~Quarterly Revenue Grew Over 10% to $271
Million~
~8% Quarterly Same-Store Sales Growth~
~Over 84% Quarterly Pretax Earnings
Improvement~
~Quarterly Earnings Per Diluted Share More than
Doubles to $0.27~
~Raises Annual Fiscal 2018 Guidance~
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational
boat and yacht retailer, today announced results for its second
quarter ended March 31, 2018.
Revenue grew over 10% to $270.6 million for the quarter ended
March 31, 2018 from $245.0 million for the comparable quarter last
year. Same-store sales increased 8% on top of 13% in the comparable
period last year. Income before taxes increased over 84% to $7.8
million for the quarter ended March 31, 2018 from $4.2 million for
the same quarter last year. Net income rose 125% to $6.2 million,
or $0.27 per diluted share, for the quarter ended March 31, 2018
compared to net income of $2.7 million, or $0.11 per diluted share,
for the comparable quarter last year. Net income in the quarter
ended March 31, 2018 benefitted from certain tax credits that
represented approximately $380,000, or $0.02 per diluted share.
Revenue increased approximately 8% to $507.5 million for the six
months ended March 31, 2018 compared with $471.9 million for the
comparable period last year. Same-store sales grew approximately 4%
on top of 20% growth for the comparable period last year. Income
before taxes increased approximately 64% to $14.3 million for the
six-months ended March 31, 2018 from $8.7 million for the same
period last year. Net income for the six months ended March 31,
2018 rose 93% to $10.4 million, or $0.46 per diluted share,
compared with net income of $5.4 million, or $0.22 per share, for
the comparable period last year. Net income in the first half of
2018 benefitted from certain tax credits that represented
approximately $380,000, or $0.02 per diluted share.
William H. McGill, Jr., Chairman and Chief Executive Officer
stated, “A combination of strong unit growth and constant focus on
our higher margin businesses enabled our team to drive meaningful
year-over-year gross margin and earnings per share improvement. As
our industry continues to recover, the environment for capturing
additional product margins remains encouraging. Our 8% same-store
sales growth was driven by increased traffic at boat shows, online
and in our stores, as demand was aided by strong consumer
confidence. Our team executed well by controlling costs in the
quarter, which allowed for strong flow-through, despite an unusual
increase in health insurance claims in the quarter.”
Mr. McGill continued, “New, innovative models from our
manufacturing partners are continuing to be well received and are
helping to drive demand from existing boaters as well as those new
to boating, as evidenced by our growing backlog. MarineMax remains
well positioned to build on its industry leading share position as
we enter the height of the boating season. Through continuing to
deliver our customers the highest level of service, providing a
broad array of new products and working to ensure that each boating
experience is maximized, MarineMax will remain the retailer of
choice for years to come.”
2018 Guidance
Based on current business conditions, retail trends, it’s most
recent results and other factors, the Company is again raising its
annual fiscal 2018 expectations for fully taxed earnings per
diluted share to range from $1.44 to $1.50 versus prior
expectations ranging from $1.30 to $1.40. These expectations do not
take into account, or give effect for future material acquisitions
that may be completed by the Company during the fiscal year or
other unforeseen events.
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, Hatteras, Azimut
Yachts, Ocean Alexander, Galeon, Grady-White, Harris, Bennington,
Crest, Scout, Sailfish, Sea Pro, Sportsman, Scarab Jet Boats,
Yamaha Jet Boats, Aquila, and Nautique, 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 63 retail locations in Alabama, Connecticut, Florida,
Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey,
New York, North Carolina, Ohio, Oklahoma, Rhode Island, South
Carolina 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.
Forward Looking Statement
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 second quarter ended March 31, 2018; the
environment for capturing additional product margins; the reception
of new models from the Company’s manufacturing partners; the
Company’s positioning to build on its status in the industry; and
the Company's fiscal 2018 guidance. These statements are based on
current expectations, forecasts, risks, uncertainties and
assumptions that may cause actual results to differ materially from
expectations as of the date of this release. These risks,
assumptions and uncertainties 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 level of consumer spending,
the Company’s ability to integrate acquisitions into existing
operations, the continued recovery of the industry, and numerous
other factors identified in the Company’s Form 10-K for the fiscal
year ended September 30, 2017 and other filings with the Securities
and Exchange Commission. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
MarineMax, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Operations
(Amounts in thousands, except share and
per share data)
(Unaudited)
Three Months Ended March
31, Six Months Ended March 31, 2018
2017 2018 2017 Revenue $ 270,605
$ 245,018 $ 507,526 $ 471,893 Cost of sales 201,312
183,959 378,984 357,696 Gross profit 69,293 61,059
128,542 114,197 Selling, general, and administrative
expenses 58,659 54,781 108,905 101,876
Income from operations 10,634 6,278 19,637 12,321 Interest
expense 2,840 2,045 5,382 3,614 Income
before income tax provision 7,794 4,233 14,255 8,707 Income
tax provision 1,610 1,484 3,859 3,315
Net income $ 6,184 $ 2,749 $ 10,396 $ 5,392 Basic net income
per common share $ 0.28 $ 0.11 $ 0.47 $ 0.22 Diluted net
income per common share $ 0.27 $ 0.11 $ 0.46 $ 0.22 Weighted
average number of common shares used in computing net income per
common share: Basic 22,173,194 24,293,764
22,079,065 24,271,880 Diluted 22,940,594
25,116,359 22,825,598 25,019,870
MarineMax, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands)
(Unaudited)
March 31, 2018
March 31, 2017 ASSETS CURRENT ASSETS: Cash and
cash equivalents $ 57,103 $ 51,670 Accounts receivable, net 35,844
36,941 Inventories, net 423,907 404,686 Prepaid expenses and other
current assets 5,093 5,041 Total
current assets 521,947 498,338 Property and equipment, net
129,878 126,615 Goodwill and other long-term assets, net 31,805
29,541 Deferred tax assets, net 6,524 18,635
Total assets $ 690,154 $ 673,129
LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES:
Accounts payable $ 17,914 $ 24,927 Customer deposits 19,972 25,896
Accrued expenses 31,137 30,960 Short-term borrowings 299,157
265,920 Total current liabilities 368,180
347,703 Long-term liabilities 3,037
4,635 Total liabilities 371,217 352,338 STOCKHOLDERS'
EQUITY: Preferred stock — — Common stock 27 26 Additional paid-in
capital 257,011 246,326 Retained earnings 137,155 108,604 Treasury
stock (75,256 ) (34,165 ) Total stockholders’ equity
318,937 320,791 Total liabilities and
stockholders’ equity $ 690,154 $ 673,129
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version on businesswire.com: https://www.businesswire.com/news/home/20180426005243/en/
MarineMax, Inc.Michael H. McLamb, 727-531-1700Chief Financial
OfficerorAbbey Heimensen, 727-531-1700Public RelationsorICR,
LLCBrad Cohen, 203-682-8211bcohen@icrinc.com
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