MarineMax boasts record fourth quarter earnings

CLEARWATER, Fla. – Boat and accessories retailer MarineMax, Inc. (NYSE: HZO) experienced record earnings for the fourth quarter and fiscal year ended September 30, according to a statement from the company today.

MarineMax saw an 18-percent increase in same-store sales and a 20-percent increase in revenue to $163.3 million, compared to $135.7 million for the comparable quarter last year.

The revenue increase was primarily due to the increase in same-store sales and $4.1 million of revenue attributable to stores opened or acquired that are not yet eligible for the same-store sales base, the company reported.

Net income for the three-month period ended September 30 increased 23 percent to $7.6 million, or $0.48 per diluted share, compared to net income of $6.2 million, or $0.40 per diluted share, in the comparable quarter last year.

Results also up for the year

For the fiscal year ended September 30, revenue increased 12.4 percent to $607.5 million compared to $540.7 million for the same period the previous year. The increase in fiscal 2003 revenue resulted from a 6-percent increase in same-store sales and $35.8 million of revenue attributable to stores opened or acquired that are not yet eligible for the same-store sales base, according to the company.

Net income for the fiscal year ended September 30 increased 15.3 percent to $19.7 million, or $1.26 per diluted share, compared to net income of $17.1 million, or $1.10 per diluted share, in the previous fiscal year.

These fourth quarter results mark a third consecutive quarter of strong same-store growth for the company, according to William H. McGill, Jr., chairman, chief executive officer and president of MarineMax.

McGill added that during this past fiscal year, the company strengthened its balance sheet and its operating platform through advancements in its service, parts and accessory, finance and insurance businesses along with two acquisitions.

Outlook for fiscal 2003

However, despite its record results, MarineMax is maintaining a cautious outlook, the company stated.

“While the past several quarters of positive same-store sales growth give us reason to be optimistic, we also recognize that we are entering the seasonal slow period for our industry and that the economy remains uncertain. Accordingly, we believe that it is prudent to maintain a cautious outlook. As we begin fiscal 2004, we remain committed to revenue and earnings growth and believe MarineMax is well positioned to exceed the expectations of our customers, team members and shareholders,” said McGill.

Based on current business conditions, MarineMax is raising its previously announced fiscal 2004 guidance from the range of $1.15 to $1.25 to the range of $1.26 to $1.36 per diluted share, according to the company.

• For more of the latest news, click here.