MarineMax projects loss of revenue in fourth quarter
Posted on 14 October 2008
In advance of releasing its fourth-quarter and year-end results next month, MarineMax is reporting an expected net loss per share of between 58 cents and 68 cents for the fourth quarter.
This compares to net earnings per diluted share of 35 cents in the same quarter of 2007.
The company also expects to report fiscal fourth quarter 2008 revenue of approximately $165 million, down from $318 million in the comparable quarter last year.
This reflects a same-store sales decline of approximately 45 percent versus a 1 percent same-store sales decrease reported a year ago.
"The already soft marine retailing market deteriorated further during the September quarter. As turmoil mounted in the financial markets, making the economic environment increasingly uncertain and difficult, many customers delayed their purchasing decisions,” said William H. McGill Jr., chairman, president and CEO, in a statement
“Almost unprecedented worldwide financial and economic conditions, coupled with multiple hurricanes, resulted in a much steeper decline in our revenue than we had anticipated,” he added. “Despite what is proving to be the harshest marine market in decades, we remain confident in our differentiated, customer-centric business model, which has positioned us as the leading retailer in our markets and has allowed us to continue to grow market share year after year."
The company expects to release its full fourth quarter and year-end results Nov. 11.
Headquartered in Clearwater, Fla., MarineMax
is the nation's largest recreational boat retailer, with 80 locations around the country.