MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second fiscal quarter ended March 31, 2012.
Revenue was $144.0 million for the quarter ended March 31, 2012 compared with $115.8 million for the comparable quarter last year. Same-store sales increased approximately 26% compared with a 5% increase in the comparable quarter last year. Net income was $2.3 million, or $0.10 per diluted share for the quarter ended March 31, 2012 compared with a net loss of $4.5 million, or $0.20 per share, for the comparable quarter last year.
Inventories decreased approximately $19 million, or 8%, to $206.2 million from the December quarter. Inventories were up year-over-year, primarily due to the Company adding new brands and the timing of the receipt of product from manufacturers. Typically, the March quarter end coincides with peak industry inventory levels.
Revenue increased $27.9 million to $235.8 million for the six months ended March 31, 2012 compared with $207.9 million for the comparable period last year. Same-store sales increased approximately 16% compared with a 1% decrease in the comparable period last year. The Company reduced its net loss by $7.3 million for the six months ended March 31, 2012 to $1.9 million, or $0.08 per share, compared with a net loss of $9.2 million, or $0.41 per share, for the comparable period last year. The Company’s net loss for the six months ended March 31, 2011 was reduced by $1.4 million related to the favorable resolution of accounts receivable and inventory repurchases from a manufacturer whose brands the Company no longer carries. Without this item in the prior year, the Company improved its year-over-year earnings by $8.7 million.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “I am very proud of our team’s accomplishments. We have now put together six consecutive quarters of new boat sales unit growth, capitalizing on the improvements we have made in our business over the past few years as we navigated the persistent challenges faced by our industry. Total revenue during the quarter was up considerably over the prior year, with same-store sales growing 26%, while gross margins improved, despite an increased weighting toward larger product that traditionally carries lower margins. The increase in gross margin also reflected our continued growth in our higher margin businesses of service, parts, accessories, finance and insurance. We also demonstrated meaningful expense leverage which will result in strong cash flow and earnings growth when our sales further recover.”