West Marine reports 4Q, year-end results


West Marine saw a 1.9 percent increase in net revenue in fiscal 2014 and net fourth-quarter revenue rose 8.9 percent compared with the quarter in the prior year.

Fiscal 2014 was a 53-week year for the California-based boating supplies and accessories retailer. Excluding the effects of the 53rd week, comparable-store sales rose 0.1 percent for the year and by 2.8 percent for the quarter.

"We're pleased with our strong fourth-quarter results,” CEO Matt Hyde said in a statement. “From increased comp store sales to a strong holiday response, our key growth strategies delivered solid top-line growth. We are optimistic that these strategic initiatives, combined with a strengthening boating industry, will give us good momentum as we start this year's boating season.”

For the year that ended Jan. 3, the company said it earned a profit of $1.9 million, or 8 cents a diluted share, compared with $7.8 million, or 32 cents a share, for the year that ended Dec. 28, 2013. Excluding the effect of an $800,000 tax valuation allowance related to Canadian operations, 2014 net income was $2.8 million, or 11 cents a share.

The company reported a loss of $10.3 million, or 42 cents a diluted share, for the 14-week 2014 quarter, compared with a loss of $11.2 million, or 46 cents a share, for the 13-week quarter a year earlier. Net revenue for the 2014 quarter rose by $10.6 million, or 8.9 percent, to $129.4 million, compared with $118.8 million in the prior year’s quarter.

Key financial projections for 2015 are in the following ranges:

  • Comparable-store sales growth of 1 percent to 4 percent on a comparable 52 weeks, year-over-year
  • EBITDA of $26 million to $31 million
  • Pretax income of $6 million to $11 million
  • Earnings per share of 14 cents to 27 cents


Tommy’s Slalom Shop Adds Dealer

Boulder Boats has locations in Nevada, Arizona and California.

Trade Only Today Returns Tuesday

The daily e-newsletter will not publish Monday, Jan. 18, in observance of Martin Luther King Day.

Mercury and Crownline Make Supply Pact

Under the agreement, Mercury will be the exclusive outboard and sterndrive supplier for the boatbuilder.

Sea Tow Makes Executive Appointment

Thomas Spina, who has more than 25 years of maritime experience in a variety of roles, was named vice president of franchise operations.

Quick Hits: January 15, 2021

IBEX seeks proposals for session topics; Sensible Yacht Cordage changes hands

Godfrey Marine to Host Virtual Showcase

The event is to take place Jan. 23 and will include Godfrey pontoons and Hurricane deckboats.

Boat Shows Throttling Up

2021 is bringing a new paradigm to the winter boat show season.

Correct Craft Plans Expansions

The moves will allow additional growth for Nautique, Supreme, Ingenity and Watershed Innovation.