~Achieves
Highest Revenue and Earnings in Company’s History~
~Revenue Approaches $400 Million in Fourth
Quarter; 33% Same-Store Sales Growth~
~Fourth Quarter Earnings Per Share More than
Tripled to $1.13; Adjusted EPS $1.19~
~Fiscal 2020 Revenue Exceeds $1.5 Billion;
25% Same-Store Sales Growth~
~Fiscal 2020 Earnings Per Share More than
Doubled to $3.37; Adjusted EPS $3.42~
~Company Provides Annual Guidance for Fiscal
2021~
MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational
boat and yacht retailer, today announced record results for its
fourth quarter and full year ended September 30, 2020.
Revenue grew over 29% to $398.8 million for the quarter ended
September 30, 2020, from $308.1 million for the comparable quarter
last year. The increase was driven by strong same-store sales
growth of 33%. Included in the quarters ended September 30, 2020
and September 30, 2019, were net charges of $1.5 million or $0.06
per diluted share and $1.6 million, or $0.07 per diluted share,
respectively. The charges primarily related to costs associated
with the Company’s store optimization plan which resulted in the
closure of one store in the current quarter and eight in the
comparable quarter last year.
Net income for the quarter ended September 30, 2020, more than
tripled to $25.6 million, or $1.13 per diluted share, compared to
net income of $6.7 million, or $0.31 per diluted share in the
comparable quarter last year. Excluding the charges in both
periods, net income for the quarter ended September 30, 2020, grew
to $27.1 million, with earnings per diluted share more than
tripling to $1.19, as compared to $8.3 million or $0.38 per diluted
share in the same period last year.
For the fiscal year ended September 30, 2020, revenue increased
22% to $1.51 billion compared with $1.24 billion for the same
period last year. The growth was driven by strong same-store sales
growth of 25%. Included in the years ended September 30, 2020 and
September 30, 2019, were net charges of $1.3 million, or $0.05 per
diluted share and $1.4 million, or $0.06 per diluted share,
respectively. The charges primarily related to costs associated
with the Company’s store optimization plan.
Net income for the fiscal year ended September 30, 2020, more
than doubled to $74.6 million, or $3.37 per diluted share, compared
to net income of $36.0 million, or $1.57 per diluted share in the
prior year. Excluding the charges in both periods, net income for
the year ended September 30, 2020, grew to $75.9 million, with
earnings per diluted share more than doubling to $3.42, as compared
to $37.3 million or $1.63 per diluted share in the same period last
year.
W. Brett McGill, Chief Executive Officer and President stated,
“The MarineMax Team generated a record $1.5 billion of revenue and
more than doubled our earnings per share while overcoming these
extremely uncertain times. We believe this demonstrates the
strength and flexibility of our business model. I could not be
prouder of the entire Team for their focus, hard work and passion
for MarineMax. We also believe that the industry experienced a
foundational shift in 2020, and specifically for MarineMax, it
resulted in a greatly expanded customer base that is embracing and
enjoying the boating lifestyle. We continue to add new customers at
a seasonally accelerated pace. This foundational layer should
provide sustainable growth for years to come, as many existing and
new customers will upgrade to larger boats and need additional
services.”
Mr. McGill continued, “Our deep manufacturer relationships and
brand strategy provide us with a competitive advantage by
supporting our ability to move inventory between stores to help
satisfy the growing demand. Looking ahead, our business outlook
remains promising as more people are realizing that boating is a
safe way for families to spend time together enjoying the boating
lifestyle. Our balance sheet is very well capitalized, allowing us
to continue to pursue strategic accretive acquisitions, to
strengthen and enhance our digital strategy, to expand with marinas
and to further grow our higher margin businesses. We are happy that
many people have rediscovered the benefits of the boating
lifestyle, which gives us increased confidence for the future.”
At September 30, 2020, the Company’s liquidity exceeded $237
million, consisting of cash and cash equivalents along with
availability under its credit facility.
Fiscal 2021 Guidance
Based on current business conditions, retail trends and other
factors, the Company currently expects earnings per diluted share
to be in the range of $3.70 to $3.90 for fiscal 2021. This includes
earnings contributed by SkipperBud’s, which the Company acquired on
October 1, 2020. This compares to a non-GAAP adjusted, but fully
taxed, diluted earnings per share of $3.42 in fiscal 2020.
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,
Benetti, Ocean Alexander, Galeon, Grady-White, Harris, Bennington,
Crest, MasterCraft, MJM Yachts, NauticStar, Scout, Sailfish, Tige,
Yamaha Jet Boats, Aquila, Aviara, 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 77 retail locations in Alabama, California,
Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, Missouri, New Jersey, New York, North
Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas,
Washington and Wisconsin. MarineMax also owns Fraser Yachts Group
and Northrop & Johnson, leading superyacht brokerage and luxury
yacht services companies with operations in multiple countries. The
Company also owns 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 the fiscal year ended
September 30, 2020; the foundational shift experienced by the
Company and the overall industry and this shift's effects on
potential future growth; the Company's competitive advantage and
its effect on inventory and sales; the Company's business outlook;
the Company's continued efforts to pursue strategic accretive
acquisitions, strengthen and enhance its digital strategy, expand
with marinas, and to further grow its higher margin businesses; and
the Company's fiscal 2021 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, the performance and integration
of the recently-acquired SkipperBud's business, the impacts (direct
and indirect) of COVID-19 on the Company’s business, the Company’s
employees, the Company’s manufacturing partners, and the overall
economy, general economic conditions, as well as those within the
Company's industry, 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 for
the fiscal year ended September 30, 2019 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,
2020
2019
2020
2019
Revenue
$ 398,762
$ 308,136
$ 1,509,713
$ 1,237,153
Cost of sales
282,296
220,694
1,111,000
914,321
Gross profit
116,466
87,442
398,713
322,832
Selling, general, and administrative
expenses
83,714
74,864
291,998
262,300
Income from operations
32,752
12,578
106,715
60,532
Interest expense
785
3,094
9,275
11,579
Income before income tax provision
31,967
9,484
97,440
48,953
Income tax provision
6,384
2,799
22,806
12,968
Net income
$ 25,583
$ 6,685
$ 74,634
$ 35,985
Basic net income per common share
$ 1.18
$ 0.31
$ 3.46
$ 1.61
Diluted net income per common share
$ 1.13
$ 0.31
$ 3.37
$ 1.57
Weighted average number of common shares
used in computing net income per common share:
Basic
21,716,081
21,327,669
21,547,665
22,294,114
Diluted
22,604,060
21,896,257
22,125,338
22,881,147
MarineMax, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands)
(Unaudited)
September 30, 2020
September 30, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 155,493
$ 38,511
Accounts receivable, net
40,195
42,398
Inventories, net
298,002
477,468
Prepaid expenses and other current
assets
9,637
10,206
Total current assets
503,327
568,583
Property and equipment, net
141,934
144,298
Operating lease right-of-use assets,
net
37,991
—
Goodwill and other intangible assets,
net
84,293
64,077
Other long-term assets
7,774
7,125
Total assets
$ 775,319
$ 784,083
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$ 37,343
$ 33,674
Customer deposits
31,821
24,305
Accrued expenses
52,123
42,849
Current operating lease liabilities
6,854
—
Short-term borrowings
144,393
312,065
Total current liabilities
272,534
412,893
Noncurrent operating lease liabilities
33,473
—
Deferred tax liabilities, net
4,509
1,142
Long-term debt, net of current
maturities
7,343
—
Other long-term liabilities
2,063
1,229
Total liabilities
319,922
415,264
STOCKHOLDERS' EQUITY:
Preferred stock
—
—
Common stock
28
28
Additional paid-in capital
280,436
269,969
Accumulated other comprehensive income
(loss)
829
(669)
Retained earnings
277,699
202,455
Treasury stock
(103,595)
(102,964)
Total stockholders’ equity
455,397
368,819
Total liabilities and stockholders’
equity
$ 775,319
$ 784,083
MarineMax, Inc. and
Subsidiaries
Supplemental Financial
Information
(Amounts in thousands, except
share and per share data)
(Unaudited)
Three Months Ended September
30,
Fiscal Year Ended September
30,
2020
2019
2020
2019
Net income
$ 25,583
$ 6,685
$ 74,634
$ 35,985
Gain Deepwater Horizon settlement
—
(1,252)
—
(1,252)
Store closing expenses
1,659
3,091
1,659
3,091
Hurricane expenses
196
422
—
—
Pro forma tax adjustments for items noted
above (1)
(371)
(667)
(388)
(487)
Adjusted net income
$ 27,067
$ 8,279
$ 75,905
$ 37,337
Diluted net income per common share
$ 1.13
$ 0.31
$ 3.37
$ 1.57
Gain Deepwater Horizon Settlement
—
(0.06)
—
(0.05)
Store closing expenses
0.07
0.14
0.07
0.14
Hurricane expenses
0.01
0.02
—
—
Pro forma tax adjustments for items noted
above (1)
(0.02)
(0.03)
(0.02)
(0.03)
Adjusted diluted net income per common
share
$ 1.19
$ 0.38
$ 3.42
$ 1.63
____________
(1)
Adjustments for taxes for unusual items are calculated based
on the effective tax rate for each respective period
presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201028005180/en/
Michael H. McLamb Chief Financial Officer 727-531-1700
Media: Abbey Heimensen MarineMax, Inc. Investors:
Brad Cohen or Dawn Francfort ICR, LLC
investorrelations@marinemax.com
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