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): | November 1, 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 November 1, 2012, MarineMax, Inc. issued a press release announcing its results of operations for its fourth fiscal quarter and fiscal year ended September 30, 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 November 1, 2012, reporting the financial results for the fourth fiscal quarter and fiscal year ended September 30, 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. | ||||
November 1, 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 November 1, 2012, reporting the financial results for the fourth fiscal quarter and fiscal year ended September 30, 2012. |
CONTACT: | Michael H. McLamb Chief Financial Officer Abbey Heimensen Public Relations MarineMax, Inc. 727/531-1700 |
Brad Cohen ICR, Inc. 203/682-8211 bcohen@icrinc.com |
MARINEMAX REPORTS FOURTH QUARTER AND FISCAL 2012 RESULTS
~Same-stores Sales Increase 18% in the Fourth Quarter and 11% For Fiscal 2012~
~ Net Income Exceeds $1.0 Million, or $0.05 per Diluted Share, for Fiscal 2012~
CLEARWATER, FL, November 01, 2012 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat retailer, today announced results for its fourth quarter and fiscal year ended September 30, 2012.
Revenue increased 15% to $137.3 million for the quarter ended September 30, 2012 from $119.8 million for the comparable quarter last year. Same-store sales increased approximately 18% compared with a 2% decrease for the comparable quarter last year. The net loss for the fourth quarter of fiscal 2012 was $1.6 million, or $0.07 per share, representing significant improvement from a net loss of $5.7 million, or $0.25 per share, for the comparable quarter last year.
Revenue for fiscal 2012 increased 9.0% to $524.5 million from $480.9 million for fiscal 2011. Same-store sales increased approximately 11% on top of an 8% increase for the previous fiscal year. The Companys net income for the fiscal year ended September 30, 2012 was $1.1 million, or $0.05 per diluted share, compared with a net loss of $11.5 million, or $0.52 per share, for fiscal 2011, thereby improving its year-over-year earnings by more than $12.6 million.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, We are pleased to achieve annual profitability and are proud of our teams performance despite the continued challenges faced by our gradually recovering industry. Our commitment to effectively manage expenses, while executing well in the areas of the business that we can control, has driven our success this year. Focusing on streamlining our operations without sacrificing any customer services and benefits has allowed us to overcome some of the impact of the broader economy and outperform our key industry segments. Despite the fine tuning of our store count to fewer stores this quarter and year, we were able to produce absolute revenue growth and greater same-store sales growth while incrementally lowering inventory. As a result, we strengthened our industry leading balance sheet, adding additional capacity and flexibility.
~ more ~
Mr. McGill continued, As the industry recovery builds and boating enthusiasts continue to return to the water, we remain committed to providing our customers with the ability to maximize their boating experience. MarineMaxs inventory, retail locations, sales teams, and dedication allows our customers to put an emphasis on quality family time and their desire to escape and connect with their self and others on the water. As we enter fiscal 2013, we are focused on managing our business to greater profitability from improving industry trends and anticipate building on the progress we made this past year. We expect additional opportunities for growth will arise, which we will evaluate as we pursue additional value for our stockholders.
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, Zeelander, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 53 retail locations in Alabama, Arizona, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, 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. For more information, please visit www.marinemax.com.
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 belief that its industry is gradually recovering; the Companys assessment that its success has been driven by its commitment to effectively managing expenses and executing well in controllable areas of its business; the Companys assessment that its inventory levels are well positioned; the Companys belief that the industry recovery is building and that boating enthusiasts are continuing to return to the water; the Companys belief that its customers emphasize quality family time and desire to escape on the water; the Companys anticipation that it will build on its progress as it enters 2013; and the Companys expectation that additional opportunities for growth will arise that it will evaluate to pursue additional value for its shareholders. 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 Companys abilities to reduce inventory, manage expenses and accomplish its 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.
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended | Fiscal Year Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenue |
$ | 137,347 | $ | 119,777 | $ | 524,456 | $ | 480,894 | ||||||||
Cost of sales |
104,306 | 89,743 | 391,173 | 361,400 | ||||||||||||
Gross profit |
33,041 | 30,034 | 133,283 | 119,494 | ||||||||||||
Selling, general, and administrative
expenses |
33,690 | 34,785 | 127,913 | 127,896 | ||||||||||||
Income (loss) from operations |
(649 | ) | (4,751 | ) | 5,370 | (8,402 | ) | |||||||||
Interest expense |
1,009 | 972 | 4,447 | 3,488 | ||||||||||||
Income (loss) before income tax benefit |
(1,658 | ) | (5,723 | ) | 923 | (11,890 | ) | |||||||||
Income tax benefit |
60 | 34 | 176 | 367 | ||||||||||||
Net income (loss) |
$ | (1,598 | ) | $ | (5,689 | ) | $ | 1,099 | $ | (11,523 | ) | |||||
Basic net income (loss) per common share |
$ | (0.07 | ) | $ | (0.25 | ) | $ | 0.05 | $ | (0.52 | ) | |||||
Diluted net income (loss) per common
share |
$ | (0.07 | ) | $ | (0.25 | ) | $ | 0.05 | $ | (0.52 | ) | |||||
Weighted average number of common shares
used in computing net income (loss) per
common share: |
||||||||||||||||
Basic |
22,906,723 | 22,492,156 | 22,740,986 | 22,375,271 | ||||||||||||
Diluted |
22,906,723 | 22,492,156 | 23,335,918 | 22,375,271 | ||||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
September 30, | September 30, | |||||||
2012 | 2011 | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 23,617 | $ | 19,386 | ||||
Accounts receivable, net |
18,820 | 14,163 | ||||||
Inventories, net |
215,120 | 219,632 | ||||||
Prepaid expenses and other current assets |
5,053 | 4,588 | ||||||
Total current assets |
262,610 | 257,769 | ||||||
Property and equipment, net |
98,796 | 102,107 | ||||||
Other long-term assets |
3,715 | 3,253 | ||||||
Total assets |
$ | 365,121 | $ | 363,129 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ | 8,457 | $ | 8,642 | ||||
Customer deposits |
8,495 | 9,085 | ||||||
Accrued expenses |
23,266 | 25,678 | ||||||
Short-term borrowings |
120,647 | 118,828 | ||||||
Total current liabilities |
160,865 | 162,233 | ||||||
Long-term liabilities |
3,312 | 5,896 | ||||||
Total liabilities |
164,177 | 168,129 | ||||||
STOCKHOLDERS EQUITY: |
||||||||
Preferred stock |
| | ||||||
Common stock |
24 | 23 | ||||||
Additional paid-in capital |
215,885 | 211,041 | ||||||
Retained earnings (accumulated deficit) |
845 | (254 | ) | |||||
Treasury stock |
(15,810 | ) | (15,810 | ) | ||||
Total stockholders equity |
200,944 | 195,000 | ||||||
Total liabilities and stockholders equity |
$ | 365,121 | $ | 363,129 | ||||
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