MarineMax reports 4Q, year-end results

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MarineMax said today that same-store sales rose about 18 percent in its fourth quarter and 11 percent in fiscal 2012 and that the company’s net income exceeded $1 million for the year.

In its fourth-quarter earnings statement, the nation’s largest recreational boat dealer said revenue increased 15 percent to $137.3 million for the quarter that ended Sept. 30 from $119.8 million for the comparable quarter last year.

The same-store sales increase compared with a 2 percent decrease for the comparable quarter last year. The Clearwater, Fla.-based company reported a fourth-quarter loss of $1.6 million, or 7 cents a share, representing improvement from a loss of $5.7 million, or 25 cents a share, for the comparable quarter last year.

Fiscal 2012 revenue increased 9 percent, to $524.5 million, from $480.9 million in fiscal 2011. Same-store sales increased about 11 percent on top of an 8 percent increase for the previous fiscal year.

The company’s net income for the fiscal year was $1.1 million, or 5 cents a share, compared with a net loss of $11.5 million, or 52 cents a share, for fiscal 2011, improving year-over-year earnings by more than $12.6 million.

“We are pleased to achieve annual profitability and are proud of our team’s performance despite the continued challenges faced by our gradually recovering industry,” president and CEO William H. McGill said in a statement. “Our commitment to effectively manage expenses, while executing well in the areas of the business that we can control, has driven our success this year.

“Despite the fine tuning of our store count to fewer stores this quarter and year we were able to produce absolute revenue growth and greater same-store sales growth while incrementally lowering inventory,” McGill added. “As a result we strengthened our industry-leading balance sheet, adding additional capacity and flexibility.”

MarineMax is committed to maximizing the customer’s boating experience as enthusiasts continue to return to the water, McGill said in a statement.

“MarineMax’s inventory, retail locations, sales teams and dedication allow our customers to put an emphasis on quality family time and their desire to escape and connect with their ‘self’ and others on the water,” McGill said. “As we enter fiscal 2013 we are focused on managing our business to greater profitability from improving industry trends and anticipate building on the progress we made this past year. We expect additional opportunities for growth will arise, which we will evaluate as we pursue additional value for our stockholders.”

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