8-K

 

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 23, 2015

MarineMax, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Florida	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)

Registrant’s 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 23, 2015, MarineMax, Inc. issued a press release announcing its results of operations for its second fiscal quarter ended March 31, 2015. 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 23, 2015, reporting the financial results for the second fiscal quarter ended March 31, 2015.

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 23, 2015	By:	/s/ Michael H. McLamb
		Name: Michael H. McLamb
		Title: Executive Vice President, Chief Financial Officer and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press release of MarineMax, Inc. dated April 23, 2015, reporting the financial results for the second fiscal quarter ended March 31, 2015.

EX-99.1

MARINEMAX REPORTS SECOND QUARTER FISCAL 2015 RESULTS
~ Revenue Increased Over 26% Year-Over-Year To $172 Million ~
~ 27% Same Store Sales Growth Year-Over-Year ~
~ Achieves Pre-tax Profitability Thru First Six Months For First Time Since 2006 ~

CLEARWATER, FL,April 23, 2015 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second quarter ended March 31, 2015.

Revenue grew over 26% to $172.1 million for the quarter ended March 31, 2015 from $136.6 million for the comparable quarter last year. Same-store sales grew over 27% as compared to a 16% decline in the same period a year ago. The Company reported net income of $390,000, or $0.02 per diluted share for the quarter ended March 31, 2015 compared to a net loss of $2.0 million, or $0.08 per share, for the comparable quarter last year.

Revenue increased over 34% to $330.3 million for the six months ended March 31, 2015 compared with $246.2 million for the comparable period last year. Same-store sales increased approximately 35% as compared to a 6% decrease in the comparable period last year. Net income for the six months ended March 31, 2015 was $604,000, or $0.02 per diluted share, compared with a net loss of $5.3 million, or $0.22 per share, for the comparable period last year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our team’s efforts continue to propel our growth in an industry that is slowly but steadily recovering. While we strived for more robust operating leverage in the quarter, we experienced sizable increases in health care costs and we invested in marketing to drive even greater sales than we were able to close, which sets the stage for an improved start for the June quarter. Additionally, while margins are historically in line, we actively worked to position our inventory to be in the best seasonal shape since March of 2006, as we enter the busy summer selling season.”

Mr. McGill continued, “Despite the ongoing challenging weather in the Northeast, we are pleased with the momentum of our business which produced a profit in the first six months of our fiscal year, a milestone last achieved nine years ago. Furthermore, we anticipate that our backlog and the continual stream of new products that will be delivered should positively contribute to our summer selling season and beyond. We believe our sales growth is outpacing that of the industry, yielding continued market share gains as we strive to execute on our strategy of fully embracing our customers and ensuring they are enjoying the boating lifestyle.”

~ more ~

About MarineMax

Headquartered in Clearwater, Florida, MarineMax is the nation’s 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, 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 Company’s anticipated financial results for the second quarter ended March 31, 2015; the expected improved start for the June quarter; and the contribution of the Company’s backlog and continual stream of new products to the summer selling season, and beyond. 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 Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, general economic conditions, as well as those within our industry, and the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, and numerous other factors identified in the Company’s 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
	Chief Financial Officer	ICR, Inc.
	Abbey Heimensen		203.682.8211
	Public Relations	bcohen@icrinc.com
	MarineMax, Inc. 727/531-1700

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,
	2015		2014			2015		2014
Revenue	$	172,143	$	136,615		$	330,269	$	246,206
Cost of sales		129,943		101,829			250,614		181,510
Gross profit		42,200		34,786			79,655		64,696
Selling, general, and administrative expenses		40,557		35,687			76,652		67,969
Income (loss) from operations		1,643		(901	)		3,003		(3,273	)
Interest expense		1,253		1,078			2,399		2,075
Income (loss) before income tax provision		390		(1,979	)		604		(5,348	)
Income tax provision		—		—			—		—
Net income (loss)	$	390	$	(1,979	)	$	604	$	(5,348	)
Basic net income (loss) per common share	$	0.02	$	(0.08	)	$	0.02	$	(0.22	)
Diluted net income (loss) per common share	$	0.02	$	(0.08	)	$	0.02	$	(0.22	)
Weighted average number of common shares used in computing net income (loss) per common share:
Basic		24,544,272		23,845,302			24,409,969		23,779,913
Diluted		25,265,857		23,845,302			25,105,262		23,779,913

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)

	March 31,			March 31,
	2015			2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	42,695		$	30,798
Accounts receivable, net		23,046			24,232
Inventories, net		277,030			260,396
Prepaid expenses and other current assets		3,876			4,141
Total current assets		346,647			319,567
Property and equipment, net		108,100			100,475
Other long-term assets, net		5,257			5,662
Total assets	$	460,004		$	425,704
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	11,928		$	9,771
Customer deposits		17,157			15,035
Accrued expenses		20,741			19,221
Short-term borrowings		165,287			160,104
Total current liabilities		215,113			204,131
Long-term liabilities		345			394
Total liabilities		215,458			204,525
STOCKHOLDERS’ EQUITY:
Preferred stock		—			—
Common stock		25			25
Additional paid-in capital		232,586			226,443
Retained earnings		27,745			10,521
Treasury stock		(15,810	)		(15,810	)
Total stockholders’ equity		244,546			221,179
Total liabilities and stockholders’ equity	$	460,004		$	425,704

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