~ Record December Quarter Revenue of $242
Million ~
~ December Quarter Pretax Earnings Reach
Record Level ~
~ December Quarter Net Income Exceeds $4.9
Million ~
~ Reiterates Fiscal Year 2019 Guidance
~
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational
boat and yacht retailer, today announced results for its first
quarter ended December 31, 2018.
Revenue grew over $5.0 million, or 2% to $241.9 for the quarter
ended December 31, 2018 from $236.9 million in the comparable
period last year. Same-store sales were up approximately 1%, in the
quarter. This caps a five-year period in which the December quarter
has grown a cumulative 82% in same-store sales growth. The December
quarter is typically the Company’s smallest revenue quarter of the
year, which often results in a loss quarter for most marine
dealers.
The Company, for the fifth consecutive year, produced a
profitable December quarter. Pretax earnings rose modestly to $6.5
million, which exceeded the record pretax earnings level attained
in the December quarter last year. Included in the quarter ended
December 31, 2017, is an increase in the Company’s income tax
provision of $889,000 or $0.04 per diluted share, resulting from a
re-measurement of the Company’s deferred tax assets and
liabilities, as a result of the 2017 Tax Cuts and Jobs Act. For the
quarter ended December 31, 2018, the Company produced net income of
$4.9 million and earnings per diluted share grew over 10% to $0.21,
compared to $0.19 in prior year quarter. Absent the tax provision
increase in the December quarter last year, the earnings per
diluted share would have been $0.23.
W. Brett McGill, Chief Executive Officer and President, stated,
“Our customer centric approach, combined with having the right
products, along with our team’s strong execution, contributed
meaningfully to our efforts to produce a record quarter of
sustained cash flow and earnings in our December quarter. We are
pleased that our disciplined efforts continue to result in improved
gross margins with strong year-over-year growth for the quarter. We
outperformed relative to our historical expectations for our
December quarter as our mix of sales in the quarter was fairly
balanced across all segments, with an edge toward larger
product.”
Mr. McGill continued, “We ended the quarter well-positioned in
terms of inventory, along with considerable balance sheet strength
and liquidity. This positions us well for the upcoming selling
season and allows us to take advantage of opportunities as they
arise. With positive energy and sales coming from the early boat
shows, we remain confident entering this important part of the year
while working to build additional long-term value for our
shareholders.”
2019 Guidance
Based on current business conditions, retail trends and other
factors, the Company is reiterating its previously issued
expectations for 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. 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, Hatteras, Azimut Yachts,
Ocean Alexander, Galeon, Grady-White, Harris, Bennington, Crest,
MasterCraft, NauticStar, Scout, Sailfish, Sea Pro, Sportsman,
Scarab Jet Boats, Tige, 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 first quarter ended
December 31, 2018; the Company’s positioning for the upcoming
selling season; and the Company’s confidence and ability to build
additional long-term value. 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, 2018 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
SubsidiariesCondensed Consolidated Statements of
Operations(Amounts in thousands, except share and per share
data)(Unaudited)
Three Months EndedDecember
31,
2018 2017 Revenue $ 241,937 $ 236,921
Cost of sales 178,459 177,672 Gross profit 63,478
59,249
Selling, general, and administrative
expenses
54,492 50,246 Income from operations 8,986 9,003
Interest expense 2,516 2,542 Income before
income tax provision 6,470 6,461 Income tax provision
1,560 2,249 Net income $ 4,910 $ 4,212 Basic net
income per common share $ 0.22 $ 0.19 Diluted net income per
common share $ 0.21 $ 0.19 Weighted average number of common
shares used in computing net income per common share: Basic
22,779,567 21,986,981 Diluted 23,400,685
22,712,648
MarineMax, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(Amounts in thousands)(Unaudited)
December 31,2018
December 31,2017
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 38,581 $
35,566 Accounts receivable, net 25,711 28,726 Inventories, net
445,465 440,720 Prepaid expenses and other current assets
10,904 6,615 Total current assets 520,661
511,627 Property and equipment, net 138,730 127,407 Other
long-term assets, net 33,715 30,404 Deferred tax assets, net
2,588 7,471 Total assets $ 695,694 $
676,909
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 11,840 $ 10,366 Customer
deposits 21,071 19,622 Accrued expenses 29,790 26,940 Short-term
borrowings 270,715 307,739 Total
current liabilities 333,416 364,667 Long-term liabilities
840 2,786 Total liabilities 334,256
367,453 STOCKHOLDERS' EQUITY: Preferred stock -- -- Common
stock 27 27 Additional paid-in capital 265,516 253,714 Retained
earnings 171,380 130,971 Treasury stock (75,485 )
(75,256 ) Total stockholders’ equity 361,438
309,456 Total liabilities and stockholders’ equity $ 695,694
$ 676,909
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190123005121/en/
Michael H. McLambChief Financial OfficerAbbey HeimensenPublic
RelationsMarineMax, Inc.727.531.1700Brad CohenICR,
LLC.203.682.8211bcohen@icrinc.com
MarineMax (NYSE:HZO)
Historical Stock Chart
From Jun 2024 to Jul 2024
MarineMax (NYSE:HZO)
Historical Stock Chart
From Jul 2023 to Jul 2024