EXHIBIT 99.1
CONTACT: | Michael H. McLamb Chief Financial Officer MarineMax, Inc. 727/531-1700 | Brad Cohen Integrated Corporate Relations, Inc. 203/682-8211 |
MARINEMAX REPORTS RECORD SECOND QUARTER RESULTS
- Same-store sales increased over 11%
- - Net income increased 24%
CLEARWATER, FL, April 28, 2005 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced record revenue and earnings for the second quarter of fiscal 2005.
For the quarter ended March 31, 2005, revenue increased 12.9% to $228.4 million from $202.3 million for the comparable quarter last year. Same-store sales increased 11.4% or $23.1 million, compared with a 23.3% increase for the comparable quarter last year. Net income increased 24.0% to $7.0 million, or $0.39 per diluted share, from net income of $5.7 million, or $0.34 per diluted share, for the comparable quarter last year. During the quarter, the company issued 1,429,000 shares of common stock, resulting in additional shares outstanding this year versus last.
For the six-month period ended March 31, 2005, revenue grew 14.9% to $412.6 million compared with $359.0 million for the comparable period in fiscal 2004. Same-store sales increased 13.6% on top of a 35.7% increase in the year ago period. Net income was $9.8 million, or $0.57 per diluted share, an increase of 24.8% from net income of $7.9 million, or $0.48 per diluted share, for the six months ended March 31, 2004.
William H. McGill, Jr., Chairman, Chief Executive Officer, and President, stated, “Results for the second quarter and first half of fiscal 2005 reflect continued strong performance for MarineMax. We attribute the increase in revenue and earnings to strong same-store sales accelerated by a robust boat show season. At the majority of shows, we experienced increased traffic, which translated into improved sales. I think it is noteworthy that we had the strongest March results in our history. We are encouraged by these trends and are confident that MarineMax’s strategies will continue to generate growth for the foreseeable future. We believe our full-service approach, the MarineMax brand strength, superior products, and our industry leading Team afford us a competitive edge in the marketplace. Over time, these advantages should translate into continued growth for MarineMax and increased returns for our stockholders.”
Based on current business conditions, retail trends and other factors, MarineMax notes that it expects to earn $1.75 to $1.80 per diluted share for fiscal 2005.
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Hatteras, Grady White, Ferretti Yachts, Custom Line, CRN, Pershing, Riva, Mochi Craft, Apreamare and Bertram, the Company sells new and used recreational boats and related marine products and provides yacht brokerage services. The Company currently operates 68 retail locations in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Minnesota, Nevada, New Jersey, North Carolina, Ohio, South Carolina, Texas and Utah. MarineMax is a New York Stock Exchange-listed Company.
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include expectations regarding the strength of our products and the performance of our team; our position in the boating market; our ability to continue long-term revenue growth and increased stockholder value; and our earnings guidance for fiscal 2005. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the ability to accomplish goals and strategies, the success of the acquisition program, synergies expected from acquisitions, anticipated revenue enhancements, general economic conditions and the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations and numerous other factors identified in the Company’sForm 10-K and other filings with the Securities Exchange Commission.
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(table follows)
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited amounts in thousands, except share and per share data)
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2004 | 2005 | 2004 | 2005 | |||||||||||||
Revenue | $ | 202,316 | $ | 228,384 | $ | 358,975 | $ | 412,572 | ||||||||
Cost of sales | 157,160 | 173,368 | 278,720 | 313,432 | ||||||||||||
Gross profit | 45,156 | 55,016 | 80,255 | 99,140 | ||||||||||||
Selling, general, and administrative expenses | 34,269 | 40,921 | 64,285 | 78,061 | ||||||||||||
Income from operations | 10,887 | 14,095 | 15,970 | 21,079 | ||||||||||||
Interest expense | 1,701 | 2,704 | 3,159 | 5,088 | ||||||||||||
Income before income tax provision | 9,186 | 11,391 | 12,811 | 15,991 | ||||||||||||
Income tax provision | 3,536 | 4,385 | 4,932 | 6,156 | ||||||||||||
Net income | $ | 5,650 | $ | 7,006 | $ | 7,879 | $ | 9,835 | ||||||||
Basic net income per common share: | $ | 0.36 | $ | 0.42 | $ | 0.51 | $ | 0.61 | ||||||||
Diluted net income per common share: | $ | 0.34 | $ | 0.39 | $ | 0.48 | $ | 0.57 | ||||||||
Weighted average number of common shares used in computing net income per common share: | ||||||||||||||||
Basic | 15,520,381 | 16,505,919 | 15,482,023 | 16,137,974 | ||||||||||||
Diluted | 16,728,845 | 17,834,520 | 16,504,398 | 17,392,389 | ||||||||||||
(table follows)
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited amounts in thousands, except share and per share data)
March 31, 2005 | March 31, 2004 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 20,928 | $ | 17,168 | ||||
Accounts receivable, net | 32,374 | 23,591 | ||||||
Inventories, net | 354,664 | 284,241 | ||||||
Prepaid expenses and other current assets | 5,046 | 2,737 | ||||||
Deferred tax assets | 3,873 | 1,864 | ||||||
Total current assets | 416,885 | 329,601 | ||||||
Property and equipment, net | 88,164 | 75,884 | ||||||
Goodwill and other intangible assets, net | 56,177 | 53,483 | ||||||
Other long-term assets | 658 | 841 | ||||||
Total assets | $ | 561,884 | $ | 459,809 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 69,505 | $ | 49,641 | ||||
Customer deposits | 23,426 | 14,740 | ||||||
Accrued expenses | 23,668 | 18,778 | ||||||
Short-term borrowings | 155,000 | 172,000 | ||||||
Current maturities of long-term debt | 3,116 | 2,397 | ||||||
Total current liabilities | 274,715 | 257,556 | ||||||
Deferred tax liabilities | 9,982 | 7,550 | ||||||
Long-term debt, net of current maturities | 21,322 | 18,783 | ||||||
Total liabilities | 306,019 | 283,889 | ||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2005 and 2004 | — | — | ||||||
Common stock, $.001 par value; 24,000,000 shares authorized, 17,510,836 and 15,594,483 shares issued and outstanding at March 31, 2005 and 2004, respectively | 18 | 16 | ||||||
Additional paid-in capital | 122,307 | 67,219 | ||||||
Deferred stock compensation | (2,775 | ) | — | |||||
Retained earnings | 136,933 | 108,685 | ||||||
Treasury Stock, at cost, 30,000 shares held at March 31, 2005 | (618 | ) | — | |||||
Total stockholders’ equity | 255,865 | 175,920 | ||||||
Total liabilities and stockholders’ equity | $ | 561,884 | $ | 459,809 | ||||
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