MarineMax Reports Second Quarter Fiscal 2011 Results

MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second fiscal quarter ended March 31, 2011.

Revenue was $115.8 million for the quarter ended March 31, 2011 compared with $110.1 million for the comparable quarter last year. Same-store sales increased approximately 5% compared with a 5% decrease in the comparable quarter last year. The net loss for the second quarter of fiscal 2011 was $4.5 million, or $0.20 per share, compared with a net loss of $6.3 million, or $0.29 per share, for the comparable quarter last year.

Inventory was $190.2 million as of March 31, 2011, essentially flat compared with $189.2 million as of December 31, 2010. On a year-over-year basis, inventory was up 9% over the $173.7 million of inventory at March 31, 2010, largely due to new product lines added to the Company’s product portfolio over the past year and the timing of the receipt of such products before the start of the seasonally stronger selling season.

Revenue was $207.9 million for the six months ended March 31, 2011 compared with $210.6 million for the comparable period last year. Same-store sales decreased approximately 1% compared with a 3% increase in the comparable period last year. The net loss for the six-months ended March 31, 2011 was $9.2 million, or $0.41 per share, compared with net income of $3.8 million, or $0.17 per diluted share, for the comparable period last year. The Company’s results for the six-month period ended March 31, 2010 included a tax benefit of approximately $19.3 million, or $0.86 per diluted share, primarily related to the recognition of fiscal 2009 tax net operating loss carry-backs. Without the tax benefit, the Company would have incurred a net loss of $15.5 million, or $0.71 per share, for the first six months of the last fiscal year.

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