MarineMax reports 4Q, year-end results

Author:
Updated:
Original:

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.”

Click here for the full release.

Related

Quick Hits: October 30, 2020

HMY Yacht Sales opens new office; FLIR, Patrick Industries, Marine Products Corp., and Twin Disc all report quarterly financials.

BoatUS, Stakeholders Ask FCC to Reconsider Approval of Ligado L-Band Wireless Plan

A group says the land-based, industrial 5G L-Band wireless network will make the nation’s GPS system less reliable.

VIDEO: Get On Board Campaign Sees Results

The boating and fishing industry worked together to leverage the health benefits of both activities during the pandemic.

Yamaha Tech School Partnership Program Hits Century Mark

The outboard manufacturer’s program creates a student-to-technician pipeline for Yamaha dealers and provides technical schools with instructor-led courses and tools.

A Wealth of Debuts at FLIBS

Over 20 new models are premiering at the downsized show; here are some of the standouts under 60 feet.

One of a Kind

This year’s FLIBS is truly unlike any other: notably less crowds, but with a healthy dose of serious buyers.