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MarineMax Reports First Quarter 2013 Results

MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its first fiscal quarter ended December 31, 2012.

Revenue grew approximately 8% to $99.1 million for the quarter ended December 31, 2012 compared with $91.8 million for the quarter ended December 31, 2011. Same-store sales grew more than 8% compared to a 2.0% increase in the same period last year. The Company’s net loss for the first quarter ended December 31, 2012 was $4.16 million, or $0.18 per share, compared with a net loss of $4.21 million, or $0.19 per share, for the comparable quarter last year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “The fact that our team produced positive same-store sales growth, while also producing slightly better bottom line results, represents a significant effort by the entire organization. Our team overcame the ongoing economic challenges, exacerbated by the fiscal cliff discussions and the uncertainty surrounding the Presidential election. This was compounded by the devastation resulting from Hurricane Sandy. The storm caused certain of our Northeastern stores to focus on protecting and recovering boats and restoring our facilities rather than on selling boats.”

Mr. McGill continued, “Entering what historically has been the busiest selling season for MarineMax, we are well positioned with our inventory at appropriate levels. We remain encouraged by positive industry fundamentals that seem to indicate the industry is in the early stage of a recovery, which is further supported by the solid interest around the country during the early boat show season. Our team is committed to capturing additional market share, and given our more efficient operating structure, we would expect to see improved leverage to our bottom line as we move through the balance of our fiscal year.”

About MarineMax

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, Crest, Scout, Mako, Sailfish, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 52 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 the Company is well positioned; that the Company’s inventory is at appropriate levels; that the industry fundamentals are positive, that the industry is in the early stage of a recovery; that there is solid interest around the country during the early boat show season; and that the Company’s operating structure is more efficient and will result in improved leverage to its bottom line. 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 December 31,

   
2012 2011
 
Revenue

$

99,051

$ 91,787
Cost of sales   72,773     66,213  
Gross profit 26,278 25,574
 

Selling, general, and administrative expenses

  29,443     28,570  
Loss from operations (3,165 ) (2,996 )
 
Interest expense   997     1,217  
Loss before income tax benefit (4,162 ) (4,213 )
 
Income tax benefit   --     --  
Net loss

$

(4,162

) $ (4,213 )
 
Basic and diluted net loss per common share

$

(0.18

) $ (0.19 )
 

Weighted average number of common shares used in computing net loss per common share:

Basic and diluted   22,955,715     22,592,370  
         
 

MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets(Amounts in thousands, except share and per share data)(Unaudited)

 

December 31, 2012

December 31, 2011

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 15,393 $ 13,804
Accounts receivable, net 13,513 15,694
Inventories, net 226,812 224,714
Prepaid expenses and other current assets   4,712     4,259  
Total current assets 260,430 258,471
 
Property and equipment, net 98,870 101,652
Other long-term assets, net   3,953     2,979  
Total assets $ 363,253   $ 363,102  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 5,782 $ 5,170
Customer deposits 13,820 8,436
Accrued expenses 20,248 21,783
Short-term borrowings   123,366     130,235  
Total current liabilities 163,216 165,624
 
Long-term liabilities   1,853     5,316  
Total liabilities 165,069 170,940
 
STOCKHOLDERS' EQUITY:
Preferred stock -- --
Common stock 24 23
Additional paid-in capital 217,287 212,416
Accumulated deficit (3,317 ) (4,467 )
Treasury stock   (15,810 )   (15,810 )
Total stockholders’ equity   198,184     192,162  
Total liabilities and stockholders’ equity $ 363,253   $ 363,102  




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