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 4, 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.) |
2600 McCormick Drive, Suite 200, Clearwater, Florida | 33759 | |
_________________________________ (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 4, 2014, MarineMax, Inc. issued a press release announcing its results of operations for its fourth fiscal quarter and fiscal year ended September 30, 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 November 4, 2014, reporting the financial results for the fourth fiscal quarter and fiscal year ended September 30, 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. | ||||
November 4, 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 November 4, 2014, reporting the financial results for the fourth fiscal quarter and fiscal year ended September 30, 2014. |
MARINEMAX REPORTS FOURTH QUARTER AND FISCAL 2014 RESULTS
~ Fourth Quarter Revenue Increased 10% Year-Over-Year to Over $164 Million ~
~ Fourth Quarter Income Before Income Taxes and Unusual Gains Grew Significantly Year-Over-Year~
~ Fiscal 2014 Income Before Income Taxes and Unusual Gains Increased Over 350% Year-Over-Year ~
CLEARWATER, FL, November 4, 2014 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat retailer, today announced results for its fourth quarter and fiscal year ended September 30, 2014.
Revenue grew 10% to $164.1 million for the quarter ended September 30, 2014 from $149.7 million for the comparable quarter last year. Same-store sales increased approximately 10% on top of a 7% increase for the comparable quarter last year. During the 2014 fourth quarter, the Company recovered $600,000, net of tax and other expenses, from the Deepwater Horizon Settlement Program (Deepwater) for damages it suffered as a result of the Deepwater oil spill in 2010. Also during the 2014 fourth quarter, the Company recognized a gain of $1.0 million, net of tax and other expenses, associated with the sale of a property. During the 2013 fourth quarter, the Company recovered damages of $4.7 million, net of tax and other expenses, from Deepwater. The Deepwater recoveries and the property gain are reflected as a reduction to the Companys expenses for both periods, where applicable. Net income was $5.1 million, or $0.21 per diluted share, for the quarter ended September 30, 2014 compared to net income of $5.2 million or $0.21 per diluted share for the comparable quarter last year. Excluding the Deepwater recovery in both periods and the property gain in 2014, comparative adjusted net income was $3.6 million or $0.15 per diluted share, compared to adjusted net income of $490,000, or $0.02 per share, for the quarter ended September 30, 2013.
Revenue for fiscal 2014 grew 7% to $624.7 million from $584.5 million for fiscal 2013. Same-store sales improved approximately 6% in addition to an 11% increase for the previous fiscal year. During fiscal 2014 the Company recovered $600,000 from Deepwater and recognized the property gain of $1.0 million, as noted above. During fiscal 2013, the Company recovered $11.7 million, net of tax and other expenses, from Deepwater. Net income was $11.3 million, or $0.46 per diluted share for the fiscal year ended September 30, 2014 compared to net income of $15.0 million or $0.63 per diluted share for fiscal 2013. Excluding Deepwater in both periods and the property gain in 2014, comparative adjusted net income was $9.7 million, or $0.40 per diluted share for fiscal year 2014, compared to adjusted net income of $3.3 million, or $0.14 per diluted share, for fiscal 2013.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, We are pleased that our team produced a strong finish to a year that had its challenges, but generally reflected improving industry conditions. Our fourth quarter results were fueled by solid same store sales growth of 10% while we maintained historically strong margins. We believe the product lines added throughout the last several years, along with our comprehensive MarineMax approach to service and the boating lifestyle, is attracting customers and helping to unlock pent-up demand.
~ more ~
Mr. McGill continued, As an industry, we are in a prolonged period of recovery and as the economic environment continues to improve, we are well-positioned to benefit as consumer sentiment improves. With a solid backlog of sales in place, and many new models from our manufacturing partners, we are poised to capture additional market share as we prepare for another boating season. From a product and inventory perspective, we have the right product to capitalize on the opportunities throughout our broad geographic regions. Our strong team, coupled with our robust balance sheet, highly desirable locations and customer centric approach focused on elevating the boating experience will help us continue to drive value and improved results.
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, Azimut Yachts, Scout, Sailfish, Hatteras, Grady-White, Cabo, Harris FloteBote, Crest, Nautique, Scarab Jet Boats, and Aquila, 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, 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.
(The Company reports adjusted net income and adjusted net income per diluted share to provide investors an additional method for assessing net income on what it believes is a more comparable basis. See the accompanying reconciliation of the Companys adjusted net income to its GAAP net income and the Companys adjusted net income per diluted share to its GAAP net income per share.)
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 fourth quarter and fiscal year ended September 30, 2014; the Companys belief that the economic environment will continue to improve and that the Company is well-positioned to benefit from it; the Companys belief that it is poised to capture additional market share as it prepares for another boating season; the Companys expectation to continue to drive value and improved results; and the Companys belief that it has the right product to capitalize on the opportunities throughout its broad geographic regions. 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 the Companys industry; 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 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 |
~ more ~
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue |
$ | 164,084 | $ | 149,682 | $ | 624,692 | $ | 584,497 | ||||||||
Cost of sales |
121,168 | 109,564 | 462,872 | 433,644 | ||||||||||||
Gross profit |
42,916 | 40,118 | 161,820 | 150,853 | ||||||||||||
Selling, general, and
administrative expenses |
36,823 | 33,915 | 146,433 | 132,505 | ||||||||||||
Income from operations |
6,093 | 6,203 | 15,387 | 18,348 | ||||||||||||
Interest expense |
885 | 862 | 4,024 | 4,218 | ||||||||||||
Income before income taxes |
5,208 | 5,341 | 11,363 | 14,130 | ||||||||||||
Income tax (provision) benefit |
(91 | ) | (136 | ) | (91 | ) | 894 | |||||||||
Net income |
$ | 5,117 | $ | 5,205 | $ | 11,272 | $ | 15,024 | ||||||||
Basic net income per common share |
$ | 0.21 | $ | 0.22 | $ | 0.47 | $ | 0.65 | ||||||||
Diluted net income per common share |
$ | 0.21 | $ | 0.21 | $ | 0.46 | $ | 0.63 | ||||||||
Weighted average number of common
shares used in computing net
income per common share: |
||||||||||||||||
Basic |
24,090,221 | 23,483,455 | 23,916,238 | 23,253,992 | ||||||||||||
Diluted |
24,813,777 | 24,267,879 | 24,655,262 | 24,003,728 | ||||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
September 30, | September 30, | |||||||
2014 | 2013 | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 27,839 | $ | 23,756 | ||||
Accounts receivable, net |
12,547 | 19,410 | ||||||
Inventories, net |
244,151 | 228,041 | ||||||
Prepaid expenses and other current assets |
4,415 | 4,849 | ||||||
Total current assets |
288,952 | 276,056 | ||||||
Property and equipment, net |
101,878 | 100,339 | ||||||
Other long-term assets, net |
11,851 | 5,507 | ||||||
Total assets |
$ | 402,681 | $ | 381,902 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 7,823 | $ | 7,474 | ||||
Customer deposits |
10,979 | 9,342 | ||||||
Accrued expenses |
19,600 | 20,331 | ||||||
Short-term borrowings |
124,424 | 122,470 | ||||||
Total current liabilities |
162,826 | 159,617 | ||||||
Long-term liabilities |
560 | 473 | ||||||
Total liabilities |
163,386 | 160,090 | ||||||
STOCKHOLDERS EQUITY: |
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Preferred stock |
| | ||||||
Common stock |
25 | 24 | ||||||
Additional paid-in capital |
227,939 | 221,729 | ||||||
Retained earnings |
27,141 | 15,869 | ||||||
Treasury stock |
(15,810 | ) | (15,810 | ) | ||||
Total stockholders equity |
239,295 | 221,812 | ||||||
Total liabilities and stockholders equity |
402,681 | 381,902 | ||||||
MarineMax, Inc. and Subsidiaries
Supplemental Financial Information
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended | Fiscal Year Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
GAAP net income
as reported |
$ | 5,117 | $ | 5,205 | $ | 11,272 | $ | 15,024 | ||||||||
Less gain on sale of
property, net of tax and
other expenses |
(1,003 | ) | | (1,003 | ) | | ||||||||||
Less Deepwater recoveries,
net of tax and other
expenses |
(555 | ) | (4,715 | ) | (555 | ) | (11,736 | ) | ||||||||
Adjusted net income |
$ | 3,559 | $ | 490 | $ | 9,714 | $ | 3,288 | ||||||||
GAAP diluted net income
per common share as reported |
$ | 0.21 | $ | 0.21 | $ | 0.46 | $ | 0.63 | ||||||||
Less gain on sale of
property, net of tax and
other expenses |
(0.04 | ) | | (0.04 | ) | | ||||||||||
Less Deepwater recoveries,
net of tax and other
expenses |
(0.02 | ) | (0.19 | ) | (0.02 | ) | (0.49 | ) | ||||||||
Adjusted diluted
net income per common share |
$ | 0.15 | $ | 0.02 | $ | 0.40 | $ | 0.14 | ||||||||
Common shares used in the
calculations of diluted net
income per common share |
24,813,777 | 24,267,879 | 24,655,262 | 24,003,728 | ||||||||||||