CLEARWATER, Fla.--(BUSINESS WIRE)--
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat and
yacht retailer, today announced that its Board of Directors approved a
new stock repurchase plan authorizing the Company to repurchase up to
2.0 million shares of its common stock during the period from today
through September 30, 2019. The new repurchase plan follows the February
2016 plan, which authorized the repurchase of up to 1.25 million shares,
of which 1.14 million shares had been repurchased. Under the new plan,
the Company may purchase common stock from time to time in the open
market or in privately negotiated block purchase transactions.
The amount and timing of any purchases will depend upon a number of
factors, including the price and availability of the Company's stock and
general market conditions. The Company intends to repurchase shares to
mitigate the dilutive effect of stock options, and shares repurchased
may be reserved for later reissue in connection with employee benefit
plans and other general corporate purposes.
As of July 31, 2017, the Company had 23,735,432 shares of common stock
outstanding.
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, Bennington, Crest, Scout,
Sailfish, Sea Pro, Sportsman, Scarab Jet Boats, Yamaha 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 62 retail
locations in Alabama, California, Connecticut, Florida, Georgia,
Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina,
Ohio, Oklahoma, Rhode Island, South Carolina 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 those regarding the Company’s
potential repurchases of its common stock. 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 significant changes in the price and availability of
the Company’s stock, general economic conditions, as well as those
within our industry, and numerous other factors identified in the
Company’s Form 10-K for the fiscal year ended September 30, 2016 and
other filings with the Securities and Exchange Commission.
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Source: MarineMax, Inc.