MarineMax reports 4Q revenue, sales increases

CLEARWATER, Fla.– Revenue increased 12.3 percent and same-store sakes were up 8 percent as MarineMax, Inc. – the nation's largest recreational boat retailer – reported its fourth-quarter results today in a press release.

Fourth-quarter revenue, for the quarter ended Sept. 30, was $183.3 million compared with $163.3 million for the comparable quarter last year, despite the four hurricanes which struck the southeastern United States and impacted the company's operations, MarineMax said.

Fourth quarter same-store sales increased 8 percent, following an 18 percent increase in the year ago quarter. Net income was up 5 percent to $8.0 million, from net income of $7.6 million in the comparable quarter last year. Earnings per diluted share remained constant at $0.48 due to additional dilution in the current period.

For the fiscal year ended Sept. 30, MarineMax said its revenue increased 25 percent to $762.0 million compared with $607.5 million for fiscal 2003. Same-store sales were up 21 percent, compared with a 6-percent gain last year and net income increased 34-percent to $26.3 million, or $1.58 per diluted share, from net income of $19.7 million, or $1.26 per diluted share, in fiscal 2003.

"I am very pleased with our fourth quarter results,” said William H. McGill, Jr., chairman, CEO and president. “Despite the adverse effects of the four hurricanes that affected Florida – which represents about half of our company – and our other markets in the last two months of the quarter, we were able to deliver solid same-store sales growth and earnings.

"Fiscal 2004 proved to be an outstanding year. Our strategy of broadening our products and services, together with our investments in our team, stores, and inventories, enabled us to capitalize on the improved economic conditions. Importantly, we continued to gain market share throughout the year."

McGill said the company expects a strong 2005 and is poised with the best product line-up it has ever had. He tempered his optimism, however, observing that the company’s near-term results could be affected by the “lingering effects of the four hurricanes, causing growth to be skewed toward the second half of the year.

“Boat docks and marinas will be under construction in the coming months, while the infrastructure for portions of Florida needs additional time to heal,” McGill said. “Nevertheless, we remain confident that the MarineMax brand and highly customer-centric, full-service approach to ‘delivering the boating dream’ will enable us to continue to further enhance our industry-leading position and create long-term stockholder value."

MarineMax also said that based on current business conditions, retail trends and other factors, it is maintaining its previously announced fiscal 2005 guidance of $1.75 to $1.80 per diluted share.

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