~ Revenue Increased 11% Year-Over-Year to $109.6 Million ~
~ Same Store Sales Grew Over 9% ~
~ Gross Margins Increased Year-Over-Year ~
CLEARWATER, Fla.--(BUSINESS WIRE)--Jan. 30, 2014--
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat
retailer, today announced results for its first quarter ended December
31, 2013.
Revenue increased approximately 11% to $109.6 million for the quarter
ended December 31, 2013 from $99.1 million for the comparable quarter
last year. Same-store sales grew over 9% following an 8% increase in the
same period last year. Seasonally, the December quarter is traditionally
the least significant quarter of the year. The Company improved its net
loss for the first quarter ended December 31, 2013 by over 19% to $3.4
million, or $0.14 per share from $4.2 million, or $0.18 per share, for
the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive
Officer, stated, “We are proud that we produced our ninth consecutive
quarter of positive same stores sales growth, and did it while expanding
our gross margins, in the midst of reported sluggish retail sales in our
core product categories and decreased discretionary spending. Our team
continues to execute on the strategies we have implemented and is
focused on ensuring the best customer experience possible.”
Mr. McGill continued, “Not only are we pleased with the progress we
continue to make each quarter, we are also enthusiastic about the new
product offerings from our manufacturing partners and the opportunity
they provide to capture additional growth in the future. We believe our
inventories are at the appropriate level for this early stage of the
recovery and that our team is well positioned for success as we enter
the busy boat show season. From a longer term perspective, as consumer
confidence continues to improve, the opportunity to drive positive cash
flow and earnings with our streamlined operating structure is
compelling. With our solid balance sheet and high-performing team we
have a strong foundation that provides a competitive advantage for us to
excel as the industry recovers.”
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, 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
54 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 first quarter ended December 31, 2013; its belief the
industry is recovering; the Company’s assessment that it has a
high-performing team and solid balance sheet that gives it a strong
foundation and competitive advantage as the industry recovers; the
Company’s belief that new products and new product lines will be desired
by its customer base providing growth for the Company; the Company's
positioning for success as the Company enters the busy boat show season;
and as consumer confidence continues to improve, the opportunity to
drive positive cash flow and earnings with the Company's streamlined
operating structure. 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 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
December 31,
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2013
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2012
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Revenue
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$
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109,592
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$
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99,051
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Cost of sales
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79,682
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72,773
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Gross profit
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29,910
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26,278
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Selling, general, and
administrative expenses
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32,282
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29,443
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Loss from operations
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(2,372
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)
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(3,165
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)
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Interest expense
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997
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997
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Loss before income tax benefit
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(3,369
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)
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(4,162
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)
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Income tax benefit
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--
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--
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Net loss
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$
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(3,369
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$
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(4,162
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)
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Basic and diluted net loss per common share
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$
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(0.14
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$
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(0.18
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Weighted average number of common
shares used in computing net loss per
common share:
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Basic and diluted
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23,715,945
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22,955,715
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MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
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December 31,
2013
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December 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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15,904
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$
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15,393
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Accounts receivable, net
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13,674
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13,513
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Inventories, net
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238,052
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226,812
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Prepaid expenses and other current assets
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4,799
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4,712
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Total current assets
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272,429
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260,430
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Property and equipment, net
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100,182
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98,870
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Other long-term assets, net
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5,526
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3,953
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Total assets
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$
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378,137
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$
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363,253
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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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4,133
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$
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5,782
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Customer deposits
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11,522
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13,820
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Accrued expenses
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14,877
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20,248
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Short-term borrowings
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125,913
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123,366
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Total current liabilities
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156,445
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163,216
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Long-term liabilities
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440
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1,853
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Total liabilities
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156,885
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165,069
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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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25
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24
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Additional paid-in capital
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224,537
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217,287
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Retained earnings (accumulated deficit)
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12,500
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(3,317
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)
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Treasury stock
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(15,810
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)
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(15,810
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)
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Total stockholders’ equity
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221,252
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198,184
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Total liabilities and stockholders’ equity
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$
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378,137
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$
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363,253
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Source: MarineMax, Inc.
MarineMax, Inc
Michael H. McLamb, 727-531-1700
Chief Financial
Officer
or
Abbey Heimensen, 727-531-1700
Public Relations
or
ICR,
Inc.
Brad Cohen, 203-682-8211
bcohen@icrinc.com