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Refrigeration-Frigoboat Keel Cooled vs. others?  Shawn-- We went through a similar process awhile ago and decided against the keel cooler option. Several of our friends opted for the system and had the experience of having the lubricating oil in the coolant collect in and obstruct the keel cooler which disables the system. One of our friends has abandoned a FrigoBoat system after two+ years of efforts and repeated malfunctions. We did go with the FrigoBoat air-cooled option simply because it replaced the system that originally came on our boat and I did not want to have to change the cabinetry to fit a different arrangement. Thus far it has worked very well and we're satisfied with it although, believe it or not, the new unit is not quite as efficient as it's 1986 era predecessor which may be a function of the new refrigerants verses R-12. In addition to the FrigoBoat for the refrigerator, we also have a separate SeaFrost for the freezer and I have found that to be somewhat more efficient. If we could have fit another SeaFrost in the space we had available, I would have gone with another. The "expert" on refrigeration is a fellow by the name of Don Kollmann. See KollmannMarine Boat Refrigeration Specialist FWIW...  svHyLyte said: We went through a similar process awhile ago and decided against the keel cooler option. Several of our friends opted for the system and had the experience of having the lubricating oil in the coolant collect in and obstruct the keel cooler which disables the system. One of our friends has abandoned a FrigoBoat system after two+ years of efforts and repeated malfunctions. FWIW... Click to expand... I've had the Frigoboat with the keel cooler for about 10 years now, and am very happy with the choice... I've yet to have any significant issue with it whatsoever, it's been pretty flawless... it's virtually silent, the only time I ever notice it is the very faint "shudder" the compressor emits when it shuts off... Only maintenance is to keep the keel cooler free of marine growth, pretty simple chore if it's located reasonably close to the waterline... FWIW I think the older FrigoBoat units were much more robust than the current editions. Our original unit was a 1986 version installed by the builder when the yacht was manufactured and it worked very well for 24 years. We finally replaced it when the compressor died and although we could obtain another compressor, that would have been with "no guaranty" and would have cost about half of what the replacement system cost. I have heard the same sentiments from other owners of the older units... My frigiboat keel cooler has a zinc that must be checked and replaced when needed. I have seen a boat with the consequenses of zinc neglect on the keel cooler.  Am in the same decision process and think I'll probably wind up buying one of the Isotherm coldplate units. Have not yet decided to go water cooled or air. I don't like the extra layer of things to break on any of the water cooled exchangers although they are slightly more efficient. Just seems I remember seeing a few posts over time about various problems with water cooled units either getting clogged, corroding, etc. http://www.defender.com/product.jsp?path=-1|406|10789|322423&id=58870  I'm a big fan of any of the keel-cooled variants. The two most common choices are the Frigoboat keel-cooler and the Isotherm SP. My experience with both has been very good, even when neglected. Both do have their own zincs to watch after. The Isotherm SP has its heat exchanger wrapped around a thru-hull (galley sink drain on Auspicious) so it can be installed in the water. In addition, as long as you don't accidentally put a drain plug in the sink drain acts as a chimney and cooling is quite reasonable (albeit at higher power consumption) on the hard. I would not hesitate to purchase either a Frigoboat keel-cooler or an Isotherm SP. Both are very reliable and significantly quieter than a classical water cooled unit. The air-cooled units are reliable but can be noisier than a keel-cooled/SP although quieter than a classic water-cooled. They do become one more source of heat in the cabin. When looking at stand-alone Engel air cooled freezers for a friend I did some calculations that clearly indicated that the heat from an air-cooled refrigeration unit was significantly less than the heat shed by a person down below from breathing and body temperature, so while an air-cooled unit does add to heat loading it is much less than people. *grin*  Our keel cooled Frigoboat has worked nearly flawlessly for 8 (?) years; interesting to read the above comment that the older systems are more robust than the newer ones. Their website has a table to calculate your power use that, if anything, OVERestimates what you'll need. We use about 25 silent amp-hours per day for two good-size cold boxes plus a shoebox-sized freezer. We're only on the hard a few weeks per year, so rather than adding the air-cooled option, we just use block ice for that short time. Wow, 25 amp hours is great for that amount of cubic footage. That would add up to only about 2 hours of output/day from my 2 solar panels, an acceptable amount. The thing that seems to be difficult to find is the predicted cycle time. The amperage range is in the specs. of these units but there is no estimate of theoretical run-time. This would give a much clearer idea of actual amp/hours. It would be nice to see a chart with variables of cubic feet, R-value of the enclosure, ambient temp, and cycle time. This would give a much better basis for sizing a unit. Have not seen the Frigoboat table you mentioned, maybe they have done this. Smurphy, yes, they've done exactly that: you tell it box volume, amount of insulation, water temp, and they tell you usage. We can run indefinitely off our solar panels in 70-degree water. Better in summer with longer hours of daylight, worse in autumn when the water's still warm and the days are short. Yes, their calc. page gives a good idea about actual amp hours. At least it's a basis for coming up with a guesstimate. My calc comes up to only 19.9 for 4 cubic feet, using a keel cooler. I like their opinion piece on coldplates as well which has convinced me to scrap the old coldplate. Although a couple of hundred bucks more than the Isotherm unit I was looking at, the Frigoboat looks at least as good and they have put together a very nice website. I really like the design of their keel cooler and the fact that it does not depend on salt water intake like the Isotherm. OK gurus... Ideas on "oversizing" the unit a little? Or is it just a waste? Thanks for all the replies. I think I'm leaning towards a Frigoboat and will make the purchase soon, but what about NorCold by Thetford? Not a keel cooled unit but pretty inexpensive, around $600 + http://www.defender.com/product.jsp?path=-1|406|10789|322424&id=10854 Do you oversize the chiller on a walk-in? I know that heat-pumps and aircon experts generally discourage significant oversizing. I expect reefers would be the same. The Norcold is air-cooled I think so you would have to be sure you can get good ventilation of the compressor location, both intake and exhaust without circulation of the hot exhaust air back into the intake. No personal experience with the Norcold to offer that I know of.  Hi Shawn, Not sure if you decided already, but I just thought I'd throw in for the Frigoboat. Ours was installed by the previous owner, so I don't know the exact age. But it has run flawlessly for the past 8 years or so that we've owned our boat. It is VERY miserly on power consumption, too. That being said, ours is configured as a fridge -- not a freezer -- which likely contributes to the lower power draw. I really like the idea of the air-cooled back-up (which ours does not have). Over the years I have consistently commented that the inability to operate the fridge while hauled-out is the one down-side to the keel-cooler. Sounds like they've come up with a good solution. Good luck!  I'm not sure that oil logging would be the cause of failure. Hot gas enters the keel cooled condensor where its condensed into liquid refrigerant. Refrigerant oil entrained with the hot vapor will readily mix with the liquid refrigerant after the vapor has condensed. More likely cause might have been an overcharged system. I have to research the principle of operation in more depth. Refrigeration systems need some type of head pressure control to prevent liquid refrigerant from flashing to vapor before the metering device(not sure how frigo accomplishes this with their water cooled or keel cooled condensor). Slightly oversized med and low temp refrigerant systems are not as critical as oversizing an a/c or heat pump system, but should be avoided if possible to prevent flooding of refrigerant back to compressor. Air conditioning systems that are oversized will cool down the environment too quickly leading to short cycling equipment and not removing enough humidity resulting in high energy costs, shortened equipment life and a cold damp environment. In older systems the oil could break down and form wax in high ambient conditions. SV there really is no way to know what really happened, I agree with you on that. My guess is that keel coolers are very susceptible to marine growth and loss of heat exchange when the boat is "parked" lol hence the addition for air cooling the refrigerant on the way back to the evaporator. SW, these systems are very small, with only a few ounces of refrigerant. Just hooking up gauges to "check the charge" is enough to drastically shorten the charge since the gauge hoses hold about an oz per 3ft hose. DIYers almost ALWAYS assume refrigerant is needed and ALWAYS (well almost always) overcharge systems. They are very basic systems also, no pressure controls, and the 12 volt (or 24) compressors have that controller that is hyper sensitive to everything; temp, resistance, amps, etc.  T37Chef, we're figuratively in the same boat as you, planning to make a purchase soon on the refrigeration we'll install over the winter. We had been planning on the keel cooler system, but haven't decided 100%. Have you made your choice? Our goal is for the system to be as miserly as possible, even when it's hot. We don't have a ton of space for extra batteries on our Sabre 34, so our house bank will only be 2 Group 31s. If we get the results anything like WingNwing, then we'll be fine. But no guarantees there with different boat, insulation, etc. Anyway, just wondering if you came a conclusion for your boat's needs? Hi Jim, We have 2xGrp31 AGMs also, and even now that they are 7+ years old, we typically can go 2+ days easily at anchor on just one of them running all domestics including fridge. We used to be able to get closer to 3 days. We are frugal, of course, with lights etc and careful about not opening the fridge unnecessarily, but we do have kids on board so probably open quite a bit more often than the average couple. And as mentioned above, ours is a fridge, with no freezer capability. We also usually throw a bag of ice in the bottom, too, in case we need some for burns, sprains, bumps, etc. If I recall correctly, our fridge is about 6 cubic feet. I think you'd like the Frigoboat, and if you don't need it to work when the boat is hauled, then you can save the expense of the air-cooled option. As erika mentioned, block ice is often an option if you need it when hauled. I don't have my price sheet in front of me, so I'm recalling from the price sheet I saw a few days ago, but that sounds higher than what I spec'd out. Are you planning to go with the K50F as opposed to the K35F? -J Ahh, yes the larger compressor and evaporator will make the difference. I was looking at the smaller in both cases. The recommendation I got was for the K35 and the bin shaped 250B evaporator.  My thoughts..insulate your box better. Alder Barber Super Cold machine, 4 new 6 volt AGM Lifeline low profiles at 440 ah or 220 usable. same footprint as your 2 group 31 for space. All this for the price of Frigoboat. Makes ice cubes too. The other is overkill for your sailing profile and needs Just saying..". Dave Hey Chef, I'm really not trying to give you a hard time--REALLY. But I keep hearing that four 6Vs have the same footprint as two Group 31s, but I don't see how that's possible. They're both about about 7" wide. The 6v is about 10" long and the 12v is 13". Am I missing something? On our boat, there's no way 4 6v would fit in the space of our Group 31s. Not even close. Don't get me wrong, you may still have a point about which refrigeration to go with, and I do agree with your point about insulation, in general. I'm just saying about the batteries...so seriously, am I missing something? -J  We installed an Isotherm SP/ASU system about 10 years ago and highly recommend it. It uses an in-water heat exchanger that is part of a bronze thru hull fitting that replaces your existing galley sink drain thru-hull. Needless to say, the boat needs to be on the hard to do this part. The automatic start up process is particularly suitable for a sailboat. When the controller senses a charging voltage--like from the alternator when the motor is running--it kicks the compressor into high gear to quickly freeze the cold plate. Otherwise, the compressor runs off the house batteries at a lower speed. The manufacturer recommended that we use a special thru hull zinc for the first year on a precautionary basis. We did and it came out at the end of the season showing no noticeable erosion. We removed it and haven't had any problem with corrosion. Per the manufacturer's recommendation, we do not use any antifouling paint inside the thru hull and haven't seen any fouling. By the way, I don't think it's a good idea to run the compressor on the hard, as the heat exchange doesn't work that well in air. In any case, the Isotherm refrigeration has been maintenance free all these years, with the only repairs being due to a lightning strike that took out all of our electronics last year. Shawn - I tend to agree with Dave for a price-sensitive solution EXCEPT I don't like AGMs. If your battery box is at all accessible it is hard to beat lead-acid batteries for capacity/$-life. The greater charge capacity of AGMs is a red herring as few boats can generate the charge currents from either battery chargers or alternators to achieve the benefits advertised. My box is under the main berth aft and I check the batteries for level and specific gravity whenever I change the sheets on the berth. OK, so we took a few steps back and re-evaluated everything. We also took some measurements, did some additional research, and here's where we are. We're going with Frigoboat, 12v C35 or K35 compressor, smart speed control, digital thermostat (maybe even with the manual speed selection option--not sure), and a vertical "bin" style evaporator (size depending on what will fit). The only question now is air cooled versus keel cooled. I'm a big fan of efficiency, but I'm also a fan of simplicity (both installation and operation), so I go back and forth. I realized that part of the problem is that there isn't independent testing of the two against each other. All I know is what Frigoboat claims about the keel cooler, and that people who have it generally like it (although there have been some complaints about clogging of the tubes). The keel cooler will be more difficult to install, and more difficult to replace if needed. But if the efficiency gains are significant enough, then it's probably worth it. I just can't really quantify that gain for our intended usage...so again...I go back and forth on this one... Anyway, just some thoughts on Frigoboat for today. Cheers, J josrulz said: ...The keel cooler will be more difficult to install, and more difficult to replace if needed. ... Click to expand... In your planning guys. these units do not really make "tons" of btuhs like AC units. I think most are around 300-500 btuhs an hr. not allot of heat to vent What about running duct work to the bilge, get some air circulation down there? UM, decisions decisions...still muling mine Top Contributors this Month  - Rent Storage
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Moscow Mills 61 Storage - Lowest Prices -, NEW facility (636) 356-1896 FREE LOCKS ** 24/7 Access to your Storage Garage ** We Price Match ** We list all our pricing to make your decision easy!Premium covered parking & oversized garages - lowest 10'x20' prices. We have a state-of-the-art facility with the best customer service around! When you rent from us, you'll have 24-hour access to your belongings. Give us a call or book online today! Central Missouri leader in RV / Bus Garages, Boat Garages, big storage units and temperature controlled units. We also have U-Haul rentals available! Rent Online Why Use Moscow Mills 61 Storage?Over-sized storage, book and pay online, all the convenience and security you need, our promise to you, customer service, convenience. The Musings of a Hopeless WandererEngaging in the eternal search for the meaning of life...or a good time. Monday, September 3, 2018Tackling moscow by train and boat. Our first full day in Moscow started fairly late since we were still catching up on sleep. Around 1, we finally were able to get our act together and get out the door. We stopped by a cafe to get some breakfast and headed over to the Red Square. Since the festival is going on, we had to go through metal detectors. Once we cleared security, we reached the State Historical Museum which provided an entrance to the Red Square.  We walked the length of the Red Square, passing by the Kazan cathedral.  Under normal conditions, the Red Square is a large walking area with the State Historical Museum on one end and St. Basil's on the other end. On the sides is the Kremlin wall on one side and then the GUM shopping mall and the Kazan cathedral on the other side. Presently, the walking area has been considerably narrowed and the fesitval grounds occupying a large space between the Kremlin and the mall. We even asked a stranger to take our picture!  After walking around the Red Square, we had to leave to meet up with our Metro Tour. Moscow has famously pretty metro stations so metro tours are quite popular. We booked a relatively inexpensive tour through a tour group which met outside of the Red Square. On our way, we passed by the Kremlin gardens and the tomb to the unknown soldier and the eternal flame.  We soon met up with our group which, fortunately, was only 5 people. Our guide told us that we were going to visit 8 stations during the 1.5 hour tour. Honestly, a lot of the stations blended in to me so I won't be able to give you a detailed description of all of them. However, I did learn that there are 222 metro stations and the trains come every 2-3 minutes reliably. For that reason, Moscow > DC. One of the first metro stations we visited had bronze statues all over of various depictions. Many of the statues had superstitions tied to them. For example, for a statue of the dog, it's held that if you rub the nose of the dog, you'll have good luck. Consequently, most of the statue is tarnished - except for the nose. I joked to Tomas that they probably rotate the "good luck" portion of the statue to ensure the entire statue gets polished. However, I do remember some of the stations. Novoslobodskaya is a station adorned with stained glass on the walls.  There was also Belarusskaya, which paid tribute to Belarus.  Another station which name I cannot remember but had pretty mosaics in the ceilings.  My favorite station was Komsomolskaya. It's the busiest station and a hub for other connecting trains. It was built during Statlin times and he wanted the station to embody beauty to set a good first impression to Russia. I'd seen pictures of it beforehand since it's the most famous but it's so much more impressive in person. Look at these ceilings!  Overall it was a very interesting tour. Not sure of any other city which could offer a metro tour. DC certainly can't... After the tour, we headed back of the hotel to rest for a bit. We had purchased tickets to a tour hour boat down the Moscow river. The tickets were good for any time on any day and the boats left every 20min. We decided to knock the tour out that day and headed over to the pier. We arrived at the pier and saw a boat by the company we had purchased from boarding. We approached and they shook their head and said it wasn't the right boat. So we waited for another boat. Another boat came along by the same company we had purchased from so weapproached them. Again - we were told it wasn't the right boat and the boat we were looking for was coming. A third boat came along which was NOT by the company we had purchased from. By this point, it had been longer than 20min waiting and I was starting to suspect that the correct boat was actually one of the ones which turned us away. We approached the 3rd boat to ask if they knew which boat we should be on. However, when we approached, they waved us aboard without scanning our tickets. So, we boarded the 3rd boat....which was definitely not ours. We settled into an upper deck, open air table to take in the views. We passed by pretty buildings.  The somewhat impressive cathedral of Christ the Savior.  This random statue.  After about hour on the cruise, Tomas remarked that it had been about an hour so we should be turning around soon. I reminded him that we actually had no idea how long this cruise was or where we would be dropped off. Since we were on the wrong boat. Fortunately, it did turn around and took us back to the pier. For dinner, we decided to go to this burger place, Black Star Burger, which our guide told us about. Tomas really liked his - I thought mine was OK. It was a decent size patty with a mountain of Cole slaw on top. We've realized that apparently Russians dislike getting their hands dirty while eating so some restaurants will give out gloves to use. This particular restaurant gave out black gloves. Tomas modeling our dinner.  Since little mum has been asking about pictures which show my feet, I assume she wanted to see my new shoes. I recently bought Allbirds which are suppose to be super comfortable walking shoes which you wear without socks and can be washed. I didn't wear them too extensively beforehand, so that was probably my first error. I also didn't bring another pair of good walking shoes, which was likely my second error. The Allbirds were great the first two days without socks. Midway through the third day, my right foot was quite unhappy. Left foot was a trooper. So, now I have a bandaid on the heel of my right foot and wear socks. No comments:Post a comment. - Malibu Boats -stock
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Malibu Boats, Inc. Announces Fourth Quarter Fiscal 2024 ResultsLOUDON, Tenn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced its financial results for the fourth quarter and fiscal year ended June 30, 2024. Fourth Quarter Fiscal 2024 Highlights Compared to Fourth Quarter Fiscal 2023 - Net sales decreased 57.4% to $158.7 million
- Unit volume decreased 59.0% to 1,045 units
- Gross profit decreased 87.8% to $12.5 million
- General and administrative expenses decreased to $21.6 million
- Net loss increased 8.6% to a net loss of $19.6 million
- Adjusted EBITDA decreased 104.5% to $(4.1) million
- Net loss available to Class A Common Stock per share (diluted) increased 9.3% to a net loss of $0.94 per share
- Adjusted fully distributed net income per share decreased 113.1% to $(0.39) per share on a fully distributed weighted average share count of 21.0 million shares of Class A Common Stock
Fiscal Year 2024 Highlights Compared to Fiscal Year 2023 - Net sales decreased 40.3% to $829.0 million
- Unit volume decreased 45.4% to 5,385 units
- Gross profit decreased 58.1% to $147.1 million
- General and administrative expenses decreased to $76.3 million
- Net income decreased 152.3% to a net loss of $56.4 million
- Adjusted EBITDA decreased 71.0% to $82.2 million
- Net income available to Class A Common Stock per share (diluted) decreased 154.2% to net loss of $2.74 per share
- Adjusted fully distributed net income per share decreased 79.1% to $1.92 on a fully distributed weighted average share count of 21.1 million shares of Class A Common Stock
“As the new CEO of Malibu Boats, I am committed to our goal of navigating the near-term headwinds while enhancing our roadmap for strategic growth. I am excited about the opportunity to continue our presence as the premier manufacturer of recreational powerboats. Our focus on developing premium products for all our brands remains unwavering as we introduce our new Model Year 2025 lineup,” commented Steve Menneto, Chief Executive Officer of Malibu Boats, Inc. “The deep-rooted history of innovation across our premium brands and feature-rich product portfolio, along with our steadfast commitment to operational excellence, deeply resonates with me. I am excited by the tremendous opportunity to further our mission and drive value to our employees, customers, and shareholders. I look forward to working closely with the entire Malibu Boats family as we demonstrate our resilience through current market headwinds while leveraging our strengths to accelerate our long runway for growth.” “Despite a softened retail demand environment, we are pleased with our execution as we closed out the fiscal fourth quarter,” commented Bruce Beckman, Chief Financial Officer of Malibu Boats, Inc. “We generated positive cash flow, paid down our remaining debt and returned cash to shareholders. We also made significant progress returning inventory to more normalized levels while upgrading our dealer network. Looking ahead to the next fiscal year, while we expect continued market challenges in the near term, we remain optimistic about the business's potential in a more normalized market. We remain well-positioned to execute on our foundational strengths, navigating the cycle with our flexible cost structure and positioning ourselves to expand our market share and drive profitable growth for our shareholders.” Results of Operations for the Fourth Quarter and Fiscal Year 2024 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Sales | | $ | 158,712 | | | $ | 372,303 | | | $ | 829,035 | | | $ | 1,388,365 | | | Gross Profit | | $ | 12,493 | | | $ | 102,462 | | | $ | 147,095 | | | $ | 351,295 | | | Gross Profit Margin | | | 7.9 | % | | | 27.5 | % | | | 17.7 | % | | | 25.3 | % | | Net (Loss) Income | | $ | (19,598 | ) | | $ | (18,043 | ) | | $ | (56,443 | ) | | $ | 107,910 | | | Net (Loss) Income Margin | | (12.3 | )% | | (4.9 | )% | | (6.8 | )% | | | 7.8 | % | | Adjusted EBITDA | | $ | (4,090 | ) | | $ | 90,099 | | | $ | 82,237 | | | $ | 284,036 | | | Adjusted EBITDA Margin | | (2.6 | )% | | | 24.2 | % | | | 9.9 | % | | | 20.5 | % | | |
Comparison of the Fourth Quarter Ended June 30, 2024 to the Fourth Quarter Ended June 30, 2023 Net sales for the three months ended June 30, 2024 decreased $213.6 million, or 57.4%, to $158.7 million, compared to the three months ended June 30, 2023. The decrease in net sales was primarily due to lower wholesale shipments driven by lower retail activity during the period, increased promotional costs and elevated dealer channel inventory levels. Unit volume for the three months ended June 30, 2024 decreased 1,505 units, or 59.0%, to 1,045 units compared to the three months ended June 30, 2023. Our unit volume decreased primarily due to lower wholesale shipments across all segments. The decrease in wholesale shipments were driven by our efforts to address elevated channel inventory resulting from weakening retail demand experienced throughout the fiscal year. Net sales attributable to our Malibu segment decreased $122.8 million, or 76.6%, to $37.5 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. Unit volumes attributable to our Malibu segment decreased 934 units, or 74.5%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. The decrease in net sales was primarily due to lower wholesale shipments driven by lower retail activity and elevated dealer channel inventory levels during the period and increased promotional costs, partially offset by lower dealer flooring program costs. Net sales attributable to our Saltwater Fishing segment decreased $57.7 million, or 44.9%, to $71.0 million, for the three months ended June 30, 2024, compared to the three months ended June 30, 2023. Unit volumes decreased 370 units, or 51.0% for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. The decrease in net sales was driven by a decrease in units and increased dealer flooring program costs, partially offset by a favorable model mix and inflation-driven year-over-year price increases. Net sales attributable to our Cobalt segment decreased $33.1 million, or 39.7%, to $50.2 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. Unit volumes attributable to Cobalt decreased 201 units, or 35.2% for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. The decrease in net sales was driven primarily by a decrease in units and increased dealer flooring program costs, partially offset by inflation-driven year-over-year price increases. Overall consolidated net sales per unit increased 4.0% to $151,878 per unit for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. Net sales per unit for our Malibu segment decreased 8.0% to $117,690 per unit for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, driven by increased promotional costs and increased dealer flooring program costs, partially offset by inflation-driven year-over-year price increases. Net sales per unit for our Saltwater Fishing segment increased 12.5% to $199,331 for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, driven by favorable model mix and inflation-driven year-over-year price increases, partially offset by increased promotional costs and dealer flooring program costs. Net sales per unit for our Cobalt segment decreased 7.0% to $135,695 per unit for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, driven by an unfavorable model mix, partially offset by inflation-driven year-over-year price increases. Cost of sales for the three months ended June 30, 2024 decreased $123.6 million, or 45.8%, to $146.2 million as compared to the three months ended June 30, 2023. The decrease in cost of sales was primarily driven by a 59.0% decrease in volumes and partially offset by increasingly normalized inflationary pressures. In the Malibu segment, per unit material and labor costs increased $8.4 million driven by increased prices due to inflationary pressures, offset by a decrease in volume. In the Saltwater Fishing segment, per unit material and labor costs increased $8.2 million driven by increased prices due to inflationary pressures and an increased mix of larger models that corresponded with higher net sales per unit, offset by a decrease in volume. In the Cobalt segment, per unit material and labor costs increased $1.8 million driven by increased prices due to inflationary pressures, partially offset by an increased mix of smaller models that correspond to a lower net sales per unit. Gross profit for the three months ended June 30, 2024 decreased $90.0 million, or 87.8%, to $12.5 million compared to the three months ended June 30, 2023. The decrease in gross profit was driven primarily by lower sales revenue. Gross margin for the three months ended June 30, 2024 decreased 1,960 basis points from 27.5% to 7.9%, driven by increased promotional costs across all segments, decreased mix of Malibu and Axis models that carry a higher gross margin and fixed-cost deleveraging. Selling and marketing expenses for the three months ended June 30, 2024 decreased $0.6 million, or 10.6%, to $4.9 million compared to the three months ended June 30, 2023. The decrease was driven primarily by a decrease in compensation and boat show and related events for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. As a percentage of sales, selling and marketing expenses increased 160 basis points to 3.1% for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. General and administrative expenses for the three months ended June 30, 2024 decreased $96.4 million, or 81.7%, to $21.6 million as compared to the three months ended June 30, 2023. The decrease in general and administrative expenses was driven primarily by the settlement of product liability cases for $100.0 million during the three months ended June 30, 2023, partially offset by an increase in compensation and personnel-related expense. As a percentage of sales, general and administrative expenses decreased 1,810 basis points to 13.6% for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, almost entirely due to the settlement of product liability cases discussed above. Amortization expense remained flat at $1.7 million for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. Operating loss for the three months ended June 30, 2024 increased to $24.4 million from an operating loss of $22.6 million for the three months ended June 30, 2023. Net loss for the three months ended June 30, 2024 increased 8.6% to a net loss of $19.6 million from a net loss of $18.0 million and net loss margin increased to (12.3)% from (4.9)% for the three months ended June 30, 2023. Adjusted EBITDA for the three months ended June 30, 2024 decreased 104.5% to $(4.1) million from $90.1 million, while Adjusted EBITDA margin decreased to (2.6)% from 24.2% for the three months ended June 30, 2023. Comparison of the Fiscal Year Ended June 30, 2024 to the Fiscal Year Ended June 30, 2023 Net sales for fiscal year 2024 decreased $559.3 million, or 40.3%, to $829.0 million, compared to fiscal year 2023. The decrease in net sales was driven primarily by decreased unit volumes across all segments resulting primarily from decreased wholesale shipments and increased promotional costs across all segments resulting from elevated channel inventory levels and increased flooring costs for the Saltwater Fishing and Cobalt segments, partially offset by a favorable model mix in our Saltwater Fishing segment and inflation-driven year-over-year price increases. Unit volume for fiscal year 2024 decreased 4,478 units, or 45.4%, to 5,385 units compared to fiscal year 2023. Our unit volume decreased primarily due to lower wholesale shipments across all segments. The decrease in wholesale shipments were driven by our efforts to address elevated channel inventory resulting from weakening retail demand experienced throughout the fiscal year. Net sales attributable to our Malibu segment decreased $357.1 million, or 56.1%, to $279.1 million for fiscal year 2024 compared to fiscal year 2023. Unit volumes attributable to our Malibu segment decreased 2,946 units for fiscal year 2024 compared to fiscal year 2023. The decrease in net sales was primarily due to lower wholesale shipments driven by lower retail activity during the period, increased promotional costs and elevated dealer channel inventory levels. Net sales attributable to our Saltwater Fishing segment decreased $121.6 million, or 27.1%, to $327.5 million for fiscal year 2024 compared to fiscal year 2023. Unit volumes decreased 952 units for fiscal year 2024 compared to fiscal year 2023. The decrease in net sales was driven by a decrease in units and increased dealer flooring program costs, partially offset by a favorable model mix and inflation-driven year-over-year price increases. Net sales attributable to our Cobalt segment decreased $80.6 million, or 26.6%, to $222.4 million for fiscal year 2024 compared to fiscal year 2023. Unit volumes attributable to Cobalt decreased 580 units for fiscal year 2024 compared to fiscal year 2023. The decrease in net sales was driven primarily by a decrease in units, increased dealer flooring program costs and unfavorable model mix, partially offset by inflation-driven year-over-year price increases. Overall consolidated net sales per unit increased 9.4% to $153,953 per unit for fiscal year 2024 compared to fiscal year 2023. Net sales per unit for our Malibu segment increased 3.1% to $127,983 per unit for fiscal year 2024 compared to fiscal year 2023, driven by an increased mix of higher optioned boats and inflation-driven year-over-year price increases, partially offset by increased promotional costs and increased dealer flooring program costs. Net sales per unit for our Saltwater Fishing segment increased 15.4% to $200,577 per unit for fiscal year 2024 compared to fiscal year 2023, driven by a favorable model mix and inflation-driven year-over-year price increases, partially offset by increased promotional activities and increased dealer flooring program costs. Net sales per unit for our Cobalt segment increased 0.5% to $141,542 per unit for fiscal year 2024 compared to fiscal year 2023, driven by inflation-driven year-over-year price increases, partially offset by increased promotional activities, unfavorable model mix, and increased dealer flooring program costs. Cost of sales for fiscal year 2024 decreased $355.1 million, or 34.2%, to $681.9 million compared to fiscal year 2023. The decrease in cost of sales was primarily driven by a 45.4% decrease in volumes and partially offset by increasingly normalized inflationary pressures. In the Malibu segment, per unit material and labor costs increased $24.3 million driven by an increased mix of larger models that corresponded with higher net sales per unit, fixed-cost deleveraging due to lower volumes and increased prices due to inflationary pressures. In the Saltwater Fishing segment, per unit material and labor costs increased $31.7 million driven by an increased mix of larger models that corresponded with higher net sales per unit, fixed-cost deleveraging due to lower volumes and increased prices due to inflationary pressures. In the Cobalt segment, per unit material and labor costs increased $5.8 million driven by fixed-cost deleveraging due to lower volumes and increased prices due to inflationary pressures. Gross profit for fiscal year 2024 decreased $204.2 million, or 58.1%, compared to fiscal year 2023. The decrease in gross profit was driven primarily by lower sales revenue along with fixed-cost deleveraging. Gross margin for fiscal year 2024 decreased 760 basis points from 25.3% to 17.7% driven primarily by an increased mix of the Saltwater Fishing segment and increased dealer flooring program costs. Selling and marketing expense for fiscal year 2024 decreased $1.2 million, or 5.1% to $22.8 million compared to fiscal year 2023. The decrease was driven primarily by a decrease related to boat show and related events. As a percentage of sales, selling and marketing expense increased 100 basis points to 2.7% for fiscal year 2024 compared to 1.7% for fiscal year 2023. General and administrative expense for fiscal year 2024 decreased $99.4 million, or 56.6%, to $76.3 million compared to fiscal year 2023. The decrease in general and administrative expenses was primarily driven by the $100.0 million settlement of product liability cases in June 2023. Additionally, there was a decrease in compensation and personnel-related expenses partially offset by increases in legal and professional fees, licenses and permits, and IT infrastructure expenses. As a percentage of sales, general and administrative expenses decreased 350 basis points to 9.2% for fiscal year 2024 compared to 12.7% for fiscal year 2023. Amortization expense for fiscal year 2024 remained flat at $6.8 million. Operating (loss) income for fiscal year 2024 decreased to a loss of $55.9 million from $144.8 million for fiscal year 2023. Net (loss) income for fiscal year 2024 decreased 152.3% to a loss of $56.4 million from $107.9 million and net (loss) income margin decreased to (6.8)% for fiscal year 2024 from 7.8% for fiscal year 2023. Adjusted EBITDA for fiscal year 2024 decreased 71.0% to $82.2 million from $284.0 million, while Adjusted EBITDA margin decreased to 9.9% for fiscal year 2024 from 20.5% for fiscal year 2023. Fiscal 2025 Guidance For the full fiscal year 2025, Malibu anticipates net sales increase percentage in the low single digits year-over-year and Adjusted EBITDA margin ranging from 10%-12%. The Company has not provided reconciliations of guidance for Adjusted EBITDA margin, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include acquisition and integration related expenses, costs related to the Company’s vertical integration initiatives and litigation expenses that are difficult to predict in advance in order to include in a GAAP estimate. Webcast and Conference Call Information The Company will host a webcast and conference call to discuss fourth quarter and fiscal year 2024 results on Thursday, August 29, 2024, at 8:30 a.m. Eastern Time. Investors and analysts can participate on the conference call by dialing (833) 630-1956 or (412) 317-1837 and requesting Malibu Boats. Alternatively, interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section on the Company’s website at https://investors.malibuboats.com . A replay of the webcast will also be archived on the Company’s website for twelve months. About Malibu Boats, Inc. Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats, Inc. is the market leader in the performance sport boat category through its Malibu and Axis boat brands, the leader in the 20’ - 40’ segment of the sterndrive boat category through its Cobalt brand, and in a leading position in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com , www.axiswake.com , www.cobaltboats.com , www.pursuitboats.com , or www.maverickboatgroup.com . Non-GAAP Financial Measures This release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Fully Distributed Net (Loss) Income and Adjusted Fully Distributed Net (Loss) Income Per Share. These measures have limitations as analytical tools and should not be considered as an alternative to, or more meaningful than, net (loss) income as determined in accordance with U.S. generally accepted accounting principles (“GAAP”) or as an indicator of our liquidity. Our presentation of these non-GAAP financial measures should also not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of these non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. We define Adjusted EBITDA as net (loss) income before interest expense, income taxes, depreciation, amortization, and non-cash, non-recurring or non-operating expenses, including goodwill and other intangible asset impairment expense, abandonment of construction in process, litigation settlements, certain professional fees, non-cash compensation expense and adjustments to our tax receivable agreement liability. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures of net income as determined by GAAP. Management believes Adjusted EBITDA and Adjusted EBITDA Margin allow investors to evaluate our operating performance and compare our results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of our core operating performance. Management uses Adjusted EBITDA to assist in highlighting trends in our operating results without regard to our financing methods, capital structure and non-recurring or non-operating expenses. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures, the methods by which assets were acquired and other factors. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets. We define Adjusted Fully Distributed Net (Loss) Income as net (loss) income attributable to Malibu Boats, Inc. (i) excluding income (benefit) tax expense, (ii) excluding the effect of non-recurring or non-cash items, (iii) assuming the exchange of all LLC units into shares of Class A Common Stock, which results in the elimination of non-controlling interest in Malibu Boats Holdings, LLC (the "LLC"), and (iv) reflecting an adjustment for income tax (benefit) expense on fully distributed net (loss) income before income taxes at our estimated effective income tax rate. Adjusted Fully Distributed Net (Loss) Income is a non-GAAP financial measure because it represents net (loss) income attributable to Malibu Boats, Inc., before non-recurring or non-cash items and the effects of non-controlling interests in the LLC. We use Adjusted Fully Distributed Net (Loss) Income to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business than GAAP measures alone. We believe Adjusted Fully Distributed Net (Loss) Income assists our board of directors, management and investors in comparing our net income on a consistent basis from period to period because it removes non-cash or non-recurring items, and eliminates the variability of non-controlling interest as a result of member owner exchanges of LLC units into shares of Class A Common Stock. In addition, because Adjusted Fully Distributed Net (Loss) Income is susceptible to varying calculations, the Adjusted Fully Distributed Net (Loss) Income measures, as presented in this release, may differ from and may, therefore, not be comparable to similarly titled measures used by other companies. A reconciliation of our net income as determined in accordance with GAAP to Adjusted EBITDA and the numerator and denominator for our net income available to Class A Common Stock per share to Adjusted Fully Distributed Net (Loss) Income per share of Class A Common Stock is provided under "Reconciliation of Non-GAAP Financial Measures". Cautionary Statement Concerning Forward Looking Statements This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and includes statements in this press release regarding our optimism for the Company's potential in a more normalized market; our goal of navigating the near-term headwinds while enhancing our roadmap for strategic growth; and our guidance for fiscal year 2025 net sales and Adjusted EBITDA margin. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, our large fixed-cost base; our ability to execute our manufacturing strategy; our ability to accurately forecast demand for our products; increases in the cost of, or unavailability of, raw materials, component parts and transportation costs; disruptions in our suppliers’ operations; our reliance on third-party suppliers for raw materials and components; our reliance on certain suppliers for our engines and outboard motors; climate events in areas where we operate; our ability to meet our manufacturing workforce needs; our dependence on key management employees and our ability to transition to a new Chief Executive Officer; our ability to grow our business through acquisitions and integrate such acquisitions to fully realize their expected benefits; our growth strategy which may require us to secure significant additional capital; our ability to enhance existing products and develop and market new or enhanced products; our ability to protect our intellectual property; compromises or disruptions to our network and information systems; risks inherent in operating in foreign jurisdictions; general economic conditions; the continued strength and positive perception of our brands; the sale of boats previously held in inventory by our former dealer, Tommy's Boats; increased consumer preference for used boats, alternative fuel-powered boats or the supply of new boats by competitors in excess of demand; the seasonality of our business; competition within our industry and with other activities for consumers’ scarce leisure time; changes in currency exchange rates; inflation and rising interest rates; our reliance on our network of independent dealers and increasing competition for dealers; the financial health of our dealers and their continued access to financing; our obligation to repurchase inventory of certain dealers; our exposure to risks associated with litigation, investigation and regulatory proceedings; an impairment in the carrying value of goodwill, trade names and other long-lived assets; any failure to comply with laws and regulations including environmental, workplace safety and other regulatory requirements; covenants in our credit agreement governing our revolving credit facility which may limit our operating flexibility; our obligation to make certain payments under a tax receivable agreement; and any failure to maintain effective internal control over financial reporting or disclosure controls or procedures; and other factors affecting us detailed from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside our control, and there may be other risks and uncertainties which we do not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that our expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. Investor Contacts Malibu Boats, Inc. Bruce Beckman Chief Financial Officer (865) 458-5478 [email protected] | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Net sales | $ | 158,712 | | | $ | 372,303 | | | $ | 829,035 | | | $ | 1,388,365 | | | Cost of sales | | 146,219 | | | | 269,841 | | | | 681,940 | | | | 1,037,070 | | | Gross profit | | 12,493 | | | | 102,462 | | | | 147,095 | | | | 351,295 | | | Operating expenses: | | | | | | | | | Selling and marketing | | 4,870 | | | | 5,449 | | | | 22,784 | | | | 24,009 | | | General and administrative | | 21,570 | | | | 117,962 | | | | 76,323 | | | | 175,694 | | | Goodwill and other intangible asset impairment | | — | | | | — | | | | 88,389 | | | | — | | | Abandonment of construction in process | | 8,735 | | | | — | | | | 8,735 | | | | — | | | Amortization | | 1,697 | | | | 1,697 | | | | 6,811 | | | | 6,808 | | | Operating (loss) income | | (24,379 | ) | | | (22,646 | ) | | | (55,947 | ) | | | 144,784 | | | Other expense (income), net: | | | | | | | | | Other expense (income), net | | 29 | | | | 178 | | | | (4 | ) | | | 331 | | | Interest (income) expense | | (9 | ) | | | 118 | | | | 1,842 | | | | 2,962 | | | Other expense, net | | 20 | | | | 296 | | | | 1,838 | | | | 3,293 | | | (Loss) income before (benefit) provision for income taxes | | (24,399 | ) | | | (22,942 | ) | | | (57,785 | ) | | | 141,491 | | | (Benefit) provision for income taxes | | (4,801 | ) | | | (4,899 | ) | | | (1,342 | ) | | | 33,581 | | | Net (loss) income | | (19,598 | ) | | | (18,043 | ) | | | (56,443 | ) | | | 107,910 | | | Net (loss) income attributable to non-controlling interest | | (377 | ) | | | (623 | ) | | | (531 | ) | | | 3,397 | | | Net (loss) income attributable to Malibu Boats, Inc. | $ | (19,221 | ) | | $ | (17,420 | ) | | $ | (55,912 | ) | | $ | 104,513 | | | | | | | | | | | | | | | | | | | | | Net (loss) income | $ | (19,598 | ) | | $ | (18,043 | ) | | $ | (56,443 | ) | | $ | 107,910 | | | Other comprehensive income (loss): | | | | | | | | | Change in cumulative translation adjustment | | 582 | | | | (213 | ) | | | 142 | | | | (833 | ) | | Other comprehensive income (loss) | | 582 | | | | (213 | ) | | | 142 | | | | (833 | ) | | Comprehensive (loss) income | | (19,016 | ) | | | (18,256 | ) | | | (56,301 | ) | | | 107,077 | | | Less: comprehensive (loss) income attributable to non-controlling interest | | (366 | ) | | | (630 | ) | | | (516 | ) | | | 3,371 | | | Comprehensive (loss) income attributable to Malibu Boats, Inc., net of tax | $ | (18,650 | ) | | $ | (17,626 | ) | | $ | (55,785 | ) | | $ | 103,706 | | | | | | | | | | | | | | | | | | | | | Basic | | 20,395,625 | | | | 20,611,175 | | | | 20,439,449 | | | | 20,501,844 | | | Diluted | | 20,395,625 | | | | 20,611,175 | | | | 20,439,449 | | | | 20,641,173 | | | | | | | | | | | | Basic | $ | (0.94 | ) | | $ | (0.86 | ) | | $ | (2.74 | ) | | $ | 5.10 | | | Diluted | $ | (0.94 | ) | | $ | (0.86 | ) | | $ | (2.74 | ) | | $ | 5.06 | | | |
| |
| | | | | | | | | | | | | | Current assets | | | | | Cash | $ | 26,945 | | | $ | 78,937 | | | Trade receivables, net | | 23,141 | | | | 68,381 | | | Inventories, net | | 145,573 | | | | 171,189 | | | Prepaid expenses and other current assets | | 6,470 | | | | 7,827 | | | Total current assets | | 202,129 | | | | 326,334 | | | Property, plant and equipment, net | | 244,601 | | | | 204,792 | | | Goodwill | | 51,415 | | | | 100,577 | | | Other intangible assets, net | | 175,449 | | | | 221,458 | | | Deferred tax asset | | 58,097 | | | | 62,573 | | | Other assets | | 7,933 | | | | 10,190 | | | Total assets | $ | 739,624 | | | $ | 925,924 | | | | | | | | Current liabilities | | | | | Accounts payable | | 19,152 | | | | 40,402 | | | Accrued expenses | | 119,430 | | | | 187,078 | | | Income taxes and distribution payable | | 4 | | | | 847 | | | Payable pursuant to tax receivable agreement, current portion | | — | | | | 4,111 | | | Total current liabilities | | 138,586 | | | | 232,438 | | | Deferred tax liabilities | | 17,661 | | | | 28,453 | | | Other liabilities | | 8,045 | | | | 9,926 | | | Payable pursuant to tax receivable agreement, less current portion | | 40,613 | | | | 39,354 | | | Total liabilities | | 204,905 | | | | 310,171 | | | | | | | | Class A Common Stock, par value $0.01 per share, 100,000,000 shares authorized; 20,181,542 shares issued and outstanding as of June 30, 2024; 20,603,822 shares issued and outstanding as of June 30, 2023 | | 200 | | | | 204 | | | Class B Common Stock, par value $0.01 per share, 25,000,000 shares authorized; 12 shares issued and outstanding as of June 30, 2024; 12 shares issued and outstanding as of June 30, 2023 | | — | | | | — | | | Preferred Stock, par value $0.01 per share; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024; no shares issued and outstanding as of June 30, 2023 | | — | | | | — | | | Additional paid in capital | | 64,222 | | | | 86,321 | | | Accumulated other comprehensive loss, net of tax | | (4,198 | ) | | | (4,340 | ) | | Accumulated earnings | | 469,785 | | | | 525,697 | | | Total stockholders' equity attributable to Malibu Boats, Inc. | | 530,009 | | | | 607,882 | | | Non-controlling interest | | 4,710 | | | | 7,871 | | | Total stockholders’ equity | | 534,719 | | | | 615,753 | | | Total liabilities and stockholders' equity | $ | 739,624 | | | $ | 925,924 | | | |
MALIBU BOATS, INC. AND SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited): The following table sets forth a reconciliation of net (loss) income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | Net (loss) income | $ | (19,598 | ) | | $ | (18,043 | ) | | $ | (56,443 | ) | | $ | 107,910 | | | (Benefit) provision for income taxes | | (4,801 | ) | | | (4,899 | ) | | | (1,342 | ) | | | 33,581 | | | Interest (income) expense | | (9 | ) | | | 118 | | | | 1,842 | | | | 2,962 | | | Depreciation | | 6,967 | | | | 5,765 | | | | 26,178 | | | | 21,912 | | | Amortization | | 1,697 | | | | 1,697 | | | | 6,811 | | | | 6,808 | | | Goodwill and other intangible asset impairment | | — | | | | — | | | | 88,389 | | | | — | | | Abandonment of construction in process | | 8,735 | | | | — | | | | 8,735 | | | | — | | | Litigation settlement | | — | | | | 100,000 | | | | — | | | | 100,000 | | | Professional fees | | 1,110 | | | | 4,781 | | | | 3,096 | | | | 4,781 | | | Stock-based compensation expense | | 1,773 | | | | 492 | | | | 4,935 | | | | 5,894 | | | Adjustments to tax receivable agreement liability | | 36 | | | | 188 | | | | 36 | | | | 188 | | | Adjusted EBITDA | $ | (4,090 | ) | | $ | 90,099 | | | $ | 82,237 | | | $ | 284,036 | | | Net Sales | $ | 158,712 | | | $ | 372,303 | | | $ | 829,035 | | | $ | 1,388,365 | | | Net (Loss) Income Margin | (12.3 | )% | | (4.9 | )% | | (6.8 | )% | | | 7.8 | % | | Adjusted EBITDA Margin | (2.6 | )% | | | 24.2 | % | | | 9.9 | % | | | 20.5 | % |
| (1) | | Represents impairment of goodwill and trade names related to our Maverick Boat Group reporting unit in the amounts of $49.2 million and $39.2 million, respectively. | | (2) | | For the three and twelve months ended June 30, 2024, we recorded a non-cash charge of $8.7 million associated with the abandonment of the ERP project. The abandonment pertains to long-lived assets including software and other capitalized costs specifically tied to the project and is captured in the Abandonment of construction in process of the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. | | (3) | | Represents settlement of product liability cases in June 2023 for $100.0 million. | | (4) | | Represents legal and advisory fees related to ongoing litigation related to Batchelder matters for fiscal year 2024 and legal and advisory fees related to product liability cases that were settled for $100.0 million in June 2023. | | (5) | | Represents equity-based incentives awarded to certain of our employees under the Malibu Boats, Inc. Long-Term Incentive Plan and profit interests issued under the previously existing limited liability company agreement of the LLC. | | (6) | | For fiscal year 2024, we recognized other expense from an adjustment in our tax receivable agreement liability due to an increase in the state tax rate used in computing our future tax obligations and in turn, an increase in the future benefit we expect to pay under our tax receivable agreement with pre-IPO owners. For fiscal year 2023, we recognized other expense from an adjustment in our tax receivable agreement liability mainly derived by future benefits from Tennessee net operating losses at Malibu Boats, Inc. | | (7) | | We calculate net (loss) income margin as net (loss) income divided by net sales and we define adjusted EBITDA margin as adjusted EBITDA divided by net sales. | | |
Reconciliation of Non-GAAP Adjusted Fully Distributed Net (Loss) Income (Unaudited): The following table shows the reconciliation of the numerator and denominator for net (loss) income available to Class A Common Stock per share to Adjusted Fully Distributed Net (Loss) Income per Share of Class A Common Stock for the periods presented (in thousands except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net (loss) income attributable to Malibu Boats, Inc. | | $ | (19,221 | ) | | $ | (17,420 | ) | | $ | (55,912 | ) | | $ | 104,513 | | (Benefit) provision for income taxes | | | (4,801 | ) | | | (4,899 | ) | | | (1,342 | ) | | | 33,581 | | Litigation settlement | | | — | | | | 100,000 | | | | — | | | | 100,000 | | Professional fees | | | 1,110 | | | | 4,781 | | | | 3,096 | | | | 4,781 | | Acquisition and integration related expenses | | | 1,659 | | | | 1,659 | | | | 6,672 | | | | 6,654 | | Stock-based compensation expense | | | 1,773 | | | | 492 | | | | 4,935 | | | | 5,894 | | Goodwill and other intangible asset impairment | | | — | | | | — | | | | 88,389 | | | | — | | Abandonment of construction in process | | | 8,735 | | | | — | | | | 8,735 | | | | — | | Adjustments to tax receivable agreement liability | | | 36 | | | | 188 | | | | 36 | | | | 188 | | Net (loss) income attributable to non-controlling interest | | | (377 | ) | | | (623 | ) | | | (531 | ) | | | 3,397 | | Fully distributed net (loss) income before income taxes | | | (11,086 | ) | | | 84,178 | | | | 54,078 | | | | 259,008 | | Income tax (benefit) expense on fully distributed income before income taxes | | | (2,716 | ) | | | 20,455 | | | | 13,249 | | | | 62,939 | | Adjusted Fully Distributed Net (Loss) Income | | $ | (8,370 | ) | | $ | 63,723 | | | $ | 40,829 | | | $ | 196,069 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding of Class A Common Stock used for basic net income per share: | | 20,395,625 | | 20,611,175 | | 20,439,449 | | 20,501,844 | | Adjustments to weighted average shares of Class A Common Stock: | | | | | | | | | | Weighted-average LLC units held by non-controlling unit holders | | 321,419 | | 455,919 | | 395,528 | | 543,909 | | Weighted-average unvested restricted stock awards issued to management | | 287,221 | | 258,655 | | 266,557 | | 272,116 | | Adjusted weighted average shares of Class A Common Stock outstanding used in computing Adjusted Fully Distributed Net (Loss) Income per Share of Class A Common Stock: | | 21,004,265 | | 21,325,749 | | 21,101,534 | | 21,317,869 | | |
The following table shows the reconciliation of net (loss) income available to Class A Common Stock per share to Adjusted Fully Distributed Net (Loss) Income per Share of Class A Common Stock for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | Net (loss) income available to Class A Common Stock per share | | $ | (0.94 | ) | | $ | (0.86 | ) | | $ | (2.74 | ) | | $ | 5.10 | | | Impact of adjustments: | | | | | | | | | | (Benefit) provision for income taxes | | | (0.24 | ) | | | (0.24 | ) | | | (0.07 | ) | | | 1.64 | | | Litigation settlement | | | — | | | | 4.85 | | | | — | | | | 4.88 | | | Professional fees | | | 0.05 | | | | 0.23 | | | | 0.15 | | | | 0.23 | | | Acquisition and integration related expenses | | | 0.08 | | | | 0.08 | | | | 0.33 | | | | 0.32 | | | Stock-based compensation expense | | | 0.09 | | | | 0.02 | | | | 0.24 | | | | 0.29 | | | Goodwill and other intangible asset impairment | | | — | | | | — | | | | 4.32 | | | | — | | | Abandonment of construction in process | | | 0.43 | | | | — | | | | 0.43 | | | | — | | | Adjustment to tax receivable agreement liability | | | — | | | | 0.01 | | | | — | | | | 0.01 | | | Net (loss) income attributable to non-controlling interest | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | 0.17 | | | Fully distributed net (loss) income per share before income taxes | | | (0.55 | ) | | | 4.06 | | | | 2.63 | | | | 12.64 | | | Impact of income tax benefit (expense) on fully distributed income before income taxes | | | 0.13 | | | | (0.99 | ) | | | (0.65 | ) | | | (3.07 | ) | | Impact of decreased share count | | | 0.03 | | | | (0.09 | ) | | | (0.06 | ) | | | (0.38 | ) | | Adjusted Fully Distributed Net (Loss) Income per Share of Class A Common Stock | | $ | (0.39 | ) | | $ | 2.98 | | | $ | 1.92 | | | $ | 9.19 | |
| (1) | | Represents settlement of product liability cases in June 2023 for $100.0 million. | | (2) | | Represents legal and advisory fees related to ongoing litigation related to Batchelder matters for fiscal year 2024 and legal and advisory fees related to product liability cases that were settled for $100.0 million in June 2023. | | (3) | | For fiscal years 2024, 2023 and 2022, represents amortization of intangibles acquired in connection with the acquisition of Maverick Boat Group, Pursuit and Cobalt. | | (4) | | Represents equity-based incentives awarded to certain of our employees under the Malibu Boats, Inc. Long-Term Incentive Plan and profit interests issued under the previously existing limited liability company agreement of the LLC. | | (5) | | Represents impairment of goodwill and trade names related to our Maverick Boat Group reporting unit in the amounts of $49.2 million and $39.2 million, respectively. | | (6) | | For the three and twelve months ended June 30, 2024, we recorded a non-cash charge of $8.7 million associated with the abandonment of the ERP project. The abandonment pertains to long-lived assets including software and other capitalized costs specifically tied to the project and is captured in the Abandonment of construction in process line of the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. | | (7) | | For fiscal year 2024, we recognized other expense from an adjustment in our tax receivable agreement liability due to an increase in the state tax rate used in computing our future tax obligations and in turn, an increase in the future benefit we expect to pay under our tax receivable agreement with pre-IPO owners. For fiscal year 2023, we recognized other expense from an adjustment in our tax receivable agreement liability mainly derived by future benefits from Tennessee net operating losses at Malibu Boats, Inc. | | (8) | | Reflects the elimination of the non-controlling interest in the LLC as if all LLC members had fully exchanged their LLC Units for shares of Class A Common Stock. | | (9) | | Reflects income tax expense at an estimated normalized annual effective income tax rate of 24.5% of income before taxes for fiscal year 2024, and 24.3% of income before taxes for fiscal year 2023 in each case assuming the conversion of all LLC Units into shares of Class A Common Stock. The estimated normalized annual effective income tax rate for fiscal years 2024 and 2023 is based on the federal statutory rate plus a blended state rate adjusted for the research and development tax credit, the foreign derived intangible income deduction, and foreign income taxes attributable to our Australian subsidiary. | | (10) | | Represents the weighted average shares outstanding of LLC Units held by non-controlling interests assuming they were exchanged into Class A Common Stock on a one-for-one basis. | | (11) | | Represents the weighted average unvested restricted stock awards included in outstanding shares during the applicable period that were convertible into Class A Common Stock and granted to members of management. | | (12) | | Reflects impact of increased share counts assuming the exchange of all weighted average shares outstanding of LLC Units into shares of Class A Common Stock and the conversion of all weighted average unvested restricted stock awards included in outstanding shares granted to members of management. | | |
 Malibu Boats News MORERelated StocksUkraine war latest: Zelenskyy reveals plan after Kursk invasion; more than 50 killed in double missile strikeTwo missiles have killed more than 50 people and injured hundreds in a city in central Ukraine, one of the deadliest attacks by Russia since the invasion of Ukraine. Meanwhile, Volodymyr Zelenskyy has spoken about his intentions after Kyiv launched an incursion into Russia last month. Tuesday 3 September 2024 22:57, UK  - Missiles kill more than 50 people in double strike on Ukrainian city
- 'Russian scum will pay,' Zelenskyy vows
- Video shows damage left by deadly attack
- Mongolia explains why Putin was not arrested
- Ukraine plans to indefinitely hold seized territory in Russia, Zelenskyy says
- Watch: Zelenskyy discusses Kursk invasion in TV interview
- Big picture: Everything you need to know on the war this week
- Live reporting by Katie Williams
Expert view- Dominic Waghorn: Putin rubbing salt in wounds as Kyiv pleads for long-range attacks
- Sean Bell: Strike proves Putin's priority is on Ukraine, not incursion into Russia
That brings an end to our live coverage of the Ukraine war for this evening. We'll be back with any major developments overnight and our rolling updates will continue soon. Before we go, here's a reminder of the day's key events: - Ukrainian authorities said at least 51 people were killed and more than 200 injured in a Russian ballistic missile attack on the central city of Poltava. The missiles hit a military academy and a nearby hospital, officials said;
- Three days of mourning were declared by Poltava regional head Philip Pronin after one of the deadliest attacks of the war;
- Moldova's government said its energy dependence on Russia made it difficult to heed a requirement by the International Criminal Court to arrest Vladimir Putin as he visited the country.
- Meanwhile, several government ministers resigned and the deputy head of the Ukrainian president's office was sacked ahead of an expected government reshuffle;
- And Volodymyr Zelenskyy told NBC News in an exclusive interview that Ukraine planned to indefinitely hold territory seized in its shock invasion of Kursk last month as part of a plan to force Mr Putin to the negotiating table.
Washington plans to send more military aid to Ukraine in the coming weeks, the White House has said. National security spokesperson John Kirby told a briefing that the US's support for Kyiv remains "unshakeable" and it was focused on strengthening Ukraine's military and defences against Russian attacks. He noted that the US recently announced another drawdown of military assistance - and said it intends to send another round of aid in the coming weeks. Mongolia ignored the International Criminal Court's arrest warrant for Vladimir Putin as it rolled out the red carpet to receive him today. The Russian president should, in theory, have been handcuffed as he arrived - but the Mongolian government said earlier that it was difficult to arrest him due to the country's position of energy dependence on Moscow (see 17.35 post). Mr Putin was welcomed in the main square of Ulaanbaatar by an honour guard as a crowd of people watched behind temporary barriers. He and Mongolian leader Ukhnaa Khurelsukh later laid a wreath at a monument to Soviet Marshal Georgy Zhukov, visited a school curated by a Russian economic university and attended a reception ceremony where Mr Putin gave a toast. Russia has launched another attack on Ukraine, officials have said, less than a day after its deadly ballistic missile strike killed more than 50 people in Poltava. The regional administration of the northeastern Sumy region said Russian forces launched an airstrike on Sumy city tonight, hitting one of its university buildings. It said a guided bomb was believed to have been used in the attack. There were no details of any casualties. "All necessary services are available on site," the administration said in a post to Telegram . We reported earlier on Voldymyr Zelenskyy's comments that Ukraine plans to indefinitely hold territory it has seized in its Kursk invasion (see 18.17 post). Asked about the surprise invasion in an interview with our US partner network NBC News , Mr Zelenskyy said the operation was aimed at restoring Ukraine's "territorial integrity". He also said Kyiv did not "need" Russian land - but he remained silent on what the next steps would be. Watch a clip from the interview here... People are still trapped under the rubble of a building destroyed by a Russian attack in Poltava, Volodymyr Zelenskyy has said. Rescue efforts are ongoing and rubble is still being cleared, he said in his nightly address. The Ukrainian president confirmed at least 51 people have died and 271 are injured as a result of one of the deadliest attacks of the war so far. "I am grateful to all the rescuers, doctors, medical nurses and all the Poltava residents who have joined in to help, donated blood, and who provide support," he said. "We know that there are people under the rubble of the destroyed building. Everything is being done to save as many lives as possible." Volodymyr Zelenskyy has posted a video of his meeting with the UN's nuclear chief Rafael Mariano Grossi in Kyiv today. Mr Grossi, director-general of the International Atomic Energy Agency, met the Ukrainian president ahead of his visit to the Zaporizhzhia power plant, where he said the situation was "very fragile". "The station is again on the verge of being on a blackout. We've had eight of those in the past. A blackout [means] no power; no power, no cooling. No cooling, then maybe you have a disaster," he told reporters before the meeting. Mr Zelenskyy said his talks with Mr Grossi were focused "on the issue of strengthening nuclear safety in Ukraine, ensuring constant monitoring not only of the state of NPPs (nuclear power plants), but also of substations that are critical for their operation". Russia has launched a new military-focused school course as it looks to prepare teenagers "mentally and physically" for service, the UK Ministry of Defence has said. In its latest intelligence update, the ministry said the course for 15 to 18-year-olds is part of a new programme called "Foundations of Security and Defence of the Motherland". Over 11 modules, students will cover a range of topics including "combined arms combat and small arms familiarisation", it said. "The programme seeks to create and will likely result in a more militarised and security focused society," the MoD said. It added that the new youth strategy in Russia was aimed primarily at preparing "pre-conscription age teenagers mentally and physically for military service". Russia has also increased the number of summer camps for children which involve various military activities, according to the MoD. Volodymyr Zelenskyy has dismissed the deputy head of the Ukrainian president's office, Rostyslav Shurma, according to a decree on the presidential website. Ukrainian media outlets had been reporting that the dismissal of Mr Shurma, who took up the role in November 2021, was being considered by parliament. The decree does not explain why he was sacked. Meanwhile, Olha Stefanishyna, Ukraine's deputy prime minister responsible for European integration, has resigned, according to Ukraine's parliamentary speaker. Her resignation comes after Ukraine's strategic industries, justice and environment ministers also tendered their resignation earlier today (see 15.37 post). An expected shakeup of Ukraine's government comes at a critical time during the war with Russia, and ahead of Mr Zelenskyy's visited to the US this month where he hopes to present a "victory plan" to Joe Biden. The Ukrainian president said changes were being undertaken to ensure Ukraine had the strengthened government it needed. "Autumn will be extremely important. Our state institutions must be structured in such a way so that Ukraine can achieve all the results it needs," he said. "For this, we must strengthen some areas of the government and changes in its makeup have been prepared. There will also be changes in the (president's) office." A volunteer has recalled how he knew "something evil" had happened as he heard the explosions caused by Russia's missile strike on Poltava today. Yevheniy Zemskyy, who headed to the area of the attack to offer help, said: "I heard explosions... I was at home at that time. When I left the house, I realized that it was something evil and something bad, I was scared." Mr Zemskyy said he was worried about the children and other residents of the city. "That's why we are here today to help our city in any way we can," he said. According to the prosecutor general's office of Ukraine, at least 51 people were killed in the ballistic missile strike by Russian forces earlier this afternoon. More than 200 people have been injured. Regional head Philip Pronin called the attack "a great tragedy" and announced three days of mourning starting tomorrow. Be the first to get Breaking News Install the Sky News app for free   - Forums New posts Unanswered threads Register Top Posts Email
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 Location of Refrigeration Unit- Thread starter Jeff Martin
- Start date Oct 14, 2004
- Catalina Owner Forums
- Ask A Catalina Owner
Jeff MartinI have bought a new unit to replace my alderbarbour which died this year. I was wondering if anyone has installed the compressor unit otherthan the stock location under the helm seat? I was trying to free up this area for bulk storage, and wondered if any other locations are viable (under settee, beside hotwater tank, etc.) Thanks 1988 Cat 30 SRWK $5429 bobcat17801Loction----- I replaced my total unit first of this season. I mounted the compressor unit in the lazzerette on the ledge just behind the aft galley bulkhead. The wiring and tubing works well. It gets plenty of ventilation.  Jeff M10656Pictures? Bobcat, Do you have any pictures of your unit ? I would appreciate seeing the setup. email [email protected] Thanks - This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register. By continuing to use this site, you are consenting to our use of cookies. Accept Learn more…
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The Danfoss BD35F compressor, control unit, fan, and condenser fit on a 10-by-8.25-inch stainless-steel tray, and offered the smallest footprint of all the units tested. The rectangular evaporator bin can be tucked neatly into a small 2.5-cubic foot reefer/freezer and is also rated for boxes as big as 10 cubic feet.
Isotherm has the largest range of refrigeration and freezer conversion kits and makes it easy to select the proper system for your boat. Isotherm ice box conversion kits come complete with compressor, evaporator, thermostat, mounting bracket or plate, and are fully charged with quick-connect, self-sealing valves for easy installation. Isotherm ...
There are three basic types of marine refrigeration systems: drop-in units that run on 12 volts and look like something you'd find in a house or an RV; cold plates that are installed in an existing refrigerator or ice box and run on 12 volts; and holding-plate systems that can run on 12 volts DC, 110 volts AC or an engine-driven compressor ...
Popular on large boats, icemakers produce far more ice in a day than a conventional freezer. Large boats are frequently used for entertaining, and these under-counter 110V or 220V AC units produce over 20lb. of ice daily, drawing a modest amount of current (2.4A @12V DC for the Raritan Icer-Ette). Icebox conversions
There are basically three options when it comes to powering refrigeration: 1. AC units that are powered either from a shore power connection or generator, 2. DC units that run from a boat's battery bank, and 3. engine-driven units that have a compressor powered by a belt running from the engine.
Power source flexibility: Select units compatible with 12v DC, 120v AC, or engine-driven power systems, ensuring seamless integration with your boat's electrical setup. Factors to Consider When Choosing Marine Refrigeration. Capacity: Select a boat refrigerator with sufficient capacity to accommodate your food and beverage storage needs.
Frigoboat Extension Tubes for Frigoboat Evaporators. Mfr: Frigoboat Marine Refrigeration. From: $433.81. Frigoboat, Box-Shaped Evaporators for Air or Water Cooled Condensing Units. Mfr: Frigoboat Marine Refrigeration. $157.51. ONLINE ONLY. Frigoboat, Door gasket for MS 160 Freezer. SKU: 528642.
ICE BOX CONVERSION EVAPORATOR KIT BY ENGEL Owners of boats and RVs and cabins in remote locations have often expressed the desire to convert an available space in the galley to a refrigerator or freezer. Now, with Engel's new Fridge-Freezer Conversion Kit, anyone with a need for refrigeration can get a complete set of high-quality, ready -to-install Engel components and build their own ...
Do-It-Yourself Boat Refrigeration, R. L. Kollmann, 2000. 12 & 24 Volt Refrigeration Manual, Richard L. Kollmann, 2003. The Perfect Box: Thirty-Nine Ways to Improve Your Boat's Ice Box, Edgar J. Beyn, 1989. ... The Danfoss control units (read the manual) have a number of settings where you can control the speed of the compressor to match the ...
Designed and manufactured in the USA. Join the 50,000 owners who wont settle for less. * Oversized air condensers. * Accommodates large refrigerators up to 15 cubic feet (424 liters) with 3" (76mm) of polyurethethane. * Danfoss BD50F compressor resulting in 25% more cooling performance (as compared to the BD35F). * Stainless-steel construction.
Most fridge units come with 16 feet of hose between the compressor and the evaporator plate (in the fridge). Find a place with lots of air around it. They also sell an add-on ventilation kit, which for some is just a duct with a grille, others with fans. Try to not need to do this.
9070 Research Blvd Ste 201A , Austin TX 78758-7047. Keep your products running from day-one with our perfromance guarantee. home. categories. galley & outdoor. boat cabin & galley. marine appliances. marine refrigeration.
A Frigoboat keel cooled system sized for my box (about 6-7 cu/ft) using a bin shaped evaporator will run about $2,000 + another $250 for the thermostat and the Merlin Smart Speed Control and maybe the spillover fan for $150? 15% off plus free shipping during the show, so I would like to decide very soon.
Convenience. Access your account from the convenience of your own home, 24 hours a day and 7 days a week. self storage facility, large motor home, trailer, boat, household goods, 24/7 access, security camera's, fenced, on-site staff, Moscow mills, mo, free use of truck, help with moving cost, free air, water and dump station, U-Haul Dealer.
INMOTION SCV at MOSCOW BOAT SHOW 2014.For More details,https://www.inmotionworld.comFollow INMOTION Facebook,https://www.facebook.com/InmotionWorldFollow INM...
Tackling Moscow by Train and Boat Our first full day in Moscow started fairly late since we were still catching up on sleep. Around 1, we finally were able to get our act together and get out the door. We stopped by a cafe to get some breakfast and headed over to the Red Square. Since the festival is going on, we had to go through metal detectors.
August 09, 2016
One of the F-16 fighter jets sent from Nato allies to Ukraine has been destroyed, a Ukrainian military source has told the BBC. The aircraft went down amid a barrage of Russian missiles on Monday ...
Hi All!\u000B\u000BThe compressor unit for my ice box fridge needs to be replaced or rebuilt. It's probably almost 20 years old. last year it started hard, but did run for the whole summer once it got started. This year it doesn't want to start yet either. perhaps, it's wainting for the weather to...
Net sales per unit for our Malibu segment increased 3.1% to $127,983 per unit for fiscal year 2024 compared to fiscal year 2023, driven by an increased mix of higher optioned boats and inflation ...
I have a '87 Catalina 30 which I purchased last year. It had refrigeration with the compressor installed in the transom locker behind the steering pedestal, but the unit no longer works.\u000B\u000BI am in the process of purchasing a new unit and am interested in alternate locations for the compressor...
Welcome back to our coverage of the Ukraine-Russia war. Yesterday, the situation grew more intense in the key Ukrainian city of Pokrovsk, where Kyiv's top commander says fighting is "exceptionally ...
I have bought a new unit to replace my alderbarbour which died this year. I was wondering if anyone has installed the compressor unit otherthan the stock location under the helm seat? I was trying to free up this area for bulk storage, and wondered if any other locations are viable (under settee, beside hotwater tank, etc.) Thanks 1988 Cat 30 ...