EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

EXHIBIT 99.1

         
CONTACT:
  Michael H. McLamb
Chief Financial Officer
MarineMax, Inc.
727/531-1700
  Brad Cohen
Integrated Corporate Relations, Inc.
203/682-8211

MARINEMAX REPORTS RECORD SECOND QUARTER RESULTS

- Same-store sales increased over 11%
- Net income increased 24%

CLEARWATER, FL, April 28, 2005 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced record revenue and earnings for the second quarter of fiscal 2005.

For the quarter ended March 31, 2005, revenue increased 12.9% to $228.4 million from $202.3 million for the comparable quarter last year. Same-store sales increased 11.4% or $23.1 million, compared with a 23.3% increase for the comparable quarter last year. Net income increased 24.0% to $7.0 million, or $0.39 per diluted share, from net income of $5.7 million, or $0.34 per diluted share, for the comparable quarter last year. During the quarter, the company issued 1,429,000 shares of common stock, resulting in additional shares outstanding this year versus last.

For the six-month period ended March 31, 2005, revenue grew 14.9% to $412.6 million compared with $359.0 million for the comparable period in fiscal 2004. Same-store sales increased 13.6% on top of a 35.7% increase in the year ago period. Net income was $9.8 million, or $0.57 per diluted share, an increase of 24.8% from net income of $7.9 million, or $0.48 per diluted share, for the six months ended March 31, 2004.

William H. McGill, Jr., Chairman, Chief Executive Officer, and President, stated, “Results for the second quarter and first half of fiscal 2005 reflect continued strong performance for MarineMax. We attribute the increase in revenue and earnings to strong same-store sales accelerated by a robust boat show season. At the majority of shows, we experienced increased traffic, which translated into improved sales. I think it is noteworthy that we had the strongest March results in our history. We are encouraged by these trends and are confident that MarineMax’s strategies will continue to generate growth for the foreseeable future. We believe our full-service approach, the MarineMax brand strength, superior products, and our industry leading Team afford us a competitive edge in the marketplace. Over time, these advantages should translate into continued growth for MarineMax and increased returns for our stockholders.”

Based on current business conditions, retail trends and other factors, MarineMax notes that it expects to earn $1.75 to $1.80 per diluted share for fiscal 2005.

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, Grady White, 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 services. The Company currently operates 68 retail locations in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, 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 revenue growth and increased stockholder value; and our earnings guidance for fiscal 2005. 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.

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(table follows)

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations

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

                                 
    Three Months Ended March 31,   Six Months Ended March 31,
    2004   2005   2004   2005
Revenue
  $ 202,316     $ 228,384     $ 358,975     $ 412,572  
Cost of sales
    157,160       173,368       278,720       313,432  
 
                               
Gross profit
    45,156       55,016       80,255       99,140  
Selling, general, and administrative expenses
    34,269       40,921       64,285       78,061  
 
                               
Income from operations
    10,887       14,095       15,970       21,079  
Interest expense
    1,701       2,704       3,159       5,088  
 
                               
Income before income tax provision
    9,186       11,391       12,811       15,991  
Income tax provision
    3,536       4,385       4,932       6,156  
 
                               
Net income
  $ 5,650     $ 7,006     $ 7,879     $ 9,835  
 
                               
Basic net income per common share:
  $ 0.36     $ 0.42     $ 0.51     $ 0.61  
 
                               
Diluted net income per common share:
  $ 0.34     $ 0.39     $ 0.48     $ 0.57  
 
                               
Weighted average number of common shares used in computing net income per common share:
                               
Basic
    15,520,381       16,505,919       15,482,023       16,137,974  
 
                               
Diluted
    16,728,845       17,834,520       16,504,398       17,392,389  
 
                               

(table follows)

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

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

                 
    March 31, 2005   March 31, 2004
ASSETS
               
CURRENT ASSETS:
               
Cash and cash equivalents
  $ 20,928     $ 17,168  
Accounts receivable, net
    32,374       23,591  
Inventories, net
    354,664       284,241  
Prepaid expenses and other current assets
    5,046       2,737  
Deferred tax assets
    3,873       1,864  
 
               
Total current assets
    416,885       329,601  
Property and equipment, net
    88,164       75,884  
Goodwill and other intangible assets, net
    56,177       53,483  
Other long-term assets
    658       841  
 
               
Total assets
  $ 561,884     $ 459,809  
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
       
CURRENT LIABILITIES:
               
Accounts payable
  $ 69,505     $ 49,641  
Customer deposits
    23,426       14,740  
Accrued expenses
    23,668       18,778  
Short-term borrowings
    155,000       172,000  
Current maturities of long-term debt
    3,116       2,397  
 
               
Total current liabilities
    274,715       257,556  
Deferred tax liabilities
    9,982       7,550  
Long-term debt, net of current maturities
    21,322       18,783  
 
               
Total liabilities
    306,019       283,889  
STOCKHOLDERS’ EQUITY:
               
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2005 and 2004
           
Common stock, $.001 par value; 24,000,000 shares authorized, 17,510,836 and 15,594,483 shares issued and outstanding at March 31, 2005 and 2004, respectively
    18       16  
Additional paid-in capital
    122,307       67,219  
Deferred stock compensation
    (2,775 )      
Retained earnings
    136,933       108,685  
Treasury Stock, at cost, 30,000 shares held at March 31, 2005
    (618 )      
 
               
Total stockholders’ equity
    255,865       175,920  
 
               
Total liabilities and stockholders’ equity
  $ 561,884     $ 459,809  
 
               

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