MarineMax revenue grew 10 percent in the fourth quarter to more than $164 million, with same-store sales up around 10 percent on top of a 7 percent increase for the comparable quarter last year.
Revenue for fiscal 2014 grew 7 percent to $624.7 million, from $584.5 million for fiscal 2013. Same-store sales improved approximately 6 percent in addition to an 11 percent increase for the previous fiscal year.
“We are pleased that our team produced a strong finish to a year that had its challenges but generally reflected improving industry conditions,” CEO William McGill said in a statement.
“Our fourth quarter results were fueled by solid same-store sales growth of 10 percent, while we maintained historically strong margins,”McGill said. “We believe the product lines added throughout the last several years, along with our comprehensive MarineMax approach to service and the boating lifestyle, is attracting customers and helping to unlock pent-up demand.”
During the 2014 fourth quarter, the company recovered $600,000, net of tax and other expenses, from the Deepwater Horizon Settlement Program for damages it suffered as a result of the 2010 spill.
Also during the quarter, the company recognized a gain of $1 million, net of tax and other expenses, associated with the sale of a property.
During the 2013 fourth quarter, MarineMax recovered damages of $4.7 million, net of tax and other expenses, from Deepwater.
Net income was $5.1 million, or $0.21 per diluted share, for the quarter that ended Sept. 30, compared to net income of $5.2 million or $0.21 per diluted share for the comparable quarter last year.
“As an industry, we are in a prolonged period of recovery, and as the economic environment continues to improve, we are well-positioned to benefit as consumer sentiment improves,”McGill said.
“With a solid backlog of sales in place, and many new models from our manufacturing partners, we are poised to capture additional market share as we prepare for another boating season,”he said.