Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 03, 2013 | Mar. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'MarineMax INC | ' | ' |
Entity Central Index Key | '0001057060 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 24,558,779 | ' |
Entity Public Float | ' | ' | $276,979,190 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $23,756 | $23,617 |
Accounts receivable, net | 19,410 | 18,820 |
Inventories, net | 228,041 | 215,120 |
Prepaid expenses and other current assets | 4,849 | 5,053 |
Total current assets | 276,056 | 262,610 |
Property and equipment, net | 100,339 | 98,796 |
Other long-term assets, net | 5,507 | 3,715 |
Total assets | 381,902 | 365,121 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 7,474 | 8,457 |
Customer deposits | 9,342 | 8,495 |
Accrued expenses | 20,331 | 23,266 |
Short-term borrowings | 122,470 | 120,647 |
Total current liabilities | 159,617 | 160,865 |
Long-term liabilities | 473 | 3,312 |
Total liabilities | 160,090 | 164,177 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at September 30, 2012 and 2013 | ' | ' |
Common stock, $.001 par value; 40,000,000 shares authorized, 23,701,050 and 24,336,495 shares issued and 22,910,150 and 23,545,595 shares outstanding at September 30, 2012 and 2013, respectively | 24 | 24 |
Additional paid-in capital | 221,729 | 215,885 |
Retained earnings | 15,869 | 845 |
Treasury stock, at cost, 790,900 shares held at September 30, 2012 and 2013 | -15,810 | -15,810 |
Total stockholders' equity | 221,812 | 200,944 |
Total liabilities and stockholders' equity | $381,902 | $365,121 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 24,336,495 | 23,701,050 |
Common stock, shares outstanding | 23,545,595 | 22,910,150 |
Treasury stock, at cost | 790,900 | 790,900 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $584,497 | $524,456 | $480,894 |
Cost of sales | 433,644 | 391,173 | 361,400 |
Gross profit | 150,853 | 133,283 | 119,494 |
Selling, general, and administrative expenses | 132,505 | 127,913 | 127,896 |
(Loss) income from operations | 18,348 | 5,370 | -8,402 |
Interest expense | 4,218 | 4,447 | 3,488 |
(Loss) income before income tax benefit | 14,130 | 923 | -11,890 |
Income tax benefit | 894 | 176 | 367 |
Net (loss) income | $15,024 | $1,099 | ($11,523) |
Basic net (loss) income per common share | $0.65 | $0.05 | ($0.52) |
Diluted net (loss) income per common share | $0.63 | $0.05 | ($0.52) |
Weighted average number of common shares used in computing net (loss) income per common share: | ' | ' | ' |
Basic | 23,253,992 | 22,740,986 | 22,375,271 |
Diluted | 24,003,728 | 23,335,918 | 22,375,271 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Sep. 30, 2010 | $202,030 | $23 | $206,548 | $11,269 | ($15,810) |
Beginning Balance, Shares at Sep. 30, 2010 | ' | 22,938,938 | ' | ' | ' |
Net income (loss) | -11,523 | ' | ' | -11,523 | ' |
Shares issued pursuant to employee stock purchase plan | 488 | ' | 488 | ' | ' |
Shares issued pursuant to employee stock purchase plan, Shares | ' | 81,615 | ' | ' | ' |
Shares issued upon vesting of equity awards, net of tax withholding | -191 | ' | -191 | ' | ' |
Shares issued upon vesting of equity awards, net of tax withholding, Shares | ' | 70,389 | ' | ' | ' |
Shares issued upon exercise of stock options | 948 | ' | 948 | ' | ' |
Shares issued upon exercise of stock options, Shares | ' | 195,792 | ' | ' | ' |
Stock-based compensation | 3,248 | ' | 3,248 | ' | ' |
Stock-based compensation, Shares | ' | 16,366 | ' | ' | ' |
Ending Balance at Sep. 30, 2011 | 195,000 | 23 | 211,041 | -254 | -15,810 |
Ending Balance, Shares at Sep. 30, 2011 | ' | 23,303,100 | ' | ' | ' |
Net income (loss) | 1,099 | ' | ' | 1,099 | ' |
Shares issued pursuant to employee stock purchase plan | 561 | ' | 561 | ' | ' |
Shares issued pursuant to employee stock purchase plan, Shares | ' | 101,982 | ' | ' | ' |
Shares issued upon vesting of equity awards, net of tax withholding | -85 | ' | -85 | ' | ' |
Shares issued upon vesting of equity awards, net of tax withholding, Shares | ' | 45,084 | ' | ' | ' |
Shares issued upon exercise of stock options | 904 | 1 | 903 | ' | ' |
Shares issued upon exercise of stock options, Shares | ' | 230,380 | ' | ' | ' |
Stock-based compensation | 3,465 | ' | 3,465 | ' | ' |
Stock-based compensation, Shares | ' | 20,504 | ' | ' | ' |
Ending Balance at Sep. 30, 2012 | 200,944 | 24 | 215,885 | 845 | -15,810 |
Ending Balance, Shares at Sep. 30, 2012 | ' | 23,701,050 | ' | ' | ' |
Net income (loss) | 15,024 | ' | ' | 15,024 | ' |
Shares issued pursuant to employee stock purchase plan | 574 | ' | 574 | ' | ' |
Shares issued pursuant to employee stock purchase plan, Shares | ' | 81,715 | ' | ' | ' |
Shares issued upon vesting of equity awards, net of tax withholding | -157 | ' | -157 | ' | ' |
Shares issued upon vesting of equity awards, net of tax withholding, Shares | ' | 32,666 | ' | ' | ' |
Shares issued upon exercise of stock options | 2,692 | ' | 2,692 | ' | ' |
Shares issued upon exercise of stock options, Shares | 504,400 | 504,400 | ' | ' | ' |
Stock-based compensation | 2,735 | ' | 2,735 | ' | ' |
Stock-based compensation, Shares | ' | 16,664 | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $221,812 | $24 | $221,729 | $15,869 | ($15,810) |
Ending Balance, Shares at Sep. 30, 2013 | ' | 24,336,495 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net (loss) income | $15,024 | $1,099 | ($11,523) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 6,777 | 6,479 | 6,615 |
Loss on sale of property and equipment | 136 | 225 | 21 |
Gain on insurance settlements | 154 | ' | ' |
Stock-based compensation expense, net | 2,735 | 3,465 | 3,248 |
Decrease (increase) in - | ' | ' | ' |
Accounts receivable, net | 319 | -4,657 | 7,043 |
Inventories, net | -8,853 | 8,313 | -28,660 |
Prepaid expenses and other assets | -820 | -479 | 161 |
Increase (decrease) in - | ' | ' | ' |
Accounts payable | -2,645 | -185 | 1,640 |
Customer deposits | 832 | -590 | 3,673 |
Accrued expenses and long-term liabilities | -5,848 | -4,996 | 3,102 |
Net cash (used in) provided by operating activities | 7,811 | 8,674 | -14,680 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -9,822 | -5,732 | -6,585 |
Net cash used in acquisition of businesses, primarily inventory | -4,638 | -4,393 | -2,258 |
Proceeds from insurance settlements | 1,743 | ' | ' |
Proceeds from sale of property and equipment | 113 | 2,483 | 151 |
Net cash used in investing activities | -12,604 | -7,642 | -8,692 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net borrowings on short-term borrowings | 1,823 | 1,819 | 24,984 |
Debt modification costs | ' | ' | -10 |
Net proceeds from issuance of common stock under incentive compensation and employee purchase plans | 3,109 | 1,380 | 1,245 |
Net cash provided by financing activities | 4,932 | 3,199 | 26,219 |
NET INCREASE IN CASH AND CASH EQUIVALENTS: | 139 | 4,231 | 2,847 |
CASH AND CASH EQUIVALENTS, beginning of period | 23,617 | 19,386 | 16,539 |
CASH AND CASH EQUIVALENTS, end of period | 23,756 | 23,617 | 19,386 |
Cash paid for: | ' | ' | ' |
Interest | 4,380 | 4,322 | 3,261 |
Income taxes | $330 | $10 | $31 |
Company_Background_and_Basis_o
Company Background and Basis of Presentation | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Company Background and Basis of Presentation | ' |
1. COMPANY BACKGROUND AND BASIS OF PRESENTATION: | |
We are the largest recreational boat retailer in the United States. We engage primarily in the retail sale, brokerage, and service of new and used boats, motors, trailers, marine parts and accessories and offer slip and storage accommodations in certain locations. In addition, we arrange related boat financing, insurance, and extended service contracts. We recently implemented programs to increase our sale over the Internet of used boats and a wide range of boating parts, accessories, supplies, and products; the sale of boats, boating parts, and accessories, as well as the offer of finance and insurance, or F&I, products at various offsite locations; and the charter of power and sailing yachts in the British Virgin Islands. None of these recently implemented programs have had a material effect on our consolidated financial statements. As of September 30, 2013, we operated through 54 retail locations in 18 states, consisting of Alabama, Arizona, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas. Our MarineMax Vacations operations maintain a facility in Tortola, British Virgin Islands. | |
We are the nation’s largest retailer of Sea Ray, Boston Whaler, Bayliner, and Meridian recreational boats and yachts, all of which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 38% of our revenue in fiscal 2013. Brunswick is the world’s largest manufacturer of marine products and marine engines. We believe we represented approximately 49% of Brunswick’s Sea Ray boat sales, during our fiscal 2013. | |
We have dealership agreements with Sea Ray, Boston Whaler, Bayliner, Meridian, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group’s product line for Azimut Yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ names, trade symbols, and intellectual properties in our operations. | |
We are a party to a multi-year dealer agreement with Brunswick covering Sea Ray products that appoints us as the exclusive dealer of Sea Ray boats in our geographic markets. We are the exclusive dealer for Boston Whaler and Bayliner through multi-year dealer agreements for many of our geographic markets. We are a party to a dealer agreement with Hatteras Yachts that gives us the exclusive right to sell Hatteras Yachts throughout the states of Florida (excluding the Florida panhandle), New Jersey, New York, and Texas. We are also the exclusive dealer for Cabo Yachts throughout the states of Florida, New Jersey, and New York through a dealer agreement. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States through a multi-year dealer agreement. Sales of new Azimut boats accounted for approximately 13% of our revenue in fiscal 2013. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands. | |
As is typical in the industry, we deal with manufacturers, other than Sea Ray, Boston Whaler, Bayliner, Meridian, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory, or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could affect operating results adversely. | |
General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated approximately 50%, 49%, and 51% of our revenue during fiscal 2011, 2012, and 2013, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricane Sandy, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico, also could adversely affect our operations in certain markets. | |
In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable. As a result, an economic downturn could impact us more than certain of our competitors due to our strategic focus on a higher end of our market. Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations. Any period of adverse economic conditions or low consumer confidence has a negative effect on our business. | |
Lower consumer spending resulting from a downturn in the housing market and other economic factors adversely affected our business in fiscal 2007, and continued weakness in consumer spending and depressed economic conditions had a substantial negative effect on our business in each subsequent fiscal year, including to a more limited extent in fiscal 2012 and 2013. These conditions have caused us to substantially reduce our acquisition program, delay new store openings, reduce our inventory purchases, engage in inventory reduction efforts, close a number of our retail locations, reduce our headcount, and amend and replace our credit facility. Acquisitions and new store openings remain important strategies to our company, and we plan to accelerate our growth through these strategies when more normal economic conditions return. However, we cannot predict the length or severity of these unfavorable economic or financial conditions or the extent to which they will continue to adversely affect our operating results nor can we predict the effectiveness of the measures we have taken to address this environment or whether additional measures will be necessary. | |
In order to provide comparability between periods presented, certain amounts have been reclassified from the previously reported consolidated financial statements to conform to the consolidated financial statement presentation of the current period. The consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are wholly owned. All significant intercompany transactions and accounts have been eliminated. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
2. SIGNIFICANT ACCOUNTING POLICIES: | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Vendor Consideration Received | |||||||||||||
We account for consideration received from our vendors in accordance with FASB Accounting Standards Codification 605-50, “Revenue Recognition - Customer Payments and Incentives” (“ASC 605-50”). ASC 605-50 requires us to classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales as opposed to netting the assistance against our interest expense incurred with our lenders. Pursuant to ASC 605-50, amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses. | |||||||||||||
Inventories | |||||||||||||
Inventory costs consist of the amount paid to acquire inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, and transportation costs relating to acquiring inventory for sale. We state new and used boat, motor, and trailer inventories at the lower of cost, determined on a specific-identification basis, or market. We state parts and accessories at the lower of cost, determined on an average cost basis, or market. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or market valuation allowance. As of September 30, 2012 and 2013, our lower of cost or market valuation allowance was $2.8 million and $1.8 million, respectively. If events occur and market conditions change, causing the fair value to fall below carrying value, the lower of cost or market valuation allowance could increase. | |||||||||||||
Property and Equipment | |||||||||||||
We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method. We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset. Useful lives for purposes of computing depreciation are as follows: | |||||||||||||
Years | |||||||||||||
Buildings and improvements | May-40 | ||||||||||||
Machinery and equipment | 10-Mar | ||||||||||||
Furniture and fixtures | 10-May | ||||||||||||
Vehicles | 5-Mar | ||||||||||||
We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the consolidated statements of operations. We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives. | |||||||||||||
Goodwill | |||||||||||||
We account for goodwill in accordance with FASB Accounting Standards Codification 350, “Intangibles - Goodwill and Other” (“ASC 350”), which provides that the excess of cost over net assets of businesses acquired is recorded as goodwill. The acquisitions of Bassett Marine, LLC and Parker Boat Company resulted in goodwill of $802,000. In accordance with ASC 350, we review goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our annual impairment test is performed during the fourth fiscal quarter. If the carrying amount of goodwill exceeds its fair value we would recognize an impairment loss in accordance with ASC 350. As of September 30, 2013, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values. As a result, we were not required to perform the two-step goodwill impairment test. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
FASB Accounting Standards Codification 360-10-40, “Property, Plant, and Equipment - Impairment or Disposal of Long-Lived Assets” (“ASC 360-10-40”), requires that long-lived assets, such as property and equipment and purchased intangibles subject to amortization, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds its fair market value. Estimates of expected future cash flows represent our best estimate based on currently available information and reasonable and supportable assumptions. Any impairment recognized in accordance with ASC 360-10-40 is permanent and may not be restored. Based upon our most recent analysis, we believe no impairment of long-lived assets existed at September 30, 2013. | |||||||||||||
Customer Deposits | |||||||||||||
Customer deposits primarily include amounts received from customers toward the purchase of boats. We recognize these deposits as revenue upon delivery to or acceptance by of the related boats to customers. | |||||||||||||
Insurance | |||||||||||||
We retain varying levels of risk relating to the insurance policies we maintain, most significantly workers’ compensation insurance and employee medical benefits. We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits. Our third-party insurance carriers pay any losses above the pre-determined exposure limits. We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information. | |||||||||||||
Revenue Recognition | |||||||||||||
We recognize revenue from boat, motor, and trailer sales, and parts and service operations at the time the boat, motor, trailer, or part is delivered to or accepted by the customer or the service is completed. We recognize deferred revenue from service operations and slip and storage services on a straight-line basis over the term of the contract or when service is completed. We recognize commissions earned from a brokerage sale at the time the related brokerage transaction closes. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. We recognize marketing fees earned on credit life, accident, disability, gap, and hull insurance products sold by third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized. Pursuant to negotiated agreements with financial and insurance institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance or insurance contract before it is outstanding for a stipulated minimum period of time. We base the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2013, on our experience with repayments or defaults on the related finance or insurance contracts. | |||||||||||||
We also recognize commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We are charged back for a portion of these commissions should the customer terminate or default on the service contract prior to its scheduled maturity. We determine the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2013, based upon our experience with terminations or defaults on the service contracts. | |||||||||||||
The following table sets forth percentages of our revenue generated by certain products and services, for each of last three fiscal years. | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
New boat sales | 60.6 | % | 62.7 | % | 61.9 | % | |||||||
Used boat sales | 19 | % | 17.8 | % | 19.4 | % | |||||||
Maintenance, repair, storage, and charter services | 8.9 | % | 8.3 | % | 8 | % | |||||||
Finance and insurance products | 2.7 | % | 2.8 | % | 2.8 | % | |||||||
Parts and accessories | 6.2 | % | 6 | % | 5.5 | % | |||||||
Brokerage services | 2.6 | % | 2.4 | % | 2.4 | % | |||||||
Total Revenue | 100 | % | 100 | % | 100 | % | |||||||
Stock-Based Compensation | |||||||||||||
We account for our stock-based compensation plans following the provisions of FASB Accounting Standards Codification 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all stock-based compensation and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock. For restricted stock units with market conditions, we utilize a Monte Carlo simulation embedded in a lattice model to determine the fair value. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award. | |||||||||||||
Advertising and Promotional Costs | |||||||||||||
We expense advertising and promotional costs as incurred and include them in selling, general, and administrative expenses in the accompanying consolidated statements of operations. Pursuant to ASC 605-50, we net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses. Total advertising and promotional expenses approximated $11.2 million, $9.5 million, and $9.8 million, net of related co-op assistance of approximately $364,000, $390,000, and $419,000, for the fiscal years ended September 30, 2011, 2012, and 2013, respectively. | |||||||||||||
Income Taxes | |||||||||||||
We account for income taxes in accordance with FASB Accounting Standards Codification 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. | |||||||||||||
Pursuant to ASC 740, we must consider all positive and negative evidence regarding the realization of deferred tax assets, including past operating results and future sources of taxable income. Under the provisions of ASC 740-10, we determined that our net deferred tax asset needed to be fully reserved given recent earnings and industry trends. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions. Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amount of our financial instruments approximates fair value resulting from either length to maturity or existence of interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements. | |||||||||||||
Use of Estimates and Assumptions | |||||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements relate to valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of accruals. Actual results could differ materially from those estimates. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
3. ACCOUNTS RECEIVABLE: | |||||||||
Trade receivables consist primarily of receivables from financial institutions, which provide funding for customer boat financing and amounts due from financial institutions earned from arranging financing with our customers. We normally collect these receivables within 30 days of the sale. Trade receivables also include amounts due from customers on the sale of boats, parts, service, and storage. Amounts due from manufacturers represent receivables for various manufacturer programs and parts and service work performed pursuant to the manufacturers’ warranties. | |||||||||
The allowance for uncollectible receivables, which was not material to the consolidated financial statements as of September 30, 2012 or 2013, was based on our consideration of customer payment practices, past transaction history with customers, and economic conditions. When an account becomes uncollectable, we expense it as a bad debt and we credit payments subsequently received to the bad debt expense account. We review the allowance for uncollectible receivables when an event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account. | |||||||||
Accounts receivable, net consisted of the following at September 30, | |||||||||
2012 | 2013 | ||||||||
(Amounts in thousands) | |||||||||
Trade receivables | $ | 11,348 | $ | 14,982 | |||||
Amounts due from manufacturers | 7,061 | 4,060 | |||||||
Other receivables | 411 | 368 | |||||||
$ | 18,820 | $ | 19,410 | ||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4. INVENTORIES: | |||||||||
Inventories, net, consisted of the following at September 30, | |||||||||
2012 | 2013 | ||||||||
(Amounts in thousands) | |||||||||
New boats, motors, and trailers | $ | 179,210 | $ | 189,618 | |||||
Used boats, motors, and trailers | 29,427 | 31,701 | |||||||
Parts, accessories, and other | 6,483 | 6,722 | |||||||
$ | 215,120 | $ | 228,041 | ||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
5. PROPERTY AND EQUIPMENT: | |||||||||
Property and equipment consisted of the following at September 30, | |||||||||
2012 | 2013 | ||||||||
(Amounts in thousands) | |||||||||
Land | $ | 41,050 | $ | 40,939 | |||||
Buildings and improvements | 79,540 | 81,212 | |||||||
Machinery and equipment | 25,407 | 26,334 | |||||||
Furniture and fixtures | 3,904 | 4,656 | |||||||
Vehicles | 4,761 | 4,945 | |||||||
154,662 | 158,086 | ||||||||
Accumulated depreciation and amortization | (55,866 | ) | (57,747 | ) | |||||
$ | 98,796 | $ | 100,339 | ||||||
Depreciation and amortization expense on property and equipment totaled approximately $6.5 million, $6.4 million, and $6.8 million for the fiscal years ended September 30, 2011, 2012, and 2013, respectively. |
Other_LongTerm_Assets
Other Long-Term Assets | 12 Months Ended |
Sep. 30, 2013 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' |
Other Long-Term Assets | ' |
6. OTHER LONG-TERM ASSETS: | |
During February 2006, we became party to a joint venture with Brunswick that acquired certain real estate and assets of Great American Marina for an aggregate purchase price of approximately $11.0 million, of which we contributed approximately $4.0 million and Brunswick contributed approximately $7.0 million. The terms of the agreement specify that we operate and maintain the service business and that Brunswick operate and maintain the marina business. Simultaneously with the closing, the acquired entity became Gulfport Marina, LLC (“Gulfport”). We account for our investment in Gulfport in accordance with FASB Accounting Standards Codification 323, “Investment – Equity Method and Joint Venture”. Accordingly, we adjust the carrying amount of our investment in Gulfport to recognize our share of earnings or losses, based on the service business we operate. The carrying amount of our investment is included in other long-term assets on the consolidated balance sheets, and our share of the earnings or losses based on the service business that we operate are included in selling, general and administrative expenses on the consolidated statements of operations. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Short-Term Borrowings | ' |
7. SHORT-TERM BORROWINGS: | |
In June 2013, we entered into an amendment to our Inventory Financing Agreement (the “Amended Credit Facility”), originally entered into in June 2010, as subsequently amended, with GE Commercial Distribution Finance Corporation. The June 2013 amendment extended the maturity date of the Credit Facility to June 2016, subject to additional extension for two one-year periods, with lender approval. The June 2013 amendment, among other things, also added additional lenders and modified the amount of borrowing availability, interest rate, and maturity date of the Credit Facility. The Amended Credit Facility provides a floor plan financing commitment of up to $205 million, an increase from the previous limit of $150 million, subject to borrowing base availability resulting from the amount and aging of our inventory. | |
The Amended Credit Facility has certain financial covenants as specified in the agreement. The covenants include provisions that our leverage ratio must not exceed 2.75 to 1.0 and that our current ratio must be greater than 1.2 to 1.0. At September 30, 2013, we were in compliance with all of the covenants under the Amended Credit Facility. The interest rate for amounts outstanding under the Amended Credit Facility is now 355 basis points above the one-month London Inter-Bank Offering Rate (“LIBOR”) a reduction of 28 basis points from the prior amendment. There is an unused line fee of ten basis points on the unused portion of the Amended Credit Facility. | |
Advances under the Amended Credit Facility are initiated by the acquisition of eligible new and used inventory or are re-advances against eligible new and used inventory that have been partially paid-off. Advances on new inventory will generally mature 1,081 days from the original invoice date. Advances on used inventory will mature 361 days from the date we acquire the used inventory. Each advance is subject to a curtailment schedule, which requires that we pay down the balance of each advance on a periodic basis starting after six months. The curtailment schedule varies based on the type and value of the inventory. The collateral for the Amended Credit Facility is all of our personal property with certain limited exceptions. None of our real estate has been pledged for collateral for the Amended Credit Facility. | |
We were also a party to an Inventory Financing Agreement (the “CGI Facility”) with CGI Finance, Inc. (“CGI”). The CGI Facility provided a floor plan financing commitment of $30 million and was designed to provide financing for our Azimut Yacht inventory needs. The CGI Facility was not renewed by the Company and expired in August 2013; however, existing advances under the CGI Facility can remain outstanding for up to 18 months. The interest rate for amounts outstanding under the CGI Facility is 350 basis points above the one month London Inter-Bank Offering Rate. Azimut Yacht inventory is now financed under the Amended Credit Facility. | |
As of September 30, 2012 and 2013, our indebtedness associated with financing our inventory and working capital needs totaled approximately $120.6 million and $122.5 million, respectively. At September 30, 2012 and 2013, the interest rate on the outstanding short-term borrowings was approximately 4.0% and 3.7%. At September 30, 2013, our additional available borrowings under our Amended Credit Facility were approximately $34.8 million based upon the outstanding borrowing base availability. The aging of our inventory limits our borrowing capacity as defined curtailments reduce the allowable advance rate as our inventory ages. | |
As is common in our industry, we receive interest assistance directly from boat manufacturers, including Brunswick. The interest assistance programs vary by manufacturer, but generally include periods of free financing or reduced interest rate programs. The interest assistance may be paid directly to us or our lender depending on the arrangements the manufacturer has established. We classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales as opposed to netting the assistance against our interest expense incurred with our lenders. | |
The availability and costs of borrowed funds can adversely affect our ability to obtain adequate boat inventory and the holding costs of that inventory as well as the ability and willingness of our customers to finance boat purchases. At September 30, 2013, we had no long-term debt. However, we rely on our Amended Credit Facility to purchase our inventory of boats. The aging of our inventory limits our borrowing capacity as defined curtailments reduce the allowable advance rate as our inventory ages. Our access to funds under our Amended Credit Facility also depends upon the ability of our lenders to meet their funding commitments, particularly if they experience shortages of capital or experience excessive volumes of borrowing requests from others during a short period of time. A continuation of depressed economic conditions, weak consumer spending, turmoil in the credit markets, and lender difficulties, among other potential reasons, could interfere with our ability to utilize our Amended Credit Facility to fund our operations. Any inability to utilize our Amended Credit Facility could require us to seek other sources of funding to repay amounts outstanding under the credit agreements or replace or supplement our credit agreements, which may not be possible at all or under commercially reasonable terms. | |
Similarly, decreases in the availability of credit and increases in the cost of credit adversely affect the ability of our customers to purchase boats from us and thereby adversely affect our ability to sell our products and impact the profitability of our finance and insurance activities. Tight credit conditions during fiscal 2009, 2010, and 2011 adversely affected the ability of customers to finance boat purchases, which had a negative effect on our operating results. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
8. INCOME TAXES: | |||||||||||||
The components of our benefit from income taxes consisted of the following for the fiscal years ended September 30, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Amounts in thousands) | |||||||||||||
Current benefit: | |||||||||||||
Federal | $ | (235 | ) | $ | (116 | ) | $ | 101 | |||||
State | (132 | ) | (60 | ) | (995 | ) | |||||||
Total current benefit | (367 | ) | $ | (176 | ) | $ | (894 | ) | |||||
Deferred benefit: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Total deferred benefit | — | — | — | ||||||||||
Total income tax benefit | $ | (367 | ) | $ | (176 | ) | $ | (894 | ) | ||||
Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Federal tax (benefit) provision | (35.0 | )% | 35 | % | 35 | % | |||||||
State taxes, net of federal effect | (6.8 | )% | (16.8 | )% | (0.7 | )% | |||||||
Stock based compensation | 0.7 | % | 7.5 | % | 0.6 | % | |||||||
Valuation allowance | 39.5 | % | (50.2 | )% | (45.0 | )% | |||||||
Federal NOL carryback | (2.0 | )% | (12.6 | )% | 0 | % | |||||||
Foreign rate differential | 0 | % | 15.4 | % | 2.9 | % | |||||||
Other | 0.5 | % | 2.7 | % | 0.9 | % | |||||||
Effective tax rate | (3.1 | )% | (19.0 | )% | (6.3 | )% | |||||||
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets (liabilities) at September 30, | |||||||||||||
2012 | 2013 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Current deferred tax assets: | |||||||||||||
Inventories | $ | 1,644 | $ | 1,494 | |||||||||
Accrued expenses | 651 | 1,269 | |||||||||||
Current deferred tax assets | 2,295 | 2,763 | |||||||||||
Valuation allowance | (2,295 | ) | (2,763 | ) | |||||||||
Net current deferred tax assets | $ | — | $ | — | |||||||||
Long-term deferred tax assets: | |||||||||||||
Depreciation and amortization | $ | 11,945 | $ | 8,275 | |||||||||
Stock based compensation | 4,177 | 4,216 | |||||||||||
FIN 48 deferred tax asset | 482 | 70 | |||||||||||
Tax loss carryforwards | 29,196 | 26,726 | |||||||||||
Other | 182 | 294 | |||||||||||
Long-term deferred tax assets | 45,982 | 39,581 | |||||||||||
Valuation allowance | (45,982 | ) | (39,581 | ) | |||||||||
Net long-term deferred tax assets | $ | — | $ | — | |||||||||
Pursuant to ASC 740, we must consider all positive and negative evidence regarding the realization of deferred tax assets, including past operating results and future sources of taxable income. Under the provisions of ASC 740, we determined that a full valuation allowance was needed given cumulative losses in recent years excluding the Deepwater Horizon recoveries. The total valuation allowance at September 30, 2012 and 2013 was $48.3 million and $42.3 million, respectively. | |||||||||||||
Under ASC 740, the impact of an uncertain tax position taken or expected to be taken on an income tax return must be recognized in the financial statements at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized in the financial statements unless it is more likely than not of being sustained. As of September 30, 2012 and 2013, we had approximately $1.5 million and $224,000, respectively, of gross unrecognized tax benefits, of which approximately $1.0 million and $154,000, respectively, if recognized, would impact the effective tax rate before considering a change in valuation allowance. | |||||||||||||
The reconciliation of the total amount recorded for unrecognized tax benefits at the beginning and end of the fiscal years ended September 30, 2012 and 2013 is as follows: | |||||||||||||
2012 | 2013 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Unrecognized tax benefits at the beginning of the year | $ | 1,581 | $ | 1,498 | |||||||||
Increases in tax positions for prior years | 46 | 34 | |||||||||||
Decreases in tax positions for prior years | (32 | ) | (1,308 | ) | |||||||||
Lapse of statute of limitations | (97 | ) | 0 | ||||||||||
Unrecognized tax benefits at September 30, | $ | 1,498 | $ | 224 | |||||||||
Consistent with our prior practices, we recognize interest and penalties related to uncertain tax positions as a component of income tax expense. As of September 30, 2012 and 2013, interest and penalties represented approximately $673,000 and $100,000, respectively, of the gross unrecognized tax benefits. | |||||||||||||
We are subject to tax by both federal and state taxing authorities. Until the respective statutes of limitations expire, we are subject to income tax audits in the jurisdictions in which we operate. We are no longer subject to U.S. federal tax examinations for fiscal years prior to 2010, and we are not subject to audits prior to the 2009 fiscal year for the majority of the state jurisdictions. | |||||||||||||
It is reasonably possible that a change to the total amount of unrecognized tax benefits could occur in the next 12 months based on examinations by tax authorities, the expiration of statutes of limitations, or potential settlements of outstanding positions. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
9. STOCKHOLDERS’ EQUITY: | |
In November 2005, our Board of Directors approved a share repurchase plan allowing our company to repurchase up to 1,000,000 shares of our common stock. Under the plan, we may buy back common stock from time to time in the open market or in privately negotiated blocks, dependent upon various factors, including price and availability of the shares, and general market conditions. Through September 30, 2013, we had purchased an aggregate of 790,900 shares of common stock under the plan for an aggregate purchase price of approximately $15.8 million. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Stock-Based Compensation | ' |
10. STOCK-BASED COMPENSATION: | |
We account for our stock-based compensation plans following the provisions of FASB Accounting Standards Codification 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all stock-based compensation and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock. For restricted stock units with market conditions, we utilize a Monte Carlo simulation embedded in a lattice model to determine the fair value. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award. | |
Cash received from option exercises under all share-based compensation arrangements for the fiscal years ended September 30, 2011, 2012, and 2013 was approximately $1.4 million, $1.5 million, and $3.3 million, respectively. There were no tax benefits realized for tax deductions from option exercises for the fiscal years ended September 30, 2011, 2012, and 2013. We currently expect to satisfy share-based awards with registered shares available to be issued. |
The_Incentive_Stock_Plans
The Incentive Stock Plans | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
The Incentive Stock Plans | ' | ||||||||||||||||||||
11. THE INCENTIVE STOCK PLANS: | |||||||||||||||||||||
During February 2013, our stockholders approved a proposal to amend the 2011 Stock-Based Compensation Plan (“2011 Plan”) to increase the 1,200,456 share threshold by 1,000,000 shares to 2,200,456 shares. During January 2011, our stockholders approved a proposal to authorize our 2011 Plan, which replaced our 2007 Incentive Compensation Plan (“2007 Plan”). Our 2011 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units, bonus stock, dividend equivalents, other stock related awards, and performance awards (collectively “awards”), that may be settled in cash, stock, or other property. Our 2011 Plan is designed to attract, motivate, retain, and reward our executives, employees, officers, directors, and independent contractors by providing such persons with annual and long-term performance incentives to expend their maximum efforts in the creation of stockholder value. Subsequent to the February 2013 amendment described above, the total number of shares of our common stock that may be subject to awards under the 2011 Plan is equal to 2,000,000 shares, plus (i) any shares available for issuance and not subject to an award under the 2007 Plan, which was 200,456 shares at the time of approval of the 2011 Plan, (ii) the number of shares with respect to which awards granted under the 2011 Plan and the 2007 Plan terminate without the issuance of the shares or where the shares are forfeited or repurchased; (iii) with respect to awards granted under the 2011 Plan and the 2007 Plan, the number of shares that are not issued as a result of the award being settled for cash or otherwise not issued in connection with the exercise or payment of the award; and (iv) the number of shares that are surrendered or withheld in payment of the exercise price of any award or any tax withholding requirements in connection with any award granted under the 2011 Plan and the 2007 Plan. The 2011 Plan terminates in January 2021, and awards may be granted at any time during the life of the 2011 Plan. The date on which awards vest are determined by the Board of Directors or the Plan Administrator. The Board of Directors has appointed the Compensation Committee as the Plan Administrator. The exercise prices of options are determined by the Board of Directors or the Plan Administrator and are at least equal to the fair market value of shares of common stock on the date of grant. The term of options under the 2011 Plan may not exceed ten years. The options granted have varying vesting periods. To date, we have not settled or been under any obligation to settle any awards in cash. | |||||||||||||||||||||
The following table summarizes option activity from September 30, 2012 through September 30, 2013: | |||||||||||||||||||||
Shares | Options | Aggregate | Weighted | Weighted | |||||||||||||||||
Available | Outstanding | Intrinsic | Average | Average | |||||||||||||||||
for Grant | Value | Exercise | Remaining | ||||||||||||||||||
(in | Price | Contractual | |||||||||||||||||||
thousands) | Life | ||||||||||||||||||||
Balance at September 30, 2012 | 1,062,448 | 2,507,685 | $ | 4,588 | $ | 9.86 | 6.5 | ||||||||||||||
Options authorized | 1,000,000 | — | — | ||||||||||||||||||
Options granted | (572,250 | ) | 572,250 | $ | 7.62 | ||||||||||||||||
Options cancelled/forfeited/expired | 273,897 | (273,897 | ) | $ | 11.23 | ||||||||||||||||
Restricted stock awards forfeited | 23,442 | — | — | ||||||||||||||||||
Options exercised | — | (504,400 | ) | $ | 5.34 | ||||||||||||||||
Balance at September 30, 2013 | 1,787,537 | 2,301,638 | $ | 10,419 | $ | 10.13 | 6.5 | ||||||||||||||
Exercisable at September 30, 2013 | 1,795,321 | $ | 7,934 | $ | 10.93 | 5.9 | |||||||||||||||
The weighted-average grant date fair value of options granted during the fiscal years ended September 30, 2011, 2012, and 2013 was $5.15, $4.30, and $4.49, respectively. The total intrinsic value of options exercised during the fiscal years ended September 30, 2011, 2012, and 2013 was approximately $766,000, $1.4 million, and $3.3 million, respectively. | |||||||||||||||||||||
As of September 30, 2012 and 2013, there were approximately $921,000 and $980,000, respectively, of unrecognized compensation costs related to non-vested options that are expected to be recognized over a weighted average period of 1.9 years and 2.0 years, respectively. The total fair value of options vested during the fiscal years ended September 30, 2011, 2012, and 2013 was approximately $4.1 million, $3.1 million, and $2.5 million, respectively. | |||||||||||||||||||||
We used the Black-Scholes model to estimate the fair value of options granted. The expected term of options granted is derived from the output of the option pricing model and represents the period of time that options granted are expected to be outstanding. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||
The following are the weighted-average assumptions used for the fiscal years ended September 30, | |||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||||||
Risk-free interest rate | 1.30% | 0.80% | 0.60% | ||||||||||||||||||
Volatility | 94.90% | 89.90% | 80.10% | ||||||||||||||||||
Expected life | 4.4 years | 4.5 years | 4.3 years |
Employee_Stock_Purchase_Plan
Employee Stock Purchase Plan | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Text Block [Abstract] | ' | ||||||
Employee Stock Purchase Plan | ' | ||||||
12. EMPLOYEE STOCK PURCHASE PLAN: | |||||||
During February 2012, our stockholders approved a proposal to amend our 2008 Employee Stock Purchase Plan (“Stock Purchase Plan”) to increase the number of shares available under that plan by 500,000 shares. The Stock Purchase Plan as amended provides for up to 1,000,000 shares of common stock to be available for purchase by our regular employees who have completed at least one year of continuous service. In addition, there were 52,837 shares of common stock available under our 1998 Employee Stock Purchase Plan, which have been made available for issuance under our Stock Purchase Plan. The Stock Purchase Plan provides for implementation of up to 10 annual offerings beginning on the first day of October starting in 2008, with each offering terminating on September 30 of the following year. Each annual offering may be divided into two six-month offerings. For each offering, the purchase price per share will be the lower of (i) 85% of the closing price of the common stock on the first day of the offering or (ii) 85% of the closing price of the common stock on the last day of the offering. The purchase price is paid through periodic payroll deductions not to exceed 10% of the participant’s earnings during each offering period. However, no participant may purchase more than $25,000 worth of common stock annually. | |||||||
We used the Black-Scholes model to estimate the fair value of options granted to purchase shares issued pursuant to the Stock Purchase Plan. The expected term of options granted is derived from the output of the option pricing model and represents the period of time that options granted are expected to be outstanding. Volatility is based on the historical volatility of our common stock. The risk-free rate for periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||
The following are the weighted-average assumptions used for the fiscal years ended September 30, | |||||||
2011 | 2012 | 2013 | |||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||
Risk-free interest rate | 0.20% | 0.10% | 0.10% | ||||
Volatility | 48.90% | 51.80% | 54.80% | ||||
Expected life | Six months | Six months | Six months | ||||
As of September 30, 2013, we had issued 596,030 shares of common stock under our Stock Purchase Plan. |
Restricted_Stock_Awards
Restricted Stock Awards | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Restricted Stock Awards | ' | ||||||||
13. RESTRICTED STOCK AWARDS: | |||||||||
We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to certain key employees pursuant to the 2011 Plan and the 2007 Plan. The restricted stock awards have varying vesting periods, but generally become fully vested at either the end of year four or the end of year five, depending on the specific award. Certain restricted stock awards granted in fiscal 2008 required certain levels of performance by us by September 2011 before they were earned: these metrics were not met, and the awards were forfeited. Certain RSUs granted in fiscal 2010, 2011, and 2012 require a minimum level of performance of our stock price compared with an index over designated time periods from the grant date before they are earned, or the awards will be forfeited. The stock underlying the RSUs will be delivered upon vesting. The performance metrics for the RSUs granted in fiscal 2010 were not met by the September 2012 measurement date, and the awards were forfeited. The performance metrics for the RSUs granted in fiscal 2011 were met by the September 2013 measurement date, and the awards were earned. | |||||||||
We accounted for the restricted stock awards granted using the measurement and recognition provisions of ASC 718. Accordingly, the fair value of the restricted stock awards is measured on the grant date and recognized in earnings over the requisite service period for each separately vesting portion of the award. | |||||||||
The following table summarizes restricted stock award activity from September 30, 2012 through September 30, 2013: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Non-vested balance at September 30, 2012 | 124,108 | $ | 6.62 | ||||||
Changes during the period | |||||||||
Awards vested | (35,996 | ) | $ | 7.44 | |||||
Awards forfeited | (23,442 | ) | $ | 6.5 | |||||
Non-vested balance at September 30, 2013 | 64,670 | $ | 6.04 | ||||||
As of September 30, 2013, we had approximately $135,000 of total unrecognized compensation cost related to non-vested restricted stock awards. We expect to recognize that cost over a weighted-average period of 1.1 years. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
14. NET INCOME (LOSS) PER SHARE: | |||||||||||||
The following is a reconciliation of the shares used in the denominator for calculating basic and diluted net income (loss) per share for the fiscal years ended September 30, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Weighted average common shares outstanding used in calculating basic income (loss) per share | 22,375,271 | 22,740,986 | 23,253,992 | ||||||||||
Effect of dilutive options | — | 594,932 | 749,736 | ||||||||||
Weighted average common and common equivalent shares used in calculating diluted income (loss) per share | 22,375,271 | 23,335,918 | 24,003,728 | ||||||||||
During the fiscal years ended September 30, 2012 and 2013, there were 1,546,207 and 1,728,042 weighted average shares of options outstanding, respectively, that were not included in the computation of diluted income (loss) per share because the options’ exercise prices were greater than the average market price of our common stock, and therefore, their effect would be anti-dilutive. For the fiscal year ended September 30, 2011, no options were included in the computation of diluted loss per share because we reported a net loss and the effect of their inclusion would have been anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
15. COMMITMENTS AND CONTINGENCIES: | |||||
Lease Commitments | |||||
We lease certain land, buildings, machinery, equipment, and vehicles related to our dealerships under non-cancelable third-party operating leases. Certain of our leases include options for renewal periods and provisions for escalation. Rental expenses, including month-to-month rentals, were approximately $6.1 million, $5.1 million, and $5.4 million for the fiscal years ended September 30, 2011, 2012, and 2013, respectively. | |||||
Future minimum lease payments under non-cancelable operating leases at September 30, 2013, were as follows: | |||||
(Amounts in thousands) | |||||
2014 | $ | 5,254 | |||
2015 | 4,053 | ||||
2016 | 3,188 | ||||
2017 | 2,367 | ||||
2018 | 1,701 | ||||
Thereafter | 1,533 | ||||
Total | $ | 18,096 | |||
Other Commitments and Contingencies | |||||
We are party to various legal actions arising in the ordinary course of business. In addition, certain former shareholders of Surfside - 3 Marina, Inc., a company we acquired in March 2006, filed a lawsuit naming our company as defendant. The lawsuit alleges a failure to timely lift stock transfer restrictions on stock acquired by the plaintiffs in the acquisition, which allegedly delayed the plaintiffs from selling the shares. The court has entered judgment in our favor and the matter is currently pending appeal. While it is not feasible to determine the actual outcome of these actions as of September 30, 2013, we believe that these matters should not have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. | |||||
In fiscal 2013 we recognized a recovery of approximately $11.8 million from the Deepwater Horizon Settlement Program for damages suffered as a result of the Deepwater Horizon Oil Spill. The recovery was recorded as a reduction in selling, general, and administrative expenses on our consolidated statements of operations. While additional claims are outstanding, we cannot be certain of the amount of any further recovery. | |||||
During fiscal 2011, 2012, and 2013, we incurred costs associated with store closings and lease terminations of approximately $750,000, $350,000, and $162,000, respectively. These costs primarily related to the future minimum operating lease payments of the closed locations. The store closings were a key component in our effort to better match our fixed costs with the decline in retail business caused by the soft economic conditions. The store closing costs have been included in selling, general, and administrative expenses in the consolidated statements of operations during fiscal 2011, 2012, and 2013. | |||||
In connection with our workers’ compensation insurance policies, we maintain a letter of credit in the amount of $800,000 with our policy holder. The letter of credit is collateralized by a certificate of deposit held by the bank that issued the letter of credit. The certificate of deposit is classified as cash and cash equivalents in the accompanying consolidated balance sheets as of September 30, 2013. | |||||
We are subject to federal and state environmental regulations, including rules relating to air and water pollution and the storage and disposal of gasoline, oil, other chemicals and waste. We believe that we are in compliance with such regulations. |
Employee_401k_Profit_Sharing_P
Employee 401(k) Profit Sharing Plans | 12 Months Ended |
Sep. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee 401(k) Profit Sharing Plans | ' |
16. EMPLOYEE 401(k) PROFIT SHARING PLANS: | |
Employees are eligible to participate in our 401(k) Profit Sharing Plan (the “Plan”) following their 90-day introductory period starting either April 1 or October 1, provided that they are 21 years of age. Under the Plan, we match 25% of participants’ contributions, up to a maximum of 5% of each participant’s compensation. We contributed, under the Plan, or pursuant to previous similar plans, approximately $283,000, $298,000, and $440,000 for the fiscal years ended September 30, 2011, 2012, and 2013, respectively. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||||||||||||||
17. QUARTERLY FINANCIAL DATA (UNAUDITED): | |||||||||||||||||||||||||||||||||
The following table sets forth certain unaudited quarterly financial data for each of our last eight quarters. The information has been derived from unaudited financial statements that we believe reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of such quarterly financial information. | |||||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||||
2011 | 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
(Amounts in thousands except share and per share data) | |||||||||||||||||||||||||||||||||
Revenue | $ | 91,787 | $ | 143,992 | $ | 151,330 | $ | 137,347 | $ | 99,051 | $ | 160,008 | $ | 175,756 | $ | 149,682 | |||||||||||||||||
Cost of sales | 66,213 | 109,614 | 111,040 | 104,306 | 72,773 | 122,358 | 128,949 | 109,564 | |||||||||||||||||||||||||
Gross profit | 25,574 | 34,378 | 40,290 | 33,041 | 26,278 | 37,650 | 46,807 | 40,118 | |||||||||||||||||||||||||
Selling, general, and administrative expenses | 28,570 | 30,994 | 34,659 | 33,690 | 29,443 | 36,100 | 33,047 | 33,915 | |||||||||||||||||||||||||
(Loss) income from operations | (2,996 | ) | 3,384 | 5,631 | (649 | ) | (3,165 | ) | 1,550 | 13,760 | 6,203 | ||||||||||||||||||||||
Interest expense | 1,217 | 1,203 | 1,018 | 1,009 | 997 | 1,166 | 1,193 | 862 | |||||||||||||||||||||||||
(Loss) income before income tax benefit (provision) | (4,213 | ) | 2,181 | 4,613 | (1,658 | ) | (4,162 | ) | 384 | 12,567 | 5,341 | ||||||||||||||||||||||
Income tax benefit (provision) | — | 116 | — | 60 | — | (40 | ) | 1,070 | (136 | ) | |||||||||||||||||||||||
Net (loss) income | $ | (4,213 | ) | $ | 2,297 | $ | 4,613 | $ | (1,598 | ) | $ | (4,162 | ) | $ | 344 | $ | 13,637 | $ | 5,205 | ||||||||||||||
Net (loss) income per share: | |||||||||||||||||||||||||||||||||
Diluted | $ | (0.19 | ) | $ | 0.1 | $ | 0.2 | $ | (0.07 | ) | $ | (0.18 | ) | $ | 0.01 | $ | 0.56 | $ | 0.21 | ||||||||||||||
Weighted average number of shares: | |||||||||||||||||||||||||||||||||
Diluted | 22,592,370 | 23,253,524 | 23,515,737 | 22,906,723 | 22,955,715 | 24,019,409 | 24,177,020 | 24,267,879 | |||||||||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Vendor Consideration Received | ' | ||||||||||||
Vendor Consideration Received | |||||||||||||
We account for consideration received from our vendors in accordance with FASB Accounting Standards Codification 605-50, “Revenue Recognition - Customer Payments and Incentives” (“ASC 605-50”). ASC 605-50 requires us to classify interest assistance received from manufacturers as a reduction of inventory cost and related cost of sales as opposed to netting the assistance against our interest expense incurred with our lenders. Pursuant to ASC 605-50, amounts received by us under our co-op assistance programs from our manufacturers are netted against related advertising expenses. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventory costs consist of the amount paid to acquire inventory, net of vendor consideration and purchase discounts, the cost of equipment added, reconditioning costs, and transportation costs relating to acquiring inventory for sale. We state new and used boat, motor, and trailer inventories at the lower of cost, determined on a specific-identification basis, or market. We state parts and accessories at the lower of cost, determined on an average cost basis, or market. We utilize our historical experience, the aging of the inventories, and our consideration of current market trends as the basis for determining a lower of cost or market valuation allowance. As of September 30, 2012 and 2013, our lower of cost or market valuation allowance was $2.8 million and $1.8 million, respectively. If events occur and market conditions change, causing the fair value to fall below carrying value, the lower of cost or market valuation allowance could increase. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
We record property and equipment at cost, net of accumulated depreciation, and depreciate property and equipment over their estimated useful lives using the straight-line method. We capitalize and amortize leasehold improvements over the lesser of the life of the lease or the estimated useful life of the asset. Useful lives for purposes of computing depreciation are as follows: | |||||||||||||
Years | |||||||||||||
Buildings and improvements | May-40 | ||||||||||||
Machinery and equipment | 10-Mar | ||||||||||||
Furniture and fixtures | 10-May | ||||||||||||
Vehicles | 5-Mar | ||||||||||||
We remove the cost of property and equipment sold or retired and the related accumulated depreciation from the accounts at the time of disposition and include any resulting gain or loss in the consolidated statements of operations. We charge maintenance, repairs, and minor replacements to operations as incurred, and we capitalize and amortize major replacements and improvements over their useful lives. | |||||||||||||
Goodwill | ' | ||||||||||||
Goodwill | |||||||||||||
We account for goodwill in accordance with FASB Accounting Standards Codification 350, “Intangibles - Goodwill and Other” (“ASC 350”), which provides that the excess of cost over net assets of businesses acquired is recorded as goodwill. The acquisitions of Bassett Marine, LLC and Parker Boat Company resulted in goodwill of $802,000. In accordance with ASC 350, we review goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our annual impairment test is performed during the fourth fiscal quarter. If the carrying amount of goodwill exceeds its fair value we would recognize an impairment loss in accordance with ASC 350. As of September 30, 2013, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values. As a result, we were not required to perform the two-step goodwill impairment test. | |||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
FASB Accounting Standards Codification 360-10-40, “Property, Plant, and Equipment - Impairment or Disposal of Long-Lived Assets” (“ASC 360-10-40”), requires that long-lived assets, such as property and equipment and purchased intangibles subject to amortization, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by comparison of its carrying amount to undiscounted future net cash flows the asset is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset exceeds its fair market value. Estimates of expected future cash flows represent our best estimate based on currently available information and reasonable and supportable assumptions. Any impairment recognized in accordance with ASC 360-10-40 is permanent and may not be restored. Based upon our most recent analysis, we believe no impairment of long-lived assets existed at September 30, 2013. | |||||||||||||
Customer Deposits | ' | ||||||||||||
Customer Deposits | |||||||||||||
Customer deposits primarily include amounts received from customers toward the purchase of boats. We recognize these deposits as revenue upon delivery to or acceptance by of the related boats to customers. | |||||||||||||
Insurance | ' | ||||||||||||
Insurance | |||||||||||||
We retain varying levels of risk relating to the insurance policies we maintain, most significantly workers’ compensation insurance and employee medical benefits. We are responsible for the claims and losses incurred under these programs, limited by per occurrence deductibles and paid claims or losses up to pre-determined maximum exposure limits. Our third-party insurance carriers pay any losses above the pre-determined exposure limits. We estimate our liability for incurred but not reported losses using our historical loss experience, our judgment, and industry information. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
We recognize revenue from boat, motor, and trailer sales, and parts and service operations at the time the boat, motor, trailer, or part is delivered to or accepted by the customer or the service is completed. We recognize deferred revenue from service operations and slip and storage services on a straight-line basis over the term of the contract or when service is completed. We recognize commissions earned from a brokerage sale at the time the related brokerage transaction closes. We recognize commissions earned by us for placing notes with financial institutions in connection with customer boat financing when we recognize the related boat sales. We recognize marketing fees earned on credit life, accident, disability, gap, and hull insurance products sold by third-party insurance companies at the later of customer acceptance of the insurance product as evidenced by contract execution or when the related boat sale is recognized. Pursuant to negotiated agreements with financial and insurance institutions, we are charged back for a portion of these fees should the customer terminate or default on the related finance or insurance contract before it is outstanding for a stipulated minimum period of time. We base the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2013, on our experience with repayments or defaults on the related finance or insurance contracts. | |||||||||||||
We also recognize commissions earned on extended warranty service contracts sold on behalf of third-party insurance companies at the later of customer acceptance of the service contract terms as evidenced by contract execution or recognition of the related boat sale. We are charged back for a portion of these commissions should the customer terminate or default on the service contract prior to its scheduled maturity. We determine the chargeback allowance, which was not material to the consolidated financial statements taken as a whole as of September 30, 2013, based upon our experience with terminations or defaults on the service contracts. | |||||||||||||
The following table sets forth percentages of our revenue generated by certain products and services, for each of last three fiscal years. | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
New boat sales | 60.6 | % | 62.7 | % | 61.9 | % | |||||||
Used boat sales | 19 | % | 17.8 | % | 19.4 | % | |||||||
Maintenance, repair, storage, and charter services | 8.9 | % | 8.3 | % | 8 | % | |||||||
Finance and insurance products | 2.7 | % | 2.8 | % | 2.8 | % | |||||||
Parts and accessories | 6.2 | % | 6 | % | 5.5 | % | |||||||
Brokerage services | 2.6 | % | 2.4 | % | 2.4 | % | |||||||
Total Revenue | 100 | % | 100 | % | 100 | % | |||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
We account for our stock-based compensation plans following the provisions of FASB Accounting Standards Codification 718, “Compensation — Stock Compensation” (“ASC 718”). In accordance with ASC 718, we use the Black-Scholes valuation model for valuing all stock-based compensation and shares purchased under our Employee Stock Purchase Plan. We measure compensation for restricted stock awards and restricted stock units at fair value on the grant date based on the number of shares expected to vest and the quoted market price of our common stock. For restricted stock units with market conditions, we utilize a Monte Carlo simulation embedded in a lattice model to determine the fair value. We recognize compensation cost for all awards in operations, net of estimated forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award. | |||||||||||||
Advertising and Promotional Costs | ' | ||||||||||||
Advertising and Promotional Costs | |||||||||||||
We expense advertising and promotional costs as incurred and include them in selling, general, and administrative expenses in the accompanying consolidated statements of operations. Pursuant to ASC 605-50, we net amounts received by us under our co-op assistance programs from our manufacturers against the related advertising expenses. Total advertising and promotional expenses approximated $11.2 million, $9.5 million, and $9.8 million, net of related co-op assistance of approximately $364,000, $390,000, and $419,000, for the fiscal years ended September 30, 2011, 2012, and 2013, respectively. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
We account for income taxes in accordance with FASB Accounting Standards Codification 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. | |||||||||||||
Pursuant to ASC 740, we must consider all positive and negative evidence regarding the realization of deferred tax assets, including past operating results and future sources of taxable income. Under the provisions of ASC 740-10, we determined that our net deferred tax asset needed to be fully reserved given recent earnings and industry trends. | |||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable. Concentrations of credit risk with respect to our cash and cash equivalents are limited primarily to amounts held with financial institutions. Concentrations of credit risk arising from our receivables are limited primarily to amounts due from manufacturers and financial institutions. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amount of our financial instruments approximates fair value resulting from either length to maturity or existence of interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements. | |||||||||||||
Use of Estimates and Assumptions | ' | ||||||||||||
Use of Estimates and Assumptions | |||||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by us in the accompanying consolidated financial statements relate to valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of accruals. Actual results could differ materially from those estimates. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Estimated Life of Property and Equipment | ' | ||||||||||||
Useful lives for purposes of computing depreciation are as follows: | |||||||||||||
Years | |||||||||||||
Buildings and improvements | May-40 | ||||||||||||
Machinery and equipment | 10-Mar | ||||||||||||
Furniture and fixtures | 10-May | ||||||||||||
Vehicles | 5-Mar | ||||||||||||
Summary of Percentages of Revenue Generated by Products and Services | ' | ||||||||||||
The following table sets forth percentages of our revenue generated by certain products and services, for each of last three fiscal years. | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
New boat sales | 60.6 | % | 62.7 | % | 61.9 | % | |||||||
Used boat sales | 19 | % | 17.8 | % | 19.4 | % | |||||||
Maintenance, repair, storage, and charter services | 8.9 | % | 8.3 | % | 8 | % | |||||||
Finance and insurance products | 2.7 | % | 2.8 | % | 2.8 | % | |||||||
Parts and accessories | 6.2 | % | 6 | % | 5.5 | % | |||||||
Brokerage services | 2.6 | % | 2.4 | % | 2.4 | % | |||||||
Total Revenue | 100 | % | 100 | % | 100 | % | |||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable, Net | ' | ||||||||
Accounts receivable, net consisted of the following at September 30, | |||||||||
2012 | 2013 | ||||||||
(Amounts in thousands) | |||||||||
Trade receivables | $ | 11,348 | $ | 14,982 | |||||
Amounts due from manufacturers | 7,061 | 4,060 | |||||||
Other receivables | 411 | 368 | |||||||
$ | 18,820 | $ | 19,410 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories, net, consisted of the following at September 30, | |||||||||
2012 | 2013 | ||||||||
(Amounts in thousands) | |||||||||
New boats, motors, and trailers | $ | 179,210 | $ | 189,618 | |||||
Used boats, motors, and trailers | 29,427 | 31,701 | |||||||
Parts, accessories, and other | 6,483 | 6,722 | |||||||
$ | 215,120 | $ | 228,041 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Estimated Life of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following at September 30, | |||||||||
2012 | 2013 | ||||||||
(Amounts in thousands) | |||||||||
Land | $ | 41,050 | $ | 40,939 | |||||
Buildings and improvements | 79,540 | 81,212 | |||||||
Machinery and equipment | 25,407 | 26,334 | |||||||
Furniture and fixtures | 3,904 | 4,656 | |||||||
Vehicles | 4,761 | 4,945 | |||||||
154,662 | 158,086 | ||||||||
Accumulated depreciation and amortization | (55,866 | ) | (57,747 | ) | |||||
$ | 98,796 | $ | 100,339 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income Taxes Benefit | ' | ||||||||||||
The components of our benefit from income taxes consisted of the following for the fiscal years ended September 30, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Amounts in thousands) | |||||||||||||
Current benefit: | |||||||||||||
Federal | $ | (235 | ) | $ | (116 | ) | $ | 101 | |||||
State | (132 | ) | (60 | ) | (995 | ) | |||||||
Total current benefit | (367 | ) | $ | (176 | ) | $ | (894 | ) | |||||
Deferred benefit: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Total deferred benefit | — | — | — | ||||||||||
Total income tax benefit | $ | (367 | ) | $ | (176 | ) | $ | (894 | ) | ||||
Summary of Tax Rates | ' | ||||||||||||
Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Federal tax (benefit) provision | (35.0 | )% | 35 | % | 35 | % | |||||||
State taxes, net of federal effect | (6.8 | )% | (16.8 | )% | (0.7 | )% | |||||||
Stock based compensation | 0.7 | % | 7.5 | % | 0.6 | % | |||||||
Valuation allowance | 39.5 | % | (50.2 | )% | (45.0 | )% | |||||||
Federal NOL carryback | (2.0 | )% | (12.6 | )% | 0 | % | |||||||
Foreign rate differential | 0 | % | 15.4 | % | 2.9 | % | |||||||
Other | 0.5 | % | 2.7 | % | 0.9 | % | |||||||
Effective tax rate | (3.1 | )% | (19.0 | )% | (6.3 | )% | |||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets (liabilities) at September 30, | |||||||||||||
2012 | 2013 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Current deferred tax assets: | |||||||||||||
Inventories | $ | 1,644 | $ | 1,494 | |||||||||
Accrued expenses | 651 | 1,269 | |||||||||||
Current deferred tax assets | 2,295 | 2,763 | |||||||||||
Valuation allowance | (2,295 | ) | (2,763 | ) | |||||||||
Net current deferred tax assets | $ | — | $ | — | |||||||||
Long-term deferred tax assets: | |||||||||||||
Depreciation and amortization | $ | 11,945 | $ | 8,275 | |||||||||
Stock based compensation | 4,177 | 4,216 | |||||||||||
FIN 48 deferred tax asset | 482 | 70 | |||||||||||
Tax loss carryforwards | 29,196 | 26,726 | |||||||||||
Other | 182 | 294 | |||||||||||
Long-term deferred tax assets | 45,982 | 39,581 | |||||||||||
Valuation allowance | (45,982 | ) | (39,581 | ) | |||||||||
Net long-term deferred tax assets | $ | — | $ | — | |||||||||
Summary of Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
The reconciliation of the total amount recorded for unrecognized tax benefits at the beginning and end of the fiscal years ended September 30, 2012 and 2013 is as follows: | |||||||||||||
2012 | 2013 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Unrecognized tax benefits at the beginning of the year | $ | 1,581 | $ | 1,498 | |||||||||
Increases in tax positions for prior years | 46 | 34 | |||||||||||
Decreases in tax positions for prior years | (32 | ) | (1,308 | ) | |||||||||
Lapse of statute of limitations | (97 | ) | 0 | ||||||||||
Unrecognized tax benefits at September 30, | $ | 1,498 | $ | 224 | |||||||||
The_Incentive_Stock_Plans_Tabl
The Incentive Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Incentive Stock Plans Option Activity | ' | ||||||||||||||||||||
The following table summarizes option activity from September 30, 2012 through September 30, 2013: | |||||||||||||||||||||
Shares | Options | Aggregate | Weighted | Weighted | |||||||||||||||||
Available | Outstanding | Intrinsic | Average | Average | |||||||||||||||||
for Grant | Value | Exercise | Remaining | ||||||||||||||||||
(in | Price | Contractual | |||||||||||||||||||
thousands) | Life | ||||||||||||||||||||
Balance at September 30, 2012 | 1,062,448 | 2,507,685 | $ | 4,588 | $ | 9.86 | 6.5 | ||||||||||||||
Options authorized | 1,000,000 | — | — | ||||||||||||||||||
Options granted | (572,250 | ) | 572,250 | $ | 7.62 | ||||||||||||||||
Options cancelled/forfeited/expired | 273,897 | (273,897 | ) | $ | 11.23 | ||||||||||||||||
Restricted stock awards forfeited | 23,442 | — | — | ||||||||||||||||||
Options exercised | — | (504,400 | ) | $ | 5.34 | ||||||||||||||||
Balance at September 30, 2013 | 1,787,537 | 2,301,638 | $ | 10,419 | $ | 10.13 | 6.5 | ||||||||||||||
Exercisable at September 30, 2013 | 1,795,321 | $ | 7,934 | $ | 10.93 | 5.9 | |||||||||||||||
Weighted Average Assumptions of Incentive Stock Plans | ' | ||||||||||||||||||||
The following are the weighted-average assumptions used for the fiscal years ended September 30, | |||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||||||
Risk-free interest rate | 1.30% | 0.80% | 0.60% | ||||||||||||||||||
Volatility | 94.90% | 89.90% | 80.10% | ||||||||||||||||||
Expected life | 4.4 years | 4.5 years | 4.3 years |
Employee_Stock_Purchase_Plan_T
Employee Stock Purchase Plan (Tables) | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Text Block [Abstract] | ' | ||||||
Weighted Average Assumptions of Employee Stock Purchase Plan | ' | ||||||
The following are the weighted-average assumptions used for the fiscal years ended September 30, | |||||||
2011 | 2012 | 2013 | |||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||
Risk-free interest rate | 0.20% | 0.10% | 0.10% | ||||
Volatility | 48.90% | 51.80% | 54.80% | ||||
Expected life | Six months | Six months | Six months |
Restricted_Stock_Awards_Tables
Restricted Stock Awards (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Restricted Stock Award Activity | ' | ||||||||
The following table summarizes restricted stock award activity from September 30, 2012 through September 30, 2013: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Non-vested balance at September 30, 2012 | 124,108 | $ | 6.62 | ||||||
Changes during the period | |||||||||
Awards vested | (35,996 | ) | $ | 7.44 | |||||
Awards forfeited | (23,442 | ) | $ | 6.5 | |||||
Non-vested balance at September 30, 2013 | 64,670 | $ | 6.04 | ||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and Diluted Net Income (Loss) Per Share | ' | ||||||||||||
The following is a reconciliation of the shares used in the denominator for calculating basic and diluted net income (loss) per share for the fiscal years ended September 30, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Weighted average common shares outstanding used in calculating basic income (loss) per share | 22,375,271 | 22,740,986 | 23,253,992 | ||||||||||
Effect of dilutive options | — | 594,932 | 749,736 | ||||||||||
Weighted average common and common equivalent shares used in calculating diluted income (loss) per share | 22,375,271 | 23,335,918 | 24,003,728 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases | ' | ||||
Future minimum lease payments under non-cancelable operating leases at September 30, 2013, were as follows: | |||||
(Amounts in thousands) | |||||
2014 | $ | 5,254 | |||
2015 | 4,053 | ||||
2016 | 3,188 | ||||
2017 | 2,367 | ||||
2018 | 1,701 | ||||
Thereafter | 1,533 | ||||
Total | $ | 18,096 | |||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
The following table sets forth certain unaudited quarterly financial data for each of our last eight quarters. The information has been derived from unaudited financial statements that we believe reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of such quarterly financial information. | |||||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||||
2011 | 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
(Amounts in thousands except share and per share data) | |||||||||||||||||||||||||||||||||
Revenue | $ | 91,787 | $ | 143,992 | $ | 151,330 | $ | 137,347 | $ | 99,051 | $ | 160,008 | $ | 175,756 | $ | 149,682 | |||||||||||||||||
Cost of sales | 66,213 | 109,614 | 111,040 | 104,306 | 72,773 | 122,358 | 128,949 | 109,564 | |||||||||||||||||||||||||
Gross profit | 25,574 | 34,378 | 40,290 | 33,041 | 26,278 | 37,650 | 46,807 | 40,118 | |||||||||||||||||||||||||
Selling, general, and administrative expenses | 28,570 | 30,994 | 34,659 | 33,690 | 29,443 | 36,100 | 33,047 | 33,915 | |||||||||||||||||||||||||
(Loss) income from operations | (2,996 | ) | 3,384 | 5,631 | (649 | ) | (3,165 | ) | 1,550 | 13,760 | 6,203 | ||||||||||||||||||||||
Interest expense | 1,217 | 1,203 | 1,018 | 1,009 | 997 | 1,166 | 1,193 | 862 | |||||||||||||||||||||||||
(Loss) income before income tax benefit (provision) | (4,213 | ) | 2,181 | 4,613 | (1,658 | ) | (4,162 | ) | 384 | 12,567 | 5,341 | ||||||||||||||||||||||
Income tax benefit (provision) | — | 116 | — | 60 | — | (40 | ) | 1,070 | (136 | ) | |||||||||||||||||||||||
Net (loss) income | $ | (4,213 | ) | $ | 2,297 | $ | 4,613 | $ | (1,598 | ) | $ | (4,162 | ) | $ | 344 | $ | 13,637 | $ | 5,205 | ||||||||||||||
Net (loss) income per share: | |||||||||||||||||||||||||||||||||
Diluted | $ | (0.19 | ) | $ | 0.1 | $ | 0.2 | $ | (0.07 | ) | $ | (0.18 | ) | $ | 0.01 | $ | 0.56 | $ | 0.21 | ||||||||||||||
Weighted average number of shares: | |||||||||||||||||||||||||||||||||
Diluted | 22,592,370 | 23,253,524 | 23,515,737 | 22,906,723 | 22,955,715 | 24,019,409 | 24,177,020 | 24,267,879 | |||||||||||||||||||||||||
Company_Background_and_Basis_o1
Company Background and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Store | |||
Location | |||
Product Information [Line Items] | ' | ' | ' |
Number of retail locations | 54 | ' | ' |
Number of states wherein retail locations are established | 18 | ' | ' |
Economic conditions in Florida, Revenue | 51.00% | 49.00% | 50.00% |
Azimut Yachts [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Revenue percentage from sale of boats | 13.00% | ' | ' |
Brunswick Boats [Member] | Sales [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Revenue percentage from sale of boats | 38.00% | ' | ' |
Brunswick [Member] | Brunswick Sea Ray Boat [Member] | Sales [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Revenue percentage from sale of boats | 49.00% | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Regulatory Assets [Abstract] | ' | ' | ' |
Liquid investments maximum maturity | 'Three months or less | ' | ' |
Inventories market valuation allowance | $1,800,000 | $2,800,000 | ' |
Goodwill | 802,000 | ' | ' |
Impairment charges | 0 | ' | ' |
Total advertising and promotional expenses | 9,800,000 | 9,500,000 | 11,200,000 |
Net of related co-op assistance | $419,000 | $390,000 | $364,000 |
Significant_Accounting_Policie4
Significant Accounting Policies - Estimated Life of Property and Equipment (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Minimum [Member] | Building and Building Improvements [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '5 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '3 years |
Minimum [Member] | Furniture and Fixtures [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '5 years |
Minimum [Member] | Vehicles [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '3 years |
Maximum [Member] | Building and Building Improvements [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '40 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '10 years |
Maximum [Member] | Furniture and Fixtures [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '10 years |
Maximum [Member] | Vehicles [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property and equipment useful life | '5 years |
Significant_Accounting_Policie5
Significant Accounting Policies - Summary of Percentages of Revenue Generated by Products and Services (Detail) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Revenue Recognition [Line Items] | ' | ' | ' |
Sales Revenue Goods And Services Net Percentage | 100.00% | 100.00% | 100.00% |
New Boat Sales [Member] | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Sales Revenue Goods And Services Net Percentage | 61.90% | 62.70% | 60.60% |
Used Boat Sales [Member] | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Sales Revenue Goods And Services Net Percentage | 19.40% | 17.80% | 19.00% |
Maintenance, Repair, Storage and Charter Services [Member] | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Sales Revenue Goods And Services Net Percentage | 8.00% | 8.30% | 8.90% |
Finance and Insurance Products [Member] | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Sales Revenue Goods And Services Net Percentage | 2.80% | 2.80% | 2.70% |
Parts and Accessories [Member] | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Sales Revenue Goods And Services Net Percentage | 5.50% | 6.00% | 6.20% |
Brokerage Services [Member] | ' | ' | ' |
Revenue Recognition [Line Items] | ' | ' | ' |
Sales Revenue Goods And Services Net Percentage | 2.40% | 2.40% | 2.60% |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Receivable Collection Period | '30 days |
Accounts_Receivable_Accounts_R
Accounts Receivable - Accounts Receivable, Net (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade receivables | $14,982 | $11,348 |
Amounts due from manufacturers | 4,060 | 7,061 |
Other receivables | 368 | 411 |
Accounts receivable, net | $19,410 | $18,820 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
New boats, motors, and trailers | $189,618 | $179,210 |
Used boats, motors, and trailers | 31,701 | 29,427 |
Parts, accessories, and other | 6,722 | 6,483 |
Inventories, net | $228,041 | $215,120 |
Property_and_Equipment_Estimat
Property and Equipment - Estimated Life of Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $158,086 | $154,662 |
Accumulated depreciation and amortization | -57,747 | -55,866 |
Property and equipment, net | 100,339 | 98,796 |
Land [Member] | ' | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 40,939 | 41,050 |
Building and Improvements [Member] | ' | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 81,212 | 79,540 |
Machinery and Equipment [Member] | ' | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 26,334 | 25,407 |
Furniture and Fixtures [Member] | ' | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 4,656 | 3,904 |
Vehicles [Member] | ' | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $4,945 | $4,761 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation and amortization expense on property and equipment | $6.80 | $6.40 | $6.50 |
Other_LongTerm_Assets_Addition
Other Long-Term Assets - Additional Information (Detail) (Corporate Joint Venture [Member], USD $) | Feb. 28, 2006 |
In Millions, unless otherwise specified | |
Corporate Joint Venture [Member] | ' |
Schedule Of Other Assets [Line Items] | ' |
Assets of Great American Marina for an aggregate purchase price | $11 |
Company Contribution | 4 |
Brunswick contributed | $7 |
ShortTerm_Borrowings_Additiona
Short-Term Borrowings - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Short-term Debt [Line Items] | ' | ' | ' |
Maturity date | 30-Jun-13 | ' | ' |
Subject to additional extension for two one-year periods | 30-Jun-16 | ' | ' |
Credit Facility interest rate description | ' | 'Interest rate for amounts outstanding under the CGI Facility is 350 basis points above the one month London Inter-Bank Offering Rate. | ' |
Debt instrument, covenant compliance | ' | 'The covenants include provisions that our leverage ratio must not exceed 2.75 to 1.0 and that our current ratio must be greater than 1.2 to 1.0. | ' |
Interest rate for amounts outstanding under the Amended Credit Facility | ' | 3.50% | ' |
Advances on new inventory mature date | ' | '1081 days | ' |
Advances on used inventory maturity period | ' | '361 days | ' |
Payment of used inventory | ' | '6 months | ' |
Payment of new inventory | ' | '6 months | ' |
Floor plan financing commitment | ' | $30 | ' |
CGI Facility advances outstanding period | ' | '18 months | ' |
Inventory and working capital needs | ' | 122.5 | 120.6 |
Interest rate on short-term borrowings | ' | 3.70% | 4.00% |
Additional borrowings | ' | 34.8 | ' |
Long-term debt | ' | 0 | ' |
CGI Facility [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Expiration date of CGI facility | ' | '2013-08 | ' |
Short-Term Debt [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Current amount of borrowing availability | 205 | ' | ' |
Previous amount of borrowing availability | $150 | ' | ' |
Credit Facility interest rate description | ' | 'The interest rate for amounts outstanding under the Amended Credit Facility is now 355 basis points above the one-month London Inter-Bank Offering Rate ("LIBOR"). | ' |
Reduction of basis points from the prior amendment | ' | 0.28% | ' |
Unused line fee on the unused portion of the amended Credit Facility | ' | 0.10% | ' |
Interest rate for amounts outstanding under the Amended Credit Facility | ' | 3.55% | ' |
Short-Term Debt [Member] | Maximum [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Leverage ratio | ' | 2.75 | ' |
Current ratio | ' | 1.2 | ' |
Short-Term Debt [Member] | Minimum [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Leverage ratio | ' | 1 | ' |
Current ratio | ' | 1 | ' |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Taxes Benefit (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Current benefit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $101 | ($116) | ($235) |
State | ' | ' | ' | ' | ' | ' | ' | ' | -995 | -60 | -132 |
Total current benefit | ' | ' | ' | ' | ' | ' | ' | ' | -894 | -176 | -367 |
Deferred benefit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit | $136 | ($1,070) | $40 | ' | ($60) | ' | ($116) | ' | ($894) | ($176) | ($367) |
Income_Taxes_Summary_of_Tax_Ra
Income Taxes - Summary of Tax Rates (Detail) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal tax (benefit) provision | 35.00% | 35.00% | -35.00% |
State taxes, net of federal effect | -0.70% | -16.80% | -6.80% |
Stock based compensation | 0.60% | 7.50% | 0.70% |
Valuation allowance | -45.00% | -50.20% | 39.50% |
Federal NOL carryback | 0.00% | -12.60% | -2.00% |
Foreign rate differential | 2.90% | 15.40% | 0.00% |
Other | 0.90% | 2.70% | 0.50% |
Effective tax rate | -6.30% | -19.00% | -3.10% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets: | ' | ' |
Inventories | $1,494 | $1,644 |
Accrued expenses | 1,269 | 651 |
Current deferred tax assets | 2,763 | 2,295 |
Valuation allowance | -2,763 | -2,295 |
Net current deferred tax assets | ' | ' |
Long-term deferred tax assets: | ' | ' |
Depreciation and amortization | 8,275 | 11,945 |
Stock based compensation | 4,216 | 4,177 |
FIN 48 deferred tax asset | 70 | 482 |
Tax loss carryforwards | 26,726 | 29,196 |
Other | 294 | 182 |
Long-term deferred tax assets | 39,581 | 45,982 |
Valuation allowance | -39,581 | -45,982 |
Net long-term deferred tax assets | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Valuation allowance | $42,300,000 | $48,300,000 | ' |
Unrecognized tax benefits | 224,000 | 1,498,000 | 1,581,000 |
Impact on effective tax rate if recognized | 154,000 | 1,000,000 | ' |
Interest and penalties | $100,000 | $673,000 | ' |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits at the beginning of the year | $1,498 | $1,581 |
Increases in tax positions for prior years | 34 | 46 |
Decreases in tax positions for prior years | -1,308 | -32 |
Lapse of statute of limitations | 0 | -97 |
Unrecognized tax benefits at the ending of the year | $224 | $1,498 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Shares approved to repurchase | 1,000,000 | ' |
Shares purchased | 790,900 | 790,900 |
Aggregate purchase price | $15,810 | $15,810 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Cash received from option exercises under all share-based compensation arrangements | $3,300,000 | $1,500,000 | $1,400,000 |
Tax benefits of options exercised | $0 | $0 | $0 |
The_Incentive_Stock_Plans_Addi
The Incentive Stock Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 28, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Incentive Stock Plan 2011 [Member] | Incentive Stock Plan 2011 [Member] | Incentive Stock Plan 2011 [Member] | Incentive Stock Plan 2011 [Member] | Incentive Stock Plan 2007 [Member] | Incentive Stock Plans [Member] | Incentive Stock Plans [Member] | ||||
Minimum [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 1,000,000 | 500,000 | ' | ' | 2,000,000 | 1,200,456 | 2,200,456 | ' | ' | ' |
Additional shares threshold | 52,837 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Number of Common stock shares available | ' | ' | ' | ' | ' | ' | ' | 200,456 | ' | ' |
Expiration of Plan 2011 | ' | ' | ' | ' | '2021 | ' | ' | ' | ' | ' |
Contractual term of plan 2011 | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Weighted average grant fair value of options granted | $4.49 | $4.30 | $5.15 | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | $3,300,000 | $1,400,000 | $766,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average period unrecognized compensation costs related to non-vested options | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '1 year 10 months 24 days |
Unrecognized compensation costs related to non-vested options | 980,000 | 921,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options vested | $2,500,000 | $3,100,000 | $4,100,000 | ' | ' | ' | ' | ' | ' | ' |
The_Incentive_Stock_Plans_Ince
The Incentive Stock Plans - Incentive Stock Plans Option Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Shares Available for Grant, Beginning Balance | 1,062,448 | ' |
Options authorized, Shares Available for Grant | 1,000,000 | 500,000 |
Options granted, Shares Available for Grant | -572,250 | ' |
Options cancelled/forfeited/expired, Shares Available for Grant | 273,897 | ' |
Restricted stock awards forfeited, Shares Available for Grant | 23,442 | ' |
Options exercised, Shares Available for Grant | ' | ' |
Shares Available for Grant, Ending Balance | 1,787,537 | 1,062,448 |
Options Outstanding, Beginning Balance | 2,507,685 | ' |
Options granted, Options Outstanding | 572,250 | ' |
Options cancelled/forfeited/expired, Options Outstanding | -273,897 | ' |
Options exercised, Options Outstanding | -504,400 | ' |
Options Outstanding, Ending Balance | 2,301,638 | 2,507,685 |
Exercisable at September 30, 2013 Options Outstanding | 1,795,321 | ' |
Aggregate Intrinsic Value, Beginning Balance | $4,588 | ' |
Aggregate Intrinsic Value, Ending Balance | 10,419 | 4,588 |
Exercisable at September 30, 2013, Aggregate Intrinsic Value | $7,934 | ' |
Weighted Average Exercise Price, Beginning Balance | $9.86 | ' |
Options granted, Weighted Average Exercise Price | $7.62 | ' |
Options cancelled/forfeited/expired, Weighted Average Exercise Price | $11.23 | ' |
Options exercised, Weighted Average Exercise Price | $5.34 | ' |
Weighted Average Exercise Price, Ending Balance | $10.13 | $9.86 |
Exercisable at September 30, 2013 , Weighted Average Exercise Price | $10.93 | ' |
Weighted Average Remaining Contractual Life | '6 years 6 months | '6 years 6 months |
Exercisable at September 30, 2013, Weighted Average Remaining Contractual Life | '5 years 10 months 24 days | ' |
The_Incentive_Stock_Plans_Weig
The Incentive Stock Plans - Weighted Average Assumptions of Incentive Stock Plans (Detail) (Incentive Stock Plans [Member]) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Incentive Stock Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.60% | 0.80% | 1.30% |
Volatility | 80.10% | 89.90% | 94.90% |
Expected life | '4 years 3 months 18 days | '4 years 6 months | '4 years 4 months 24 days |
Employee_Stock_Purchase_Plan_A
Employee Stock Purchase Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Common stock | 1,000,000 | 500,000 |
Common stock available under Employee Stock Purchase Plan | 52,837 | ' |
Stock Purchase Plan, requisite continuous service | '1 year | ' |
Annual offerings description | 'Implementation of up to 10 annual offerings beginning on the first day of October starting in 2008, with each offering terminating on September 30 of the following year | ' |
Closing price of common stock on the first and last day of the offering | 85.00% | ' |
Percentage not exceeding to periodic payment of purchase price | 10.00% | ' |
Maximum common stock value purchased by participant annually | $25,000 | ' |
Common stock shares issued under stock purchase plan | 596,030 | ' |
Employee_Stock_Purchase_Plan_W
Employee Stock Purchase Plan - Weighted Average Assumptions of Employee Stock Purchase Plan (Detail) (Employee Stock Purchase Plan [Member]) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.10% | 0.10% | 0.20% |
Volatility | 54.80% | 51.80% | 48.90% |
Expected life | '6 months | '6 months | '6 months |
Restricted_Stock_Awards_Additi
Restricted Stock Awards - Additional Information (Detail) (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost related to non-vested restricted stock awards | 135,000 |
Restricted Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average period | '1 year 1 month 6 days |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting periods of restricted stock award | '4 years |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting periods of restricted stock award | '5 years |
Restricted_Stock_Awards_Restri
Restricted Stock Awards - Restricted Stock Award Activity (Detail) (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares, Non-vested beginning balance | 124,108 |
Shares, Awards vested | -35,996 |
Share, Awards forfeited | -23,442 |
Shares, Non-vested ending balance | 64,670 |
Weighted Average Grant Date Fair Value, Non-vested, beginning balance | $6.62 |
Weighted Average Grant Date Fair Value, Awards vested | $7.44 |
Weighted Average Grant Date Fair Value, Awards forfeited | $6.50 |
Weighted Average Grant Date Fair Value, Non-vested, ending balance | $6.04 |
Net_Income_Loss_Per_Share_Basi
Net Income (Loss) Per Share - Basic and Diluted Net Income Per Share (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding used in calculating basic income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 23,253,992 | 22,740,986 | 22,375,271 |
Effect of dilutive options | ' | ' | ' | ' | ' | ' | ' | ' | 749,736 | 594,932 | ' |
Weighted average common and common equivalent shares used in calculating diluted income (loss) per share | 24,267,879 | 24,177,020 | 24,019,409 | 22,955,715 | 22,906,723 | 23,515,737 | 23,253,524 | 22,592,370 | 24,003,728 | 23,335,918 | 22,375,271 |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share - Additional Information (Detail) (Stock Options [Member]) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from earnings per share calculation | 1,728,042 | 1,546,207 | 0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expenses of operating leases | $5,400,000 | $5,100,000 | $6,100,000 |
Recovery of direct costs | 11,800,000 | ' | ' |
Costs incurred for store closings and lease terminations | 162,000 | 350,000 | 750,000 |
Workers compensation insurance policies | $800,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Non-cancelable Operating leases (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $5,254 |
2015 | 4,053 |
2016 | 3,188 |
2017 | 2,367 |
2018 | 1,701 |
Thereafter | 1,533 |
Total | $18,096 |
Employee_401k_Profit_Sharing_P1
Employee 401(k) Profit Sharing Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Duration of Profit Sharing Plan | '90 days | ' | ' |
Introductory period of profit sharing | 'April 1 or October 1 | ' | ' |
Employees eligibility age for participating in profit sharing plan | '21 years | ' | ' |
Total participants contributions in Profit sharing plan | 25.00% | ' | ' |
Maximum of each participants compensation | 5.00% | ' | ' |
Contribution under the Profit sharing plan | $440,000 | $298,000 | $283,000 |
Quarterly_Financial_Data_Summa
Quarterly Financial Data - Summary of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $149,682 | $175,756 | $160,008 | $99,051 | $137,347 | $151,330 | $143,992 | $91,787 | $584,497 | $524,456 | $480,894 |
Cost of sales | 109,564 | 128,949 | 122,358 | 72,773 | 104,306 | 111,040 | 109,614 | 66,213 | 433,644 | 391,173 | 361,400 |
Gross profit | 40,118 | 46,807 | 37,650 | 26,278 | 33,041 | 40,290 | 34,378 | 25,574 | 150,853 | 133,283 | 119,494 |
Selling, general, and administrative expenses | 33,915 | 33,047 | 36,100 | 29,443 | 33,690 | 34,659 | 30,994 | 28,570 | 132,505 | 127,913 | 127,896 |
(Loss) income from operations | 6,203 | 13,760 | 1,550 | -3,165 | -649 | 5,631 | 3,384 | -2,996 | 18,348 | 5,370 | -8,402 |
Interest expense | 862 | 1,193 | 1,166 | 997 | 1,009 | 1,018 | 1,203 | 1,217 | 4,218 | 4,447 | 3,488 |
(Loss) income before income tax benefit (provision) | 5,341 | 12,567 | 384 | -4,162 | -1,658 | 4,613 | 2,181 | -4,213 | 14,130 | 923 | -11,890 |
Income tax benefit (provision) | -136 | 1,070 | -40 | ' | 60 | ' | 116 | ' | 894 | 176 | 367 |
Net (loss) income | $5,205 | $13,637 | $344 | ($4,162) | ($1,598) | $4,613 | $2,297 | ($4,213) | $15,024 | $1,099 | ($11,523) |
Net (loss) income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | $0.21 | $0.56 | $0.01 | ($0.18) | ($0.07) | $0.20 | $0.10 | ($0.19) | $0.63 | $0.05 | ($0.52) |
Weighted average number of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | 24,267,879 | 24,177,020 | 24,019,409 | 22,955,715 | 22,906,723 | 23,515,737 | 23,253,524 | 22,592,370 | 24,003,728 | 23,335,918 | 22,375,271 |