MarineMax Reports First Quarter 2001 Results
CLEARWATER, Fla.--Jan. 23, 2001--MarineMax, Inc. , the world's largest recreational boat retailer, providing premium boating experiences, today announced revenue and earnings for its first quarter ended December 31, 2000.The Company reported first quarter revenue of $84.8 million compared with $93.5 million for the same period last year. The decline in revenue resulted from a 12% decrease in same-store sales, partially offset by $3.0 million of revenue attributable to stores acquired or opened that are not eligible for inclusion in the same-store sales base. As of December 31, 2000, the Company operated 52 retail locations. Following the acquisition of Associated Marine Technologies, Inc. in January 2001, the Company now operates 53 retail locations.
MarineMax reported a net loss for the quarter of $648,000, or a loss of $0.04 per basic and diluted share. This compares with net income of $477,000, or $0.03 per basic and diluted share, in the comparable quarter last year.
William H. McGill, Jr., Chairman and Chief Executive Officer, stated, "As reported earlier this month, we experienced weaker than anticipated sales during the quarter due to delays in the recognition of a few yacht sales, harsh winter conditions and a weaker economic environment. However, through a disciplined approach to our business, we have improved our margins and lowered our debt. Considering these factors, I am proud of our Team's ability to deliver solid financial results in what is traditionally a breakeven to loss quarter for marine retailers."
Mr. McGill continued, "We are in the midst of the busy January-February boat show season and are encouraged by the preliminary reports we are receiving. Despite an uncertain economic outlook, the recent lowering of interest rates leads us to be cautiously optimistic about the remainder of fiscal 2001. Additionally, we remain well positioned to capitalize upon any economic weakness through further consolidation within our industry."
Headquartered in Clearwater, Florida, MarineMax is the world's largest recreational boat retailer. Focused on premium brands, such as Sea Ray, Boston Whaler and Hatteras, the Company sells new and used recreational boats and related marine products, and provides yacht brokerage service through its wholly owned subsidiary, Woods & Oviatt. The Company currently operates 53 retail locations in Arizona, California, Delaware, Florida, Georgia, Minnesota, Nevada, New Jersey, North Carolina, Ohio, South Carolina, Texas and Utah. MarineMax is a New York Stock Exchange-listed Company.
Certain statements in this press release are forward looking as defined in the Private Securities Litigation Reform Act of 1995. 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 impact of seasonality and weather, general economic conditions, the level of consumer spending, the Company's ability to integrate the acquisitions into existing operations and numerous other factors identified in the Company's Form 10-K Report and other filings with the Securities Exchange Commission.
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Results of Operations
(Amounts in thousands except per share data)
(Unaudited)
For the Three-Month Period Ended
December 31,
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2000 1999
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Revenue $ 84,777 $ 93,517
Cost of sales 64,440 72,775
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Gross profit 20,337 20,742
Selling, general and
administrative
expenses 21,067 18,734
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Income from
operations (730) 2,008
Interest expense, net 289 1,180
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Income before income taxes (1,019) 828
Income tax provision (371) 351
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Net income $ (648) $ 477
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Basic and diluted net
income per common
share: $ (0.04) $ 0.03
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Shares used in computing
basic and diluted net
income per common share: 15,250,026 15,180,211
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Supplemental information:
December 31, 2000 December 31, 1999
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Cash $ 6,577 $ 5,711
Inventory $167,027 $163,766
Current Assets $187,360 $185,367
Goodwill and other
assets $ 40,343 $ 35,516
Customer deposits $ 15,918 $ 4,843
Short-term borrowings $115,328 $137,889
Long-term debt, net of
current maturities $ 5,512 $ 6,335
Stockholders equity $111,707 $ 91,078
Current ratio 1.27 1.18