EX-99.2 3 p72501a1exv99w2.htm EXHIBIT 99.2 exv99w2
 

Exhibit 99.2
MarineMax, Inc. and Subsidiaries
Unaudited Pro Forma Condensed Combined Financial Statements
     On March 31, 2006, we acquired substantially all of the assets and assumed certain liabilities of Surfside-3 Marina, Inc. (Surfside), a privately held boat dealership with eight locations in New York and Connecticut, for approximately $24.8 million in cash and 665,024 shares of our common stock, including acquisition costs, plus working capital adjustments.
     The unaudited pro forma condensed combined statement of operations for the fiscal year ended September 30, 2005, presents the combined results of operations of our company and Surfside as if the acquisition had occurred at October 1, 2004, the beginning of our first quarter of fiscal 2005. As Surfside’s fiscal year end is December 31, we have combined the unaudited condensed combined statement of operations of Surfside for the fiscal year ended December 31, 2005 with our unaudited condensed consolidated statement of operations for the fiscal year ended September 30, 2005 to present the unaudited pro forma condensed combined statement of operations for the fiscal year ended September 30, 2005. Surfside’s unaudited condensed combined statement of operations for the three months ended December 31, 2005 is also included in the unaudited pro forma condensed combined statement of operations for the six months ended March 31, 2006 of our company and Surfside as further discussed below.
     The unaudited pro forma condensed combined statement of operations for the six months ended March 31, 2006, presents the combined results of operations of our company and Surfside as if the acquisition had occurred at October 1, 2005, the beginning of our first quarter of fiscal 2006. As Surfside’s fiscal year end is December 31, we have combined the unaudited condensed combined statements of operations of Surfside for the three months ended December 31, 2005 (last quarter of fiscal year 2005) and for the three months ended March 31, 2006 (first quarter of fiscal year 2006) with our unaudited condensed consolidated statement of operations for the six months ended March 31, 2006 to present the unaudited pro forma condensed combined statement of operations for the six months ended March 31, 2006. Surfside’s unaudited condensed combined statement of operations for the three months ended December 31, 2005 is also included in the unaudited pro forma condensed combined statement of operations for the fiscal year ended September 30, 2005 of our company and Surfside as further discussed above.
     The unaudited pro forma condensed combined balance sheet as of March 31, 2006 is not required herein as the acquisition was reflected in our March 31, 2006 Quarterly Report on Form 10-Q filed on May 10, 2006.
     The unaudited pro forma condensed combined financial statements are presented for informational purposes only. The unaudited pro forma financial information includes an adjustment to record income taxes as if Surfside was taxed as a C corporation from the beginning of the periods presented until its acquisition date. The unaudited pro forma financial information does not include adjustments to remove certain private company expenses, which will not be incurred in future periods. The unaudited pro forma financial information may not necessarily reflect our future results of operations or what the results of operations would have been had we owned and operated Surfside as of the beginning of the periods

1

 

presented. The unaudited pro forma condensed combined financial statements should be read in conjunction with the historical consolidated financial statements and accompanying notes of our amended annual report on Form 10-K/A for the fiscal year ended September 30, 2005, our amended quarterly report on Form 10-Q/A for the quarter ended December 31, 2005, and our quarterly report on Form 10-Q for the quarter ended March 31, 2006. The unaudited pro forma condensed combined financial statements do not reflect any operating efficiencies and cost savings that we may achieve with respect to the combined companies.

2

 

MarineMax, Inc. and Subsidiaries
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Fiscal Year Ended September 30, 2005
(Amounts in thousands, except share and per share data)
                                 
    Historical             Combined  
    MarineMax, Inc.     Surfside     Adjustments     Pro Forma  
Revenue
   $ 947,347     $ 148,063     $ —     $ 1,095,410  
Cost of sales
     712,843       117,573       —       830,416  
 
                        
Gross profit
     234,504       30,490       —       264,994  
 
                                
Selling, general, and administrative expenses
     169,975       21,348       —       191,323  
 
                        
Income from operations
     64,529       9,142       —       73,671  
 
                                
Interest expense
     9,291       1,074       —       10,365  
 
                        
Income before income tax provision
     55,238       8,068       —       63,306  
 
                                
Income tax provision (benefit)
     21,412       (23 )     3,129 (a)     24,518  
 
                        
Net income
   $ 33,826     $ 8,091     $ (3,129 )   $ 38,788  
 
                        
 
                                
Basic net income per common share
   $ 2.01     $ —     $ —     $ 2.22  
 
                        
 
                                
Diluted net income per common share
   $ 1.88     $ —     $ —     $ 2.07  
 
                        
Weighted average number of common shares used in computing net income per common share:
                                
 
                                
Basic
     16,815,445       —       665,024 (b)     17,480,469  
 
                        
Diluted
     18,032,533       —       665,024 (b)     18,697,557  
 
                        
 
    NOTES TO MARINEMAX UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 
(a)   Adjustment to record income taxes as if Surfside was taxed as a C corporation from the beginning of the period presented.
 
(b)   Adjustment to reflect the additional 665,024 shares of common stock issued in connection with the acquisition that were not included in the historical MarineMax, Inc. weighted average shares outstanding.

3

 

MarineMax, Inc. and Subsidiaries
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Six Months Ended March 31, 2006
(Amounts in thousands, except share and per share data)
                                 
    Historical             Combined  
    MarineMax, Inc.     Surfside     Adjustments     Pro Forma  
Revenue
   $ 468,571     $ 51,313     $ —     $ 519,884  
Cost of sales
     355,648       39,836       —       395,484  
 
                        
Gross profit
     112,923       11,477       —       124,400  
 
                                
Selling, general, and administrative expenses
     90,560       11,067       —       101,627  
 
                        
Income from operations
     22,363       410       —       22,773  
 
                                
Interest expense
     7,055       375       —       7,430  
 
                        
Income before income tax provision
     15,308       35       —       15,343  
 
                                
Income tax provision
     6,056       —       13 (a)     6,069  
 
                        
Net income
   $ 9,252     $ 35     $ (13 )   $ 9,274  
 
                        
 
                                
Basic net income per common share
   $ 0.52     $ —     $ —     $ 0.51  
 
                        
 
                                
Diluted net income per common share
   $ 0.50     $ —     $ —     $ 0.48  
 
                        
Weighted average number of common shares used in computing net income per common share:
                                
 
                                
Basic
     17,658,304       —       661,370 (b)     18,319,674  
 
                        
Diluted
     18,638,117       —       661,370 (b)     19,299,487  
 
                        
 
    NOTES TO MARINEMAX UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 
(a)   Adjustment to record income taxes as if Surfside was taxed as a C corporation from the beginning of the period presented.
 
(b)   Adjustment to reflect the additional 665,024 shares of common stock issued in connection with the acquisition that were not included in the historical MarineMax, Inc. weighted average shares outstanding.

4