MarineMax, the nation's largest recreational boat retailer, saw an increase in revenue and same-store sales for its second quarter, which ended March 31.
Revenue was $144 million, compared with $115.8 million for the comparable quarter last year. Same-store sales increased about 26 percent, compared with a 5 percent increase in the comparable quarter last year.
Net income was $2.3 million, or 10 cents a diluted share, compared with a net loss of $4.5 million, or 20 cents a share, for the comparable quarter last year.
Inventories decreased about $19 million, or 8 percent, to $206.2 million from the December quarter. Inventories were up year over year, primarily because of the addition of new brands and the timing of the receipt of product from manufacturers.
Typically, the end of the March quarter coincides with peak industry inventory levels.
“I am very proud of our team's accomplishments. We have now put together six consecutive quarters of new-boat sales unit growth, capitalizing on the improvements we have made in our business over the past few years as we navigated the persistent challenges faced by our industry,” chairman, president and CEO William McGill Jr. said in a statement. “The increase in gross margin also reflected our continued growth in our higher-margin businesses of service, parts, accessories, finance and insurance. We also demonstrated meaningful expense leverage, which will result in strong cash flow and earnings growth when our sales further recover."
McGill also said he was “cautiously optimistic” that the initial improvement in the industry is sustainable.
“With more positive consumer sentiment, generally improved economic conditions, coupled with our team's ability to enhance and improve our customers' lives through boating, we are well positioned to build on the progress we are making,” he said.
For the six-month period that ended March 31, revenue increased $27.9 million, to $235.8 million, compared with $207.9 million in the comparable period last year. Same-store sales increased about 16 percent, compared with a 1 percent decrease in the comparable period last year.
The company reduced its net loss by $7.3 million for the six-month period that ended March 31, to $1.9 million, or 8 cents a share, compared with a net loss of $9.2 million, or 41 cents a share, for the comparable period last year.
MarineMax stock opened Thursday at $10.01 a share. Its 52-week high and low are $10.05 and $5.50.