West Marine (WMAR) 8-K West Marine Reports Improved First Quarter

Exhibit 99.1

[West Marine Logo]

Contact: West Marine, Inc.

Tom Moran, Senior Vice President and Chief Financial Officer

(831) 761-4229

WEST MARINE REPORTS IMPROVED FIRST QUARTER

2009 OPERATING RESULTS

WATSONVILLE, CA, April 30, 2009 - West Marine, Inc. (Nasdaq: WMAR) today released unaudited operating results for the first quarter of 2009, reflecting the company’s best first quarter pre-tax results since 2005.

First quarter highlights:

• Net revenues were $101.0 million, down 10.9% from last year. Comparable store sales were down 6.8%.

• Pre-tax operating results improved by $11.0 million compared to the same period last year.

• Gross margin improved by 270 basis points.

• Selling, general and administrative (“SG&A”) expenses were down $9.9 million, or 21.2%, compared to last year.

• Cash from operating activities improved by $4.9 million versus last year.

• Long-term debt was down $13.2 million, or 14.8%, from this time last year.

• Unused credit facility availability was over $86 million at quarter-end.

Pre-tax loss for the thirteen weeks ended April 4, 2009 was $14.4 million, an $11.0 million improvement compared to a pre-tax loss of $25.4 million last year. Net loss was $(0.67) per share after-tax compared to $(0.81) per share after-tax last year.

Geoff Eisenberg, Chief Executive Officer of West Marine, commented, “We are pleased to report these considerably improved operating results, despite a sales decline which reflects market and industry conditions. While we’ve always experienced a loss in the first quarter due to seasonality in our business, this quarter’s operating results reflect changes we have made to strengthen the company in the face of current economic conditions. We also continue to improve our balance sheet by increasing cash flow, reducing debt and maintaining unused credit facility availability of over $86 million.”

Net revenues for the thirteen weeks ended April 4, 2009 were $101.0 million, compared to net revenues of $113.3 million for the thirteen weeks ended March 29, 2008. Comparable store sales declined 6.8% versus the same period a year ago.

Gross profit for the thirteen weeks ended April 4, 2009 was $22.9 million, an increase of $0.4 million compared to 2008. As a percentage of net revenues, gross profit increased by 2.7% to 22.6% compared to gross profit of 19.9% last year. The increase in gross profit as a percentage of revenues primarily resulted from better product margins due to a reduction in promotional and clearance activity, and a shift in sales mix to higher margin product categories. Additionally, we experienced lower inventory shrinkage and delivered efficiencies in our buying and distribution channels, which partially was offset by deleveraging of store occupancy on lower revenues.

SG&A expenses for the quarter were $36.9 million, a decrease of $9.9 million, or 21.2%, compared to $46.8 million for the same period last year, and expenses as a percentage of revenues decreased by 4.9% to 36.5%. The expense savings included: a $7.4 million reduction in payroll, marketing and other variable expenses, reflecting lower revenues, reduced store count and lower professional services expenses; and a $1.6 million reduction in costs related to the SEC investigation. Interest expense in the first quarter was $0.3 million, a decline of $0.5 million from last year due to lower interest rates and reduced debt levels.

Income taxes provided significantly less benefit than last year as a result of the impact of a full valuation allowance against our net deferred tax assets.

Compared to the corresponding period last year, cash from operating activities improved by $4.9 million, and at the end of the quarter, long-term debt was $75.8 million, which is a decrease of $13.2 million, or 14.8%, from this time last year.

WEBCAST AND CONFERENCE CALL

As previously announced, West Marine will hold a conference call and webcast on Thursday, April 30, 2009 at 8:30 AM Pacific time to discuss first quarter 2009 results. The live call will be webcast and available in real time on the Internet at www.westmarine.com in the “Investor Relations” section. The earnings release will also be posted on the Internet at www.westmarine.com in the “Press Releases” section on the Investor Relations page. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast.

Interested parties can also connect to the conference call by dialing (888) 756-1546 in the United States and Canada and (706) 634-1083 for international calls. Please be prepared to give the conference ID number 96884981. The call leader is Geoff Eisenberg, West Marine’s President and Chief Executive Officer.

An audio replay of the call will be available April 30, 2009 at 11:30 AM Pacific time through May 7, 2009 at 8:59 PM Pacific Time. The replay number is (800) 642-1687 in the United States and Canada and (706) 645-9291 for international calls. The access code is 96884981.

ABOUT WEST MARINE

West Marine, the largest specialty retailer of boating supplies and accessories, has 341 stores located in 38 states, Puerto Rico and Canada and a franchised store located in Turkey. Our call center and Internet channels offer customers approximately 50,000 products and the convenience of exchanging catalog and Internet purchases at our store locations. Our Port Supply division is one of the largest wholesale distributors of marine equipment serving boat manufacturers, marine services, commercial vessel operators and government agencies. For more information on West Marine’s products and store locations, or to start shopping, visit westmarine.com or call 1-800-BOATING (1-800-262-8464).

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements concerning statements that are predictive or express expectations that depend on future events or conditions that involve risks and uncertainties. These forward looking statements include, among other things, expectations relating to our financial results and our ability to improve cash flows and our balance sheet in continued challenging market and industry conditions, as well as facts and assumptions underlying these expectations. Actual results may differ materially from the preliminary expectations expressed or implied in these forward-looking statements due to various risks, uncertainties or other factors, including those set forth in West Marine’s annual report on Form 10-K for the fiscal year ended January 3, 2009. Except as required by applicable law, West Marine assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise.

West Marine, Inc.

Condensed Consolidated Balance Sheets

(Unaudited and in thousands, except share data)

	April 4, 2009			March 29, 2008
ASSETS
Current assets:
Cash	$	12,259		$	12,044
Trade receivables, net		6,679			8,113
Merchandise inventories		258,628			286,899
Deferred income taxes		—			8,046
Other current assets		16,002			27,784
Total current assets		293,568			342,886
Property and equipment, net		59,013			66,778
Intangibles, net		144			182
Other assets		2,316			9,692
TOTAL ASSETS	$	355,041		$	419,538
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	50,707		$	68,559
Accrued expenses, and other		44,150			46,040
Total current liabilities		94,857			114,599
Long-term debt		75,751			88,954
Deferred rent, and other		8,956			8,560
Total liabilities		179,564			212,113
Stockholders’ equity:
Preferred stock, $.001 par value: 1,000,000 shares authorized; no shares outstanding		—			—
Common stock, $.001 par value: 50,000,000 shares authorized; 22,153,349 shares issued and 22,125,777 at April 4, 2009, and 21,917,348 shares issued and 21,893,745 shares outstanding at March 29, 2008		22			22
Treasury stock		(366	)		(348	)
Additional paid-in capital		174,597			171,389
Accumulated other comprehensive income (loss)		651			(154	)
Retained earnings		573			36,516
Total stockholders’ equity		175,477			207,425
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	$	355,041		$	419,538

West Marine, Inc.

Condensed Consolidated Statements of Operations

(Unaudited and in thousands, except per share data)

	13 Weeks Ended April 4, 2009					13 Weeks Ended March 29, 2008
Net revenues	$	100,965		100.0	%	$	113,263		100.0	%
Cost of goods sold		78,106		77.4	%		90,778		80.1	%
Gross profit		22,859		22.6	%		22,485		19.9	%
Selling, general and administrative expense		36,884		36.5	%		46,821		41.4	%
Store closures and other restructuring costs		77		0.1	%		—		0.0	%
Impairment of long lived assets		—		0.0	%		266		0.2	%
Loss from operations		(14,102	)	-14.0	%		(24,602	)	-21.7	%
Interest expense		331		0.3	%		846		0.8	%
Loss before income taxes		(14,433	)	-14.3	%		(25,448	)	-22.5	%
Provision (benefit) for Income taxes		371		0.4	%		(7,787	)	-6.9	%
Net loss	$	(14,804	)	-14.7	%	$	(17,661	)	-15.6	%
Net loss per common and common equivalent share -
Basic and diluted	$	(0.67	)			$	(0.81	)
Weighted average common and common equivalent shares outstanding -
Basic and diluted		22,117					21,894

West Marine, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited and in thousands)

	13 Weeks Ended
	April 4, 2009			March 29, 2008
OPERATING ACTIVITIES:
Net loss	$	(14,804	)	$	(17,661	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,025			4,725
Impairment of long-lived assets		—			266
Share-based compensation		554			418
Tax (expense) benefit from equity issuance		—			(18	)
Deferred income taxes		—			31
Provision for doubtful accounts		169			72
Lower of cost or market inventory adjustments		1,384			876
Loss on asset disposals		40			63
Changes in assets and liabilities:
Trade receivables		(1,024	)		(1,481	)
Merchandise inventories		(37,411	)		(39,468	)
Other current assets		367			(6,315	)
Other assets		260			399
Accounts payable		23,333			33,698
Accrued expenses and other		1,894			(1,736	)
Deferred items and other non-current liabilities		28			(2	)
Net cash used in operating activities		(21,185	)		(26,133	)
INVESTING ACTIVITIES:
Purchases of property and equipment		(2,849	)		(4,629	)
Proceeds from sale of property and equipment		12			—
Net cash used in investing activities		(2,837	)		(4,629	)
FINANCING ACTIVITIES:
Borrowings on line of credit		33,566			44,989
Repayments on line of credit		(4,815	)		(8,335	)
Proceeds from exercise of stock options		46			1
Net cash provided by financing activities		28,797			36,655
Effect of exchange rate changes on cash		11			25
NET INCREASE IN CASH		4,786			5,918
CASH AT BEGINNING OF PERIOD		7,473			6,126
CASH AT END OF PERIOD	$	12,259		$	12,044
Other cash flow information:
Cash paid for interest		313			817
Cash refunded for income taxes		(14	)		(2,715	)
Non-cash investing activities:
Property and equipment additions in accounts payable		929			99