Michael H. McLamb Chief Financial Officer MarineMax, Inc. 727/531-1700
Brad Cohen Integrated Corporate Relations, Inc. 203/682-8211
MARINEMAX REPORTS RECORD THIRD QUARTER 2005 RESULTS - Same-Store Sales Increased 37% - - - Net Income Improved 33% — Earnings Per Diluted Share of $0.74 - - - Fiscal 2005 Guidance Raised to a Range of $1.82 to $1.87 -
CLEARWATER, FL — July 21, 2005 — MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced record revenue and earnings for the third quarter of fiscal 2005.
For the quarter ended June 30, 2005, revenue increased 39.3% to $306.1 million from $219.7 million for the comparable quarter last year. Same-store sales increased 37.0%, or $80.9 million, versus an 11.0% increase in same-store sales for the comparable quarter last year. Net income improved 33.0% to $13.8 million, or $0.74 per diluted share, from net income of $10.4 million, or $0.61 per diluted share, for the comparable quarter last year.
For the nine-month period ended June 30, 2005, revenue grew 24.2% to $718.7 million compared with $578.7 million for the comparable period in fiscal 2004. Same-store sales increased 22.5% on top of a 25.3% increase in the year ago period. Net income increased 29.5% to $23.7 million, or $1.33 per diluted share, from net income of $18.3 million, or $1.10 per diluted share, for the nine months ended June 30, 2004.
William H. McGill, Jr., Chairman, Chief Executive Officer, and President stated, “We are pleased to announce another quarter of record results. This quarter marks the 10th consecutive quarter of solid same-store sales growth. Our performance demonstrates that we have the right strategies and team in place to capitalize on improved industry fundamentals. Our team’s execution of our full-service approach to satisfying our customers continues to set us apart from the rest of the industry.”
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Mr. McGill concluded, “The MarineMax brand, offering an unmatched product line, our industry leading team, and one stop approach continues to enable us to differentiate ourselves in the eyes of boating enthusiasts. While the industry is generally doing better than it was a few years ago, we are fairly certain that our internal growth, which is primarily unit driven, is greatly outpacing our competitors. Our balance sheet continues to gain formidable strength, supporting us in achieving our growth strategies. We are pleased with our solid inventory position which allows us to capitalize on improving industry trends. Over time these competitive advantages, along with our strategies and team, should enable us to continue growth and market share gains for MarineMax and increased returns for our stockholders.”
Based on current business conditions, retail trends and other factors, MarineMax is raising its guidance for fiscal 2005 from the range of $1.75 to $1.80 per diluted share to the range of $1.82 to $1.87 per diluted share. Beginning in fiscal 2006 the Company will be expensing stock options as currently required by Statement of Financial Accounting Standards No. 123R Share-Based Payment (SFAS 123R). For fiscal 2006, before the impact of SFAS 123R, the Company expects earnings per diluted share to be in the range of $2.05 to $2.10. Given the Company’s current option structure and interpretations of SFAS 123R, the Company estimates the impact of expensing stock options to be approximately $0.10 per diluted share on an annual basis. As such, the post stock-option expense guidance range for fiscal 2006 is $1.95 to $2.00 per diluted share. The Company’s 2006 guidance assumes same-store sales growth in the high single digits. The Company’s guidance excludes the impact from any potential material acquisitions that it may complete.
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, and the Ferretti Group (including 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 71 retail locations in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Minnesota, Nevada, New Jersey, North Carolina, Ohio, South Carolina, Tennessee, 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 competitive position in the boating market; the success of our strategies; our ability to capitalize on improving industry trends; our ability to continue long-term growth; achieve market share gains and increase 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.
(table follows) MarineMax, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited amounts in thousands, except share and per share data)
Three Months Ended June 30,
Nine Months Ended June 30,
2005
2004
2005
2004
Revenue
$
306,141
$
219,729
$
718,713
$
578,706
Cost of sales
235,475
164,691
548,906
443,413
Gross profit
70,666
55,038
169,807
135,293
Selling, general, and administrative expenses
45,903
36,602
123,964
100,886
Income from operations
24,763
18,436
45,843
34,407
Interest expense
2,267
1,706
7,355
4,865
Income before income tax provision
22,496
16,730
38,488
29,542
Income tax provision
8,661
6,324
14,818
11,257
Net income
$
13,835
$
10,406
$
23,670
$
18,285
Basic net income per common share:
$
0.79
$
0.66
$
1.43
$
1.18
Diluted net income per common share:
$
0.74
$
0.61
$
1.33
$
1.10
Weighted average number of common shares used in computing net income per common share:
Basic
17,438,739
15,658,896
16,571,563
15,540,765
Diluted
18,633,251
16,937,505
17,806,010
16,648,441
(table follows)
MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited amounts in thousands, except share and per share data)
June 30, 2005
June 30, 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
21,761
$
15,383
Accounts receivable, net
40,204
26,549
Inventories, net
297,867
257,007
Prepaid expenses and other current assets
7,472
5,849
Deferred tax assets
4,548
1,912
Total current assets
371,852
306,700
Property and equipment, net
95,018
84,666
Goodwill and other intangible assets, net
56,172
55,859
Other long-term assets
260
818
Total assets
$
523,302
$
448,043
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
56,054
$
42,911
Customer deposits
19,996
16,213
Accrued expenses
23,263
18,015
Short-term borrowings
114,500
154,500
Current maturities of long-term debt
3,548
2,425
Total current liabilities
217,361
234,064
Deferred tax liabilities
10,525
7,907
Long-term debt, net of current maturities
24,173
18,164
Total liabilities
252,059
260,135
STOCKHOLDERS’ EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at June 30, 2005 and 2004
—
—
Common stock, $.001 par value; 24,000,000 shares authorized, 17,575,155 and 15,732,741 shares issued and outstanding at June 30, 2005 and 2004, respectively
18
16
Additional paid-in capital
123,660
68,807
Deferred stock compensation
(2,585
)
—
Retained earnings
150,768
119,085
Treasury Stock, at cost, 30,000 shares held at June 30, 2005
(618
)
—
Total stockholders’ equity
271,243
187,908
Total liabilities and stockholders’ equity
$
523,302
$
448,043
( #### )
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