EX-99.1 3 p69050exv99w1.htm EX-99.1 exv99w1
 

EXHIBIT 99.1

(MARINE MAX LOGO)

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

MARINEMAX REPORTS RECORD SECOND QUARTER RESULTS
- Second quarter revenue exceeded $200 million -
- Same-store sales increased 23%, net income increased 38% -
- Earnings per share guidance for FY04 raised to a range of $1.48 to $1.53 -

     CLEARWATER, FL, April 20, 2004 — MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced record revenue and earnings for the second quarter of fiscal 2004.

     For the quarter ended March 31, 2004, the Company reported a revenue increase of 28% to $203.3 million compared to $159.1 million for the comparable quarter last year. Same-store sales grew 23% compared to a 9% increase in the year ago quarter. Net income was $5.7 million, or $0.34 per diluted share, an increase of 38% from net income of $4.1 million, or $0.26 per diluted share, in the comparable quarter last year.

     For the six-month period ended March 31, 2004, revenue grew 40% to $359.9 million compared to $257.0 million for the comparable period in fiscal 2003. Same-store sales increased 36% compared to a 3% decline in the year ago period. Net income was $7.9 million, or $0.48 per diluted share, an increase of 118% from net income of $3.6 million, or $0.23 per diluted share, in the six months ended March 31, 2003.

     William H. McGill, Jr., Chairman, Chief Executive Officer and President, stated, “I am very pleased with our second quarter and year-to-date results. While the industry data is yet to be released, we are confident our performance is stronger than that of other marine retailers, indicating continued market share expansion. Our same-store-sales growth was solid across all aspects of our business. Additionally, the integration of and contributions from the Colorado and Florida Panhandle acquisitions, which we completed late last fiscal year, are proceeding on schedule.”

     Mr. McGill continued, “While we are pleased with our year-to-date performance, we want to stay grounded in our expectations for the balance of fiscal 2004 because the second half of the year accounts for the majority of our sales and earnings. On a cautious note, the current unrest in the world and the forthcoming election create an uncertain environment for most consumer businesses.”

     Mr. McGill concluded, “Over the past several years, we have focused on investing in our team, while expanding our product line and distribution network. We believe that we have built an industry-leading operating platform, based on the strength of our team, which will continue to create significant value and returns to our stockholders as we ‘Deliver the Boating Dream’.”

 


 

     Based on current business conditions, retail trends and other factors, MarineMax is raising its previously announced fiscal 2004 guidance from $1.38 to $1.45 to a range of $1.48 to $1.53 per diluted share.

About MarineMax

     Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Hatteras, Ferretti Yachts, Custom Line, CRN, Pershing, Riva, Mochi Craft, Apreamare and Bertram, 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 66 retail locations in Alabama, Arizona, California, Colorado, 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. Such forward-looking statements include expectations regarding the strength of our products and the performance of our team; our position in the boating market; our ability to continue long-term growth and increase stockholder value; and our earnings guidance for fiscal 2004. 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 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

(Unaudited amounts in thousands except per share data)

                                 
    Three Months Ended   Six Months Ended
    March 31,
  March 31,
    2004
  2003
  2004
  2003
Revenue
  $ 203,266     $ 159,063     $ 359,925     $ 257,038  
Cost of sales
    158,110       124,822       279,670       199,142  
 
   
 
     
 
     
 
     
 
 
Gross profit
    45,156       34,241       80,255       57,896  
Selling, general, and administrative expenses
    34,269       27,370       64,285       51,173  
 
   
 
     
 
     
 
     
 
 
Income from operations
    10,887       6,871       15,970       6,723  
Interest expense
    1,701       216       3,159       848  
 
   
 
     
 
     
 
     
 
 
Income before income taxes
    9,186       6,655       12,811       5,875  
Income tax provision
    3,536       2,562       4,932       2,262  
 
   
 
     
 
     
 
     
 
 
Net income
  $ 5,650     $ 4,093     $ 7,879     $ 3,613  
 
   
 
     
 
     
 
     
 
 
Basic net income per common share:
  $ 0.36     $ 0.27     $ 0.51     $ 0.24  
 
   
 
     
 
     
 
     
 
 
Diluted net income per common share:
  $ 0.34     $ 0.26     $ 0.48     $ 0.23  
 
   
 
     
 
     
 
     
 
 
Weighted average number of common shares used in computing net income per common share:
                               
Basic
    15,520,381       15,313,218       15,482,023       15,310,707  
 
   
 
     
 
     
 
     
 
 
Diluted
    16,728,845       15,541,897       16,504,398       15,539,448  
 
   
 
     
 
     
 
     
 
 

(table follows)

 


 

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(Unaudited amounts in thousands, except share and per share data)

                 
    March 31,   March 31,
    2004
  2003
ASSETS
CURRENT ASSETS:
               
Cash and cash equivalents
  $ 17,168     $ 14,898  
Accounts receivable, net
    23,591       20,353  
Inventories, net
    284,241       206,758  
Prepaids and other current assets
    2,737       2,258  
Deferred tax assets
    1,864       368  
 
   
 
     
 
 
Total current assets
    329,601       244,635  
Property and equipment, net
    75,884       69,971  
Goodwill and other intangible assets, net
    53,483       49,589  
Other long-term assets
    841       1,205  
 
   
 
     
 
 
Total assets
  $ 459,809     $ 365,400  
 
   
 
     
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
               
Accounts payable
  $ 49,641     $ 14,514  
Customer deposits
    14,740       6,983  
Accrued expenses
    18,778       16,967  
Short-term borrowings
    172,000       149,000  
Current maturities of long-term debt
    2,397       2,304  
 
   
 
     
 
 
Total current liabilities
    257,556       189,768  
Deferred tax liabilities
    7,550       5,140  
Long-term debt, net of current maturities
    18,783       21,441  
 
   
 
     
 
 
Total liabilities
    283,889       216,349  
STOCKHOLDERS’ EQUITY:
               
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2004 and 2003
           
Common stock, $.001 par value; 24,000,000 shares authorized, 15,594,483 and 15,333,107 shares issued and outstanding at March 31, 2004 and 2003, respectively
    16       15  
Additional paid-in capital
    67,219       64,420  
Retained earnings
    108,685       84,768  
Treasury stock, at cost, 17,349 shares held at March 31, 2003
          (152 )
 
   
 
     
 
 
Total stockholders’ equity
    175,920       149,051  
 
   
 
     
 
 
Total liabilities and stockholders’ equity
  $ 459,809     $ 365,400  
 
   
 
     
 
 

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