HZO
$22.70
Marinemax
$1.20
5.58%
Earnings Details
1st Quarter December 2016
Tuesday, January 24, 2017 6:30:01 AM
Tweet Share Watch
Summary

MarineMax Raises Guidance

Marinemax (HZO) reported 1st Quarter December 2016 earnings of $0.11 per share on revenue of $226.9 million. The consensus estimate was a loss of $0.03 per share on revenue of $185.0 million. Revenue grew 33.8% on a year-over-year basis.

The company said it expects fiscal 2017 earnings of $1.14 to $1.24 per share. The company's previous guidance was earnings of $1.04 to $1.14 per share and the current consensus earnings estimate is $1.14 per share for the year ending September 30, 2017.

MarineMax Inc is a recreational boat dealer in the United States. It is engaged in retail sale, brokerage and service of new and used boats, motors, trailers, marine parts and accessories and offers slip and storage accommodations.

Results
Reported Earnings
$0.11
Earnings Whisper
-
Consensus Estimate
($0.03)
Reported Revenue
$226.9 Mil
Revenue Estimate
$185.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

MarineMax Reports First Quarter Fiscal 2017 Results

~ 28% Same-Store Sales Growth Year-Over-Year ~

--~ December Quarter Pretax Earnings More Than Tripled ~

--~ Company Increases Full Year 2017 Guidance ~

MarineMax, Inc. (HZO), the nation’s 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 Company’s 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.

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, 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 Company’s 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 Company’s confidence that it is well positioned for fiscal 2017 to capture additional market share and the Company’s 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 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, 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, 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.

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
47,095
38,951
administrative expenses
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
shares used in computing
net income per
common share:
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
CURRENT ASSETS:
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
CURRENT LIABILITIES:
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:
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

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170124005326r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170124005326/en/

SOURCE: MarineMax, Inc.

MarineMax, Inc.
Michael H. McLamb, 727-531-1700
Chief Financial Officer
or
Abbey Heimensen, 727-531-1700
Public Relations
or
ICR, LLC.
Brad Cohen, 203-682-8211
bcohen@icrinc.com