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8-K - LIVE FILING - MARINEMAX INC | htm_55163.htm |
MARINEMAX REPORTS THIRD QUARTER FISCAL 2017 RESULTS
~ Revenue in Third Quarter Exceeded $329 Million ~
~ Gross Margins Increased 290 Basis Points in the Third Quarter ~
~Year-to-Date EPS Increased 13% ~
~ Updates Annual Guidance for Fiscal 2017 ~
CLEARWATER, FL, July 20, 2017 MarineMax, Inc. (NYSE: HZO), the nations largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2017.
Revenue was $329.8 million for the quarter ended June 30, 2017, compared with $345.6 million for the comparable quarter last year. Same-store sales decreased 10% following a robust 44% growth comparison in the same period a year ago. Due primarily to the strength of product margins and a rise in the Companys traditionally higher margin businesses, gross margin increased 290 basis points in the quarter ended June 30, 2017 over the prior year. The Companys net income was $14.2 million, or $0.57 per diluted share for the quarter ended June 30, 2017, compared to net income of $13.8 million, or $0.56 per diluted share for the comparable quarter last year.
Revenue increased 12% to $801.7 million for the nine months ended June 30, 2017 compared with $714.7 million for the comparable period last year. Same-store sales grew approximately 6% on top of 25% growth for the comparable period last year. Net income for the nine months ended June 30, 2017 was $19.6 million or $0.78 per diluted share, up 13%, compared with net income of $17.0 million, or $0.69 per diluted share for the comparable period last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer stated, We are pleased with our teams ability to drive unit sales growth and strong gross margin expansion during the important June quarter. Reports of industry softness in larger product categories, combined with delayed sales due to unseasonal Northeast weather, dampened our overall revenue and therefore earnings in the quarter. We believe the revenue impact from these challenges will be made up in the future as the underlying trends in the industry are healthy, as evidenced by our ability to grow units on a comparable basis and meaningfully increase gross margins in the quarter. Our product portfolio, new innovative models and customer centric approach continues to resonate well with consumers.
Mr. McGill continued, We remain confident in our ability to deliver industry leading results. Fundamentally, the demand for the boating lifestyle remains strong and our long-term outlook for the industry is intact. With our capital rich balance sheet, healthy inventory levels, premium brands and strong team, we are well positioned to drive earnings and cash flows while taking advantage of opportunities that may arise.
2017 Guidance
Based on current business conditions, retail trends and other factors, the Company is updating its annual guidance expectations for fully taxed earnings per diluted share to be in the range of $0.97 to $1.02 for fiscal 2017, from $1.14 to $1.24. 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 third quarter ended June 30, 2017; the underlying trends and long-term outlook in the Companys industry; our product portfolio, new models, and customer-centric approach resonating well with consumers; the Companys ability to deliver industry leading results; the Companys position to drive earnings and cash flows; 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 the Companys 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: | ||||||||
Michael H. McLamb |
Brad Cohen | |||||||
Chief Financial Officer |
ICR, LLC. | |||||||
Abbey Heimensen |
203.682.8211 | |||||||
Public Relations, MarineMax, Inc. |
bcohen@icrinc.com | |||||||
727.531.1700 |
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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, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue |
$ | 329,809 | $ | 345,592 | $ | 801,702 | $ | 714,695 | ||||||||
Cost of sales |
245,017 | 266,690 | 602,713 | 545,152 | ||||||||||||
Gross profit |
84,792 | 78,902 | 198,989 | 169,543 | ||||||||||||
Selling, general, and
administrative expenses |
59,557 | 54,325 | 161,433 | 136,735 | ||||||||||||
Income from operations |
25,235 | 24,577 | 37,556 | 32,808 | ||||||||||||
Interest expense |
1,897 | 1,473 | 5,511 | 4,282 | ||||||||||||
Income before income tax provision |
23,338 | 23,104 | 32,045 | 28,526 | ||||||||||||
Income tax provision |
9,094 | 9,285 | 12,409 | 11,530 | ||||||||||||
Net income |
$ | 14,244 | $ | 13,819 | $ | 19,636 | $ | 16,996 | ||||||||
Basic net income per common share |
$ | 0.59 | $ | 0.57 | $ | 0.81 | $ | 0.70 | ||||||||
Diluted net income per common share |
$ | 0.57 | $ | 0.56 | $ | 0.78 | $ | 0.69 | ||||||||
Weighted average number of common
shares used in computing net
income per common share: |
||||||||||||||||
Basic |
24,336,777 | 24,159,070 | 24,293,512 | 24,175,671 | ||||||||||||
Diluted |
25,095,398 | 24,770,980 | 25,045,046 | 24,757,516 | ||||||||||||
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
June 30, | June 30, | |||||||
2017 | 2016 | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 58,930 | $ | 55,560 | ||||
Accounts receivable, net |
41,696 | 27,324 | ||||||
Inventories, net |
385,277 | 306,631 | ||||||
Prepaid expenses and other current assets |
5,872 | 11,319 | ||||||
Total current assets |
491,775 | 400,834 | ||||||
Property and equipment, net |
127,750 | 115,346 | ||||||
Other long-term assets, net |
29,978 | 13,271 | ||||||
Deferred tax assets, net |
11,753 | 22,195 | ||||||
Total assets |
$ | 661,256 | $ | 551,646 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ | 25,634 | $ | 19,718 | ||||
Customer deposits |
22,451 | 18,153 | ||||||
Accrued expenses |
33,547 | 27,242 | ||||||
Short-term borrowings |
241,642 | 176,972 | ||||||
Total current liabilities |
323,274 | 242,085 | ||||||
Long-term liabilities |
3,250 | 2,463 | ||||||
Total liabilities |
326,524 | 244,548 | ||||||
STOCKHOLDERS EQUITY: |
||||||||
Preferred stock |
| | ||||||
Common stock |
26 | 26 | ||||||
Additional paid-in capital |
248,600 | 238,816 | ||||||
Retained earnings |
122,848 | 97,626 | ||||||
Treasury stock |
(36,742 | ) | (29,370 | ) | ||||
Total stockholders equity |
334,732 | 307,098 | ||||||
Total liabilities and stockholders equity |
$ | 661,256 | $ | 551,646 | ||||
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