MarineMax revenues up 17.4 percent

CLEARWATER, Fla. – Third quarter revenues for recreational boating retailer MarineMax, Inc. increased 17.4 percent to $219.7 million compared to $187.2 million for the comparable quarter in 2003, the company reported in a statement today.

The company said same-store sales grew 11 percent compared to an 8-percent increase in the year ago quarter. MarineMax attributed the increase to a stronger economic climate and the expansion of brands added over the past 12 months.

The company’s net income increased 23.1 percent to $10.4 million, or $0.61 per diluted share, from net income of $8.5 million, or $0.54 per diluted share in the comparable quarter last year.

For the nine-month period ended June 30, MarineMax said its revenue increased 30.3 percent, to $578.7 million, compared to $444.2 million for the comparable period in fiscal 2003. Same-store sales increased 25 percent compared to a 2-percent gain in the year ago period. Net income increased 51.6 percent to $18.3 million, or $1.10 per diluted share, from net income of $12.1 million, or $0.77 per diluted share.

“I am very pleased with our third quarter and year-to-date results,” said William H. McGill Jr., the company’s chairman, CEO and president. “We entered the spring boating season with a healthy inventory position, as we believed that the industry was rebounding. The industry did strengthen during the season and by being positioned to capitalize on the opportunity, we were able to expand our market share once again.”

McGill said sales growth was strong across all geographic regions and product segments, and added that his company’s recent acquisitions were performing at or above expectations. However, he concluded by sounding a cautious note for the rest of the year.

“While we are pleased with our year-to-date performance, we recognize that we are up against 18 percent same-store sales comparisons in the September quarter,” he said. “Additionally, the current unrest in the world and the forthcoming election creates an uncertain environment for most consumer businesses. Nevertheless, we remain confident that our industry-leading, customer centric, full-service approach to delivering the boating dream will enable us to continue to gain market share and deliver long-term stockholder value.”

MarineMax also is raised its previously announced fiscal 2004 guidance from a range of $1.48 to $1.53 to a range of $1.58 to $1.60 per diluted share, based on current business conditions, retail trends and other factors, the company said.

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