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): July 26, 2018

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))

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 2.02 Results of Operations and Financial Condition.

On July 26, 2018, MarineMax, Inc. issued a press release announcing its results of operations for its third fiscal quarter ended June 30, 2018. 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 26, 2018, reporting the financial results for the third fiscal quarter ended June 30, 2018.

Exhibit Index

Exhibit No.	Description
99.1	Press release of MarineMax, Inc. dated July 26, 2018, reporting the financial results for the third fiscal quarter ended June 30, 2018.

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.
	By:	/s/ Michael H. McLamb Name: Michael H. McLambTitle: Executive Vice President, Chief Financial Officer and Secretary
July 26, 2018

EX-99.1

Exhibit 99.1

MARINEMAX REPORTS THIRD QUARTER FISCAL 2018 RESULTS

~ Quarterly Revenue Grew Approximately 10% to $361.3 Million ~

~ 8% Quarterly Same-Store Sales Growth ~

~ Year-to-Date Diluted EPS Grows Over 55% ~

~ Reaffirms Annual Guidance Range for Fiscal 2018 ~

CLEARWATER, FL,July 26, 2018 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2018.  

Revenue increased approximately 10% to $361.3 million for the quarter ended June 30, 2018, compared with $329.8 million for the June quarter last year, as same-store sales grew 8%.  Included in the quarter ended June 30, 2018, was approximately $1.2 million before taxes, or $0.04 per diluted share, of non-recurring unusual costs.  Net income for the quarter ended June 30, 2018, increased about 22% year-over-year to $17.4 million, while earnings per diluted share grew approximately 32% to $0.75, compared to $0.57 for the comparable quarter last year.  Excluding the non-recurring unusual costs, earnings per diluted share grew 39% to $0.79 in the quarter ended June 30, 2018.  

Revenue grew over 8% to $868.8 million for the nine months ended June 30, 2018, compared with $801.7 million for the same period last year.  Same-store sales increased approximately 6% on top of similar growth for the comparable period last year.  Net income for the nine months ended June 30, 2018, rose over 41% to $27.8 million, or $1.21 per diluted share, compared with $19.6 million, or $0.78 per diluted share for the comparable period last year.   Excluding the non-recurring unusual costs, earnings per diluted share increased over 60% to $1.25 in the nine months ended June 30, 2018.    

William H. McGill, Jr., Chairman and Chief Executive Officer stated, “We drove strong growth in the quarter, with solid contributions across almost all our segments and brand offerings.  Despite some larger boat choppiness as suggested by industry data, we believe we continue to take market share through our proven strategies and leading brands.  While our top line sales were healthy, margins did come under some pressure, largely due to the anticipated Brunswick sale of Sea Ray.  Furthermore, in addition to the non-recurring unusual costs, we incurred significant healthcare cost increases in the quarter.  The great news is that generally, industry fundamentals are sound, and with Brunswick retaining the Sea Ray brand, the margin pressure should subside as we move ahead.”

McGill continued, “As expected, our inventory and outstanding borrowings declined year-over-year while same-store sales continue to grow, increasing inventory turns and cash flow.  The mix of our inventory is well positioned in terms of model line-up and model age.  Our balance sheet remains very strong, which supports our ability to take advantage of opportunities as they arise.  As we head into the rest of the summer season, our team is focused, our backlog is up, and we plan to build upon the already strong year to date earnings and cash flow as we close out fiscal 2018.”

~ more ~

2018 Guidance

Based on current business conditions, retail trends and other factors, the Company is reaffirming its annual guidance range expectations for fully taxed earnings per diluted share to be in the range of $1.44 to $1.50 for fiscal 2018. 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.

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, Bennington, Crest, Mastercraft, Scout, Sailfish, Sea Pro, Sportsman, Scarab Jet Boats, Tige’, Aquila, NauticStar, Nautique and Yamaha Jet Boats. 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.

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 Company's anticipated financial results for the third quarter ended June 30, 2018; the Company’s belief that margin pressure should subside; the Company’s plan to build upon the already strong year to date earnings and cash flow growth; and the Company's fiscal 2018 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 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 the Company’s industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, 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. McLambBrad Cohen

Chief Financial OfficerICR, LLC.

Abbey Heimensen203.682.8211

Public Relations, MarineMax, Inc.bcohen@icrinc.com

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,
	2018		2017		2018		2017
Revenue	$	361,254	$	329,809	$	868,780	$	801,702
Cost of sales		270,567		245,017		649,551		602,713
Gross profit		90,687		84,792		219,229		198,989
Selling, general, and administrative expenses		64,089		59,557		172,994		161,433
Income from operations		26,598		25,235		46,235		37,556
Interest expense		2,499		1,897		7,881		5,511
Income before income tax provision		24,099		23,338		38,354		32,045
Income tax provision		6,723		9,094		10,582		12,409
Net income	$	17,376	$	14,244	$	27,772	$	19,636
Basic net income per common share	$	0.78	$	0.59	$	1.25	$	0.81
Diluted net income per common share	$	0.75	$	0.57	$	1.21	$	0.78
Weighted average number of common shares    used in computing net income per common share:
Basic		22,399,079		24,336,777		22,185,736		24,293,512
Diluted		23,182,546		25,095,398		22,944,581		25,045,046

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

	June 30,			June 30,
	2018			2017
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	62,108		$	58,930
Accounts receivable, net		42,683			41,696
Inventories, net		379,425			385,277
Prepaid expenses and other current assets		6,001			5,872
Total current assets		490,217			491,775
Property and equipment, net		130,684			127,750
Goodwill and other long-term assets, net		31,916			29,978
Deferred tax assets, net		3,095			11,753
Total assets	$	655,912		$	661,256
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	20,773		$	25,634
Customer deposits		22,865			22,451
Accrued expenses		35,391			33,547
Short-term borrowings		232,764			241,642
Total current liabilities		311,793			323,274
Long-term liabilities		2,497			3,250
Total liabilities		314,290			326,524
SHAREHOLDERS' EQUITY:
Preferred stock		—			—
Common stock		27			26
Additional paid-in capital		262,320			248,600
Retained earnings		154,531			122,848
Treasury stock		(75,256	)		(36,742	)
Total shareholders’ equity		341,622			334,732
Total liabilities and shareholders’ equity	$	655,912		$	661,256

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