EX-99.1 3 p67736exv99w1.htm EX-99.1 exv99w1
 

EXHIBIT 99.1

         
CONTACT:   Michael H. McLamb
Chief Financial Officer
MarineMax, Inc.
727/531-1700
  Brad Cohen 203/222-9013
Tom Ryan 203/222-9013
Integrated Corporate Relations, Inc.

MARINEMAX REPORTS RECORD SECOND QUARTER RESULTS

  - Revenue increased 19% to record $159 million -
- EPS increased 22% to record $0.26 -
- Same-store sales increased 9% -

     CLEARWATER, FL, April 24, 2003 — MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced revenue and earnings for the three- and six-month periods ended March 31, 2003.

     The Company reported second quarter revenue of $159.1 million compared to $133.8 million for the comparable quarter last year. The 19% increase was due to a 9% gain in same-store sales and $12.1 million from stores opened or acquired that are not eligible for inclusion in the same-store sales base. The same-store sales increase was largely due to the timing of certain yacht sales and a successful winter boat show season. Net income for the three-month period ended March 31, 2003, increased 22% to $4.1 million, or $0.26 per diluted share, compared to net income of $3.3 million, or $0.22 per diluted share, in the comparable quarter last year. These quarterly results brought revenue and earnings to the highest level of any March quarter in the Company’s history.

     For the six-month period ended March 31, 2003, revenue increased 10% to $257.0 million compared to $234.4 million for the six-month period ended March 31, 2002. The revenue increase was driven by $26.6 million of revenue from stores opened or acquired that are not eligible for inclusion in the same-store sales base, offset by a 3% decline in same-store sales for the period due to continued economic softness and less favorable weather conditions during the first quarter. Net income for the six-month period ended March 31, 2003, increased 13% to $3.6 million, or $0.23 per diluted share, compared to net income of $3.2 million, or $0.21 per diluted share, in the same period last year.

     William H. McGill, Jr., Chairman, Chief Executive Officer and President, stated, “We are pleased with our second quarter results, particularly in light of the current economic softness and uncertain geopolitical environment. The primary driver in the quarter was our Team’s ability to maximize the winter boat show season to our advantage. While a number of industry journals noted attendance at these shows was down, we utilized our new show displays and our well educated and passionate team to produce industry leading results.”

-more-

 


 

     Mr. McGill continued, “Despite a decline in boat show and retail traffic, we were encouraged to see a resurgence in the sale of larger boats and yachts. While these products typically carry lower gross margins, we were able to offset this margin pressure by expanding margins on smaller boats. Additionally, we continued to expand our parts, service, finance and insurance businesses, which contributed to higher gross margins and profitability during the quarter and year-to-date.”

     “MarineMax delivers the Boating Dream,” concluded Mr. McGill. “Our focus on customer-centric strategies is extending the MarineMax brand. By continuing to build alliances with industry-leading manufacturers, we are able to offer top-quality products and services that support boating as a family-oriented recreational activity that provides a stress relief and can be enjoyed close to home. At a time when many companies are retrenching sales efforts and curtailing capital investments, we delivered our best March quarter. We are forging ahead with our focus on our Team Members, customers, and the commitment to increasing long-term stockholder value.”

     Based on current business conditions, MarineMax reiterates its earnings per share guidance for fiscal 2003 of $1.10 to $1.20 per diluted share.

     Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian and Hatteras, the Company sells new and used recreational boats and related marine products, and provides yacht brokerage service through its Motor Yachts division. The Company currently operates 60 retail locations in Arizona, California, Delaware, Florida, Georgia, Minnesota, Nevada, New Jersey, North Carolina, Ohio, South Carolina, Texas and Utah. MarineMax is a New York Stock Exchange-listed Company.

     Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the ability to accomplish goals and strategies, the success of the acquisition program, synergies expected from acquisitions, anticipated service revenue enhancements, general economic conditions and the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations and numerous other factors identified in the Company’s Form 10-K and other filings with the Securities Exchange Commission.

(table follows)

 


 

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Results of Operations

(Amounts in thousands except per share data)
(Unaudited)

                                     
        For the Three-Month   For the Six-Month Period
        Period Ended March 31,   Ended March 31,
       
 
        2003   2002   2003   2002
       
 
 
 
Revenue
  $ 159,063     $ 133,794     $ 257,038     $ 234,380  
Cost of sales
    124,822       106,233       199,142       187,102  
 
   
     
     
     
 
 
Gross profit
    34,241       27,561       57,896       47,278  
Selling, general, and administrative expenses
    27,370       21,852       51,173       41,655  
 
   
     
     
     
 
 
Income from operations
    6,871       5,709       6,723       5,623  
Interest expense, net
    216       264       848       431  
 
   
     
     
     
 
Income before income taxes
    6,655       5,445       5,875       5,192  
Income tax provision
    2,562       2,096       2,262       1,999  
 
   
     
     
     
 
Net income
  $ 4,093     $ 3,349     $ 3,613     $ 3,193  
 
   
     
     
     
 
Basic net income per common share:
  $ 0.27     $ 0.22     $ 0.24     $ 0.21  
 
   
     
     
     
 
Diluted net income per common share:
  $ 0.26     $ 0.22     $ 0.23     $ 0.21  
 
   
     
     
     
 
Weighted average number of common shares used in computing net income per common share:
                               
   
Basic
    15,313,218       15,250,024       15,310,707       15,248,222  
 
   
     
     
     
 
   
Diluted
    15,541,897       15,523,479       15,539,448       15,384,949  
 
   
     
     
     
 

(table follows)

 


 

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(Unaudited amounts in thousands, except share data)

                     
        March 31, 2003   March 31, 2002
       
 
ASSETS
CURRENT ASSETS:
               
 
Cash
  $ 14,898     $ 12,795  
 
Accounts receivable
    20,353       16,771  
 
Inventories
    206,758       168,658  
 
Prepaids and other current assets
    2,258       2,079  
 
Current deferred tax asset
    368        
 
   
     
 
   
Total current assets
    244,635       200,303  
Property and equipment, net
    69,971       55,480  
Goodwill and other assets
    49,589       39,992  
Other long-term assets
    1,205       742  
 
   
     
 
   
Total assets
  $ 365,400     $ 296,517  
 
   
     
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
               
 
Accounts payable
  $ 14,514     $ 12,026  
 
Customer deposits
    6,983       8,793  
 
Accrued expenses
    16,967       16,485  
 
Short-term borrowings
    149,000       109,000  
 
Current maturities of long-term debt
    2,304       2,347  
 
Current deferred tax liability
          333  
 
   
     
 
   
Total current liabilities
    189,768       148,984  
Other liabilities
          2,545  
Deferred tax liability
    5,140       2,963  
Long-term debt, net of current maturities
    21,441       10,970  
STOCKHOLDERS’ EQUITY:
               
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2003 and 2002
           
Common stock, $.001 par value; 24,000,000 shares authorized, 15,315,758 and 15,250,024 shares issued and outstanding at March 31, 2003 and 2002, respectively
    15       15  
Additional paid-in capital
    64,420       63,941  
Retained earnings
    84,768       67,284  
Treasury stock, at cost, 17,349 and 27,099 shares held at March 31, 2003 and 2002, respectively
    (152 )     (185 )
 
   
     
 
   
Total stockholders’ equity
    149,051       131,055  
 
   
     
 
   
Total liabilities and stockholders’ equity
  $ 365,400     $ 296,517  
 
   
     
 

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