News Details

Revenue grew over 49% to $345.6 million for the quarter ended June 30, 2016 from $231.8 million for the comparable quarter last year. Same-store sales grew 44% which is on top of 10% growth in the same period last year. Pretax earnings for the quarter ended June 30, 2016 were $23.1 million compared with $14.9 million in the same period last year, which included a $1.6 million gain from the sale of real estate. The Company was not required to provide an income tax provision in the same period of 2015. Reported net income was $14.1 million, or $0.57 per diluted share, for the quarter ended June 30, 2016 compared to reported net income of $14.9 million or $0.59 per diluted share, including the $1.6 million or $0.06 per diluted share gain in the June 2015 quarter. Assuming the same tax rate in both periods and excluding the benefit of the $1.6 million gain in the June 2015 quarter, comparable adjusted diluted earnings per share grew in excess of 78% to $0.57 compared with $0.32.

For the nine months ended June 30, 2016, revenue growth was 27% to $714.7 million compared with $562.1 million for the comparable period last year. Same-store sales increased more than 25%, which is on top of 23% growth in the comparable period last year. Pretax earnings for the nine-months ended June 30, 2016 were $28.5 million compared with $15.5 million in the same period last year, which included the $1.6 million gain noted above. The Company was not required to provide an income tax provision in the same period of 2015. Reported net income was $17.4 million, or $0.70 per diluted share, for the nine-months ended June 30, 2016 compared to reported net income of $15.5 million or $0.61 per diluted share, including the $1.6 million or $0.06 per diluted share gain noted above. Assuming the same tax rate in both periods, and excluding the benefit of the $1.6 million gain in the nine-months ended June 30, 2015, comparable adjusted diluted earnings per share for nine months ended June 30, 2016 more than doubled to $0.70 compared with $0.33 in the same period last year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our excellent results are a testimony to the strength of our Team and the passion for the boating lifestyle enjoyed by many and desired by most. The cadence throughout the quarter was consistently strong as we drove exceptional unit and revenue growth, as almost every category and brand contributed to our performance. Larger boat sales were unusually strong for a June quarter, further driving our same-store sales growth. We believe that our results demonstrate that our customer centric strategies are aligned with the needs of our customers, which continues to drive our industry leading market share gains.”

Mr. McGill continued, “Our manufacturing partners are investing considerably more in new model development than they have in many years. Our growth has been aided by these new models as consumers seek newer, innovative products that better enhance their boating lifestyle. We believe the future is bright, as more new models are developed and produced while the industry continues its recovery. It is worth noting that our strong June quarter results are among the best we have reported in our history, even though industry unit sales are considerably lower than historical levels. The brand and segment expansions we executed during the Great Recession are driving meaningful growth, despite the current industry unit levels. As the industry continues to recover in the coming years, such expansion should further contribute to even greater cash flow and earnings growth. Additionally, with our strong and improving balance sheet, we are well positioned to capture additional growth and take advantage of additional opportunities as they evolve.”

2016 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising its guidance expectations for fully taxed earnings per diluted share to be in the range of $0.86 to $0.90 for fiscal 2016 from our previously issued range of $0.68 to $0.75. 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 future 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 third quarter ended June 30, 2016; our belief that our future is bright; our belief that new models will keep driving growth; our expectation to continue our ongoing market share gains and improved earnings performance; our belief we are well positioned to take advantage of acquisition opportunities; and our fiscal 2016 guidance. 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.

Contacts

MarineMax, Inc.
Michael H. McLamb, Chief Financial Officer
Abbey Heimensen, Public Relations
727.531.1700
or
Integrated Corporate Relations, Inc.
Brad Cohen - Investor Relations, 203.682.8211
Susan Hartzell – Media Contact, 203.682.8238