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
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Date of Report (Date of Earliest Event Reported): |
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June 25, 2018 |
MarineMax, Inc.
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(Exact name of registrant as specified in its charter)
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Florida |
1-14173 |
59-3496957 |
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_____________________ (State or other jurisdiction |
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of incorporation) |
File Number) |
Identification No.) |
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2600 McCormick Drive, Suite 200, Clearwater, Florida |
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33759 |
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Registrant’s telephone number, including area code: |
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727-531-1700 |
Not Applicable
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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))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 8.01 Other Events.
On June 25, 2018, Brunswick Corporation (“Brunswick”) issued a press release announcing, among other things, its decisions to: end the Sea Ray sale process; restructure Sea Ray to focus on growth opportunities in sport boat and cruiser; and discontinue Sea Ray sport yacht and yacht models and wind down production in 2018. On June 25, 2018, the Company issued a press release that provides commentary on this recent announcement from Brunswick. A copy of the Company’s press release is filed and attached hereto as Exhibit 99.1, and incorporated by reference into this Item 8.01.
Item 9.01 Financial Statements and Exhibits.
Press release of MarineMax, Inc. dated June 25, 2018, entitled "MarineMax Provides Update on Sea Ray."
Exhibit Index
Exhibit No. |
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Description |
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99.1 |
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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.
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MarineMax, Inc. |
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/s/ Michael H. McLamb Name: Michael H. McLamb |
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Exhibit 99.1
MARINEMAX PROVIDES UPDATE ON SEA RAY
CLEARWATER, FL, June 25, 2018 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, today commented on the recent announcement from Brunswick Corporation (Brunswick) that it would retain ownership of its iconic boat brand Sea Ray, and focus on sport boat and cruiser production.
MarineMax is the largest retailer of Sea Ray boats in the world, historically representing over 50% of Sea Ray’s world-wide sales. The Sea Ray brand accounted for approximately 23% of MarineMax’s fiscal 2017 revenue. Sea Ray’s sport yacht and yacht division represented less than 10% of MarineMax’s rolling 12-month revenue in the period ending March 31, 2018. The Company believes its brand and product diversification will allow it to replace the Sea Ray sport yacht and yacht revenue.
William H. McGill, Jr., Chairman and Chief Executive Officer MarineMax, Inc., stated “It is great to see, that through the sale process, Brunswick recognized the importance of one of the most esteemed brands in our industry. It truly stands alone in its history and in its success over the many years since Connie Ray launched the brand in 1959. It remains the most searched for brand on-line, holds the top market share in most categories and sizes, has among the best distribution in the industry and is an aspirational purchase by boating enthusiasts. We are disappointed by the decision to discontinue sport yachts and yachts, but we are excited for the future of the Sea Ray and the focus on sport boats and sport cruisers.”
Mr. McGill continued, “Over the years, we have diversified our product offerings by adding complementary products and manufacturers, such that the sales of Sea Ray sport yachts and yachts as a percentage of our business declined to less than 10% on a rolling 12-month basis through March 2018. Brands such as Azimut, Galeon, Aquila and Ocean Alexander, have all been growing well and taking market share. The new models they each have announced for 2019 and beyond are very exciting and will be well received by boating enthusiasts. We are focused and committed to providing our industry leading service and experiences for our countless sport-yacht and yacht owners and as they will continue to enjoy all the many benefits associated with being a MarineMax customer and enjoying the boating lifestyle.”
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, Bennington, Scout, Sailfish, Sportsman, Scarab Jet Boats, Yamaha Jet Boats, Aquila, Nautique and NauticStar, 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 63 retail locations in Alabama, 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.
~more~
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 expectations regarding the impact on its financial results from the planned changes at Sea Ray, the future of Sea Ray and its focus on sport boats and sport cruisers, the Company’s commitment to providing industry leading service and experiences, and the continued enjoyment of sport-yacht and yacht owners with benefits of being a MarineMax customer. 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 Company’s abilities to accomplish its goals and strategies, the quality of the new product offerings from the Company's manufacturing partners, Sea Ray’s business and strategies, general economic conditions and the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2017 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: Michael H. McLambInvestors:
Chief Financial Officer Brad Cohen
ICR, LLC
Media:203-682-8211
Abbey Heimensenbcohen@icrinc.com
Public Relations
MarineMax, Inc.
727-531-1700
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