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 24, 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 April 24, 2014, MarineMax, Inc. issued a press release announcing its results of operations for its second fiscal quarter ended March 31, 2014. 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 24, 2014, reporting the financial results for the second fiscal quarter ended March 31, 2014.
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 24, 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 April 24, 2014, reporting the financial results for the second fiscal quarter ended March 31, 2014. |
MARINEMAX REPORTS SECOND QUARTER FISCAL 2014 RESULTS
CLEARWATER, FL, April 24, 2014 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat retailer, today announced results for its second quarter ended March 31, 2014.
Revenue was $136.6 million for the quarter ended March 31, 2014 compared with approximately $160.0 million for the comparable quarter last year. Same-store sales declined approximately 16%, primarily due to weather, following two consecutive March quarters of double digit percentage same-store sales growth on a year-over-year basis. The Company reported a net loss of less than $2.0 million, or $0.08 per share for the quarter ended March 31, 2014 compared to a net income of $344,000, or $0.01 per share, for the comparable quarter last year.
Revenue decreased 5% to $246.2 million for the six months ended March 31, 2014 compared with $259.1 million for the comparable period last year. Same-store sales decreased approximately 6% as compared to a 10% increase in the comparable period last year. The Companys net loss for the six months ended March 31, 2014 was $5.3 million, or $0.22 per share, compared with a net loss of $3.8 million, or $0.17 per share, for the comparable period last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated While we worked hard to overcome challenging weather conditions that impacted not only our entire industry, but many consumer facing businesses, we were pleased with our teams ability to continue to drive margin expansion despite our need to aggressively promote the business this past quarter. We believe that many of the potential sales that did not close in the second quarter, have likely been deferred to later quarters. We expect to benefit from our broad selection of brand offerings and recent brand additions, and believe that our strong balance sheet, strategically placed inventory and improving market conditions position us well for the future.
Mr. McGill continued, We are confident in the long term industry recovery cycle and the significant upside that exists for MarineMax. As we head into the prime boating season, we believe our team is poised to increase market share, grow margins and deliver the best possible experience to our passionate customers. We also believe we have a strong foundation in place and are well positioned to drive positive cash flow growth as consumer confidence returns.
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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, Ocean Alexander, 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 55 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 second quarter ended March 31, 2014; its belief that many of the potential sales that did not emerge in the second quarter have likely been deferred to later quarters; its expectation to benefit from its broad selection of brand offerings and recent brand additions; its belief that its strong balance sheet, well-positioned inventory and improving market conditions position it well for the future; its confidence in the long term industry recovery cycle and the significant upside that exists for it; its belief that its team is poised to take market share, grow margins and deliver the best possible experience to its customers; its belief that it has a solid foundation in place and its belief that as consumer confidence returns it is well positioned to drive positive cash flow 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 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, the levels and timing of consumer spending, the Companys ability to integrate acquisitions into existing operations, and numerous other factors identified in the Companys Form 10-K for the fiscal year ended September 30, 2013, subsequent Reports on Form 8-K and 10-Q 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 |
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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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue |
$ | 136,615 | $ | 160,008 | $ | 246,206 | $ | 259,059 | ||||||||
Cost of sales |
101,829 | 122,358 | 181,510 | 195,131 | ||||||||||||
Gross profit |
34,786 | 37,650 | 64,696 | 63,928 | ||||||||||||
Selling, general, and administrative
expenses |
35,687 | 36,100 | 67,969 | 65,543 | ||||||||||||
Income (loss) from operations |
(901 | ) | 1,550 | (3,273 | ) | (1,615 | ) | |||||||||
Interest expense |
1,078 | 1,166 | 2,075 | 2,163 | ||||||||||||
Income (loss) before income tax provision |
(1,979 | ) | 384 | (5,348 | ) | (3,778 | ) | |||||||||
Income tax provision |
| (40 | ) | | (40 | ) | ||||||||||
Net income (loss) |
$ | (1,979 | ) | $ | 344 | $ | (5,348 | ) | $ | (3,818 | ) | |||||
Basic net income (loss) per common share |
$ | (0.08 | ) | $ | 0.01 | $ | (0.22 | ) | $ | (0.17 | ) | |||||
Diluted net income (loss) per common
share |
$ | (0.08 | ) | $ | 0.01 | $ | (0.22 | ) | $ | (0.17 | ) | |||||
Weighted average number of common shares
used in computing net income (loss) per
common share: |
||||||||||||||||
Basic |
23,845,302 | 23,188,450 | 23,779,913 | 23,070,798 | ||||||||||||
Diluted |
23,845,302 | 24,019,409 | 23,779,913 | 23,070,798 | ||||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 30,798 | $ | 30,092 | ||||
Accounts receivable, net |
24,232 | 21,755 | ||||||
Inventories, net |
260,396 | 230,705 | ||||||
Prepaid expenses and other current assets |
4,141 | 3,468 | ||||||
Total current assets |
319,567 | 286,020 | ||||||
Property and equipment, net |
100,475 | 103,075 | ||||||
Other long-term assets, net |
5,662 | 4,462 | ||||||
Total assets |
$ | 425,704 | $ | 393,557 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 9,771 | $ | 8,250 | ||||
Customer deposits |
15,035 | 18,244 | ||||||
Accrued expenses |
19,221 | 23,242 | ||||||
Short-term borrowings |
160,104 | 141,132 | ||||||
Total current liabilities |
204,131 | 190,868 | ||||||
Long-term liabilities |
394 | 1,811 | ||||||
Total liabilities |
204,525 | 192,679 | ||||||
STOCKHOLDERS EQUITY: |
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Preferred stock |
| | ||||||
Common stock |
25 | 24 | ||||||
Additional paid-in capital |
226,443 | 219,637 | ||||||
Retained earnings (accumulated deficit) |
10,521 | (2,973 | ) | |||||
Treasury stock |
(15,810 | ) | (15,810 | ) | ||||
Total stockholders equity |
221,179 | 200,878 | ||||||
Total liabilities and stockholders equity |
$ | 425,704 | $ | 393,557 | ||||