MARINEMAX REPORTS FOURTH QUARTER AND FISCAL 2015 RESULTS
~ Revenue Exceeds $189 Million in the Fourth Quarter ~ ~ Same-Store Sales Increased 17% in the Fourth Quarter and 22% in Fiscal 2015 ~ ~ Over 50% Growth in Fourth Quarter 2015 Income Before Income Taxes and Unusual Gains ~ ~ Over 98% Growth in Fiscal 2015 Income Before Income Taxes and Unusual Gains ~ ~ Company Provides Annual Guidance for Fiscal 2016 ~
CLEARWATER, FL,November 3, 2015 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its fourth quarter and fiscal year ended September 30, 2015.
For the quarter ended September 30, 2015, revenue increased over 15% to $189.3 million from $164.1 million for the comparable quarter last year. Same-store sales for the quarter increased over 17%, on top of 10% growth for the comparable period last year. The Company’s net income for the quarter ended September 30, 2015, was $32.8 million, or $1.32 per diluted share, compared with net income of $5.1 million, or $0.21 per diluted share for the comparable period last year. Included in the quarter ended September 30, 2015, is the reversal of $27.4 million net, or $1.10 per diluted share, related to a deferred tax asset valuation allowance. Included in the quarter ended September 30, 2014, is $1.6 million net, or $0.06 per diluted share, of gains associated with the sale of real estate and a recovery for damages from the Deepwater Horizon Settlement Program.
Excluding the tax benefit in the September 2015 quarter and the gains in the September 2014 quarter, pretax earnings increased over 50% to $5.4 million, or $0.22 per diluted share, as compared to $3.6 million, or $0.15 per diluted share, for the comparable period last year.
Revenue for the fiscal year ended September 30, 2015 increased over 20% to $751.4 million from $624.7 million for fiscal 2014. For the full year, same-store sales increased 22%. The Company’s net income for the year ended September 30, 2015, was $48.3 million, or $1.92 per diluted share, compared with net income of $11.3 million, or $0.46 per diluted share, for the comparable period last year. Included in the year ended September 30, 2015, is $27.4 million net, or $1.09 per diluted share, as noted above, from the reversal of a deferred tax asset valuation allowance and a $1.6 million net gain, or $0.06 per diluted share, from the sale of real estate. Included in the year ended September 2014, is $1.6 million net, or $0.06 per diluted share, of gains, as noted above.
Excluding the tax benefit and the gains in the fiscal year ended September 30, 2015 and the gains in the fiscal year ended September 2014, pretax earnings increased over 98% to $19.3 million, or $0.77 per diluted share, as compared to $9.7 million, or $0.40 per diluted share, for the comparable period last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our fourth quarter and full year performance marked another milestone in the Company’s ongoing progress as we continue to outperform the industry in this slow but steady economic recovery. The marine industry continues to make progress as evidenced by generally increasing unit sales. We are pleased to be able to end the year on a strong note of quarterly same-store sales growth exceeding 17% in a year where we produced very strong same-store-sales growth of 22%. Our results have been enhanced by new products from our industry leading partners and additional brands and segments we have acquired over the past few years.”
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Mr. McGill continued, “We are energized by the increasing demand that is occurring, evidenced by our backlog of sales and the continued positive reaction to the new models at the start of the fall boat show season. We expect to build on our ability to outperform the industry and gain market share. With appropriate inventory levels, a balance sheet that is the strongest it has been in the past ten years and a high performing team and culture, we are positioned to create additional value in the coming years as we focus on building upon our strong results.”
2016 Guidance
Based on current business conditions, retail trends and other factors, the Company currently expects fully taxed earnings per diluted share to be in the range of $0.60 to $0.70 for fiscal 2016. This compares to an adjusted, but fully taxed, diluted earnings per share of $0.47 in fiscal 2015. The adjustments to 2015 are the removal of the gains and the deferred tax asset valuation allowance reversal noted above. These expectations do not take into account, or give effect for, material acquisitions that may be completed by the Company during the fiscal year or other unforeseen events.
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 53 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, 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.
Forward Looking Statement
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 fourth quarter and full year ended September 30, 2015; our industry’s progress; the increasing demand that seems to be building; the Company’s expectation to build on its ability to outperform the industry and gain market share; the Company’s position to create additional value in the coming years and the Company’s fiscal 2016 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the assumption 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’s Form 10-K for the fiscal year ended September 30, 2014 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Michael H. McLamb
Brad Cohen
Chief Financial Officer
ICR, LLC.
Abbey Heimensen
bcohen@icrinc.com 203.682.8211
Public Relations 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
Fiscal Year Ended
September 30,
September 30,
2015
2014
2015
2014
Revenue
$
189,252
$
164,084
$
751,370
$
624,692
Cost of sales
141,180
121,168
566,603
462,872
Gross profit
48,072
42,916
184,767
161,820
Selling, general, and administrative expenses
41,734
36,823
159,435
146,433
Income from operations
6,338
6,093
25,332
15,387
Interest expense
914
885
4,454
4,024
Income before income taxes
5,424
5,208
20,878
11,363
Income tax (provision) benefit
27,414
(91
)
27,414
(91
)
Net income
$
32,838
$
5,117
$
48,292
$
11,272
Basic net income per common share
$
1.35
$
0.21
$
1.97
$
0.47
Diluted net income per common share
$
1.32
$
0.21
$
1.92
$
0.46
Weighted average number of common shares used in computing net income per common share:
Basic
24,391,776
24,090,221
24,466,243
23,916,238
Diluted
24,883,360
24,813,777
25,102,289
24,655,262
MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)
September 30,
September 30,
2015
2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
32,611
$
27,839
Accounts receivable, net
18,474
12,547
Inventories, net
273,875
244,151
Prepaid expenses and other current assets
10,845
4,415
Deferred tax assets
2,139
—
Total current assets
337,944
288,952
Property and equipment, net
98,987
101,878
Other long-term assets, net
5,313
11,851
Deferred tax assets, net
25,378
—
Total assets
$
467,622
$
402,681
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
13,510
$
7,823
Customer deposits
12,731
10,979
Accrued expenses
19,964
19,600
Short-term borrowings
137,186
124,424
Total current liabilities
183,391
162,826
Long-term liabilities
586
560
Total liabilities
183,977
163,386
STOCKHOLDERS’ EQUITY:
Preferred stock
—
—
Common stock
26
25
Additional paid-in capital
234,478
227,939
Retained earnings
75,433
27,141
Treasury stock
(26,292
)
(15,810
)
Total stockholders’ equity
283,645
239,295
Total liabilities and stockholders’ equity
467,622
402,681
MarineMax, Inc. and Subsidiaries Supplemental Financial Information (Amounts in thousands, except share and per share data) (Unaudited)
Three Months Ended
Fiscal Year Ended
September 30,
September 30,
2015
2014
2015
2014
GAAP net income as reported
$
32,838
$
5,117
$
48,292
$
11,272
Less valuation allowance reversal on deferred tax assets, net
(27,414
)
—
(27,414
)
—
Less gain on sale of property, net of tax and other expenses
—
(1,003
)
(1,628
)
(1,003
)
Less Deepwater recoveries, net of tax and other expenses
—
(555
)
—
(555
)
Adjusted net income
$
5,424
$
3,559
$
19,250
$
9,714
GAAP diluted net income per common share as reported
$
1.32
$
0.21
$
1.92
$
0.46
Less valuation allowance reversal on deferred tax assets, net
(1.10
)
—
(1.09
)
—
Less gain on sale of property, net of tax and other expenses
—
(0.04
)
(0.06
)
(0.04
)
Less Deepwater recoveries, net of tax and other expenses
—
(0.02
)
—
(0.02
)
Adjusted diluted net income per common share
$
0.22
$
0.15
$
0.77
$
0.40
Common shares used in the calculations of diluted adjusted net income per common share
24,883,360
24,813,777
25,102,289
24,655,262
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