MarineMax, the nation's largest recreational boat retailer, today announced results for its third fiscal quarter, citing its most profitable quarter since 2007.
Revenue was $151.3 million for the quarter that ended June 30, compared with $153.2 million for the comparable quarter last year, according to the company.
Same-store sales increased about 1 percent, compared with a 33 percent increase for the comparable quarter last year, which was partly driven by the sale of larger boats.
“The significant year-over-year improvement in our quarterly earnings is a direct result of our team’s efforts at managing expenses and the areas of our business that we can control,” William H. McGill, Jr., chairman, president and chief executive officer, said in a statement. “This, combined with the structural changes we have implemented over the last few years, is allowing us to achieve greater profits at a given revenue level. Our efforts produced our most profitable quarter since 2007. Additionally, for the nine months through June we have produced the highest gross margin in the history of our company.”
Net income for the third quarter of fiscal 2012 increased 37 percent, to $4.6 million, or 20 cents a diluted share, compared with net income of $3.4 million, or 15 cents a diluted share, for the comparable quarter last year.
Revenue increased 7 percent, or $26 million, to $387.1 million for the nine months that ended June 30, compared with $361.1 million for the comparable period last year.
Same-store sales increased about 9 percent on top of an 11 percent increase in the comparable period last year.
The company improved its net income by $8.5 million for the nine months that ended June 30, to $2.7 million, or 12 cents a diluted share, compared with a net loss of $5.8 million, or 26 cents a share, for the comparable period last year. The company’s net loss for the nine months that ended June 30, 2011, was reduced by $1.4 million related to the favorable resolution of accounts receivable and inventory repurchases from a manufacturer whose brands the company no longer carries.
Without this item, the company improved its year-over-year earnings by $9.9 million.