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MarineMax Reports Second Quarter Fiscal 2013 Results

Same-Store Sales Grew 12%

CLEARWATER, Fla.--(BUSINESS WIRE)--Apr. 25, 2013-- MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second fiscal quarter ended March 31, 2013.

Revenue grew 11% to $160.0 million for the quarter ended March 31, 2013 compared with approximately $144.0 million for the comparable quarter last year. Same-store sales increased approximately 12% on top of a 26% increase in the comparable quarter last year. Net income was $344,000, or $0.01 per diluted share, for the quarter ended March 31, 2013 compared with net income of $2.3 million, or $0.10 per diluted share, for the comparable quarter last year.

Revenue increased 10% to $259.1 million for the six months ended March 31, 2013 compared with $235.8 million for the comparable period last year. Same-store sales increased approximately 10% on top of a 16% increase in the comparable period last year. The Company’s net loss for the six months ended March 31, 2013 was $3.8 million, or $0.17 per share, compared with a net loss of $1.9 million, or $0.08 per share, for the comparable period last year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our team was able to generate double digit same-store sales growth, on top of strong growth in last year’s March quarter despite a generally colder March quarter this year. During the quarter, our southern markets produced strong results, which were partly offset by our northern markets, which experienced persistent unfavorable weather conditions. In our efforts to respond to these adverse weather conditions, we increased our promotional efforts, which increased marketing and sales costs at a higher rate than our resulting sales growth. The quarter was also affected by a large increase in our healthcare and other insurance costs resulting in lower earnings.”

Mr. McGill concluded, “Based on our trends, it is our belief that the industry’s recovery is continuing and we expect to benefit from the ongoing improvements. We remain committed to achieving the operating leverage in the business that we have produced prior to the March quarter and are well positioned with appropriate levels of inventory and a solid balance sheet to support our growth initiatives. As we move into the seasonally warmer second half of the fiscal year, we expect to benefit from the pent up demand we believe exists in our northern markets as a result of the extended inclement weather conditions early in the year. In addition, we also expect to benefit from the slow but seemingly steady improvement in the industry in conjunction with our ongoing efforts to gain market share and drive value for our shareholders.”

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 55 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 industry’s recovery is continuing; the Company’s expectation that it will benefit from ongoing improvements; the Company’s belief that it is well positioned with appropriate levels of inventory and a solid balance sheet to support its growth initiatives; and the Company’s expectation that it will benefit from the pent up demand in its northern markets and from slow but seemingly steady improvement in the industry in its ongoing efforts to gain market share and drive value for its shareholders. 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 and weather conditions, 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
March 31,

Six Months Ended
March 31,

  2013       2012     2013       2012  
 
Revenue $ 160,008

$

143,992

 

$ 259,059 $ 235,779
Cost of sales   122,358     109,614     195,131     175,827  
Gross profit 37,650 34,378 63,928 59,952
 
Selling, general, and administrative expenses   36,100     30,994     65,543     59,564  
Income (loss) from operations 1,550 3,384 (1,615 ) 388
 
Interest expense   1,166     1,203     2,163     2,420  
Income (loss) before income tax benefit (provision) 384 2,181 (3,778 ) (2,032 )
 
Income tax benefit (provision)   (40 )   116     (40 )   116  
Net income (loss) $ 344   $ 2,297   $ (3,818 ) $ (1,916 )
 
Basic net income (loss) per common share $ 0.01   $ 0.10   $ (0.17 ) $ (0.08 )
 
Diluted net income (loss) per common share $ 0.01   $ 0.10   $ (0.17 ) $ (0.08 )
 

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

 
Basic   23,188,450     22,652,294     23,070,798     22,622,196  
Diluted   24,019,409     23,253,524     23,070,798     22,622,196  
       
 

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

 

March 31,
2013

March 31,
2012

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 30,092 $ 29,042
Accounts receivable, net 21,755 20,924
Inventories, net 230,705 206,212
Prepaid expenses and other current assets   3,468     3,296  
Total current assets 286,020 259,474
 
Property and equipment, net 103,075 101,415
Other long-term assets, net   4,462     2,868  
Total assets $ 393,557   $ 363,757  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 8,250 $ 8,924
Customer deposits 18,244 10,477
Accrued expenses 23,242 24,643
Short-term borrowings   141,132     120,092  
Total current liabilities 190,868 164,136
 
Long-term liabilities   1,811     4,307  
Total liabilities 192,679 168,443
 
STOCKHOLDERS' EQUITY:
Preferred stock -- --
Common stock 24 23
Additional paid-in capital 219,637 213,271
Accumulated deficit (2,973 ) (2,170 )
Treasury stock   (15,810 )   (15,810 )
Total stockholders’ equity   200,878     195,314  
Total liabilities and stockholders’ equity $ 393,557   $ 363,757  

Source: MarineMax, Inc.

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