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): | January 30, 2014 |
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 January 30, 2014, MarineMax, Inc. issued a press release announcing its results of operations for its first fiscal quarter ended December 31, 2013. 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 January 30, 2014, reporting the financial results for the first fiscal quarter ended December 31, 2013.
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. | ||||
January 30, 2014 | 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 January 30, 2014, reporting the financial results for the first fiscal quarter ended December 31, 2013. |
MARINEMAX REPORTS FIRST QUARTER FISCAL 2014 RESULTS
~ Revenue Increased 11% Year-Over-Year to $109.6 Million ~
~ Same Store Sales Grew Over 9% ~
~ Gross Margins Increased Year-Over-Year ~
CLEARWATER, FL, January 30, 2014 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat retailer, today announced results for its first quarter ended December 31, 2013.
Revenue increased approximately 11% to $109.6 million for the quarter ended December 31, 2013 from $99.1 million for the comparable quarter last year. Same-store sales grew over 9% following an 8% increase in the same period last year. Seasonally, the December quarter is traditionally the least significant quarter of the year. The Company improved its net loss for the first quarter ended December 31, 2013 by over 19% to $3.4 million, or $0.14 per share from $4.2 million, or $0.18 per share, for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated We are proud that we produced our ninth consecutive quarter of positive same stores sales growth, and did it while expanding our gross margins, in the midst of reported sluggish retail sales in our core product categories and decreased discretionary spending. Our team continues to execute on the strategies we have implemented and is focused on ensuring the best customer experience possible.
Mr. McGill continued, Not only are we pleased with the progress we continue to make each quarter, we are also enthusiastic about the new product offerings from our manufacturing partners and the opportunity they provide to capture additional growth in the future. We believe our inventories are at the appropriate level for this early stage of the recovery and that our team is well positioned for success as we enter the busy boat show season. From a longer term perspective, as consumer confidence continues to improve, the opportunity to drive positive cash flow and earnings with our streamlined operating structure is compelling. With our solid balance sheet and high-performing team we have a strong foundation that provides a competitive advantage for us to excel as the industry recovers.
~ more ~
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, Crest, Scout, Sailfish, Scarab Jet Boats, Aquila, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and services as well as provides yacht brokerage and charter services. MarineMax currently has 54 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 anticipated financial results for the first quarter ended December 31, 2013; its belief the industry is recovering; the Companys assessment that it has a high-performing team and solid balance sheet that gives it a strong foundation and competitive advantage as the industry recovers; the Companys belief that new products and new product lines will be desired by its customer base providing growth for the Company; the Companys positioning for success as the Company enters the busy boat show season; and as consumer confidence continues to improve, the opportunity to drive positive cash flow and earnings with the Companys streamlined operating structure. 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, the quality of the new product offerings from the Companys manufacturing partners, general economic conditions, as well as those within our industry, 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.
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 |
~ 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, | ||||||||||||
2013 | 2012 | |||||||||||
Revenue |
$ | 109,592 | $ | 99,051 | ||||||||
Cost of sales |
79,682 | 72,773 | ||||||||||
Gross profit |
29,910 | 26,278 | ||||||||||
Selling, general, and |
||||||||||||
administrative expenses |
32,282 | 29,443 | ||||||||||
Loss from operations |
(2,372 | ) | (3,165 | ) | ||||||||
Interest expense |
997 | 997 | ||||||||||
Loss before income tax benefit |
(3,369 | ) | (4,162 | ) | ||||||||
Income tax benefit |
| | ||||||||||
Net loss |
$ | (3,369 | ) | $ | (4,162 | ) | ||||||
Basic and diluted net loss per common |
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share |
$ | (0.14 | ) | $ | (0.18 | ) | ||||||
Weighted average number of common |
||||||||||||
shares used in computing net loss per |
||||||||||||
common share: |
||||||||||||
Basic and diluted |
23,715,945 | 22,955,715 | ||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 15,904 | $ | 15,393 | ||||
Accounts receivable, net |
13,674 | 13,513 | ||||||
Inventories, net |
238,052 | 226,812 | ||||||
Prepaid expenses and other current assets |
4,799 | 4,712 | ||||||
Total current assets |
272,429 | 260,430 | ||||||
Property and equipment, net |
100,182 | 98,870 | ||||||
Other long-term assets, net |
5,526 | 3,953 | ||||||
Total assets |
$ | 378,137 | $ | 363,253 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 4,133 | $ | 5,782 | ||||
Customer deposits |
11,522 | 13,820 | ||||||
Accrued expenses |
14,877 | 20,248 | ||||||
Short-term borrowings |
125,913 | 123,366 | ||||||
Total current liabilities |
156,445 | 163,216 | ||||||
Long-term liabilities |
440 | 1,853 | ||||||
Total liabilities |
156,885 | 165,069 | ||||||
STOCKHOLDERS EQUITY: |
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Preferred stock |
| | ||||||
Common stock |
25 | 24 | ||||||
Additional paid-in capital |
224,537 | 217,287 | ||||||
Retained earnings (accumulated deficit) |
12,500 | (3,317 | ) | |||||
Treasury stock |
(15,810 | ) | (15,810 | ) | ||||
Total stockholders equity |
221,252 | 198,184 | ||||||
Total liabilities and stockholders equity |
$ | 378,137 | $ | 363,253 | ||||