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MarineMax Reports First Quarter Fiscal 2012 Results

Stocks in this article: HZO

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

Revenue was $91.8 million for the quarter ended December 31, 2011 compared with $92.2 million for the comparable quarter last year. Same-store sales increased over 2% compared with an 8% decrease in the comparable quarter last year. Revenue from stores closed that were not eligible for inclusion in the same-store sales base was $2.5 million.

The net loss for the first quarter ended December 2011 was $4.2 million, or $0.19 per share, compared with a net loss of $4.7 million, or $0.21 per share, for the comparable quarter last year. For the quarter ended December 31, 2010, the Company’s net loss was reduced by approximately $1.4 million related to the favorable resolution of various amounts due from a manufacturer whose brands the Company no longer carries. Excluding the benefit from the favorable resolution, the Company’s net loss for the three months ended December 31, 2010 was $6.1 million, or $0.27 per share.

Inventory was $224.7 million compared with $189.2 million at December 31, 2010. Sequentially, inventory increased $5.1 million, or 2%, compared with the quarter ended September 30, 2011. Seasonally, industry inventory typically rises during the winter months. The increase in year-over-year inventory levels is primarily due to the brands we have expanded with and the timing of current year purchases as compared to the prior year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “The December quarter was our fifth consecutive quarter of new boat unit sales growth. During the quarter we produced a modest increase in same-store sales while expanding our gross margins, which resulted in a meaningful improvement in our results on a comparable basis. Specifically, we generated increases in our higher margin businesses of brokerage, finance and insurance, parts and accessories, service, and storage that contributed, along with higher product margins, to drive an increase in our overall gross margins for the quarter. While total revenue was approximately flat to the prior year, our new boat unit sales are well above reported industry trends. We attribute the outperformance to our proven retailing strategies and the appeal of the broad boat and yacht brands that we offer. Although the marine retail environment continues to present challenges, our well-capitalized balance sheet and industry leadership allow us to remain focused on maximizing opportunities to improve our performance.”

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