~ Revenue Increases To Over $169.5 Million ~
~ Same Store Sales Grew 8% Year-Over-Year ~
~ Highest December Quarter Earnings Before Taxes in Over 10 Years ~
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat and
yacht retailer, today announced results for its first quarter ended
December 31, 2015.
Revenue grew more than 7% to $169.5 million for the quarter ended
December 31, 2015 from $158.1 million for the comparable quarter last
year. Same-store sales increased 8%, building upon the 45% same-store
sales growth in the same period last year. The December quarter is
typically our lowest revenue quarter of the year and is usually a loss
quarter for marine dealers, including MarineMax. For the second
consecutive year, the Company produced a profitable first quarter with
net income of $889,000 or $0.04 per diluted share for the quarter ended
December 31, 2015, compared to $214,000, or $0.01 per diluted share, for
the comparable quarter last year. On a pretax basis, the quarter ended
December 31, 2015 was almost seven-times greater than the December 31,
2014 quarter.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer
stated, “The growing interest in new boats from our manufacturing
partners and our focus on enhancing the boating experience is resonating
with our customers, as evidenced by our strong results to start fiscal
2016, which exceeded the extraordinary growth we produced in the same
quarter last year. We are encouraged that our earnings growth and margin
expansion were due to strong sales of new models and unit growth that
actually exceeded our same-store sales growth.”
Mr. McGill continued, “The excitement we generated in the December
quarter, has continued into the boat shows that we have participated in
since the start of January, which is the beginning of the winter boat
show season. However, we understand that we still have our three largest
quarters in front of us. In order to build on the early success of our
fiscal year, we must execute and deliver on our strategies each and
every day. We believe we have the team, the approach, the balance sheet
strength and the brands that position us best to capitalize on current
trends and grow our earnings and cash flow as we move ahead.”
2016 Guidance
Based on current business conditions, retail trends and other factors,
the Company is reiterating its previously issued guidance expectations
that fully taxed earnings per diluted share should be in the range of
$0.60 to $0.70 for fiscal 2016. This compares to an adjusted, but fully
taxed, diluted earnings per share of $0.47 in fiscal 2015. The
adjustments to fiscal 2015 are the removal of certain gains and a
deferred tax asset valuation allowance reversal noted in previous
earnings releases. These expectations do not take into account, or give
effect for, possible material acquisitions that may potentially be
completed by the Company during the fiscal year or other unforeseen
events.
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, Hatteras, Azimut Yachts, Ocean
Alexander, Galeon, Grady-White, Harris, Crest, Scout, Sailfish, Scarab
Jet Boats, Aquila, and Nautique, 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
52 retail locations in Alabama, California, Connecticut, Florida,
Georgia, Maryland, Minnesota, Missouri, New Jersey, New York, North
Carolina, Ohio, Oklahoma, Rhode Island, 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.
Forward Looking Statement
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 first quarter ended December 31, 2015; its belief that
it has the team, the approach, the balance sheet strength and the brands
that position us best to capitalize on current trends and grow the
Company's earnings and cash flow as it moves ahead and the Company's
expected fully taxed earnings per diluted share for fiscal 2016. 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, and 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 for the fiscal year ended
September 30, 2015 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 December 31,
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Revenue
|
|
$
|
169,537
|
|
$
|
158,126
|
Cost of sales
|
|
|
127,923
|
|
|
120,671
|
Gross profit
|
|
|
41,614
|
|
|
37,455
|
|
|
|
|
|
|
Selling, general, administrative expenses
|
|
|
38,951
|
|
|
36,095
|
Income from operations
|
|
|
2,663
|
|
|
1,360
|
|
|
|
|
|
|
Interest expense
|
|
|
1,227
|
|
|
1,146
|
Income before income tax provision
|
|
|
1,436
|
|
|
214
|
|
|
|
|
|
|
Income tax provision
|
|
|
547
|
|
|
--
|
Net income
|
|
$
|
889
|
|
$
|
214
|
|
|
|
|
|
|
Basic net income per common share
|
|
$
|
0.04
|
|
$
|
0.01
|
|
|
|
|
|
|
Diluted net income per common share
|
|
$
|
0.04
|
|
$
|
0.01
|
|
|
|
|
|
|
Weighted average number of common shares used in computing net
income per common share:
|
|
|
|
|
|
Basic
|
|
|
24,213,134
|
|
|
24,278,586
|
Diluted
|
|
|
24,702,000
|
|
|
24,947,968
|
MarineMax, Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(Amounts in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
December 31,
2015
|
|
December 31,
2014
|
ASSETS
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
25,159
|
|
|
$
|
17,764
|
|
Accounts receivable, net
|
|
|
15,900
|
|
|
|
17,597
|
|
Inventories, net
|
|
|
326,369
|
|
|
|
278,119
|
|
Prepaid expenses and other current assets
|
|
|
12,222
|
|
|
|
4,632
|
|
Deferred tax assets, net
|
|
|
8,794
|
|
|
|
--
|
|
Total current assets
|
|
|
388,444
|
|
|
|
318,112
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
98,823
|
|
|
|
107,992
|
|
Other long-term assets, net
|
|
|
5,376
|
|
|
|
5,833
|
|
Deferred tax assets, net
|
|
|
17,967
|
|
|
|
--
|
|
Total assets
|
|
$
|
510,610
|
|
|
$
|
431,937
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$
|
8,681
|
|
|
$
|
4,619
|
|
Customer deposits
|
|
|
12,970
|
|
|
|
12,609
|
|
Accrued expenses
|
|
|
15,692
|
|
|
|
15,903
|
|
Short-term borrowings
|
|
|
187,516
|
|
|
|
157,228
|
|
Total current liabilities
|
|
|
224,859
|
|
|
|
190,359
|
|
|
|
|
|
|
Long-term liabilities
|
|
|
625
|
|
|
|
422
|
|
Total liabilities
|
|
|
225,484
|
|
|
|
190,781
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
Preferred stock
|
|
|
--
|
|
|
|
--
|
|
Common stock
|
|
|
26
|
|
|
|
25
|
|
Additional paid-in capital
|
|
|
235,911
|
|
|
|
229,586
|
|
Retained earnings
|
|
|
76,322
|
|
|
|
27,355
|
|
Treasury stock
|
|
|
(27,133
|
)
|
|
|
(15,810
|
)
|
Total stockholders’ equity
|
|
|
285,126
|
|
|
|
241,156
|
|
Total liabilities and stockholders’ equity
|
|
$
|
510,610
|
|
|
$
|
431,937
|
|
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