MarineMax closes sale of common stock shares

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MarineMax issued 390,000 shares of common stock at a price of $7 per share, for total gross proceeds of about $2.7 million.

The issuance is a result of the full exercise of the over-allotment option to purchase additional shares granted to the underwriter in MarineMax’s public offering of 2.6 million shares of common stock announced Sept. 10.

Raymond James & Associates served as the sole underwriter for this offering. The net proceeds will be used for general corporate purposes, which may include debt reduction, according to the company.

Click here to read the full release.

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Comments

3 comments on “MarineMax closes sale of common stock shares

  1. steve s

    People invested in the AIG of the boat industry? This is a great example of “a fool and their money will always part.” This company is one of the prime examples of the Marine Industry demise. This was their simple business plan from 2000-2006: Monopolize dealer territories to hit 35% sales margins and then provide horrible service after the sale. They need to fail and have Sea Ray fall back to local dealers.

  2. leo

    brunswick says that 50% of current inventory is 2009.  the other 50% is older.
    if sea ray is building anything right now, i would be very surprised.
    when sea ray is the majority of your product, and it is at the stage where you will be lucky to break even on what is on your lot, how is marine max going to make money next year, or after?  what are they planning to sell that will make money?  where is the 2010 product that buyers will pay their 20% markup?
    i am not by any means dumping on this  on this company, i hope they do well because it will affect all of us in some way, but when i see the stock go from a buck to seven dollars a share in 6 months,, why?
    if there is any 2010 product built, it will not be enough to even be noticed at all their stores.
    if things improve , how long would it take to resume serious production numbers, when the plants are shut, and hundreds of skilled employes have left or moved on?  think about it,,, hiring people to build a quality product would take years to get back on track.
    my question is the same with any company right now,, how are you going to make money?  someone explain marine max’s business plan to me, and why this is a reasonable investment.  if they can, share it with all of us, so we can too.
     

  3. Curtis

    It will not take them long to burn thru 2.7 million at current interest they are paying on old product.
    I wonder who will recieve bonuses out of the money and then retire at share holders expense?
     

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