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MarineMax reports fourth quarter and fiscal 2013 results

MarineMax, Inc.
November 5, 2013
Filed under News

~ Revenue Increased 9% to $149.7 Million for the Fourth Quarter ~

~ Reports Fourth Quarter Profits Before Unusual Item for First Time Since 2007 ~

~ Fiscal 2013 Earnings Increase Year-Over-Year ~

CLEARWATER, Fla.–(BUSINESS WIRE)–Nov. 5, 2013– MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat retailer, today announced results for its fourth quarter and fiscal year ended September 30, 2013.

Revenue increased 9% to $149.7 million for the quarter ended September 30, 2013 from $137.3 million for the comparable quarter last year. Same-store sales increased approximately 7% on top of an 18% increase for the comparable quarter last year. During the quarter, the Company recovered $4.7 million, net of tax and other expenses, from the Deepwater Horizon Settlement Program for damages it suffered as a result of the Deepwater Horizon oil spill in 2010. The recovery is reflected as a reduction to the Company’s expenses. Net income for the fourth quarter of fiscal 2013 was $5.2 million, or $0.21 per diluted share. Excluding the Deepwater Horizon recovery, net income for the fourth quarter of fiscal 2013 was $490,000, or$0.02 per diluted share, representing meaningful improvement from a net loss of $1.6 million, or $0.07 per share, for the comparable quarter last year.

Revenue for fiscal 2013 increased 11% to $584.5 million from $524.5 million for fiscal 2012. Same-store sales increased approximately 11% in addition to an 11% increase for the previous fiscal year. During the period, the total recovery from the Deepwater Horizon Settlement Program was $11.7 million, net of tax and other expenses, which is reflected as a reduction to the Company’s expenses. Net income for fiscal 2013 was $15.0 million, or $0.63 per diluted share. Excluding the Deepwater Horizon recovery, net income for the fiscal year ended September 30, 2013 was $3.3 million, or $0.14 per diluted share, compared with net income of $1.1 million, or $0.05 per diluted share, for fiscal 2012.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our team’s ongoing commitment and strong efforts enabled us to achieve our eighth consecutive quarter of positive same stores sales growth and produced another profitable quarter. Additionally, the growth we achieved in the quarter and for our fiscal year came with increased gross margins, reflecting the improving health of our industry and our customers’ desire for newer product. Despite the uncertainties in the macroeconomic environment and a weaker than expected first half of the fiscal year, we ended the year with greater assurance that the boating industry is recovering. Recent industry data confirms that the boating lifestyle was enjoyed by more people in 2012 than in any previous year. We believe the combination of our strong team, leading brands, and our formidable balance sheet provide a strong foundation and competitive advantage as the market recovers. We further believe that our market share will continue to improve as we unite our customers with their family and friends on the water as part of the MarineMax family of boaters.”

Mr. McGill continued, “As the industry continues its gradual, yet seemingly sustained recovery, no dealer in the country is better positioned than MarineMax to drive sales, capture additional market share and provide our customers with the best boating experience possible. We believe that the new product lines we have added over the past few years and the return of new and innovative products from our manufacturing partners will resonate strongly with our customer base providing the opportunity for additional growth for our Company.”

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