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MarineMax reports 2Q results

Reporting fiscal second-quarter results, MarineMax said today that same-store sales grew about 12 percent on top of a 26 percent increase in the same quarter in 2012.

Revenue grew 11 percent to $160 million for the quarter that ended March 31, compared with $144 million last year at the nation’s largest recreational boat retailer.

Net income was $344,000, or 1 cent a diluted share, compared with $2.3 million, or 10 cents a diluted share, in the comparable quarter last year.

“Our team was able to generate double digit same-store sales growth, on top of strong growth in last year’s March quarter, despite a generally colder March quarter this year,” MarineMax CEO Bill McGill said in a statement. “During the quarter our Southern markets produced strong results, which were partly offset by our Northern markets, which experienced persistent unfavorable weather conditions. In our efforts to respond to these adverse weather conditions, we increased our promotional efforts, which increased marketing and sales costs at a higher rate than our resulting sales growth. The quarter was also affected by a large increase in our health care and other insurance costs, resulting in lower earnings.”

Revenue increased 10 percent to $259.1 million for the six-month period that ended March 31, compared with $235.8 million last year. Same-store sales increased about 10 percent on top of a 16 percent increase in the comparable period last year.

The Clearwater, Fla.-based company’s net loss for the six-month period was $3.8 million, or 17 cents a share, compared with a net loss of $1.9 million, or 8 cents a share, in the comparable period last year.

“Based on our trends, it is our belief that the industry’s recovery is continuing and we expect to benefit from the ongoing improvements,” McGill said in a statement. “We remain committed to achieving the operating leverage in the business that we have produced prior to the March quarter and are well positioned with appropriate levels of inventory and a solid balance sheet to support our growth initiatives.

“As we move into the seasonally warmer second half of the fiscal year, we expect to benefit from the pent-up demand we believe exists in our Northern markets as a result of the extended inclement weather conditions early in the year. In addition, we also expect to benefit from the slow, but seemingly steady improvement in the industry in conjunction with our ongoing efforts to gain market share and drive value for our shareholders.”

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