvements we have been able to implement at each of our Correct Craft companies. While we want to grow and be profitable, it is equally important to us that we treat people well and develop leaders while working to make life better for our customers, employees, dealers, vendors, strategic partners, and people around the world who we can help.”
According to the company, Correct Craft not only experienced growth in both sales and profitability, but also undertook major improvement initiatives, including Nautique Boat’s completion of an US $8 million facility expansion and increase in production.
Meanwhile, Pleasurecraft Engine Group says it has significantly upgraded its processes and plant over the past two years.
Bass Cat and Yar-Craft have aligned with key industry partners and have seen growth in both sales and profitability.
Aktion Parks has two professional boat and cable parks and recently announced the opening of a third park in Florida.
SeaArk, Correct Craft’s newest acquisition, is investing heavily in capital improvement in order to shorten its order backlog and meet demand.