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TheStreet Open House

MarineMax Reports Fourth Quarter And Fiscal 2012 Results

MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its fourth quarter and fiscal year ended September 30, 2012.

Revenue increased 15% to $137.3 million for the quarter ended September 30, 2012 from $119.8 million for the comparable quarter last year. Same-store sales increased approximately 18% compared with a 2% decrease for the comparable quarter last year. The net loss for the fourth quarter of fiscal 2012 was $1.6 million, or $0.07 per share, representing significant improvement from a net loss of $5.7 million, or $0.25 per share, for the comparable quarter last year.

Revenue for fiscal 2012 increased 9.0% to $524.5 million from $480.9 million for fiscal 2011. Same-store sales increased approximately 11% on top of an 8% increase for the previous fiscal year. The Company’s net income for the fiscal year ended September 30, 2012 was $1.1 million, or $0.05 per diluted share, compared with a net loss of $11.5 million, or $0.52 per share, for fiscal 2011, thereby improving its year-over-year earnings by more than $12.6 million.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “We are pleased to achieve annual profitability and are proud of our team’s performance despite the continued challenges faced by our gradually recovering industry. Our commitment to effectively manage expenses, while executing well in the areas of the business that we can control, has driven our success this year. Focusing on streamlining our operations without sacrificing any customer services and benefits has allowed us to overcome some of the impact of the broader economy and outperform our key industry segments. Despite the fine tuning of our store count to fewer stores this quarter and year, we were able to produce absolute revenue growth and greater same-store sales growth while incrementally lowering inventory. As a result, we strengthened our industry leading balance sheet, adding additional capacity and flexibility.”

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