Mr. McGill continued, “As the industry recovery builds and boating enthusiasts continue to return to the water, we remain committed to providing our customers with the ability to maximize their boating experience. MarineMax’s inventory, retail locations, sales teams, and dedication allows our customers to put an emphasis on quality family time and their desire to escape and connect with their “self” and others on the water. As we enter fiscal 2013, we are focused on managing our business to greater profitability from improving industry trends and anticipate building on the progress we made this past year. We expect additional opportunities for growth will arise, which we will evaluate as we pursue additional value for our stockholders.”
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts, Grady-White, Bayliner, Harris FloteBote, Zeelander, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 53 retail locations in Alabama, Arizona, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company. For more information, please visit www.marinemax.com.
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s belief that its industry is gradually recovering; the Company’s assessment that its success has been driven by its commitment to effectively managing expenses and executing well in controllable areas of its business; the Company’s assessment that its inventory levels are well positioned; the Company’s belief that the industry recovery is building and that boating enthusiasts are continuing to return to the water; the Company’s belief that its customers emphasize quality family time and desire to escape on the water; the Company’s anticipation that it will build on its progress as it enters 2013; and the Company’s expectation that additional opportunities for growth will arise that it will evaluate to pursue additional value for its shareholders. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, general economic conditions and the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, and numerous other factors identified in the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
|MarineMax, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited)|
|Three Months Ended September 30,||Fiscal Year Ended September 30,|
|Cost of sales||104,306||89,743||391,173||361,400|
|Selling, general, and administrative expenses||33,690||34,785||127,913||127,896|
|Income (loss) from operations||(649||)||(4,751||)||5,370||(8,402||)|
|Income (loss) before income tax benefit||(1,658||)||(5,723||)||923||(11,890||)|
|Income tax benefit||60||34||176||367|
|Net income (loss)||$||(1,598||)||$||(5,689||)||$||1,099||$||(11,523||)|
|Basic net income (loss) per common share||$||(0.07||)||$||(0.25||)||$||0.05||$||(0.52||)|
|Diluted net income (loss) per common share||$||(0.07||)||$||( 0.25||)||$||0.05||$||(0.52||)|
|Weighted average number of common shares used in computing net income (loss) per common share:|
|MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) (Unaudited)|
|September 30, 2012||September 30, 2011|
|Cash and cash equivalents||$||23,617||$||19,386|
|Accounts receivable, net||18,820||14,163|
|Prepaid expenses and other current assets||5,053||4,588|
|Total current assets||262,610||257,769|
|Property and equipment, net||98,796||102,107|
|Other long-term assets||3,715||3,253|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Total current liabilities||160,865||162,233|
|Additional paid-in capital||215,885||211,041|
|Retained earnings (accumulated deficit)||845||(254||)|
|Total stockholders’ equity||200,944||195,000|
|Total liabilities and stockholders’ equity||$||365,121||$||363,129|
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