MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its third fiscal quarter ended June 30, 2012.
Revenue was $151.3 million for the quarter ended June 30, 2012 compared with $153.2 million for the comparable quarter last year. Same-store sales increased approximately 1% compared with a 33% increase for the comparable quarter last year, which was partly driven by the sale of larger boats. Net income for the third quarter of fiscal 2012 increased 37% to $4.6 million, or $0.20 per diluted share, compared with net income of $3.4 million, or $0.15 per diluted share, for the comparable quarter last year.
Revenue increased 7% or $26.0 million to $387.1 million for the nine months ended June 30, 2012 compared with $361.1 million for the comparable period last year. Same-store sales increased approximately 9% on top of an 11% increase in the comparable period last year. The Company improved its net income by $8.5 million for the nine months ended June 30, 2012 to $2.7 million, or $0.12 per diluted share, compared with a net loss of $5.8 million, or $0.26 per share, for the comparable period last year. The Company’s net loss for the nine months ended June 30, 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, the Company improved its year-over-year earnings by $9.9 million.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “The significant year-over-year improvement in our quarterly earnings is a direct result of our team’s efforts at managing expenses and the areas of our business that we can control. This, combined with the structural changes we have implemented over the last few years, is allowing us to achieve greater profits at a given revenue level. Our efforts produced our most profitable quarter since 2007. Additionally, for the nine months through June, we have produced the highest gross margin in the history of our company. Our consolidated margins continue to benefit from incremental gains in product margins as well as incremental increases in our higher margin businesses, such as finance and insurance, service and parts and accessories. Although industry trends are generally showing more positive signs, the segments of the industry in which we primarily participate continue to be challenged. However, as the entire industry recovers further, the opportunity for us to accelerate our earnings growth increases. Our strategies of teaching, servicing and showing our customers how to enjoy boating prove to be even more important during these times of generally lower consumer confidence.”