MarineMax same-store sales up 23 percent

CLEARWATER, Fla. – Boat retailer MarineMax, Inc. (NYSE: HZO) saw record revenue and earnings for the second quarter of fiscal 2004, it reported in a statement today.

"I am very pleased with our second quarter and year-to-date results,” stated William H. McGill, Jr., chairman, chief executive officer and president. “While the industry data is yet to be released, we are confident our performance is stronger than that of other marine retailers, indicating continued market share expansion."

For the quarter ended March 31, the company reported a revenue increase of 28 percent to $203.3 million compared to $159.1 million for the comparable quarter last year. Same-store sales grew 23 percent compared to a 9-percent increase in the year ago quarter.

MarineMax reported that net income was $5.7 million, or $0.34 per diluted share, an increase of 38 percent from net income of $4.1 million, or $0.26 per diluted share, in the comparable quarter last year.

For the six-month period ended March 31, revenue grew 40 percent to $359.9 million compared to $257.0 million for the comparable period in fiscal 2003. Same-store sales increased 36 percent compared to a 3-percent decline in the year ago period.

Net income was $7.9 million, or $0.48 per diluted share, an increase of 118 percent from net income of $3.6 million, or $0.23 per diluted share, in the six months ended March 31, 2003.

In addition, McGill said the integration of and contributions from the Colorado and Florida Panhandle acquisitions, which were completed late last fiscal year, are proceeding on schedule.

MarineMax remains cautious

While the company is pleased with its year-to-date performance, McGill said it wants to “stay grounded in our expectations for the balance of fiscal 2004 because the second half of the year accounts for the majority of our sales and earnings.”

“On a cautious note, the current unrest in the world and the forthcoming election create an uncertain environment for most consumer businesses,” he stated.

Based on current business conditions, retail trends and other factors, MarineMax is raising its previously announced fiscal 2004 guidance from $1.38 to $1.45 to a range of $1.48 to $1.53 per diluted share.

MarineMax, a New York Stock Exchange-listed company, currently operates 66 retail locations in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Minnesota, Nevada, New Jersey, North Carolina, Ohio, South Carolina, Texas and Utah.

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