Revenue rose 9 percent for MarineMax last quarter as the company achieved its first profitable fourth quarter before reporting an unusual item since 2007.
Revenue increased to $149.7 million for the quarter that ended Sept. 30 from $137.3 million for the comparable quarter last year.
Net income for the quarter was $5.2 million, or 21 cents a diluted share, a figure that includes the recovery of $4.7 million from the Deepwater Horizon Settlement Program for damages MarineMax suffered as a result of the oil spill in the Gulf of Mexico in 2010.
Excluding the Deepwater Horizon recovery, net income for the quarter was $490,000, or 2 cents a diluted share, which the company said represented a meaningful improvement from a loss of $1.6 million, or 7 cents a share, in its fourth quarter last year.
Same-store sales increased about 7 percent on top of an 18 percent increase for the comparable quarter last year.
Revenue for the fiscal year that ended Sept. 30 increased 11 percent to $584.5 million from $524.5 million in the previous year. Same-store sales increased about 11 percent, in addition to an 11 percent increase for the previous fiscal year. During the period, the total recovery from the Deepwater Horizon Settlement Program was $11.7 million, net of tax and other expenses, which is reflected as a reduction to the company’s expenses.
Net income for the full year was $15 million or 63 cents a diluted share. Excluding the Deepwater Horizon recovery, net income for the year was $3.3 million, or 14 cents a diluted share, compared with net income of $1.1 million, or 5 cents a diluted share, for fiscal 2012.
“Our team’s ongoing commitment and strong efforts enabled us to achieve our eighth consecutive quarter of positive same-store sales growth and produced another profitable quarter,” MarineMax CEO Bill McGill said in a statement. “Additionally, the growth we achieved in the quarter and for our fiscal year came with increased gross margins, reflecting the improving health of our industry and our customers’ desire for newer product. Despite the uncertainties in the macroeconomic environment and a weaker than expected first half of the fiscal year, we ended the year with greater assurance that the boating industry is recovering. Recent industry data confirms that the boating lifestyle was enjoyed by more people in 2012 than in any previous year.
“As the industry continues its gradual, yet seemingly sustained recovery, no dealer in the country is better positioned than MarineMax to drive sales, capture additional market share and provide our customers with the best boating experience possible,” McGill said. “We believe that the new product lines we have added over the past few years and the return of new and innovative products from our manufacturing partners will resonate strongly with our customer base, providing the opportunity for additional growth for our company.”