LATHAM, N.Y., Jan. 19, 2023 (GLOBE NEWSWIRE) — Latham Group, Inc. (Nasdaq: SWIM), the largest, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand, today announced that Robert Masson will step down as the Company’s Chief Financial Officer for family reasons, effective March 17, 2023. Latham has initiated an external search process for a new Chief Financial Officer.
“I would like to thank Rob for his partnership as we continued to execute on our growth priorities and ongoing lean and value engineering initiatives, and wish him the best,” said Scott Rajeski, Latham’s President and Chief Executive Officer. “We have a highly experienced and talented finance organization, providing us with a robust foundation to continue to drive our business forward.”
“I am appreciative for the opportunity to have worked alongside Scott, the rest of Latham’s executive leadership and the many talented individuals on the finance team,” said Mr. Masson. “I believe that Latham has a compelling growth opportunity with the material conversion to fiberglass, positioning the Company well for the long term.”
Mark Borseth, who previously served as Latham’s Chief Financial Officer from February 2020 to July 2022, will rejoin Latham as a strategic advisor effective February 13, 2023. On March 18, 2023, Mr. Borseth will become the Interim Chief Financial Officer, reporting to Scott Rajeski, Latham’s President and Chief Executive Officer, until a successor has been named. Mr. Borseth is an accomplished finance executive with nearly 40 years of experience in the industrial manufacturing space.
Fiscal 2022 Outlook
Latham today reaffirmed its previously issued full year fiscal 2022 guidance for net sales of $685 million to $700 million and adjusted EBITDA1 of $140 million to $145 million.
The Company expects full year fiscal 2022 capital expenditures to be approximately $40 million.
The Company plans to report financial results for the fourth quarter and full year fiscal 2022 in the first half of March.
1Due to the inherent difficulty of forecasting the timing and amount of future income tax expense that would impact net income, we are unable to reasonably estimate the related impact of such item to net income, the GAAP financial measure most directly comparable to Adjusted EBITDA at this time. Accordingly, we are unable to provide a reconciliation of Adjusted EBITDA to net income with respect to the updated guidance provided herein. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a significant impact on our full-fiscal year GAAP financial results.
About Latham Group, Inc.
Latham Group, Inc., headquartered in Latham, NY, is the largest designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand. Latham has a coast-to-coast operations platform consisting of over 2,000 employees across over 30 facilities.