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www.BoatingIndustry.com INDUSTRY NEWS 12 | Boating Industry | July 2017 Captain even more robust and global," said Jeffrey Siegel, co-owner and co-founder of ActiveCaptain. "Garmin has extensive engi- neering and cartography capabilities that will allow ActiveCaptain to be deeply integrated into their product offerings." The founders and sole employees of Ac- tiveCaptain, Karen and Jeffrey Siegel, will become employees of Garmin International. Financial terms of the acquisition will not be released. MasterCraft reports fiscal 2017 Q3 results MasterCraft announced financial results for its fiscal 2017 third quarter ended April 2, 2017. "We were pleased to see strong growth in retail demand during the quarter. Market reception for our recently released XT20 and XT21 has been strong and this series contin- ues to set new industry standards in premium features and towboat performance," Terry McNew, MasterCraft's president and CEO, said. "For the quarter and year-to-date, we delivered gains in net sales, reduced dealer pipeline inventory, as well as continued to improve on our already outstanding working capital management." Net sales for the third quarter ended April 2, 2017, rose $1.5 million, or 2.6 percent, to $58.5 million from $57.0 million for the prior- year period. The increase reflected a rise in unit sales volume of 40 units, or 5.7 percent, and favorable pricing and product mix, par- tially offset by the rebates associated with exceptionally high retail demand from the company's winter sales program. Gross profit for the third quarter, de- creased $0.9 million, or 5.8 percent, to $14.9 million, versus $15.8 million in the prior- year period. Gross margin decreased to 25.5 percent from 27.8 percent for the prior-year period. The decreases resulted from rebates associated with high retail demand from the winter sales program, partially offset by price increases and sales of higher content option packages. Fiscal third-quarter net income totaled $2.2 million, versus $4.9 million in the year- earlier quarter. Adjusted net income was $5.3 million, or $0.28 per share, on a pro forma, fully diluted weighted average share count of 18.7 million shares. This compares with ad- justed net income of $5.8 million, or $0.31 per share, in the prior-year period. Net sales for the fiscal year-to-date pe- riod ended April 2, 2017, increased $2.1 mil- lion, or 1.2 percent, to $170.3 million from $168.2 million in the prior-year period. The increase was primarily due to price increases, sales of higher content option packages, and an increase in unit volume of 11 units, or 0.5 percent, partially offset by rebates associated with high retail demand from the company's winter sales program. Gross profit for the year-to-date period ended April 2, 2017 was flat at $47.0 million versus the prior-year period. Gross margin stood at 27.6 percent from 28.0 percent in the prior-year period. Fiscal nine-month year-to-date net income totaled $13.3 million, up from $5.4 million in the prior-year period, re- flecting reduced stock-based compensa- tion costs. Adjusted net income increased to $17.8 million, or $0.95 per share, on a pro forma, fully diluted weighted average share count of 18.7 million shares. This compares with adjusted net income of $17.7 million, or $0.94 per share, in the prior-year period. MyTaskit and Valsoft form partnership, revive DockMaster brand MyTaskit announced that it has entered into a formal partnership with Valsoft, a company specialized in the acquisition and development of vertical market software companies. "When Valsoft approached us, they were looking to invest in the continued success of our marine software products," said Kevin Hutchinson, CEO and founder of MyTaskit. "As our discussions evolved, we found that by committing to a strategic collaboration, we would be able to grow the capabilities and demand for both of our products. This partnership focuses on delivering more extensive product solutions to our existing customers and the marine industry as a whole, while also opening up opportunities to partner with other niche marine software providers." The partnership aims to provide ex- panded software solutions for the marine industry with DockMaster, the marine busi- ness management software, being at the core. DockMaster is a brand that has been an industry staple for more than three de- cades, helping marine professionals manage their business operations. Since 2015, Dock- Master has been known as the Operations module of MyTaskit Pro. As part of the new Valsoft partnership, it will return to the DockMaster name. Hutchinson said that both products will continue to be sold as they are currently, and other than the rebranding of DockMaster, there will be no change for customers and industry partners. "I can't tell you how many customers have come to me, and business partners and consultants in the industry, that said 'Why did you get rid of the DockMaster name?' I'm hearing it loud and clear and this is an oppor- tunity for us to bring it back," he said. "Quite frankly the branding never was going to re- place such a strong, recognizable, respected brand of DockMaster, and so I think going back to the DockMaster name makes total sense, not only for our customers but for us internally as well." With this business alliance, Valsoft ob- tains the rights to the DockMaster brand and intellectual property, as well as opera- tions of DockMaster products and services. The MyTaskit and DockMaster teams will work together daily, ensuring the partner- ship results in continued strategic develop- ment, deployment, support, and integration of both DockMaster and MyTaskit Pro software products. Cam Collins, previ- ously senior vice president at MyTaskit, has been named president of DockMaster, and will continue in this role as the lead- ing executive of operations. Additionally, Hutchinson is joining Valsoft's board of advisors. Hutchinson said the partnership is aimed at continued growth and enhanced