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): | April 26, 2012 |
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) |
Registrants 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 April 26, 2012, MarineMax, Inc. issued a press release announcing its results of operations for its second fiscal quarter ended March 31, 2012. 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 April 26, 2012, reporting the financial results for the second fiscal quarter ended March 31, 2012.
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. | ||||
April 26, 2012 | By: |
/s/ Michael H. McLamb
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Name: Michael H. McLamb | ||||
Title: Executive Vice President, Chief Financial Officer and Secretary |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press release of MarineMax, Inc. dated April 26, 2012, reporting the financial results for the second fiscal quarter ended March 31, 2012. |
CONTACT: | Michael H. McLamb Chief Financial Officer MarineMax, Inc. 727/531-1700 |
Brad Cohen ICR, Inc. 203/682-8211 bcohen@icrinc.com |
MARINEMAX REPORTS SECOND QUARTER FISCAL 2012 RESULTS
~ Same-Store Sales Grew 26% ~
~ Substantial Year-Over-Year Earnings Improvement ~
CLEARWATER, FL, April 26, 2012 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat retailer, today announced results for its second fiscal quarter ended March 31, 2012.
Revenue was $144.0 million for the quarter ended March 31, 2012 compared with $115.8 million for the comparable quarter last year. Same-store sales increased approximately 26% compared with a 5% increase in the comparable quarter last year. Net income was $2.3 million, or $0.10 per diluted share for the quarter ended March 31, 2012 compared with a net loss of $4.5 million, or $0.20 per share, for the comparable quarter last year.
Inventories decreased approximately $19 million, or 8%, to $206.2 million from the December quarter. Inventories were up year-over-year, primarily due to the Company adding new brands and the timing of the receipt of product from manufacturers. Typically, the March quarter end coincides with peak industry inventory levels.
Revenue increased $27.9 million to $235.8 million for the six months ended March 31, 2012 compared with $207.9 million for the comparable period last year. Same-store sales increased approximately 16% compared with a 1% decrease in the comparable period last year. The Company reduced its net loss by $7.3 million for the six months ended March 31, 2012 to $1.9 million, or $0.08 per share, compared with a net loss of $9.2 million, or $0.41 per share, for the comparable period last year. The Companys net loss for the six months ended March 31, 2011 was reduced by $1.4 million related to the favorable resolution of accounts receivable and inventory repurchases from a manufacturer whose brands the Company no longer carries. Without this item in the prior year, the Company improved its year-over-year earnings by $8.7 million.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, I am very proud of our teams accomplishments. We have now put together six consecutive quarters of new boat sales unit growth, capitalizing on the improvements we have made in our business over the past few years as we navigated the persistent challenges faced by our industry. Total revenue during the quarter was up considerably over the prior year, with same-store sales growing 26%, while gross margins improved, despite an increased weighting toward larger product that traditionally carries lower margins. The increase in gross margin also reflected our continued growth in our higher margin businesses of service, parts, accessories, finance and insurance. We also demonstrated meaningful expense leverage which will result in strong cash flow and earnings growth when our sales further recover.
~more~
Mr. McGill concluded, We ended the quarter with our inventory at anticipated levels along with improved aging as we enter what has traditionally been our strongest sales period. We look forward to the upcoming summer boating season and are cautiously optimistic that the initial improvement in the industry is sustainable. With more positive consumer sentiment, generally improved economic conditions, coupled with our teams ability to enhance and improve our customers lives through boating, we are well positioned to build on the progress we are making.
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nations largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts, Grady-White, Bayliner, Harris FloteBote, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 54 retail locations in Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. 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 the Companys assessment that its growth has come from business improvements it has made over the past few years; the Companys belief that it will achieve meaningful expense leverage and improved cash flows and earnings growth as its sales recover; and the Companys assessment that the industry is starting to experience improvement in new unit sales, which should enhance its operating results. 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 Companys ability to integrate acquisitions into existing operations and numerous other factors identified in the Companys 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 | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenue |
$ | 143,992 | $ | 115,756 | $ | 235,779 | $ | 207,946 | ||||||||
Cost of sales |
109,614 | 88,961 | 175,827 | 157,569 | ||||||||||||
Gross profit |
34,378 | 26,795 | 59,952 | 50,377 | ||||||||||||
Selling, general, and administrative
expenses |
30,994 | 30,446 | 59,564 | 57,887 | ||||||||||||
Income (loss) from operations |
3,384 | (3,651 | ) | 388 | (7,510 | ) | ||||||||||
Interest expense |
1,203 | 836 | 2,420 | 1,679 | ||||||||||||
Income (loss) before income tax benefit |
2,181 | (4,487 | ) | (2,032 | ) | (9,189 | ) | |||||||||
Income tax benefit |
(116 | ) | | (116 | ) | | ||||||||||
Net income (loss) |
$ | 2,297 | $ | (4,487 | ) | $ | (1,916 | ) | $ | (9,189 | ) | |||||
Basic net income (loss) per common share |
$ | 0.10 | $ | (0.20 | ) | $ | (0.08 | ) | $ | (0.41 | ) | |||||
Diluted net income (loss) per common
share |
$ | 0.10 | $ | (0.20 | ) | $ | (0.08 | ) | $ | (0.41 | ) | |||||
Weighted average number of common shares
used in computing net income (loss) per
common share: |
||||||||||||||||
Basic |
22,652,294 | 22,329,156 | 22,622,196 | 22,283,970 | ||||||||||||
Diluted |
23,253,524 | 22,329,156 | 22,622,196 | 22,283,970 | ||||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
March 31, | March 31, | |||||||
2012 | 2011 | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 29,042 | $ | 21,436 | ||||
Accounts receivable, net |
23,010 | 19,987 | ||||||
Inventories, net |
206,212 | 190,160 | ||||||
Prepaid expenses and other current assets |
3,296 | 3,603 | ||||||
Total current assets |
261,560 | 235,186 | ||||||
Property and equipment, net |
101,415 | 101,107 | ||||||
Other long-term assets |
782 | 1,264 | ||||||
Total assets |
$ | 363,757 | $ | 337,557 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ | 8,924 | $ | 11,982 | ||||
Customer deposits |
10,477 | 9,556 | ||||||
Accrued expenses |
24,643 | 26,028 | ||||||
Short-term borrowings |
120,092 | 90,031 | ||||||
Total current liabilities |
164,136 | 137,597 | ||||||
Long-term liabilities |
4,307 | 4,675 | ||||||
Total liabilities |
168,443 | 142,272 | ||||||
STOCKHOLDERS EQUITY: |
||||||||
Preferred stock |
| | ||||||
Common stock |
23 | 23 | ||||||
Additional paid-in capital |
213,271 | 208,992 | ||||||
(Accumulated deficit) retained earnings |
(2,170 | ) | 2,080 | |||||
Treasury stock |
(15,810 | ) | (15,810 | ) | ||||
Total stockholders equity |
195,314 | 195,285 | ||||||
Total liabilities and stockholders equity |
$ | 363,757 | $ | 337,557 | ||||
MarineMax, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Information
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
GAAP net income
(loss) as reported |
$ | 2,297 | $ | (4,487 | ) | $ | (1,916 | ) | $ | (9,189 | ) | |||||
Less the resolution
from a manufacturer
whose brands we no
longer carry |
| | | (1,410 | ) | |||||||||||
Non-GAAP proforma
net income (loss) |
$ | 2,297 | $ | (4,487 | ) | $ | (1,916 | ) | $ | (10,599 | ) | |||||
GAAP diluted net
income (loss) per
common share |
$ | 0.10 | $ | (0.20 | ) | $ | (0.08 | ) | $ | (0.41 | ) | |||||
Less the resolution
from a manufacturer
whose brands we no
longer carry |
| | | (0.06 | ) | |||||||||||
Non-GAAP proforma
net income (loss)
per common share |
$ | 0.10 | $ | (0.20 | ) | $ | (0.08 | ) | $ | (0.47 | ) | |||||
Common shares used
in the calculations
of net income
(loss) per common
share |
23,253,524 | 22,329,156 | 22,622,196 | 22,283,970 | ||||||||||||