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 24, 2017 |
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 January 24, 2017, MarineMax, Inc. issued a press release announcing its results of operations for its first fiscal quarter ended December 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 January 24, 2017, reporting the financial results for the first fiscal quarter ended December 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. | ||||
January 24, 2017 | 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 24, 2017, reporting the financial results for the first fiscal quarter ended December 31, 2016. |
MARINEMAX REPORTS FIRST QUARTER FISCAL 2017 RESULTS
~ Revenue Grew Over 33% Year-Over-Year to $227 Million ~
~ 28% Same-Store Sales Growth Year-Over-Year ~
~ December Quarter Pretax Earnings More Than Tripled ~
~ Company Increases Full Year 2017 Guidance ~
CLEARWATER, FL, January 24, 2017 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat and yacht retailer, today announced results for its first quarter ended December 31, 2016.
Revenue grew more than 33% to $226.9 million for the quarter ended December 31, 2016 from $169.5 million for the comparable quarter last year. Same-store sales increased 28%, building upon the 8% same-store sales growth in the same period last year. The December quarter is typically the Companys smallest revenue quarter of the year and is usually a loss quarter for most marine dealers, including MarineMax. The Company produced a profitable first quarter with net income of $2.6 million or $0.11 per diluted share for the quarter ended December 31, 2016, compared to $688,000 or $0.03 per diluted share for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer stated, We could not be more excited about our results as our team produced another quarter of extraordinary revenue and earnings growth. Our strong same-store sales growth was supported by an increase in larger yacht sales, which traditionally carry lower gross margins, impacting our consolidated margins. Historically, when this has occurred, we get good operating expense leverage, resulting in strong earnings growth, like we experienced this quarter. This is the third consecutive year MarineMax has delivered a profitable first quarter, due in large part to the continued enthusiasm our team has for ensuring our customers are enjoying the boating lifestyle through the great products and new models we offer.
Mr. McGill continued, In addition to the strong start to the year, we have positioned MarineMax to benefit from an enhanced presence in the strong Southeastern boating region of North and South Carolina along with Georgia as a result of the recent acquisition of Hall Marine. This acquisition complements our successful 2016 acquisition of Russo Marine in the New England area. Beyond the enhanced opportunities to increase market share, we have added considerable talent to our team through these acquisitions. As we enter the important boat show season, consumer confidence remains near recent highs, our backlog remains above last year and we have more new models for our team to sell and deliver. This provides us with growing confidence as we look out to the remainder of 2017. With our passionate team, ongoing innovative new products and a substantial balance sheet, MarineMax should continue to build on its market share gains as we move ahead.
2017 Guidance Updated
Based on current business conditions, retail trends and other factors, the Company is raising its
annual guidance expectations for fully taxed earnings per diluted share to be in the range of $1.14
to $1.24 for fiscal 2017 from its previous guidance of $1.04 to $1.14. These expectations do not
take into account, or give effect for, future material acquisitions that may be completed by the
Company during the fiscal year or other unforeseen events.
~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, Galeon, Grady-White, Harris, Bennington, Crest, Scout, Sailfish,
Sea Pro, Sportsman, Scarab Jet Boats, Yamaha 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 62 retail locations in Alabama, California,
Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York,
North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina 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 first quarter ended December 31, 2016; the benefit to the Company of its enhanced presence in North and South Carolina and Georgia; the Companys confidence that it is well positioned for fiscal 2017 to capture additional market share and the Companys fiscal 2017 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties 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, the level of consumer spending, the Companys ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Companys Form 10-K for the fiscal year ended September 30, 2016 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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 December 31, | ||||||||||||
2016 | 2015 | |||||||||||
Revenue |
$ | 226,875 | $ | 169,537 | ||||||||
Cost of sales |
173,737 | 127,923 | ||||||||||
Gross profit |
53,138 | 41,614 | ||||||||||
Selling, general, and |
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administrative expenses |
47,095 | 38,951 | ||||||||||
Income from operations |
6,043 | 2,663 | ||||||||||
Interest expense |
1,569 | 1,227 | ||||||||||
Income before income tax provision |
4,474 | 1,436 | ||||||||||
Income tax provision |
1,831 | 748 | ||||||||||
Net income |
$ | 2,643 | $ | 688 | ||||||||
Basic net income per common share |
$ | 0.11 | $ | 0.03 | ||||||||
Diluted net income per common share |
$ | 0.11 | $ | 0.03 | ||||||||
Weighted average number of common |
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shares used in computing net income |
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per common share: |
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Basic |
24,249,739 | 24,213,134 | ||||||||||
Diluted |
24,923,125 | 24,742,330 | ||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
December 31, | December 31, | |||||||
2016 | 2015 | |||||||
ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ | 37,079 | $ | 25,159 | ||||
Accounts receivable, net |
22,954 | 15,900 | ||||||
Inventories, net |
363,622 | 326,369 | ||||||
Prepaid expenses and other current assets |
5,713 | 12,222 | ||||||
Total current assets |
429,368 | 379,650 | ||||||
Property and equipment, net |
123,547 | 98,823 | ||||||
Other long-term assets, net |
13,378 | 5,376 | ||||||
Deferred tax assets, net |
19,839 | 32,181 | ||||||
Total assets |
$ | 586,132 | $ | 516,030 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ | 9,481 | $ | 8,882 | ||||
Customer deposits |
22,771 | 12,970 | ||||||
Accrued expenses |
22,426 | 15,692 | ||||||
Short-term borrowings |
213,510 | 187,516 | ||||||
Total current liabilities |
268,188 | 225,060 | ||||||
Long-term liabilities |
2,414 | 625 | ||||||
Total liabilities |
270,602 | 225,685 | ||||||
STOCKHOLDERS EQUITY: |
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Preferred stock |
| | ||||||
Common stock |
26 | 26 | ||||||
Additional paid-in capital |
243,814 | 236,134 | ||||||
Retained earnings |
105,855 | 81,318 | ||||||
Treasury stock |
(34,165 | ) | (27,133 | ) | ||||
Total stockholders equity |
315,530 | 290,345 | ||||||
Total liabilities and stockholders equity |
$ | 586,132 | $ | 516,030 | ||||
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