Michael H. McLamb Chief Financial Officer MarineMax, Inc. 727/531-1700
Brad Cohen Integrated Corporate Relations, Inc. 203/682-8211
MARINEMAX REPORTS SECOND QUARTER FISCAL 2007 RESULTS
CLEARWATER, FL, April 26, 2007 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second quarter of fiscal 2007.
Revenue grew 13% to $326.1 million for the quarter ended March 31, 2007 from $287.4 million for the comparable quarter last year. Same-store sales increased 2%, or $6.0 million, following a 14% increase in the comparable quarter last year. Revenue from stores recently opened or acquired that are not eligible for inclusion in the same-store sales base was $35.5 million. Net income was $3.3 million, or $0.17 per diluted share, compared with $8.6 million, or $0.46 per diluted share, for the second quarter of fiscal 2006. The 2007 results include $0.06 per diluted share, arising from the proceeds of business interruption insurance for claims associated with Hurricane Wilma in 2006.
Revenue grew 20% to $560.8 million for the six-month period ended March 31, 2007 compared with $468.6 million for the comparable period in fiscal 2006. Same-store sales increased 7% on top of a 6% increase in the year ago period. Revenue from stores recently opened or acquired that are not eligible for inclusion in the same-store sales base was $64.2 million. Net loss for the six-months ended March 31, 2007 was $454,000, or $0.02 per diluted share, compared with net income of $9.3 million, or $0.50 per diluted share, for the comparable period last year. The Company’s results for the six-month period ended March 31, 2006 includes a $0.04 per diluted share charge for direct costs associated with Hurricane Wilma. The Company’s results for the six-month period ended March 31, 2007 includes $0.06 per diluted share, arising from the proceeds of business interruption insurance for claims associated with Hurricane Wilma in 2006.
William H. McGill, Jr., Chairman, President and Chief Executive Officer stated, “As we indicated in our April 12, 2007 release, while we are disappointed with our earnings and the softness in our industry, we are confident that our performance has yielded significant market share gains. Given that a large percentage of our revenue is from repeat and referral buyers, these market share gains should generate future growth in revenue and earnings as the industry recovers. Our premium brands, outstanding team, strong balance sheet and customer centric strategies create significant competitive advantages. We will look to capitalize on these strengths as we move through the summer selling boating season.”
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Based on current business conditions, retail trends and other factors, the Company expects its earnings per share for its fiscal year ending September 30, 2007 to range from $0.45 to $0.65 on a fully diluted basis. The Company’s 2007 guidance assumes same-store sales will be flat to low single digit and excludes the $0.06 per diluted share, arising from the proceeds of business interruption insurance for claims associated with Hurricane Wilma in 2006 as well as 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 and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Grady White, Ferretti Yachts, 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 88 retail locations in Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, 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 fiscal 2007, company performance compared with industry performance as well as expected market share gains and long-term revenue and earnings growth. 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 the goals and strategies, the success 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’s Form 10-K and other filings with the Securities Exchange Commission.
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MARINEMAX, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
2007
2006
2007
2006
Revenue
$
326,067
$
287,387
$
560,805
$
468,571
Cost of sales
252,554
218,812
430,231
355,648
Gross profit
73,513
68,575
130,574
112,923
Selling, general, and administrative expenses
60,518
50,088
117,390
90,560
Income from operations
12,995
18,487
13,184
22,363
Interest expense
7,547
4,294
14,087
7,055
Income (loss) before income tax provision (benefit)
5,448
14,193
(903
)
15,308
Income tax provision (benefit)
2,116
5,605
(449
)
6,056
Net income (loss)
$
3,332
$
8,588
$
(454
)
$
9,252
Basic net income (loss) per common share
$
0.18
$
0.49
$
(0.02
)
$
0.52
Diluted net income (loss) per common share
$
0.17
$
0.46
$
(0.02
)
$
0.50
Weighted average number of common shares used in computing net income (loss) per common share:
Basic
18,377,902
17,705,799
18,332,346
17,658,304
Diluted
19,042,015
18,751,417
18,332,346
18,638,117
(table follows) MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) (Unaudited)
March 31,
March 31,
2007
2006
ASSETS
CURRENT ASSETS:
��
Cash and cash equivalents
$
23,489
$
14,938
Accounts receivable, net
65,309
59,406
Inventories, net *
547,959
514,548
Prepaid expenses and other current assets
6,371
5,722
Deferred tax assets
5,241
4,929
Total current assets
648,369
599,543
Property and equipment, net
119,906
120,939
Goodwill and other intangible assets, net
121,838
116,204
Other long-term assets
4,510
4,756
Total assets
$
894,623
$
841,442
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
21,941
$
27,613
Customer deposits
26,486
39,353
Accrued expenses
27,106
27,483
Short-term borrowings
414,500
385,000
Current maturities of long-term debt
4,581
3,607
Total current liabilities
494,614
483,056
Deferred tax liabilities
12,167
11,285
Long-term debt, net of current maturities
30,287
23,660
Other long-term liabilities
2,526
2,846
Total liabilities
539,594
520,847
STOCKHOLDERS’ EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2007 and 2006
—
—
Common stock, $.001 par value, 24,000,000 shares authorized, 18,673,113 and 18,684,686 shares issued and outstanding at March 31, 2007 and 2006, respectively
19
19
Additional paid-in capital
162,678
150,629
Retained earnings
199,852
170,176
Accumulated other comprehensive income
43
389
Treasury stock, at cost, 336,300 and 30,000 shares held at March 31, 2007 and 2006, respectively
(7,563
)
(618
)
Total stockholders’ equity
355,029
320,595
Total liabilities and stockholders’ equity
$
894,623
$
841,442
• Inventories at March 31, 2007 include approximately $16.0 million of inventory related to the Cabo brand which the Company expanded with in September 2006.
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