~ Revenue Grew 22% to Over $214 Million ~
~ Same-Store Sales Increased 22% ~
~ Income Before Taxes and Unusual Item Grew Over 100% ~
CLEARWATER, Fla.--(BUSINESS WIRE)--Jul. 24, 2014--
Revenue grew approximately 22% or $39.0 million to $214.4 million for the quarter ended June 30, 2014 compared with $175.8 million for the comparable quarter last year. Same-store sales increased approximately 22%, which is on top of a 16% growth in the comparable quarter last year.
During the comparable quarter last year, the Company recovered $7.0 million, net, or $0.29 per diluted share, from the Deepwater Horizon Settlement Program for damages it suffered as a result of the Deepwater Horizon oil spill in 2010. The recovery was reflected as a reduction to the Company's selling, general and administrative expenses, lowering expenses from $40.0 million to $33.0 million. Income before taxes for the quarter ended June 30, 2014, was $11.5 million growing over 100% compared with $5.6 million for the comparable quarter last year, excluding the proceeds from the recovery. Net income was $11.5 million, or $0.47 per diluted share, for the quarter ended June 30, 2014 compared to a net income of $13.6 million, or $0.56 per diluted share, for the comparable quarter last year, which included the recovery. Comparative diluted earnings per share were $0.47 per diluted share for the quarter ended June 30, 2014 compared to $0.27 per diluted share for the quarter ended June 30, 2013, excluding the proceeds from the recovery.
Revenue grew approximately 6% to $460.6 million for the nine months ended June 30, 2014 compared with $434.8 million for the comparable period last year. Same-store sales increased approximately 5%, on top of a 13% growth in the comparable period last year. The Company's net income for the nine months ended June 30, 2014 was $6.2 million, or $0.25 per diluted share, compared with a net income of $9.8 million, or $0.41 per diluted share, for the comparable period last year, which included the benefit from the Deepwater Horizon Settlement discussed above. Comparative diluted earnings per share were $0.25 per diluted share for the nine months ended June 30, 2014 compared to $0.12 per diluted share for the nine months ended June 30, 2013, excluding the proceeds from the recovery.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “The extra effort by our team combined with having the right strategies and product to satisfy the demands of our customers helped us produce a strong third quarter and overcome the obstacles associated with adverse winter weather which lingered into the June quarter. Our focused efforts resulted in a meaningful increase in the number of boats we sold, which led to growth in market share as we capitalized on momentum that carried over from March into our historically busiest selling season.”
Mr. McGill continued, “It is our expectation that we should be able to build on this positive momentum into the remainder of fiscal 2014. Our team and extensive brand offerings, coupled with our strong balance sheet, should position us to capture additional market share as the recovery in the industry continues. We expect that the pent-up demand will continue to build as consumer confidence increases and both new and seasoned boaters enjoy quality time on the water with friends and family. We are well positioned to increase cash flows and earnings as the recovery takes hold and expands deeper into the key segments that are most meaningful to 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, Harris FloteBote, Crest, Scout, Sailfish, Scarab Jet Boats, Aquila, Ocean Alexander, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and services as well as provides yacht brokerage and charter services. MarineMax currently has 55 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 anticipated financial results for the third quarter ended June 30, 2014; its expectation that it should be able to build on its positive momentum into the remainder of fiscal 2014; its position to capture additional market share as the recovery in the industry continues; its expectation that pent-up demand will continue to build and that customer confidence will increase and it being well-positioned to increase cash flows and earnings and that the recovery will take hold and expand deeper into the key segments that are most meaningful to it. 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, the quality of the new product offerings from the Company's manufacturing partners, general economic conditions, as well as those within our industry, the levels and timing 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 for the fiscal year ended September 30, 2013, subsequent Reports on Form 8-K and 10-Q 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)
Three Months Ended
Nine Months Ended
|Cost of sales||160,195||128,949||341,705||324,080|
|Selling, general, and administrative expenses||41,652||33,047||109,609||98,591|
|Income from operations||12,554||13,760||9,293||12,144|
|Income before income tax benefit||11,503||12,567||6,155||8,789|
|Income tax benefit||””||1,070||””||1,029|
|Basic net income per common share||$||0.48||$||0.58||$||0.26||$||0.42|
|Diluted net income per common share||$||0.47||$||0.56||$||0.25||$||0.41|
|Weighted average number of common shares used in computing net income per common share:|
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
|Cash and cash equivalents||$||41,820||$||37,304|
|Accounts receivable, net||24,196||29,893|
|Prepaid expenses and other current assets||4,737||4,766|
|Total current assets||305,010||307,011|
|Property and equipment, net||101,855||100,134|
|Other long-term assets, net||5,448||4,893|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total current liabilities||177,923||195,336|
|Additional paid-in capital||227,540||221,102|
|Total stockholders' equity||233,779||215,979|
|Total liabilities and stockholders' equity||$||412,313||$||412,038|
Source: MarineMax, Inc.
Michael H. McLamb
Chief Financial Officer
Brad Cohen, 203-682-8211