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8-K - LIVE FILING - MARINEMAX INC | htm_41939.htm |
CONTACT: | Michael H. McLamb Chief Financial Officer MarineMax, Inc. 727/531-1700 |
Brad Cohen ICR, Inc. 203/682-8211 bcohen@icrinc.com |
MARINEMAX INCREASES FINANCING CAPACITY
~Increases Facility To $150 Million and Extends Term~
CLEARWATER, FL June 2, 2011 MarineMax, Inc. (NYSE:HZO), the nations largest recreational boat retailer, announced today that it has increased its existing financing facility with GE Capital, from $100 million to $150 million.
The increased facility provides for up to $150 million of floor plan financing. The facility has a three- year term, now expiring in June 2014, and it has two, one-year options to renew, subject to lender approval. Borrowings under the facility will be secured primarily by the Companys inventory that is financed through the facility and related accounts receivable. The Companys real estate is not pledged. The Company must maintain compliance with various covenants, including the balance sheet related covenants of a current ratio and a leverage ratio, as defined in the facility. No significant other changes were made to the existing facility. The facility contemplates that other lenders may be added by the Company to finance other inventory not financed under this facility, if needed.
Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax stated, We are pleased to be able to strengthen our financial flexibility by adding the additional borrowing capacity. Based on our two most recent quarters, we have seen an increase in new boat sales and this expansion of our credit facility better positions us for growth as the industry recovers. The increase also further strengthens our ability to capitalize on other growth opportunities that may arise.
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, Cabo, Bayliner,
Hatteras, Azimut Yachts, Malibu, Nautique and GradyWhite, MarineMax sells new and used
recreational boats and related marine products and provides yacht brokerage services. MarineMax
currently has 57 retail locations and operates within Alabama, Arizona, California, Colorado,
Connecticut, Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Jersey, New York, North
Carolina, Ohio, Oklahoma, Rhode Island, Tennessee and Texas. MarineMax is a New York Stock
Exchange-listed company.
~ 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 Companys assessment of industry condition and
the Companys assessment of its ability to receive and capitalize on growth opportunities. 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 Companys beliefs that the additional borrowing capacity under the facility will
strengthen the Companys financial flexibility, position the Company for growth once the economy
recovers, and strengthen the Companys ability to capitalize on other growth opportunities as they
arise as well as the Companys view of increasing boat sales and improvements in the economy and
numerous other factors identified in the Companys Form 10-K and other filings with the Securities
and Exchange Commission.
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