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 26, 2016 |
MarineMax, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
| Florida | 1-14173 | 59-3496957 |
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_____________________ (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 26, 2016, MarineMax, Inc. issued a press release announcing its results of operations for its second fiscal quarter ended March 31, 2016. 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 26, 2016, reporting the financial results for the second fiscal quarter ended March 31, 2016.
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 26, 2016 | 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 26, 2016, reporting the financial results for the second fiscal quarter ended March 31, 2016. |
MARINEMAX REPORTS SECOND QUARTER FISCAL 2016 RESULTS
~ Quarterly Revenue Grows to $200 Million ~
~ Same-Store Sales Growth Increases 16% ~
~ Quarterly Pretax Earnings Increases Ten-fold ~
~ Raises 2016 Annual Guidance ~
CLEARWATER, FL, April 26, 2016 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, today announced results for its second quarter ended March 31, 2016.
Revenue grew 16% to $199.6 million for the quarter ended March 31, 2016 from $172.1 million for the comparable quarter last year. Same-store sales grew more than 16% which is on top of 27% growth in the same period a year ago. The Company’s pretax earnings were $4.0 million compared with $390,000 for the same period a year ago, an increase of more than 10 times. The Company reported net income of $2.4 million, or $0.10 per diluted share for the quarter ended March 31, 2016 compared to net income of $390,000, or $0.02 per diluted share for the comparable quarter last year. In the same period last year, the Company was not required to provide an income tax provision.
Revenue increased 12% to $369.1 million for the six months ended March 31, 2016 compared with $330.3 million for the comparable period last year. Same-store sales grew more than 12% on top of 35% growth for the comparable period last year. The Company’s pretax earnings were $5.4 million compared with $604,000 for the same period a year ago. Net income for the six months ended March 31, 2016 was $3.3 million or $0.13 per diluted share, compared to net income of $604,000, or $0.02 per diluted share for the comparable period last year. In the same period last year, the Company was not required to provide an income tax provision.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “We are excited by our results in the quarter and through the first half of the year. Our performance continues to be driven by new products from our premium manufacturing partners as well as great execution by our team on our customer centric strategies. Our same-store sales growth this quarter provides additional evidence that the pace of the boating recovery is continuing to build, especially for MarineMax.”
Mr. McGill continued, “With our product line expansions over the past few years, combined with new models from our partners, we expect to continue our ongoing market share gains and improved earnings performance. We are certainly encouraged by our backlog of orders, the right inventory mix, a broader geographic reach with our recent Northeast coastal acquisition of Russo Marine, and the fact that we are entering the busiest selling season of the year. Our team is fully engaged as they execute on our strategy to maximize our customers’ enjoyment of the boating lifestyle, as we create long-term shareholder value and happy customers.”
~ more ~
2016 Guidance
Based on current business conditions, retail trends and other factors, the Company is raising annual guidance expectations for fully taxed earnings per diluted share to be in the range of $0.68 to $0.75 for fiscal 2016 from its previous guidance of $0.60 to $0.70. This compares to an adjusted, but fully taxed, diluted earnings per share of $0.47 in fiscal 2015. The adjustments to fiscal 2015 are the removal of certain gains and a deferred tax asset valuation allowance reversal noted in previous earnings releases. These expectations do not take into account, or give effect, for possible material acquisitions that may potentially be completed by the Company during the fiscal year or other unforeseen events.
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, Galeon, Grady-White, Harris, Crest, Scout, Sailfish, Sea Pro, 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 56 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, 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, 2016; our expectation to continue our ongoing market share gains and improved earnings performance; our belief that we are entering the time of the year that is typically our busiest selling season; and our creation of long-term shareholder value. 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, 2015 and other filings with the Securities and Exchange Commission.
| CONTACT: | Michael H. McLamb Chief Financial Officer MarineMax, Inc. Abbey Heimensen Public Relations 727.531.1700 |
Brad Cohen — Investor Relations Integrated Corporate Relations, Inc. 203.682.8211 Susan Hartzell – Media Contact Integrated Corporate Relations, Inc. 203.682.8238 |
~ more ~
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, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue |
$ | 199,566 | $ | 172,143 | $ | 369,103 | $ | 330,269 | ||||||||
Cost of sales |
150,539 | 129,943 | 278,462 | 250,614 | ||||||||||||
Gross profit |
49,027 | 42,200 | 90,641 | 79,655 | ||||||||||||
Selling, general, and
administrative expenses |
43,459 | 40,557 | 82,410 | 76,652 | ||||||||||||
Income from operations |
5,568 | 1,643 | 8,231 | 3,003 | ||||||||||||
Interest expense |
1,582 | 1,253 | 2,809 | 2,399 | ||||||||||||
Income before income tax provision |
3,986 | 390 | 5,422 | 604 | ||||||||||||
Income tax provision |
1,564 | — | 2,111 | — | ||||||||||||
Net income |
$ | 2,422 | $ | 390 | $ | 3,311 | $ | 604 | ||||||||
Basic net income per common share |
$ | 0.10 | $ | 0.02 | $ | 0.14 | $ | 0.02 | ||||||||
Diluted net income per common share |
$ | 0.10 | $ | 0.02 | $ | 0.13 | $ | 0.02 | ||||||||
Weighted average number of common
shares used in computing net
income per common share: |
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Basic |
24,154,397 | 24,544,272 | 24,183,926 | 24,409,969 | ||||||||||||
Diluted |
24,696,881 | 25,265,857 | 24,699,601 | 25,105,262 | ||||||||||||
~ more ~
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
| March 31, | March 31, | |||||||
| 2016 | 2015 | |||||||
ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 43,974 | $ | 42,695 | ||||
Accounts receivable, net |
31,855 | 23,046 | ||||||
Inventories, net |
346,411 | 277,030 | ||||||
Prepaid expenses and other current assets |
10,858 | 3,876 | ||||||
Deferred tax assets, net |
7,644 | — | ||||||
Total current assets |
440,742 | 346,647 | ||||||
Property and equipment, net |
113,012 | 108,100 | ||||||
Other long-term assets, net |
3,850 | 5,257 | ||||||
Deferred tax assets, net |
17,572 | — | ||||||
Total assets |
$ | 575,176 | $ | 460,004 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 26,998 | $ | 11,928 | ||||
Customer deposits |
19,707 | 17,157 | ||||||
Accrued expenses |
22,505 | 20,741 | ||||||
Short-term borrowings |
219,030 | 165,287 | ||||||
Total current liabilities |
288,240 | 215,113 | ||||||
Long-term liabilities |
651 | 345 | ||||||
Total liabilities |
288,891 | 215,458 | ||||||
STOCKHOLDERS’ EQUITY: |
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Preferred stock |
— | — | ||||||
Common stock |
26 | 25 | ||||||
Additional paid-in capital |
236,885 | 232,586 | ||||||
Retained earnings |
78,744 | 27,745 | ||||||
Treasury stock |
(29,370 | ) | (15,810 | ) | ||||
Total stockholders’ equity |
286,285 | 244,546 | ||||||
Total liabilities and stockholders’ equity |
$ | 575,176 | $ | 460,004 | ||||
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