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CORRECT CRAFT ENTERS BASS AND WALLEYE FISHING MARKETS Acquires Bass Cat And Yar-Craft

HortonHorton Posts: 27,770 Administrator

Bass CatORLANDO, FL (March 24, 2015) - Today Correct Craft announced it is entering the bass and walleye fishing markets with the acquisition of both Bass Cat and Yar-Craft.

Bass Cat (the premier bass fishing boat) and Yar-Craft (the premier walleye fishing boat) are both manufactured in Mountain Home, Arkansas and are the quality leaders in their segments. Bass Cat led the entire boating industry in quality during the years JD Power reported on the industry and both it and Yar-Craft have outstanding product and customer service reputations.

Correct Craft announced it has no plans to change either the location or management teams of the companies.

Yar CraftBass Cat's President (and member of its founding family) Rick Pierce stated, "After over four decades of being owned and operated by our family we are pleased to secure our heritage with Correct Craft." "Dad and I have had a blast together and now we turn the page on history. The decision is one to extend what Dad and Mom (Ron & Jan Pierce) started with their legacy. By joining the Correct Craft family Bass Cat and Yar-Craft will live well beyond our lifetimes. I look forward to where we are going to carry the brands," added Pierce.

Correct Craft's President and CEO Bill Yeargin stated, "Bass Cat and Yar-Craft are both outstanding brands with great reputations and exceptional teams. We could not be happier to have them joining the Correct Craft family." Yeargin added, "Bass Cat President Rick Pierce and his family have done a wonderful job for decades and we are honored that they would trust their brands, legacy and employees to Correct Craft. We look forward to working with Rick and the outstanding Bass Cat and Yar-Craft teams in Mountain Home, Arkansas to grow these two exceptional brands on the wonderful foundation that he and his family have built."

To read more about this acquisition in Bill Yeargin's Nautique Insider blog click here.

Celebrating 90 years of excellence in the marine industry, Correct Craft is the owner of Nautique Boat Company, Inc., Aktion Parks, Pleasurecraft Marine Engine Company, Bass Cat, and Yar Craft. To learn more about Nautique and its complete product line, visit www.nautique.com. To learn more about Aktion Parks visit www.aktionparks.com. To learn more about PCM, Crusader and Levitator engines visit www.pleasurecraft.com. To learn more about Bass Cat visit www.basscat.com and to learn more about Yar-Craft visit www.yarcraft.com.

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Comments

  • thagerthager Posts: 4,573 Mega Baller
    The beginning of the end.
    Stir vigorously then leave!
  • lpskierlpskier Posts: 2,561 Mega Baller
    Maybe they'll reprise the "Fish Nautique."
    John Wilkins- Si non pro sanguine quem ludus ne. #iskiconnelly
  • NandoNando Posts: 524 Crazy Baller
    thager- the beginning of the end? You've forgotten the Bass Nautique? CC used to have about a dozen boats in their lineup. If they can subsidize three-event boats with other lines, good for them. At least bass boats don't have monster wakes...
    pgmooreschafer
  • E_TE_T Posts: 609 extraterrestrial trouble maker
    Putting all that wake boat capital into a investment insted of SKI boat R&D. They must be happy where they are because yall Are't buying enough boats to justify the changes you want.
    E.T. phone home!
    I like reese's pieces

    "Leave nothing on the dock"~AM
  • oldjeepoldjeep Posts: 3,428 Mega Baller
    edited March 2015
    @E_T - all that wake boat capital? Nautique only has something like 15% of the US tow boat market (Smallest of the big 3). I actually wonder if Skiers Choice (Supra/Moomba) is now selling more boats than Nautique now. Makes a certain amount of sense to diversify into another segment since Malibu just keeps increasing its share of the tow boat pie every year (Something like 35% of US and 40% of international).
    Chuck P
    Not a mechanic but I play one at home
  • supersonicussupersonicus Posts: 134 Baller
    Maybe a nice opportunity for a collaboration on a sweet barefoot rig...
    Skoot1123
  • Stevie BoyStevie Boy Posts: 2,023 ★★★Triple Panda Award Recipient ★★★
    Do Not Forget Correct Craft, have Heritage, they have been around for a long time, they have been innovative and forward thinking over many years.
    They are still going to be around for a long time, out of all the Ski Boats available, they remain not the cheapest option, but the best option if you have the money.

    When The Going Gets Tough, Get Stoked !

    6balls
  • GloersenGloersen Posts: 916 Crazy Baller
    @oldjeep - "Nautique only has something like 15% of the US tow boat market (Smallest of the big 3)."

    Published stats?
    E_T
  • oldjeepoldjeep Posts: 3,428 Mega Baller
    edited March 2015
    @Gloersen - came from Malibus IPO documents published with the SEC. And I guess they did have skiers choice numbers as well - and skiers choice was #3 in 2012 but #4 in the first 9 months of 2013

    http://www.sec.gov/Archives/edgar/data/1590976/000119312513473426/d621288ds1.htm
    Chuck P
    Not a mechanic but I play one at home
  • HortonHorton Posts: 27,770 Administrator
    Number of boats sold rank not same as gross revenue rank.

    Support BallOfSpray by supporting the companies that support BallOfSpray

    Barts ★ Connelly ★  DBSkis ★ Goode ★ Hobe Lake ★ HO Syndicate 

    MasterCraft ★ Masterline ★ Performance Ski and Surf ★ Reflex ★ Radar ★ Stokes

    msuws
  • HortonHorton Posts: 27,770 Administrator
    edited March 2015
    @Stevie Boy the people who built the heritage no longer run CC.

    Support BallOfSpray by supporting the companies that support BallOfSpray

    Barts ★ Connelly ★  DBSkis ★ Goode ★ Hobe Lake ★ HO Syndicate 

    MasterCraft ★ Masterline ★ Performance Ski and Surf ★ Reflex ★ Radar ★ Stokes

  • oldjeepoldjeep Posts: 3,428 Mega Baller
    edited March 2015
    @Horton - true enough, but since Malibu is the only public company of the bunch you are never going to see a gross revenue rank. It is interesting looking at Malibu's quarterly filings though. Gives you a good peek into at least one part of the industry.
    Chuck P
    Not a mechanic but I play one at home
  • NandoNando Posts: 524 Crazy Baller
    My earlier post shouldn't have used the term "subsidize", as they sure aren't going to do that, but a broader profit base and overall company stability/profitability might lead to some price stability among the various lines. It sounds as if they're not going to re-brand the acquisitions, so the net effect on ski boats is probably nothing. If anything, we should be thankful that they've got a bunch of profitable wake boats keeping the company going, 'cause even at the prices the new 200s are going for, it that's all they sold, CC would be long gone...
  • oldjeepoldjeep Posts: 3,428 Mega Baller
    edited March 2015
    @Nando Their other nice profit center is selling engines to the competition ;) They get a little piece of the action everytime Malibu sells an Axis or Response. Also Supreme and maybe a few other minor players.
    Chuck P
    Not a mechanic but I play one at home
  • Stevie BoyStevie Boy Posts: 2,023 ★★★Triple Panda Award Recipient ★★★
    If I am going to sit in a ski boat and drive all day, and I was given the choice of Mastercraft, Malibu or Nautique, based on comfort and boat handling I would choose Nautique every time, I guess other people may choose differently.

    When The Going Gets Tough, Get Stoked !

    schafer
  • lpskierlpskier Posts: 2,561 Mega Baller
    Two interesting Correct Craft facts: 1) They built landing craft during WW Ii; and 2) Leo Bentz, who designed and built the first 28 Nautiques (with a mold built from a Higgins boat), had to beg CC, repeatedly, to take the product off his hands.
    John Wilkins- Si non pro sanguine quem ludus ne. #iskiconnelly
    oldjeep
  • NandoNando Posts: 524 Crazy Baller
    oldjeep- exactly- the more they diversify (and keep the diversification profitable) the better to keep their costs down. Not buying engines from an outside supplier keeps their costs down in addition to giving them the revenue from outside sales. No way that prices will go down, but they might hold the line a little- at least we can hope.
  • msuwsmsuws Posts: 40 Baller
    @oldjeep never understood why Malibu took up the Axis project. A company that is known for being one of the cheaper towboats brings on another brand to compete with themselves. Maybe I'm just missing something...
  • oldjeepoldjeep Posts: 3,428 Mega Baller
    edited March 2015
    Cheaper? Please. You ever priced out a Malibu? The 2015 version of my boat starts around 90K MSRP on the trailer and that is the smallest non DD they sell. Compare that with the Nautique version (Sport 200). Starts out about 5K less and they don't seem to sell many (although it is a good boat).

    Axis competes with supra, moomba, supreme, etc.

    Edit - if I sound a little Malibu centric, that is because that is all you see around here. I live 5 minutes from the #1 Malibu dealer in the country. You see some Mastercrafts, but Nautique is a pretty rare beast around here unless it is 20 years old. Their local dealer doesn't ever stock more than a couple boats.
    Chuck P
    Not a mechanic but I play one at home
  • msuwsmsuws Posts: 40 Baller
    Granted, but Malibu's 20VTX is their cheapest model with an 80K msrp which is 15K cheaper than it's Nautique counterpart and even cheaper than its Mastercraft counterpart.
  • oldjeepoldjeep Posts: 3,428 Mega Baller
    edited March 2015
    Um, no. The VTX counterpart is a Nautique Sport 200 which has a 5K lower MSRP

    2015 Nautique Sport 200 Base MSRP - $74,616.00
    2015 Malibu VTX Base MSRP - $79,028.00

    Add about 5K if you want them on a trailer, and another 5K with the accessories that they all actually get ordered with.

    As for MC - they have a couple boats that size - 20ft. But nothing that competes seriously for the crossover market.
    Chuck P
    Not a mechanic but I play one at home
    msuws
  • msuwsmsuws Posts: 40 Baller
    @oldjeep that makes sense. Appreciate you clearing it up for me.
  • GAJ0004GAJ0004 Posts: 1,095 Baller
    I remember the Bass Nautique 2018 from 1985.
    Gary Janzig Streetsboro Ohio, skis at Lake Latonka, Mercer Pennsylvania slalom,trick,kneeboard,barefoot
  • swc5150swc5150 Posts: 2,257 ★★★Triple Panda Award Recipient ★★★
    @msuws I hear what you're saying. I priced out a new TXi and 200, and the TXi was much less. I have no clue about the other models though.

    I'm also not sure there's any concern about CC discontinuing a DD ski boat. From what I understand from a dealer friend, the number of units sold of the 200, versus SN's of the past couple decades isn't drastically different. SN's never had unit numbers like those of wake boats. The market was always too small for such volume. If that's completely incorrect, maybe someone with better info can chime in?
    Scott Calderwood
    msuws
  • lpskierlpskier Posts: 2,561 Mega Baller
    I took a CC factory tour recently. There were maybe 30 boats under construction, including six 200's. One of the fellows on the tour, who had taken it several times before, said that was the first time he had seen more than two 200's under construction at once. The engineer giving the tour pointed out that the big run on 200's then was to get the promo boats out and ready to go. So, if manufacturing is representative of sales (which sounds likely), it would seem that 200's represent at most 2/30ths (1/15) of CC's sales. If six 200's were normal and I overestimated the number of boats being built by one third, then the 200 represents 6/20ths or just over a quarter of CC's business. No matter how you slice the mustard, 200's are a small piece of CC's business.
    John Wilkins- Si non pro sanguine quem ludus ne. #iskiconnelly
  • swc5150swc5150 Posts: 2,257 ★★★Triple Panda Award Recipient ★★★
    Definitely a small piece of CC's business, but it's how they translate into contribution for the company that matters. For all we know, just promo boat sales could be enough to provide positive contribution to the P&L? They were really smart in leveraging the hull for the 200v configuration.
    Scott Calderwood
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