MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat
retailer, today announced results for its second fiscal quarter ended
March 31, 2013.
Revenue grew 11% to $160.0 million for the quarter ended March 31, 2013
compared with approximately $144.0 million for the comparable quarter
last year. Same-store sales increased approximately 12% on top of a 26%
increase in the comparable quarter last year. Net income was $344,000,
or $0.01 per diluted share, for the quarter ended March 31, 2013
compared with net income of $2.3 million, or $0.10 per diluted share,
for the comparable quarter last year.
Revenue increased 10% to $259.1 million for the six months ended March
31, 2013 compared with $235.8 million for the comparable period last
year. Same-store sales increased approximately 10% on top of a 16%
increase in the comparable period last year. The Company’s net loss for
the six months ended March 31, 2013 was $3.8 million, or $0.17 per
share, compared with a net loss of $1.9 million, or $0.08 per share, for
the comparable period last year.
William H. McGill, Jr., Chairman, President, and Chief Executive
Officer, stated, “Our team was able to generate double digit same-store
sales growth, on top of strong growth in last year’s March quarter
despite a generally colder March quarter this year. During the quarter,
our southern markets produced strong results, which were partly offset
by our northern markets, which experienced persistent unfavorable
weather conditions. In our efforts to respond to these adverse weather
conditions, we increased our promotional efforts, which increased
marketing and sales costs at a higher rate than our resulting sales
growth. The quarter was also affected by a large increase in our
healthcare and other insurance costs resulting in lower earnings.”
Mr. McGill concluded, “Based on our trends, it is our belief that the
industry’s recovery is continuing and we expect to benefit from the
ongoing improvements. We remain committed to achieving the operating
leverage in the business that we have produced prior to the March
quarter and are well positioned with appropriate levels of inventory and
a solid balance sheet to support our growth initiatives. As we move into
the seasonally warmer second half of the fiscal year, we expect to
benefit from the pent up demand we believe exists in our northern
markets as a result of the extended inclement weather conditions early
in the year. In addition, we also expect to benefit from the slow but
seemingly steady improvement in the industry in conjunction with our
ongoing efforts to gain market share and drive value for our
shareholders.”
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest
recreational boat and yacht retailer. Focused on premium brands, such as
Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts,
Grady-White, Bayliner, Harris FloteBote, Crest, Scout, Mako, Sailfish,
Nautique and Malibu, MarineMax sells new and used recreational boats and
related marine products and provides yacht brokerage and charter
services. MarineMax currently has 55 retail locations in Alabama,
Arizona, California, Connecticut, Florida, Georgia, Maryland,
Massachusetts, Minnesota, Missouri, New Jersey, New York, North
Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas and
operates MarineMax Vacations in Tortola, British Virgin Islands.
MarineMax is a New York Stock Exchange-listed company. For more
information, please visit www.marinemax.com.
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include the Company’s belief that the
industry’s recovery is continuing; the Company’s expectation that it
will benefit from ongoing improvements; the Company’s belief that it is
well positioned with appropriate levels of inventory and a solid
balance sheet to support its growth initiatives; and the Company’s
expectation that it will benefit from the pent up demand in its northern
markets and from slow but seemingly steady improvement in the industry
in its ongoing efforts to gain market share and drive value for its
shareholders. These statements involve certain risks and
uncertainties that may cause actual results to differ materially from
expectations as of the date of this release. These risks include the
Company’s abilities to reduce inventory, manage expenses and accomplish
its goals and strategies, general economic and weather conditions, the
level of consumer spending, the Company’s ability to integrate
acquisitions into existing operations, and numerous other factors
identified in the Company’s Form 10-K and other filings with the
Securities and Exchange Commission.
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MarineMax, Inc. and Subsidiaries Condensed
Consolidated Statements of Operations (Amounts in
thousands, except share and per share data) (Unaudited)
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Three Months Ended March 31,
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Six Months Ended March 31,
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2013
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2012
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2013
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2012
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Revenue
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$
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160,008
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$
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143,992
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$
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259,059
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$
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235,779
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Cost of sales
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122,358
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109,614
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195,131
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175,827
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Gross profit
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37,650
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34,378
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63,928
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59,952
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Selling, general, and administrative expenses
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36,100
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30,994
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65,543
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59,564
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Income (loss) from operations
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1,550
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3,384
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(1,615
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388
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Interest expense
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1,166
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1,203
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2,163
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2,420
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Income (loss) before income tax benefit (provision)
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384
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2,181
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(3,778
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(2,032
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Income tax benefit (provision)
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(40
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116
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(40
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116
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Net income (loss)
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$
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344
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$
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2,297
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$
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(3,818
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$
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(1,916
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Basic net income (loss) per common share
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$
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0.01
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$
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0.10
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$
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(0.17
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$
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(0.08
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Diluted net income (loss) per common share
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$
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0.01
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$
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0.10
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$
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(0.17
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$
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(0.08
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Weighted average number of common shares used in computing
net income (loss) per common share:
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Basic
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23,188,450
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22,652,294
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23,070,798
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22,622,196
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Diluted
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24,019,409
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23,253,524
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23,070,798
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22,622,196
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MarineMax, Inc. and Subsidiaries Condensed
Consolidated Balance Sheets (Amounts in thousands) (Unaudited)
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March 31, 2013
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March 31, 2012
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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30,092
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$
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29,042
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Accounts receivable, net
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21,755
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20,924
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Inventories, net
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230,705
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206,212
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Prepaid expenses and other current assets
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3,468
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3,296
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Total current assets
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286,020
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259,474
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Property and equipment, net
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103,075
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101,415
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Other long-term assets, net
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4,462
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2,868
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Total assets
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$
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393,557
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$
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363,757
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$
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8,250
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$
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8,924
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Customer deposits
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18,244
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10,477
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Accrued expenses
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23,242
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24,643
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Short-term borrowings
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141,132
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120,092
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Total current liabilities
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190,868
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164,136
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Long-term liabilities
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1,811
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4,307
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Total liabilities
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192,679
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168,443
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STOCKHOLDERS' EQUITY:
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Preferred stock
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--
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--
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Common stock
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24
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23
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Additional paid-in capital
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219,637
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213,271
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Accumulated deficit
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(2,973
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(2,170
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Treasury stock
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(15,810
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(15,810
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Total stockholders’ equity
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200,878
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195,314
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Total liabilities and stockholders’ equity
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$
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393,557
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$
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363,757
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