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): | July 22, 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) |
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 July 22, 2015, MarineMax, Inc. issued a press release announcing its results of operations for its third fiscal quarter ended June 30, 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 July 22, 2015, reporting the financial results for the third fiscal quarter ended June 30, 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. | ||||
July 22, 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 July 22, 2015, reporting the financial results for the third fiscal quarter ended June 30, 2015. |
MARINEMAX REPORTS THIRD QUARTER FISCAL 2015 RESULTS
~ Revenue Increases to Over $231 Million ~
~ Same-Store Sales Grew 10% ~
~ Comparable Net Income Increases Over 15% ~
CLEARWATER, FL, July 22, 2015 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat retailer, today announced results for its fiscal third quarter ended June 30, 2015.
Revenue grew approximately 8% to $231.8 million for the quarter ended June 30, 2015 compared with $214.4 million for the comparable quarter last year. Same-store sales increased approximately 10%, which is on top of 22% growth in the comparable quarter last year. The Companys net income for the quarter ended June 30, 2015, was $14.9 million or $0.59 per diluted share, including a $1.6 million or $0.06 per diluted share gain from the sale of real estate, compared to net income of $11.5 million, or $0.47 per diluted share for the comparable quarter last year.
Revenue grew approximately 22% to $562.1 million for the nine months ended June 30, 2015 compared with $460.6 million for the comparable period last year. Same-store sales increased approximately 23%, on top of 5% growth in the comparable period last year. The Companys net income for the nine months ended June 30, 2015 improved to $15.5 million, or $0.61 per diluted share, which includes the real estate sale gain of $1.6 million or $0.06 per diluted share, compared with net income of $6.2 million, or $0.25 per diluted share, for the comparable period last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer stated, We continue to make steady progress as our team leverages the strategies we have put in place to meet the needs of our growing customer base. We produced solid growth in revenue and earnings per share, along with our third consecutive quarter of sequential improvement in gross margins despite the mix of products in the June quarter being heavily influenced by the sale of used boats, which carry lower margins. The new models from all of our manufacturing partners are being very well received and based on their demand, the consumer is eager for something different and new. Our sales growth has resulted in continued gains in market share, which we believe has accelerated as we move through the busy summer selling season.
Mr. McGill continued, With our well capitalized balance sheet, highly desirable brands and an ongoing return of the consumer to boating, MarineMax remains well positioned to build on earnings and cash flow as we look ahead to the coming years of helping our customers maximize their enjoyment and time on the water.
~ 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, 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.
Forward Looking Statement
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 third quarter ended June 30, 2015; the eagerness of our customers for new and different boats; trends indicating an ongoing return of the consumer to boating; and MarineMaxs positioning to build on its market share. 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: |
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Michael H. McLamb |
Brad Cohen |
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Chief Financial Officer |
ICR, LLC. |
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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 | Nine Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue |
$ | 231,849 | $ | 214,401 | $ | 562,118 | $ | 460,607 | ||||||||
Cost of sales |
174,809 | 160,195 | 425,423 | 341,705 | ||||||||||||
Gross profit |
57,040 | 54,206 | 136,695 | 118,902 | ||||||||||||
Selling, general, and
administrative expenses |
41,049 | 41,652 | 117,701 | 109,609 | ||||||||||||
Income from operations |
15,991 | 12,554 | 18,994 | 9,293 | ||||||||||||
Interest expense |
1,141 | 1,051 | 3,540 | 3,138 | ||||||||||||
Income before income tax provision |
14,850 | 11,503 | 15,454 | 6,155 | ||||||||||||
Income tax provision |
| | | | ||||||||||||
Net income |
$ | 14,850 | $ | 11,503 | $ | 15,454 | $ | 6,155 | ||||||||
Basic net income per common share |
$ | 0.60 | $ | 0.48 | $ | 0.63 | $ | 0.26 | ||||||||
Diluted net income per common share |
$ | 0.59 | $ | 0.47 | $ | 0.61 | $ | 0.25 | ||||||||
Weighted average number of common
shares used in computing net
income per common share: |
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Basic |
24,654,076 | 24,012,991 | 24,491,338 | 23,857,606 | ||||||||||||
Diluted |
25,316,092 | 24,719,369 | 25,175,538 | 24,601,712 | ||||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
June 30, | June 30, | |||||||
2015 | 2014 | |||||||
ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 47,448 | $ | 41,820 | ||||
Accounts receivable, net |
23,018 | 24,196 | ||||||
Inventories, net |
257,597 | 234,257 | ||||||
Prepaid expenses and other current assets |
4,978 | 4,737 | ||||||
Total current assets |
333,041 | 305,010 | ||||||
Property and equipment, net |
106,279 | 101,855 | ||||||
Other long-term assets, net |
5,163 | 5,448 | ||||||
Total assets |
$ | 444,483 | $ | 412,313 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 11,544 | $ | 13,370 | ||||
Customer deposits |
13,630 | 10,717 | ||||||
Accrued expenses |
22,719 | 22,794 | ||||||
Short-term borrowings |
137,388 | 131,042 | ||||||
Total current liabilities |
185,281 | 177,923 | ||||||
Long-term liabilities |
425 | 611 | ||||||
Total liabilities |
185,706 | 178,534 | ||||||
STOCKHOLDERS EQUITY: |
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Preferred stock |
| | ||||||
Common stock |
26 | 25 | ||||||
Additional paid-in capital |
233,894 | 227,540 | ||||||
Retained earnings |
42,595 | 22,024 | ||||||
Treasury stock |
(17,738 | ) | (15,810 | ) | ||||
Total stockholders equity |
258,777 | 233,779 | ||||||
Total liabilities and stockholders equity |
$ | 444,483 | $ | 412,313 | ||||
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