MarineMax Reports First Quarter 2013 Results

  MarineMax Reports First Quarter 2013 Results

Same-store Sales Growth Exceeds 8%

Business Wire

CLEARWATER, Fla. -- January 29, 2013

MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer,
today announced results for its first fiscal quarter ended December 31, 2012.

Revenue grew approximately 8% to $99.1 million for the quarter ended December
31, 2012 compared with $91.8 million for the quarter ended December 31, 2011.
Same-store sales grew more than 8% compared to a 2.0% increase in the same
period last year. The Company’s net loss for the first quarter ended December
31, 2012 was $4.16 million, or $0.18 per share, compared with a net loss of
$4.21 million, or $0.19 per share, for the comparable quarter last year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer,
stated, “The fact that our team produced positive same-store sales growth,
while also producing slightly better bottom line results, represents a
significant effort by the entire organization. Our team overcame the ongoing
economic challenges, exacerbated by the fiscal cliff discussions and the
uncertainty surrounding the Presidential election. This was compounded by the
devastation resulting from Hurricane Sandy. The storm caused certain of our
Northeastern stores to focus on protecting and recovering boats and restoring
our facilities rather than on selling boats.”

Mr. McGill continued, “Entering what historically has been the busiest selling
season for MarineMax, we are well positioned with our inventory at appropriate
levels. We remain encouraged by positive industry fundamentals that seem to
indicate the industry is in the early stage of a recovery, which is further
supported by the solid interest around the country during the early boat show
season. Our team is committed to capturing additional market share, and given
our more efficient operating structure, we would expect to see improved
leverage to our bottom line as we move through the balance of our fiscal
year.”

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, Cabo, Hatteras, Azimut Yachts, Grady-White,
Bayliner, Harris FloteBote, Crest, Scout, Mako, Sailfish, Nautique and Malibu,
MarineMax sells new and used recreational boats and related marine products
and provides yacht brokerage and charter services. MarineMax currently has 52
retail locations in Alabama, Arizona, California, Connecticut, Florida,
Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York,
North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, 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.

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 belief that the Company is well positioned;
that the Company’s inventory is at appropriate levels; that the industry
fundamentals are positive, that the industry is in the early stage of a
recovery; that there is solid interest around the country during the early
boat show season; and that the Company’s operating structure is more efficient
and will result in improved leverage to its bottom line. These statements
involve certain risks and uncertainties that may cause actual results to
differ materially from expectations as of the date of this release. These
risks include the Company’s abilities to reduce inventory, manage expenses and
accomplish its goals and strategies, general economic conditions and 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 and other filings with the Securities and Exchange Commission.

                                         
                                             
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
                                             
                                            Three Months Ended
                                             December 31,
                                                             
                                             2012               2011
                                                                
Revenue                                      $ 99,051           $ 91,787
Cost of sales                                 72,773           66,213     
Gross profit                                   26,278             25,574
                                                                
Selling, general, and administrative          29,443           28,570     
expenses
Loss from operations                           (3,165     )       (2,996     )
                                                                
Interest expense                              997              1,217      
Loss before income tax benefit                 (4,162     )       (4,213     )
                                                                
Income tax benefit                            --               --         
Net loss                                     $ (4,162     )     $ (4,213     )
                                                                
Basic and diluted net loss per common        $ (0.18      )     $ (0.19      )
share
                                                                
Weighted average number of common
shares used in computing net loss per
common share:
Basic and diluted                             22,955,715       22,592,370 

                                                            
                                                                  
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
                                                                  
                                                 December 31,     December 31,
                                                 2012             2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                        $  15,393        $  13,804
Accounts receivable, net                            13,513           15,694
Inventories, net                                    226,812          224,714
Prepaid expenses and other current assets          4,712          4,259   
Total current assets                                260,430          258,471
                                                                  
Property and equipment, net                         98,870           101,652
Other long-term assets, net                        3,953          2,979   
Total assets                                     $  363,253      $  363,102 
                                                                  
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable                                 $  5,782         $  5,170
Customer deposits                                   13,820           8,436
Accrued expenses                                    20,248           21,783
Short-term borrowings                              123,366        130,235 
Total current liabilities                           163,216          165,624
                                                                  
Long-term liabilities                              1,853          5,316   
Total liabilities                                   165,069          170,940
                                                                  
STOCKHOLDERS' EQUITY:
Preferred stock                                     --               --
Common stock                                        24               23
Additional paid-in capital                          217,287          212,416
Accumulated deficit                                 (3,317  )        (4,467  )
Treasury stock                                     (15,810 )       (15,810 )
Total stockholders’ equity                         198,184        192,162 
Total liabilities and stockholders’ equity       $  363,253      $  363,102 

Contact:

MarineMax, Inc.
Michael H. McLamb, Chief Financial Officer
Abbey Heimensen, Public Relations
727-531-1700
or
ICR, Inc.
Brad Cohen, 203-682-8211
bcohen@icrinc.com
 
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