CLEARWATER, Fla.--(BUSINESS WIRE)--
MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat
retailer, today announced results for its first fiscal quarter ended
December 31, 2012.
Revenue grew approximately 8% to $99.1 million for the quarter ended
December 31, 2012 compared with $91.8 million for the quarter ended
December 31, 2011. Same-store sales grew more than 8% compared to a 2.0%
increase in the same period last year. The Company’s net loss for the
first quarter ended December 31, 2012 was $4.16 million, or $0.18 per
share, compared with a net loss of $4.21 million, or $0.19 per share,
for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive
Officer, stated, “The fact that our team produced positive same-store
sales growth, while also producing slightly better bottom line results,
represents a significant effort by the entire organization. Our team
overcame the ongoing economic challenges, exacerbated by the fiscal
cliff discussions and the uncertainty surrounding the Presidential
election. This was compounded by the devastation resulting from
Hurricane Sandy. The storm caused certain of our Northeastern stores to
focus on protecting and recovering boats and restoring our facilities
rather than on selling boats.”
Mr. McGill continued, “Entering what historically has been the busiest
selling season for MarineMax, we are well positioned with our inventory
at appropriate levels. We remain encouraged by positive industry
fundamentals that seem to indicate the industry is in the early stage of
a recovery, which is further supported by the solid interest around the
country during the early boat show season. Our team is committed to
capturing additional market share, and given our more efficient
operating structure, we would expect to see improved leverage to our
bottom line as we move through the balance of our fiscal year.”
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, Mako, Sailfish,
Nautique and Malibu, MarineMax sells new and used recreational boats and
related marine products and provides yacht brokerage and charter
services. MarineMax currently has 52 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 belief that the Company
is well positioned; that the Company’s inventory is at appropriate
levels; that the industry fundamentals are positive, that the industry
is in the early stage of a recovery; that there is solid interest around
the country during the early boat show season; and that the Company’s
operating structure is more efficient and will result in improved
leverage to its bottom line.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, general economic conditions 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.
MarineMax, Inc. and Subsidiaries Condensed
Consolidated Statements of Operations (Amounts in
thousands, except share and per share data) (Unaudited)
Three Months Ended December 31,
2012
2011
Revenue
$
99,051
$
91,787
Cost of sales
72,773
66,213
Gross profit
26,278
25,574
Selling, general, and administrative expenses
29,443
28,570
Loss from operations
(3,165
)
(2,996
)
Interest expense
997
1,217
Loss before income tax benefit
(4,162
)
(4,213
)
Income tax benefit
--
--
Net loss
$
(4,162
)
$
(4,213
)
Basic and diluted net loss per common share
$
(0.18
)
$
(0.19
)
Weighted average number of common shares used in computing net
loss per common share:
Basic and diluted
22,955,715
22,592,370
MarineMax, Inc. and Subsidiaries Condensed
Consolidated Balance Sheets (Amounts in thousands, except
share and per share data) (Unaudited)
December 31, 2012
December 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
15,393
$
13,804
Accounts receivable, net
13,513
15,694
Inventories, net
226,812
224,714
Prepaid expenses and other current assets
4,712
4,259
Total current assets
260,430
258,471
Property and equipment, net
98,870
101,652
Other long-term assets, net
3,953
2,979
Total assets
$
363,253
$
363,102
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
5,782
$
5,170
Customer deposits
13,820
8,436
Accrued expenses
20,248
21,783
Short-term borrowings
123,366
130,235
Total current liabilities
163,216
165,624
Long-term liabilities
1,853
5,316
Total liabilities
165,069
170,940
STOCKHOLDERS' EQUITY:
Preferred stock
--
--
Common stock
24
23
Additional paid-in capital
217,287
212,416
Accumulated deficit
(3,317
)
(4,467
)
Treasury stock
(15,810
)
(15,810
)
Total stockholders’ equity
198,184
192,162
Total liabilities and stockholders’ equity
$
363,253
$
363,102
MarineMax, Inc. Michael H. McLamb, Chief Financial Officer Abbey
Heimensen, Public Relations 727-531-1700 or ICR, Inc. Brad
Cohen, 203-682-8211 bcohen@icrinc.com
Press Release $HZO Marinemax Inc.
Same-store Sales Growth Exceeds 8%
CLEARWATER, Fla.--(BUSINESS WIRE)-- MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its first fiscal quarter ended December 31, 2012.
Revenue grew approximately 8% to $99.1 million for the quarter ended December 31, 2012 compared with $91.8 million for the quarter ended December 31, 2011. Same-store sales grew more than 8% compared to a 2.0% increase in the same period last year. The Company’s net loss for the first quarter ended December 31, 2012 was $4.16 million, or $0.18 per share, compared with a net loss of $4.21 million, or $0.19 per share, for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “The fact that our team produced positive same-store sales growth, while also producing slightly better bottom line results, represents a significant effort by the entire organization. Our team overcame the ongoing economic challenges, exacerbated by the fiscal cliff discussions and the uncertainty surrounding the Presidential election. This was compounded by the devastation resulting from Hurricane Sandy. The storm caused certain of our Northeastern stores to focus on protecting and recovering boats and restoring our facilities rather than on selling boats.”
Mr. McGill continued, “Entering what historically has been the busiest selling season for MarineMax, we are well positioned with our inventory at appropriate levels. We remain encouraged by positive industry fundamentals that seem to indicate the industry is in the early stage of a recovery, which is further supported by the solid interest around the country during the early boat show season. Our team is committed to capturing additional market share, and given our more efficient operating structure, we would expect to see improved leverage to our bottom line as we move through the balance of our fiscal year.”
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, Mako, Sailfish, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 52 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 belief that the Company is well positioned; that the Company’s inventory is at appropriate levels; that the industry fundamentals are positive, that the industry is in the early stage of a recovery; that there is solid interest around the country during the early boat show season; and that the Company’s operating structure is more efficient and will result in improved leverage to its bottom line. 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, general economic conditions 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.
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended
December 31,
$
99,051
Selling, general, and administrative expenses
$
(4,162
$
(0.18
Weighted average number of common shares used in computing net loss per common share:
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
December 31,
2012
December 31,
2011
MarineMax, Inc.
Michael H. McLamb, Chief Financial Officer
Abbey Heimensen, Public Relations
727-531-1700
or
ICR, Inc.
Brad Cohen, 203-682-8211
bcohen@icrinc.com
Source: MarineMax, Inc.