MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat
retailer, today announced results for its second quarter ended March 31,
2014.
Revenue was $136.6 million for the quarter ended March 31, 2014 compared
with approximately $160.0 million for the comparable quarter last year.
Same-store sales declined approximately 16%, primarily due to weather,
following two consecutive March quarters of double digit percentage
same-store sales growth on a year-over-year basis. The Company reported
a net loss of less than $2.0 million, or $0.08 per share for the quarter
ended March 31, 2014 compared to a net income of $344,000, or $0.01 per
share, for the comparable quarter last year.
Revenue decreased 5% to $246.2 million for the six months ended March
31, 2014 compared with $259.1 million for the comparable period last
year. Same-store sales decreased approximately 6% as compared to a 10%
increase in the comparable period last year. The Company’s net loss for
the six months ended March 31, 2014 was $5.3 million, or $0.22 per
share, compared with a net loss of $3.8 million, or $0.17 per share, for
the comparable period last year.
William H. McGill, Jr., Chairman, President, and Chief Executive
Officer, stated “While we worked hard to overcome challenging weather
conditions that impacted not only our entire industry, but many consumer
facing businesses, we were pleased with our team’s ability to continue
to drive margin expansion despite our need to aggressively promote the
business this past quarter. We believe that many of the potential sales
that did not close in the second quarter, have likely been deferred to
later quarters. We expect to benefit from our broad selection of brand
offerings and recent brand additions, and believe that our strong
balance sheet, strategically placed inventory and improving market
conditions position us well for the future.”
Mr. McGill continued, “We are confident in the long term industry
recovery cycle and the significant upside that exists for MarineMax. As
we head into the prime boating season, we believe our team is poised to
increase market share, grow margins and deliver the best possible
experience to our passionate customers. We also believe we have a strong
foundation in place and are well positioned to drive positive cash flow
growth as consumer confidence returns.”
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, Sailfish, Scarab
Jet Boats, Aquila, Ocean Alexander, Nautique and Malibu, MarineMax sells
new and used recreational boats and related marine products and services
as well as 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 anticipated financial
results for the second quarter ended March 31, 2014; its belief that
many of the potential sales that did not emerge in the second quarter
have likely been deferred to later quarters; its expectation to benefit
from its broad selection of brand offerings and recent brand additions;
its belief that its strong balance sheet, well-positioned inventory and
improving market conditions position it well for the future; its
confidence in the long term industry recovery cycle and the significant
upside that exists for it; its belief that its team is poised to take
market share, grow margins and deliver the best possible experience to
its customers; its belief that it has a solid foundation in place and
its belief that as consumer confidence returns it is well positioned to
drive positive cash flow growth. 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, the quality of the new product
offerings from the Company's manufacturing partners, general economic
conditions, as well as those within our industry, the levels and timing
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 for the fiscal year ended September 30, 2013,
subsequent Reports on Form 8-K and 10-Q and other filings with the
Securities and Exchange Commission.
|
MarineMax, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Operations
|
(Amounts in thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenue
|
|
$
|
136,615
|
|
|
$
|
160,008
|
|
|
$
|
246,206
|
|
|
$
|
259,059
|
|
|
Cost of sales
|
|
|
101,829
|
|
|
|
122,358
|
|
|
|
181,510
|
|
|
|
195,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
34,786
|
|
|
|
37,650
|
|
|
|
64,696
|
|
|
|
63,928
|
|
|
Selling, general, and administrative expenses
|
|
|
35,687
|
|
|
|
36,100
|
|
|
|
67,969
|
|
|
|
65,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
(901
|
)
|
|
|
1,550
|
|
|
|
(3,273
|
)
|
|
|
(1,615
|
)
|
|
Interest expense
|
|
|
1,078
|
|
|
|
1,166
|
|
|
|
2,075
|
|
|
|
2,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax provision
|
|
|
(1,979
|
)
|
|
|
384
|
|
|
|
(5,348
|
)
|
|
|
(3,778
|
)
|
|
Income tax provision
|
|
|
-
|
|
|
|
(40
|
)
|
|
|
-
|
|
|
|
(40
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(1,979
|
)
|
|
$
|
344
|
|
|
$
|
(5,348
|
)
|
|
$
|
(3,818
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
$
|
(0.08
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.22
|
)
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
$
|
(0.08
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.22
|
)
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares used in computing net
income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
23,845,302
|
|
|
|
23,188,450
|
|
|
|
23,779,913
|
|
|
|
23,070,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
23,845,302
|
|
|
|
24,019,409
|
|
|
|
23,779,913
|
|
|
|
23,070,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MarineMax, Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(Amounts in thousands)
|
(Unaudited)
|
|
|
|
March 31,
|
|
March 31,
|
|
|
2014
|
|
2013
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
30,798
|
|
|
$
|
30,092
|
|
Accounts receivable, net
|
|
|
24,232
|
|
|
|
21,755
|
|
Inventories, net
|
|
|
260,396
|
|
|
|
230,705
|
|
Prepaid expenses and other current assets
|
|
|
4,141
|
|
|
|
3,468
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
319,567
|
|
|
|
286,020
|
|
Property and equipment, net
|
|
|
100,475
|
|
|
|
103,075
|
|
Other long-term assets, net
|
|
|
5,662
|
|
|
|
4,462
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
425,704
|
|
|
$
|
393,557
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
9,771
|
|
|
$
|
8,250
|
|
Customer deposits
|
|
|
15,035
|
|
|
|
18,244
|
|
Accrued expenses
|
|
|
19,221
|
|
|
|
23,242
|
|
Short-term borrowings
|
|
|
160,104
|
|
|
|
141,132
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
204,131
|
|
|
|
190,868
|
|
Long-term liabilities
|
|
|
394
|
|
|
|
1,811
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
204,525
|
|
|
|
192,679
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
-
|
|
|
|
-
|
|
Common stock
|
|
|
25
|
|
|
|
24
|
|
Additional paid-in capital
|
|
|
226,443
|
|
|
|
219,637
|
|
Retained earnings (accumulated deficit)
|
|
|
10,521
|
|
|
|
(2,973
|
)
|
Treasury stock
|
|
|
(15,810
|
)
|
|
|
(15,810
|
)
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
221,179
|
|
|
|
200,878
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
425,704
|
|
|
$
|
393,557
|
|
|
|
|
|
|
|
|
|
|
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