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 29, 2015 |
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 January 29, 2015, MarineMax, Inc. issued a press release announcing its results of operations for its first fiscal quarter ended December 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 January 29, 2015, reporting the financial results for the first fiscal quarter ended December 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. | ||||
January 29, 2015 | 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 29, 2015, reporting the financial results for the first fiscal quarter ended December 31, 2014. |
MARINEMAX REPORTS FIRST QUARTER FISCAL 2015 RESULTS
~ Revenue Increased Over 44% Year-Over-Year to $158 Million ~
~ Same Store Sales Grew Year-Over-Year More Than 45% ~
~ First December Quarter With Pretax Profit Since December 2005~
CLEARWATER, FL, January 29, 2015 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat retailer, today announced results for its first quarter ended December 31, 2014.
Revenue grew over 44% to $158.1 million for the quarter ended December 31, 2014 from $109.6 million for the comparable quarter last year. Same-store sales grew over 45% on top of a 9% increase in the same period last year. Seasonally, the December quarter traditionally provides the least revenue contribution of the year and typically yields a loss for marine dealers, including MarineMax. The Company was profitable for the first quarter ended December 31, 2014 with net income of $214,000, or $0.01 per diluted share which is significantly improved from the net loss of $3.4 million, or $0.14 per share, for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, We are encouraged by the progress we have made in driving sales year-over-year, and thrilled by the enthusiasm our customers are expressing for new products that are coming from our manufacturing partners. The December quarter results are historically our smallest of the year. The strength in new, and specifically larger albeit lower margin boats during the quarter, drove very strong same-store-sales growth, yielding a significant increase in revenue and a profitable quarter. Absent the mix impact, margins remain healthy as the industry takes another step forward in the recovery.
Mr. McGill continued, We are positioned to continue to benefit from the rising tide of the industry. Clearly the growth we produced is evidence of a broadening recovery, although we believe our growth has outpaced that of the overall industry. Our inventories, while building, are at appropriate levels as we prepare to enter the busiest quarters of the year. Having started the early portion of the boat show season, we are seeing solid increases in traffic and remain confident that the long-term nature of the recovery continues to emerge. That said, we are very early into our fiscal year and still have much to accomplish in order to build on this past quarters results. Our highly motivated team provides a strong competitive advantage as they lead our effort to bring the boating dream to all of the MarineMax families.
~ 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, Hatteras, Azimut Yachts, Ocean Alexander, Grady-White, Harris, Crest, Scout, Sailfish, Scarab Jet Boats, Aquila, and Nautique. 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.
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, 2014; its belief the industry is recovering; the Companys belief that the recovery is broadening and that the Companys industry is benefitting from a rising tide; the Companys belief that new products are coming on line and will be desired by its customer base providing growth for the Company; the Company is entering the busiest quarters of the year; and the Companys positioning for success as the Company enters the busy boat show season. 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 for the fiscal year ended September 30, 2014 and other filings with the Securities and Exchange Commission.
CONTACT: |
Michael H. McLamb |
Brad Cohen |
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Chief Financial Officer |
ICR, Inc. |
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Abbey Heimensen |
203.682.8211 | |||||||
Public Relations |
bcohen@icrinc.com |
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MarineMax, Inc.
727/531-1700 |
~ 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, | ||||||||||||
2014 | 2013 | |||||||||||
Revenue |
$ | 158,126 | $ | 109,592 | ||||||||
Cost of sales |
120,671 | 79,682 | ||||||||||
Gross profit |
37,455 | 29,910 | ||||||||||
Selling, general, and |
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administrative expenses |
36,095 | 32,282 | ||||||||||
Income (loss) from operations |
1,360 | (2,372 | ) | |||||||||
Interest expense |
1,146 | 997 | ||||||||||
Income (loss) before income taxes |
214 | (3,369 | ) | |||||||||
Income taxes |
| | ||||||||||
Net income (loss) |
$ | 214 | $ | (3,369 | ) | |||||||
Basic net income (loss) per common share |
$ | 0.01 | $ | (0.14 | ) | |||||||
Diluted net income (loss) per common share |
$ | 0.01 | $ | (0.14 | ) | |||||||
Weighted average number of common shares |
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used in computing net income (loss) per |
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common share: |
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Basic |
24,278,586 | 23,715,945 | ||||||||||
Diluted |
24,947,968 | 23,715,945 | ||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 17,764 | $ | 15,904 | ||||
Accounts receivable, net |
17,597 | 13,674 | ||||||
Inventories, net |
278,119 | 238,052 | ||||||
Prepaid expenses and other current assets |
4,632 | 4,799 | ||||||
Total current assets |
318,112 | 272,429 | ||||||
Property and equipment, net |
107,992 | 100,182 | ||||||
Other long-term assets, net |
5,833 | 5,526 | ||||||
Total assets |
$ | 431,937 | $ | 378,137 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 4,619 | $ | 4,133 | ||||
Customer deposits |
12,609 | 11,522 | ||||||
Accrued expenses |
15,903 | 14,877 | ||||||
Short-term borrowings |
157,228 | 125,913 | ||||||
Total current liabilities |
190,359 | 156,445 | ||||||
Long-term liabilities |
422 | 440 | ||||||
Total liabilities |
190,781 | 156,885 | ||||||
STOCKHOLDERS EQUITY: |
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Preferred stock |
| | ||||||
Common stock |
25 | 25 | ||||||
Additional paid-in capital |
229,586 | 224,537 | ||||||
Retained earnings |
27,355 | 12,500 | ||||||
Treasury stock |
(15,810 | ) | (15,810 | ) | ||||
Total stockholders equity |
241,156 | 221,252 | ||||||
Total liabilities and stockholders equity |
$ | 431,937 | $ | 378,137 | ||||
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