MarineMax, the nation's largest recreational boat retailer, today reported an increase in revenue, same-store sales and net income for the third quarter, which ended June 30.
Revenue was $153.2 million for the quarter, compared with $115.4 million for the comparable quarter last year. Same-store sales increased approximately 33 percent, compared with a 17 percent decrease for the comparable quarter last year.
Net income for the third quarter of fiscal 2011 was $3.4 million, or 15 cents per diluted share, compared with net income of $512,000, or 2 cents per diluted share, for the comparable quarter last year. Included in the results for the quarter was approximately $1 million of loan costs written off as a result of the company entering into a new financing facility during that period.
Inventory was $200.9 million as of June 30, compared with $190.2 million as of March 31. Inventory was up 6 percent from the Clearwater, Fla.-based company's previous fiscal year end of Sept. 30, 2010. The increase was largely due to the new product lines added to the company's product portfolio during the last year.
“Our strong same-store sales increase of 33 percent highlights the third consecutive quarter we have achieved growth in overall new boat sales. It appears the customer is returning, and we are gaining market share despite periods of difficult weather conditions, low consumer confidence and rising fuel prices during much of the quarter,” chairman, president and CEO William McGill Jr. said in a statement.
“As anticipated, with the large increase in new boat sales, our revenue mix resulted in a lower gross margin than last year. Our performance the past few quarters demonstrates that we have the right customer centric strategies and passionate team in place to capitalize on the industry fundamentals that are finally showing signs of improvement,” he added.
Revenue was $361.1 million for the nine months ending June 30, compared with $325.9 million for the comparable period last year. Same-store sales increased approximately 11 percent compared with a 5 percent decrease for the comparable period last year.
The net loss for the nine months ending June 30 was $5.8 million, or 26 cents per share, compared with net income of $4.3 million, or 19 cents per diluted share, for the comparable period last year.
“While consumer confidence continues to fluctuate and the economy remains soft, our broad product offerings and large geographic footprint are providing an advantage for boating enthusiasts throughout the country,” McGill said. “We remain encouraged by the past several quarters' results and believe we are well positioned to continue to outperform.”
MarineMax stock closed Wednesday at $9.15 per share. Its 52-week high and low are $10.63 and $6.17.