MARINEMAX REPORTS SECOND QUARTER FISCAL 2015 RESULTS ~Revenue Increased Over 26% Year-Over-Year To $172 Million ~ ~ 27% Same Store Sales Growth Year-Over-Year ~ ~ Achieves Pre-tax Profitability Thru First Six Months For First Time Since 2006 ~
CLEARWATER, FL,April 23, 2015 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second quarter ended March 31, 2015.
Revenue grew over 26% to $172.1 million for the quarter ended March 31, 2015 from $136.6 million for the comparable quarter last year. Same-store sales grew over 27% as compared to a 16% decline in the same period a year ago. The Company reported net income of $390,000, or $0.02 per diluted share for the quarter ended March 31, 2015 compared to a net loss of $2.0 million, or $0.08 per share, for the comparable quarter last year.
Revenue increased over 34% to $330.3 million for the six months ended March 31, 2015 compared with $246.2 million for the comparable period last year. Same-store sales increased approximately 35% as compared to a 6% decrease in the comparable period last year. Net income for the six months ended March 31, 2015 was $604,000, or $0.02 per diluted share, compared with a net loss of $5.3 million, or $0.22 per share, for the comparable period last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our team’s efforts continue to propel our growth in an industry that is slowly but steadily recovering. While we strived for more robust operating leverage in the quarter, we experienced sizable increases in health care costs and we invested in marketing to drive even greater sales than we were able to close, which sets the stage for an improved start for the June quarter. Additionally, while margins are historically in line, we actively worked to position our inventory to be in the best seasonal shape since March of 2006, as we enter the busy summer selling season.”
Mr. McGill continued, “Despite the ongoing challenging weather in the Northeast, we are pleased with the momentum of our business which produced a profit in the first six months of our fiscal year, a milestone last achieved nine years ago. Furthermore, we anticipate that our backlog and the continual stream of new products that will be delivered should positively contribute to our summer selling season and beyond. We believe our sales growth is outpacing that of the industry, yielding continued market share gains as we strive to execute on our strategy of fully embracing our customers and ensuring they are enjoying the boating lifestyle.”
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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, Hatteras, Azimut Yachts, Ocean Alexander, Grady-White, Harris, Crest, Scout, Sailfish, Scarab Jet Boats, Aquila, and Nautique. MarineMax sells new and used recreational boats and related marine products and services as well as provides yacht brokerage and charter services. MarineMax currently has 54 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company. For more information, please visit www.marinemax.com.
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the second quarter ended March 31, 2015; the expected improved start for the June quarter; and the contribution of the Company’s backlog and continual stream of new products to the summer selling season, and beyond. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, general economic conditions, as well as those within our industry, 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 for the fiscal year ended September 30, 2014 and other filings with the Securities and Exchange Commission.
CONTACT:
Michael H. McLamb
Brad Cohen
Chief Financial Officer
ICR, Inc.
Abbey Heimensen
203.682.8211
Public Relations
bcohen@icrinc.com
MarineMax, Inc. 727/531-1700
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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,
2015
2014
2015
2014
Revenue
$
172,143
$
136,615
$
330,269
$
246,206
Cost of sales
129,943
101,829
250,614
181,510
Gross profit
42,200
34,786
79,655
64,696
Selling, general, and administrative expenses
40,557
35,687
76,652
67,969
Income (loss) from operations
1,643
(901
)
3,003
(3,273
)
Interest expense
1,253
1,078
2,399
2,075
Income (loss) before income tax provision
390
(1,979
)
604
(5,348
)
Income tax provision
—
—
—
—
Net income (loss)
$
390
$
(1,979
)
$
604
$
(5,348
)
Basic net income (loss) per common share
$
0.02
$
(0.08
)
$
0.02
$
(0.22
)
Diluted net income (loss) per common share
$
0.02
$
(0.08
)
$
0.02
$
(0.22
)
Weighted average number of common shares used in computing net income (loss) per common share:
Basic
24,544,272
23,845,302
24,409,969
23,779,913
Diluted
25,265,857
23,845,302
25,105,262
23,779,913
MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)
March 31,
March 31,
2015
2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
42,695
$
30,798
Accounts receivable, net
23,046
24,232
Inventories, net
277,030
260,396
Prepaid expenses and other current assets
3,876
4,141
Total current assets
346,647
319,567
Property and equipment, net
108,100
100,475
Other long-term assets, net
5,257
5,662
Total assets
$
460,004
$
425,704
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
11,928
$
9,771
Customer deposits
17,157
15,035
Accrued expenses
20,741
19,221
Short-term borrowings
165,287
160,104
Total current liabilities
215,113
204,131
Long-term liabilities
345
394
Total liabilities
215,458
204,525
STOCKHOLDERS’ EQUITY:
Preferred stock
—
—
Common stock
25
25
Additional paid-in capital
232,586
226,443
Retained earnings
27,745
10,521
Treasury stock
(15,810
)
(15,810
)
Total stockholders’ equity
244,546
221,179
Total liabilities and stockholders’ equity
$
460,004
$
425,704
###
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