Michael H. Mclamb Chief Financial Officer Abbey Heimensen Public Relations Marinemax, Inc. 727/531-1700


The following excerpt is from the company's SEC filing.

CLEARWATER, FL, November 5, 2013 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its fourth quarter and fiscal year ended September 30, 2013.

Revenue increased 9% to $149.7 million for the quarter ended September 30, 2013 from $137.3 million for the comparable quarter last year. Same-store sales increased approximately 7% on top of an 18% increase for the comparable quarter last year. During the quarter, the Company recovered $4.7 million, net of tax and other expenses, from the Deepwater Horizon Settlement Program for damages it suffered as a re sult of the Deepwater Horizon oil spill in 2010.  The recovery is reflected as a reduction to the Company’s expenses. Net income for the fourth quarter of fiscal 2013 was $5.2 million, or $0.21 per diluted share. Excluding the Deepwater Horizon recovery, net income for the fourth quarter of fiscal 2013 was $490,000, or $0.02 per diluted share, representing meaningful improvement from a net loss of $1.6 million, or $0.07 per share, for the comparable quarter last year.

Revenue for fiscal 2013 increased 11% to $584.5 million from $524.5 million for fiscal 2012. Same-store sales increased approximately 11% in addition to an 11% increase for the previous fiscal year. During the period, the total recovery from the Deepwater Horizon Settlement Program was $11.7 million, net of tax and other expenses, which is reflected as a reduction to the Company’s expenses. Net income for fiscal 2013 was $15.0 million, or $0.63 per diluted share. Excluding the Deepwater Horizon recovery, net income for the fiscal year ended September 30, 2013 was $3.3 million, or $0.14 per diluted share, compared with net income of $1.1 million, or $0.05 per diluted share, for fiscal 2012.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our team’s ongoing commitment and strong efforts enabled us to achieve our eighth consecutive quarter of positive same stores sales growth and produced another profitable quarter. Additionally, the growth we achieved in the quarter and for our fiscal year came with increased gross margins, reflecting the improving health of our industry and our customers’ desire for newer product. Despite the uncertainties in the macroeconomic environment and a weaker than expected first half of the fiscal year, we ended the year

with greater assurance that the boating industry is recovering. Recent industry data confirms that the boating lifestyle was enjoyed by more people in 2012 than in any previous year. We believe the combination of our strong team, leading brands, and our formidable balance sheet provide a strong foundation and competitive advantage as the market recovers. We further believe that our market share will continue to improve as we unite our customers with their family and friends on the water as part of the MarineMax family of boaters.”

Mr. McGill continued, “As the industry continues its gradual, yet seemingly sustained recovery, no dealer in the country is better positioned than MarineMax to drive sales, capture additional market share and provide our customers with the best boating experience possible. We believe that the new product lines we have added over the past few years and the return of new and innovative products from our manufacturing partners will resonate strongly with our customer base providing the opportunity for additional growth for our Company.”

                                      Three Months Ended   Fiscal Year Ended     September 30,   September 30,     2013   2012   2013   2012 Revenue   $ 149,682     $ 137,347     $ 584,497     $ 524,456   Cost of sales     109,564       104,306       433,644       391,173                                     Gross profit     40,118       33,041       150,853       133,283   Selling, general, and administrative expenses     33,915       33,690       132,505       127,913                                     Income (loss) from operations     6,203       (649 )     18,348       5,370   Interest expense     862       1,009       4,218       4,447                                     Income (loss) before income tax benefit (provision)     5,341       (1,658 )     14,130       923   Income tax benefit (provision)     (136 )     60       894       176                                     Net income (loss)   $ 5,205     $ (1,598 )   $ 15,024     $ 1,099                                     Basic net income (loss) per common share   $ 0.22     $ (0.07 )   $ 0.65     $ 0.05                                     Diluted net income (loss) per common share   $ 0.21     $ (0.07 )   $ 0.63     $ 0.05                                     Weighted average number of common shares used in computing net income (loss) per common share:                                 Basic     23,483,455       22,906,723       23,253,992       22,740,986                                     Diluted     24,267,879       22,906,723       24,003,728       23,335,918                                    

                      September 30,   September 30,     2013   2012     ASSETS         CURRENT ASSETS:                 Cash and cash equivalents   $ 23,756     $ 23,617   Accounts receivable, net     19,410       18,820   Inventories, net     228,041       215,120   Prepaid expenses and other current assets     4,849       5,053                     Total current assets     276,056       262,610   Property and equipment, net     100,339       98,796   Other long-term assets, net     5,507       3,715                     Total assets   $ 381,902     $ 365,121                     LIABILITIES AND STOCKHOLDERS’ EQUITY         CURRENT LIABILITIES:                 Accounts payable   $ 7,474     $ 8,457   Customer deposits     9,342       8,495   Accrued expenses     20,331       23,266   Short-term borrowings     122,470       120,647                     Total current liabilities     159,617       160,865   Long-term liabilities     473       3,312                     Total liabilities     160,090       164,177   STOCKHOLDERS’ EQUITY:                 Preferred stock     —       —   Common stock     24       24   Additional paid-in capital     221,729       215,885   Retained earnings     15,869       845   Treasury stock     (15,810 )     (15,810 )                   Total stockholders’ equity     221,812       200,944                     Total liabilities and stockholders’ equity   $ 381,902     $ 365,121                    

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. MarineMax next reports earnings on November 05, 2013.

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Other recent filings from the company include the following:

MarineMax's Vice President West Operations just cashed-in 500 options - Sept. 15, 2014
MarineMax's Vice President West Operations just cashed-in 4,500 options - Sept. 9, 2014
Marinemax Expands Financing Capacity ~ Increases Its Borrowing Facility To $235 Million ~ - Sept. 4, 2014

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