MarineMax, Inc. (Form: 8-K)

CLEARWATER, FL, April 26, 2007 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second quarter of fiscal 2007.

Revenue grew 13% to $326.1 million for the quarter ended March 31, 2007 from $287.4 million for the comparable quarter last year. Same-store sales increased 2%, or $6.0 million, following a 14% increase in the comparable quarter last year. Revenue from stores recently opened or acquired that are not eligible for inclusion in the same-store sales base was $35.5 million. Net income was $3.3 million, or $0.17 per diluted share, compared with $8.6 million, or $0.46 per diluted share, for the second quarter of fiscal 2006. The 2007 results include $0.06 per diluted share, arising from the proceeds of business interruption insurance for claims associated with Hurricane Wilma in 2006.

Revenue grew 20% to $560.8 million for the six-month period ended March 31, 2007 compared with $468.6 million for the comparable period in fiscal 2006. Same-store sales increased 7% on top of a 6% increase in the year ago period. Revenue from stores recently opened or acquired that are not eligible for inclusion in the same-store sales base was $64.2 million. Net loss for the six-months ended March 31, 2007 was $454,000, or $0.02 per diluted share, compared with net income of $9.3 million, or $0.50 per diluted share, for the comparable period last year. The Company’s results for the six-month period ended March 31, 2006 includes a $0.04 per diluted share charge for direct costs associated with Hurricane Wilma. The Company’s results for the six-month period ended March 31, 2007 includes $0.06 per diluted share, arising from the proceeds of business interruption insurance for claims associated with Hurricane Wilma in 2006.

William H. McGill, Jr., Chairman, President and Chief Executive Officer stated, “As we indicated in our April 12, 2007 release, while we are disappointed with our earnings and the softness in our industry, we are confident that our performance has yielded significant market share gains. Given that a large percentage of our revenue is from repeat and referral buyers, these market share gains should generate future growth in revenue and earnings as the industry recovers. Our premium brands, outstanding team, strong balance sheet and customer centric strategies create significant competitive advantages. We will look to capitalize on these strengths as we move through the summer selling boating season.”

Based on current business conditions, retail trends and other factors, the Company expects its earnings per share for its fiscal year ending September 30, 2007 to range from $0.45 to $0.65 on a fully diluted basis. The Company’s 2007 guidance assumes same-store sales will be flat to low single digit and excludes the $0.06 per diluted share, arising from the proceeds of business interruption insurance for claims associated with Hurricane Wilma in 2006 as well as the impact from any potential material acquisitions that it may complete.

Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Grady White, Ferretti Yachts, 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 88 retail locations in Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, 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 fiscal 2007, company performance compared with industry performance as well as expected market share gains and long-term revenue and earnings growth. 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 the goals and strategies, the success 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.

MARINEMAX, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)


	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2007		2006		2007			2006
Revenue	$	326,067	$	287,387	$	560,805		$	468,571
Cost of sales		252,554		218,812		430,231			355,648

Gross profit		73,513		68,575		130,574			112,923
Selling, general, and administrative expenses		60,518		50,088		117,390			90,560

Income from operations		12,995		18,487		13,184			22,363
Interest expense		7,547		4,294		14,087			7,055

Income (loss) before income tax provision (benefit)		5,448		14,193		(903	)		15,308
Income tax provision (benefit)		2,116		5,605		(449	)		6,056

Net income (loss)	$	3,332	$	8,588	$	(454	)	$	9,252

Basic net income (loss) per common share	$	0.18	$	0.49	$	(0.02	)	$	0.52

Diluted net income (loss) per common share	$	0.17	$	0.46	$	(0.02	)	$	0.50

Weighted average number of common shares used in computing net income (loss) per common share:
Basic		18,377,902		17,705,799		18,332,346			17,658,304

Diluted		19,042,015		18,751,417		18,332,346			18,638,117

(table follows)
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)


	March 31,			March 31,
	2007			2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	23,489		$	14,938
Accounts receivable, net		65,309			59,406
Inventories, net *		547,959			514,548
Prepaid expenses and other current assets		6,371			5,722
Deferred tax assets		5,241			4,929

Total current assets		648,369			599,543
Property and equipment, net		119,906			120,939
Goodwill and other intangible assets, net		121,838			116,204
Other long-term assets		4,510			4,756

Total assets	$	894,623		$	841,442

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	21,941		$	27,613
Customer deposits		26,486			39,353
Accrued expenses		27,106			27,483
Short-term borrowings		414,500			385,000
Current maturities of long-term debt		4,581			3,607

Total current liabilities		494,614			483,056
Deferred tax liabilities		12,167			11,285
Long-term debt, net of current maturities		30,287			23,660
Other long-term liabilities		2,526			2,846

Total liabilities		539,594			520,847
STOCKHOLDERS’ EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2007 and 2006		—			—
Common stock, $.001 par value, 24,000,000 shares authorized, 18,673,113 and 18,684,686 shares issued and outstanding at March 31, 2007 and 2006, respectively		19			19
Additional paid-in capital		162,678			150,629
Retained earnings		199,852			170,176
Accumulated other comprehensive income		43			389
Treasury stock, at cost, 336,300 and 30,000 shares held at March 31, 2007 and 2006, respectively		(7,563	)		(618	)

Total stockholders’ equity		355,029			320,595

Total liabilities and stockholders’ equity	$	894,623		$	841,442

• Inventories at March 31, 2007 include approximately $16.0 million of inventory related to the Cabo brand which the Company expanded with in September 2006.


Delaware	1-14173	59-3496957
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

18167 U.S. Highway 19 North, Suite 300, Clearwater, Florida		33764
_________________________________ (Address of principal executive offices)		___________ (Zip Code)


	MarineMax, Inc.

April 26, 2007	By:	/s/ Michael H. McLamb

		Name: Michael H. McLamb
		Title: Executive Vice President, Chief Financial Officer, and Secretary


Exhibit No.		Description

99.1		Press Release of MarineMax, Inc. dated April 26, 2007, reporting the financial results for the second fiscal quarter ended March 31, 2007.


Date of Report (Date of Earliest Event Reported):		April 26, 2007


Registrant’s telephone number, including area code:		727-531-1700


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