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Subsequent Events | 3 Months Ended
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Sep. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Acquisition of Australia Licensee On October 23, 2014, Malibu Australia Acquisition Corp., a subsidiary of the Company, completed the acquisition of Malibu Boats Pty Ltd., Malibu’s Australian licensee manufacturer with exclusive distribution rights in Australia and New Zealand markets, for a purchase price of $16,212, consisting of $13,289 in cash and 170,889 shares of the Company's Class A Common Stock based on the average closing price of shares of the Class A Common Stock for the 20 trading days immediately prior to, but not including, the closing date of the acquisition (the “Scrip Consideration”). During a two year period following the completion of the acquisition, West may not transfer or dispose of 71.43% of the Scrip Consideration. Upon the closing, Malibu Boats Pty Ltd. became a subsidiary of the Company and will be included in the Company's consolidated financial results. The purchase consideration will be allocated to assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date. The final purchase price allocation is dependent on, among other things, the finalization of asset and liability valuations which have not been completed as of the date of this Quarterly Report. Any final adjustment will change the allocations of purchase price which will affect the fair value assigned to the assets and liabilities of Malibu Boats Pty Ltd. In connection with the issuance of Class A common stock as part of the acquisition and in accordance with the terms of the LLC Agreement, the LLC issued 170,889 LLC Units to the Company, which amount equals the same number of shares of Class A Common Stock issued by the Company as Scrip Consideration for the acquisition. Settlement Agreement with Pacific Coast Marine Windshields Ltd and Darren Bach As previously disclosed, on September 15, 2014, the Company and other defendants to the Litigation Matter entered into a Memorandum of Understanding with the plaintiffs referenced below in connection with settlement of the Litigation Matter, subject to execution of a definitive settlement agreement. On September 29, 2014, the Company and other defendants to the Litigation Matter entered into the Settlement Agreement with plaintiffs, Pacific Coast Marine Windshields Ltd. and Darren Bach, for the settlement of litigation relating to, among other things, the intellectual property rights claimed by PCMW in certain windshields used by the Company, Case No. 6:12-cv-00033-JA DAB which had previously been consolidated with Case No. 6:10-cv-01285 JA DAB, pending in the United States District Court for the Middle District of Florida. The initial complaint for the Litigation Matter was filed on August 27, 2010 in the U.S. District Court. On October 6, 2014, the Company paid $20,000 in cash in connection with its settlement of the Litigation Matter with PCMW and Darren Bach. Under the Settlement Agreement, both parties agreed to release each other from all past and present claims. Further, PCMW and Darren Bach agreed not to sue on now-existing intellectual property rights. A Notice of Dismissal was subsequently filed in the U.S. District Court on October 14, 2014 ending the Litigation Matter. Amendment to Revolving Credit Facility and Borrowing Under the Credit Facility On October 1, 2014, the Company’s indirect subsidiary, Malibu Boats, LLC, entered into the Third Amendment to Credit Agreement by and among Malibu Boats, LLC, as borrower, its parent, the LLC, and certain subsidiaries of the LLC party thereto, as guarantors, the lenders party thereto, and SunTrust Bank, as administrative agent, pursuant to which the Credit Agreement, dated as of July 16, 2013, as amended on January 3, 2014 and May 8, 2014, was amended to, among other things, (i) increase the aggregate revolving commitments thereof from $10,000 to $30,000 and (ii) reduce the maximum amount that Malibu Boats, LLC may request the lenders to increase the aggregate amount under the revolving credit facility and term loan facility in the future from an additional $30,000 to an additional $10,000. On October 3, 2014, the Company borrowed $20,000 under its revolving credit facility and used it to pay for the settlement of our litigation with PCMW and a portion of the purchase price for the acquisition of the Australian licensee.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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