View All News

MarineMax Reports Third Quarter Fiscal 2015 Results

July 22, 2015

~ Revenue Increases to Over $231 Million ~

~ Same-Store Sales Grew 10% ~

~ Comparable Net Income Increases Over 15% ~

CLEARWATER, Fla.--(BUSINESS WIRE)--Jul. 22, 2015-- MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat retailer, today announced results for its fiscal third quarter ended June 30, 2015.

Revenue grew approximately 8% to $231.8 million for the quarter ended June 30, 2015 compared with $214.4 million for the comparable quarter last year. Same-store sales increased approximately 10%, which is on top of 22% growth in the comparable quarter last year. The Company’s net income for the quarter ended June 30, 2015, was $14.9 million or $0.59 per diluted share, including a $1.6 million or $0.06 per diluted share gain from the sale of real estate, compared to net income of $11.5 million, or $0.47 per diluted share for the comparable quarter last year.

Revenue grew approximately 22% to $562.1 million for the nine months ended June 30, 2015 compared with $460.6 million for the comparable period last year. Same-store sales increased approximately 23%, on top of 5% growth in the comparable period last year. The Company’s net income for the nine months ended June 30, 2015 improved to $15.5 million, or $0.61 per diluted share, which includes the real estate sale gain of $1.6 million or $0.06 per diluted share, compared with net income of $6.2 million, or $0.25 per diluted share, for the comparable period last year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer stated, “We continue to make steady progress as our team leverages the strategies we have put in place to meet the needs of our growing customer base. We produced solid growth in revenue and earnings per share, along with our third consecutive quarter of sequential improvement in gross margins despite the mix of products in the June quarter being heavily influenced by the sale of used boats, which carry lower margins. The new models from all of our manufacturing partners are being very well received and based on their demand, the consumer is eager for something different and new. Our sales growth has resulted in continued gains in market share, which we believe has accelerated as we move through the busy summer selling season.”

Mr. McGill continued, “With our well capitalized balance sheet, highly desirable brands and an ongoing return of the consumer to boating, MarineMax remains well positioned to build on earnings and cash flow as we look ahead to the coming years of helping our customers maximize their enjoyment and time on the water.”

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, 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 54 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, 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.

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 third quarter ended June 30, 2015; the eagerness of our customers for new and different boats; trends indicating an ongoing return of the consumer to boating; and MarineMax's positioning to build on its market share. 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, 2014 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
June 30,

   

Nine Months Ended
June 30,

2015     2014 2015     2014
 
Revenue $ 231,849 $ 214,401 $ 562,118 $ 460,607
Cost of sales   174,809   160,195   425,423   341,705
Gross profit 57,040 54,206 136,695 118,902
 
Selling, general, and administrative expenses   41,049   41,652   117,701   109,609
Income from operations 15,991 12,554 18,994 9,293
 
Interest expense   1,141   1,051   3,540   3,138
Income before income tax provision 14,850 11,503 15,454 6,155
 
Income tax provision   —   —   —   —
Net income $ 14,850 $ 11,503 $ 15,454 $ 6,155
 
Basic net income per common share $ 0.60 $ 0.48 $ 0.63 $ 0.26
 
Diluted net income per common share $ 0.59 $ 0.47 $ 0.61 $ 0.25
 

Weighted average number of common
shares used in computing net income per
common share:

 
Basic   24,654,076   24,012,991   24,491,338   23,857,606
Diluted   25,316,092   24,719,369   25,175,538   24,601,712
 
 

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)

 
      June 30,
2015 		    June 30,
2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 47,448 $ 41,820
Accounts receivable, net 23,018 24,196
Inventories, net 257,597 234,257
Prepaid expenses and other current assets   4,978     4,737  
Total current assets 333,041 305,010
 
Property and equipment, net 106,279 101,855
Other long-term assets, net   5,163     5,448  
Total assets $ 444,483   $ 412,313  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 11,544 $ 13,370
Customer deposits 13,630 10,717
Accrued expenses 22,719 22,794
Short-term borrowings   137,388     131,042  
Total current liabilities 185,281 177,923
 
Long-term liabilities   425     611  
Total liabilities 185,706 178,534
 
STOCKHOLDERS' EQUITY:
Preferred stock — —
Common stock 26 25
Additional paid-in capital 233,894 227,540
Retained earnings 42,595 22,024
Treasury stock   (17,738 )   (15,810 )
Total stockholders’ equity   258,777     233,779  
Total liabilities and stockholders’ equity $ 444,483   $ 412,313  
 

Source: MarineMax, Inc.

MarineMax, Inc.
Michael H. McLamb, 727-531-1700
Chief Financial Officer
or
Abbey Heimensen, 727-531-1700
Public Relations
or
ICR, LLC.
Brad Cohen, 203-682-8211
bcohen@icrinc.com

View All News