Same-store Sales Growth Exceeds 8%
CLEARWATER, Fla.--(BUSINESS WIRE)--Jan. 29, 2013--
MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat
retailer, today announced results for its first fiscal quarter ended
December 31, 2012.
Revenue grew approximately 8% to $99.1 million for the quarter ended
December 31, 2012 compared with $91.8 million for the quarter ended
December 31, 2011. Same-store sales grew more than 8% compared to a 2.0%
increase in the same period last year. The Company’s net loss for the
first quarter ended December 31, 2012 was $4.16 million, or $0.18 per
share, compared with a net loss of $4.21 million, or $0.19 per share,
for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive
Officer, stated, “The fact that our team produced positive same-store
sales growth, while also producing slightly better bottom line results,
represents a significant effort by the entire organization. Our team
overcame the ongoing economic challenges, exacerbated by the fiscal
cliff discussions and the uncertainty surrounding the Presidential
election. This was compounded by the devastation resulting from
Hurricane Sandy. The storm caused certain of our Northeastern stores to
focus on protecting and recovering boats and restoring our facilities
rather than on selling boats.”
Mr. McGill continued, “Entering what historically has been the busiest
selling season for MarineMax, we are well positioned with our inventory
at appropriate levels. We remain encouraged by positive industry
fundamentals that seem to indicate the industry is in the early stage of
a recovery, which is further supported by the solid interest around the
country during the early boat show season. Our team is committed to
capturing additional market share, and given our more efficient
operating structure, we would expect to see improved leverage to our
bottom line as we move through the balance of our fiscal year.”
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 52 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 Company
is well positioned; that the Company’s inventory is at appropriate
levels; that the industry fundamentals are positive, that the industry
is in the early stage of a recovery; that there is solid interest around
the country during the early boat show season; and that the Company’s
operating structure is more efficient and will result in improved
leverage to its bottom line. 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 conditions 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 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,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
99,051
|
|
|
|
$
|
91,787
|
|
|
Cost of sales
|
|
|
|
|
72,773
|
|
|
|
|
66,213
|
|
|
Gross profit
|
|
|
|
|
26,278
|
|
|
|
|
25,574
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
|
|
|
29,443
|
|
|
|
|
28,570
|
|
|
Loss from operations
|
|
|
|
|
(3,165
|
)
|
|
|
|
(2,996
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
997
|
|
|
|
|
1,217
|
|
|
Loss before income tax benefit
|
|
|
|
|
(4,162
|
)
|
|
|
|
(4,213
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
Net loss
|
|
|
|
$
|
(4,162
|
)
|
|
|
$
|
(4,213
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per common share
|
|
|
|
$
|
(0.18
|
)
|
|
|
$
|
(0.19
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares used in computing net
loss per common share:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
22,955,715
|
|
|
|
|
22,592,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MarineMax, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(Amounts in thousands, except
share and per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
|
December 31,
2011
|
|
ASSETS
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
15,393
|
|
|
|
$
|
13,804
|
|
|
Accounts receivable, net
|
|
|
|
|
13,513
|
|
|
|
|
15,694
|
|
|
Inventories, net
|
|
|
|
|
226,812
|
|
|
|
|
224,714
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
4,712
|
|
|
|
|
4,259
|
|
|
Total current assets
|
|
|
|
|
260,430
|
|
|
|
|
258,471
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
98,870
|
|
|
|
|
101,652
|
|
|
Other long-term assets, net
|
|
|
|
|
3,953
|
|
|
|
|
2,979
|
|
|
Total assets
|
|
|
|
$
|
363,253
|
|
|
|
$
|
363,102
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
5,782
|
|
|
|
$
|
5,170
|
|
|
Customer deposits
|
|
|
|
|
13,820
|
|
|
|
|
8,436
|
|
|
Accrued expenses
|
|
|
|
|
20,248
|
|
|
|
|
21,783
|
|
|
Short-term borrowings
|
|
|
|
|
123,366
|
|
|
|
|
130,235
|
|
|
Total current liabilities
|
|
|
|
|
163,216
|
|
|
|
|
165,624
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities
|
|
|
|
|
1,853
|
|
|
|
|
5,316
|
|
|
Total liabilities
|
|
|
|
|
165,069
|
|
|
|
|
170,940
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
Common stock
|
|
|
|
|
24
|
|
|
|
|
23
|
|
|
Additional paid-in capital
|
|
|
|
|
217,287
|
|
|
|
|
212,416
|
|
|
Accumulated deficit
|
|
|
|
|
(3,317
|
)
|
|
|
|
(4,467
|
)
|
|
Treasury stock
|
|
|
|
|
(15,810
|
)
|
|
|
|
(15,810
|
)
|
|
Total stockholders’ equity
|
|
|
|
|
198,184
|
|
|
|
|
192,162
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
363,253
|
|
|
|
$
|
363,102
|
|
Source: MarineMax, Inc.
MarineMax, Inc.
Michael H. McLamb, Chief Financial Officer
Abbey
Heimensen, Public Relations
727-531-1700
or
ICR, Inc.
Brad
Cohen, 203-682-8211
bcohen@icrinc.com