~Fourth Quarter Revenue Increases to $309
Million~
~Fourth Quarter Same-Store Sales Grew
22%~
~Fourth Quarter Diluted EPS of $0.50;
Adjusted Fourth Quarter Diluted EPS of $0.45~
~Fiscal 2018 Revenue Improves 12% to $1.2
Billion~
~Fiscal 2018 Diluted EPS of $1.71 and
Adjusted Fiscal Diluted EPS of $1.70~
~Company Provides Annual Guidance for Fiscal
2019~
MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational
boat and yacht retailer, today announced results for its fourth
quarter and fiscal year ended September 30, 2018.
For the quarter ended September 30, 2018, revenue increased over
23% to $309 million from $251 million for the comparable quarter
last year. Same-store sales for the quarter grew 22%, on top of 5%
growth for the comparable period last year. Included in the quarter
ended September 30, 2018, was $1.4 million of adjustments before
taxes, or $0.05 per diluted share, related to contingent
consideration obligation estimates associated with acquisitions
made by the Company in prior years, which reduced expenses.
Included in the quarter ended September 30, 2017, was $2.9 million,
or $0.07 per diluted share, of unusual expenses associated with
Hurricane Irma. Additionally, included in the quarter ended
September 30, 2017, were unusual tax related items that reduced the
Company’s tax provision by $401,000 net, or $0.02 per diluted
share.
Net income for the quarter ended September 30, 2018, was $11.5
million, or $0.50 per diluted share, compared to net income of $3.9
million, or $0.17 per diluted share in the comparable period last
year. Excluding the impact from the gain in 2018 and the unusual
items in 2017, adjusted diluted earnings per share for the quarter
ended September 30, 2018 increased 105% to $0.45, compared with
adjusted diluted earnings per share for the same period last
year.
For the fiscal year ended September 30, 2018, the Company’s
revenue grew 12% to approximately $1.2 billion compared to $1.1
billion in fiscal 2017. Same-store sales for the year improved 10%
on top of 5% growth for the prior fiscal year. Included in fiscal
2018 results is the $1.4 million before taxes, or $0.05 per diluted
share for the contingent consideration adjustment noted above as
well as non-recurring unusual costs of $1.2 million before taxes,
or $0.04 per diluted share, as noted in our quarter ended June 30,
2018 earnings press release. Included in fiscal 2017, are the
unusual Hurricane Irma expenses of $2.9 million before taxes and
tax items noted above, or $0.05 per diluted share, net.
Net income for the fiscal year ended September 30, 2018, was
$39.3 million, or $1.71 per diluted share, compared to net income
of $23.5 million, or $0.95 per diluted share in the prior year.
Excluding the unusual items in both periods, adjusted net income
rose 58% to $39.1 million and diluted earnings per share rose 70%
to $1.70, as compared to $24.8 million or $1.00 per diluted share
in the prior year.
W. Brett McGill, Chief Executive Officer and President, stated,
“The MarineMax team delivered a very strong fourth quarter, with
same-store sales growth of 22%, capping an already strong fiscal
2018. The effectiveness of our customer centric approach, combined
with the great benefits of the boating lifestyle, and our team’s
passion, drove our strong performance. Considering that the mix of
sales in the quarter was skewed toward larger yachts, we delivered
consolidated gross margins that were above our expectations.”
Mr. McGill continued, “Our strong 2018 results reduced our
inventory levels as we planned and added meaningful strength to our
already formidable balance sheet. We are well positioned to take
advantage of opportunities as they arise. Looking ahead, we will
work to build on the achievements of this past fiscal year. Our
focus will remain on growing our higher margin businesses, as we
take advantage of new innovative products we are receiving to drive
sales, margin and earnings growth while we build additional
shareholder value.”
2019 Guidance
Based on current business conditions, retail trends and other
factors, the Company currently expects fully taxed earnings per
diluted share to be in the range of $1.85 to $1.95 for fiscal 2019.
This compares to a non-GAAP adjusted, but fully taxed, diluted
earnings per share of $1.70 in fiscal 2018. The adjustments to
fiscal 2018 include the adjustments for the gain associated with
contingent consideration as well as the non-recurring unusual
costs. These expectations do not take into account, or give effect
for, material acquisitions that may be completed by the Company
during fiscal 2019 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, Crest,
Mastercraft, Bennington, Scout, Sailfish, Sea Pro, Sportsman,
Scarab Jet Boats, Yamaha Jet Boats, Tigé, Aquila, Nautique, and
NauticStar, 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 fourth quarter and fiscal year ended
September 30, 2018; the Company’s future work to build on the
achievements of fiscal 2018; the Company’s positioning to take
advantage of opportunities as they arise; the Company’s focus on
growing its higher margin business; and the Company's fiscal 2019
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 September 30, Fiscal
Year Ended September 30, 2018
2017 2018
2017 Revenue $
308,591 $ 250,618 $ 1,177,371 $ 1,052,320 Cost of sales
229,587 184,292 879,138
787,005 Gross profit 79,004 66,326 298,233 265,315
Selling, general, and administrative expenses 62,056
58,593 235,050 220,026
Income from operations 16,948 7,733 63,183 45,289 Interest
expense 2,022 1,970 9,903
7,481 Income before income tax provision 14,926 5,763
53,280 37,808 Income tax provision 3,386
1,852 13,968 14,261 Net
income $ 11,540 $ 3,911 $ 39,312 $ 23,547
Basic net income per common share $ 0.51 $
0.17 $ 1.77 $ 0.98 Diluted net income
per common share $ 0.50 $ 0.17 $ 1.71 $ 0.95
Weighted average number of common shares used in
computing net income per common share: Basic 22,517,603
22,997,700 22,269,378
23,966,611 Diluted 23,286,206
23,591,854 23,030,662 24,678,800
Supplemental
Information –Reconciliation of
GAAP to Non-GAAPMeasures
Net income $ 11,540 $ 3,911 $ 39,312 $ 23,547 Unusual items, net
(1,113 ) 1,743 (177 ) 1,743 Pro forma income tax provision
adjustment - (401 ) -
(522 ) Adjusted net income
$
10,427
$
5,253 $ 39,135 $ 24,768 Diluted net
income per common share $ 0.50 $ 0.17 $ 1.71 $ 0.95 Unusual items,
net (0.05 ) 0.07 (0.01 ) 0.07 Pro forma income tax provision
adjustment - (0.02 ) -
(0.02 ) Adjusted diluted net income per common share $ 0.45
$ 0.22 $ 1.70 $ 1.00
MarineMax, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands)
(Unaudited)
September 30, 2018 September 30,
2017 ASSETS CURRENT ASSETS: Cash and cash equivalents
$ 48,822 $ 41,952 Accounts receivable, net 34,003 24,661
Inventories, net 377,074 401,301 Prepaid expenses and other current
assets 5,392 5,842 Total current assets
465,291 473,756 Property and equipment, net 138,716 127,160
Other long-term assets, net 33,123 30,305 Deferred tax assets, net
3,408 8,769 Total assets $ 640,538
$ 639,990
LIABILITIES AND STOCKHOLDERS’
EQUITY CURRENT LIABILITIES: Accounts payable $ 23,134 $ 26,432
Customer deposits 17,006 21,032 Accrued expenses 32,926 33,046
Short-term borrowings 212,949 254,177
Total current liabilities 286,015 334,687 Long-term
liabilities 1,431 3,105 Total
liabilities 287,446 337,792 STOCKHOLDERS' EQUITY: Preferred
stock — — Common stock 27 26 Additional paid-in capital 262,250
249,974 Retained earnings 166,071 126,759 Treasury stock
(75,256 ) (74,561 ) Total stockholders’ equity
353,092 302,198 Total liabilities and
stockholders’ equity $ 640,538 $ 639,990
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181030005489/en/
MarineMax, Inc.Michael H. McLamb, 727-531-1700Chief Financial
OfficerAbbey HeimensenPublic RelationsorICR, LLCBrad Cohen,
203-682-8211Brad.Cohen@icrinc.com
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