News Details

~ Quarterly Revenue Grows to $200 Million ~

~ Same-Store Sales Growth Increases 16% ~

~ Quarterly Pretax Earnings Increases Ten-fold ~

~ Raises 2016 Annual Guidance ~

CLEARWATER, Fla.--(BUSINESS WIRE)--Apr. 26, 2016-- MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat and yacht retailer, today announced results for its second quarter ended March 31, 2016.

Revenue grew 16% to $199.6 million for the quarter ended March 31, 2016 from $172.1 million for the comparable quarter last year. Same-store sales grew more than 16% which is on top of 27% growth in the same period a year ago. The Company’s pretax earnings were $4.0 million compared with $390,000 for the same period a year ago, an increase of more than 10 times. The Company reported net income of $2.4 million, or $0.10 per diluted share for the quarter ended March 31, 2016 compared to net income of $390,000, or $0.02 per diluted share for the comparable quarter last year. In the same period last year, the Company was not required to provide an income tax provision.

Revenue increased 12% to $369.1 million for the six months ended March 31, 2016 compared with $330.3 million for the comparable period last year. Same-store sales grew more than 12% on top of 35% growth for the comparable period last year. The Company’s pretax earnings were $5.4 million compared with $604,000 for the same period a year ago. Net income for the six months ended March 31, 2016 was $3.3 million or $0.13 per diluted share, compared to net income of $604,000, or $0.02 per diluted share for the comparable period last year. In the same period last year, the Company was not required to provide an income tax provision.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “We are excited by our results in the quarter and through the first half of the year. Our performance continues to be driven by new products from our premium manufacturing partners as well as great execution by our team on our customer centric strategies. Our same-store sales growth this quarter provides additional evidence that the pace of the boating recovery is continuing to build, especially for MarineMax.”

Mr. McGill continued, “With our product line expansions over the past few years, combined with new models from our partners, we expect to continue our ongoing market share gains and improved earnings performance. We are certainly encouraged by our backlog of orders, the right inventory mix, a broader geographic reach with our recent Northeast coastal acquisition of Russo Marine, and the fact that we are entering the busiest selling season of the year. Our team is fully engaged as they execute on our strategy to maximize our customers’ enjoyment of the boating lifestyle, as we create long-term shareholder value and happy customers.”

2016 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising annual guidance expectations for fully taxed earnings per diluted share to be in the range of $0.68 to $0.75 for fiscal 2016 from its previous guidance of $0.60 to $0.70. 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, Sea Pro, 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 56 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, 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.

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, 2016; our expectation to continue our ongoing market share gains and improved earnings performance; our belief that we are entering the time of the year that is typically our busiest selling season; and our creation of long-term shareholder value. 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.

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Source: MarineMax, Inc.

MarineMax, Inc.
Michael H. McLamb
Chief Financial Officer
Abbey Heimensen
Public Relations
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