8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 2, 2010

MarineMax, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

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)

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

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 2, 2010, MarineMax, Inc. issued a press release announcing its results of operations for its first fiscal quarter ended December 31, 2009. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information in this Report of Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.

Item 9.01 Financial Statements and Exhibits.

Press release of MarineMax, Inc. dated February 2, 2010, reporting the financial results for the first fiscal quarter ended December 31, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MarineMax, Inc.
February 2, 2010	By:	/s/ Michael H. McLamb
		Name: Michael H. McLamb
		Title: Executive Vice President, Chief Financial Officer and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press release of MarineMax, Inc. dated February 2, 2010, reporting the financial results for the first fiscal quarter ended December 31, 2009.

EX-99.1

CONTACT: Michael H. McLamb
Chief Financial Officer
MarineMax, Inc.
727/531-1700 Brad Cohen
ICR, Inc.
203/682-8211
bcohen@icrinc.com

MARINEMAX REPORTS FIRST QUARTER FISCAL 2010 RESULTS
~ Reports Significant Year-over-Year Reductions in Inventory and Related Debt Levels ~
~Same-store Sales Increase 13%~

CLEARWATER, FL, February 2, 2010 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its first quarter ended December 31, 2009.

Revenue was $100.4 million for the quarter ended December 31, 2009 compared with $100.2 million for the comparable quarter last year. Same-store sales increased approximately 13% compared with a 52% decline in the comparable quarter last year. Revenue from stores recently closed that were not eligible for inclusion in the same-store sales base was $11.1 million. Net income for the first quarter of fiscal 2010 was $10.2 million, or $0.45 per diluted share, compared with a net loss of $14.3 million, or $0.78 per share, for the comparable quarter last year.

Included in net income for the first quarter of fiscal 2010 was a tax benefit of approximately $19.3 million, or $0.86 per diluted share, primarily related to the recognition of fiscal 2009 tax net operating loss carry-backs realized through the recent change in tax laws which increased the number of historical years that companies can carry losses back. Without the tax benefit, the Company would have incurred a net loss of $9.1 million, or $0.42 per share.

At December 31, 2009, inventory was $190.2 million compared with $440.9 million at December 31, 2008, a $250.0 million or 57% decline. Short-term borrowings declined 69%, or $227.0 million, to $102.0 million compared with $329.0 million as of December 31, 2008.

The Company was able to produce consistent levels of revenue and an increase in same-store sales despite operating with 20 fewer stores compared with the prior year quarter and facing the continued challenging economic environment. MarineMax closed 26 stores in fiscal 2009 as a key component in the Company’s efforts to better match its fixed costs with the decline in business it has experienced because of the weak economic conditions.

William H. McGill, Jr., Chairman, President and Chief Executive Officer, stated, “The actions we took during fiscal 2009 to reduce inventory, reduce our workforce, streamline expenses, and optimize our store count allowed us to report significantly improved results for the first quarter compared with the year ago quarter. It is encouraging that we were able to produce a double digit increase in same-store-sales with gross margins above the levels we experienced in most of fiscal 2009. We believe our December quarter same-store sales growth once again outpaced our industry, yielding market share gains. While we have been encouraged to see hints of stabilization in the industry, we expect conditions to remain challenging for some time, and we will remain focused on continuing to tightly control our expenses and inventory.”

~more~

Mr. McGill continued, “Our customers remain passionate about the boating lifestyle, and our same-store sales growth validates that our customer centric strategies of teaching, servicing, and showing our customers how to have fun are correct. We are convinced that, as the economy gradually recovers, those that have delayed buying their first or next boat will return. MarineMax has positioned itself well to capture these buyers and fulfill their passion for boating as part of the MarineMax family. The actions we have taken to streamline our business have strengthened our balance sheet significantly and will position us to take advantage of opportunities for growth.”

About MarineMax

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, Azimut Yachts and Grady White, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage services. MarineMax currently has 55 retail locations and operates within Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee and Texas. MarineMax is a New York Stock Exchange-listed company.

Use of Non-GAAP Financial Information
In this release, the Company discloses pro forma or non-GAAP measures of net income and earnings per share. The Company believes that this pro forma information provides greater comparability regarding its ongoing operating performance. These measures should not be considered an alternative to measurements required by accounting principles generally accepted in the United States (GAAP), such as net income and earnings per share. These pro forma measures are unlikely to be comparable to pro forma information provided by other companies.

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 Company’s ability to achieve improved operating margins and take advantage of growth opportunities in the future, our assessment of our customer’s passion about boating, our assessment of customers’ future buying decisions, the Company’s assessment of market conditions and its effect on the boating industry, the Company’s industry and market share position, the success of operating cost reductions, the ability to service customers at desired levels of customer service, and the Company’s long-term prospects. 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 reduce inventory, accomplish the goals and strategies, 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 and Exchange Commission.

~more~

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

	Three Months Ended December 31,
	2009			2008
Revenue	$	100,449		$	100,224
Cost of sales		78,478			76,521
Gross profit		21,971			23,703
Selling, general, and administrative expenses		29,629			38,862
Loss from operations		(7,658	)		(15,159	)
Interest expense		1,462			4,062
Loss before income tax benefit		(9,120	)		(19,221	)
Income tax benefit		(19,273	)		(4,881	)
Net income (loss)	$	10,153		$	(14,340	)
Basic net income (loss) per common share	$	0.47		$	(0.78	)
Diluted net income (loss) per common share	$	0.45		$	(0.78	)
Weighted average number of common shares used in computing net loss per common share:
Basic		21,796,561			18,500,794
Diluted		22,344,687			18,500,794

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

	December 31,			December 31,
	2009			2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	13,060		$	14,829
Accounts receivable, net		12,471			15,687
Income Tax receivable		20,061			5,078
Inventories, net		190,243			440,854
Prepaid expenses and other current assets		10,965			7,706
Deferred tax assets		—			298
Total current assets		246,800			484,452
Property and equipment, net		100,806			112,790
Other long-term assets		2,444			3,827
Deferred tax asset		—			1,206
Total assets	$	350,050		$	602,275
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	5,948		$	7,422
Customer deposits		5,284			5,338
Accrued expenses		24,171			19,284
Short-term borrowings		102,000			329,000
Total current liabilities		137,403			361,044
Other long-term liabilities		3,554			5,597
Total liabilities		140,957			366,641
STOCKHOLDERS’ EQUITY:
Preferred stock		—			—
Common stock		23			19
Additional paid-in capital		205,955			180,221
Retained earnings		18,925			71,204
Treasury stock		(15,810	)		(15,810	)
Total stockholders’ equity		209,093			235,634
Total liabilities and stockholders’ equity	$	350,050		$	602,275

MarineMax, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Information
(Amounts in thousands, except share and per share data)
(Unaudited)

	Three months ended December 31,
	2009			2008
GAAP net income (loss) as reported	$	10,153		$	(14,340	)
Less the tax benefit related to tax loss carry-backs due to recent changes in tax law		(19,273	)		—
Non-GAAP proforma net income (loss)	$	(9,120	)	$	(14,340	)
GAAP diluted net income (loss) per common share	$	0.45		$	(0.78	)
Less the tax benefit per share related to tax loss carry-backs due to recent changes in tax law		(0.87	)		—
Non-GAAP proforma net loss per common share	$	(0.42	)	$	(0.78	)
Common shares used in the calculations of net income (loss) per common share		21,796,561			18,500,794

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