CLEARWATER, Fla. - Recreational boat retailer MarineMax, Inc. reported record revenue and earnings for the first quarter of fiscal 2005 in a press release yesterday.
Revenue increased 18 percent to $184.2 million from $156.7 million for the quarter ended Dec. 31 compared to the same quarter of 2003. Same-store sales increased 17 percent, due to a stronger economic climate and the expansion of brands added over the past 24 months. Net income increased 27 percent to $2.8 million, or $0.17 per diluted share, from net income of $2.2 million, or $0.14 per diluted share, for the comparable quarter last year.
"I am very pleased with our strong start to fiscal 2005, which exceeded our expectations,” said William H. McGill Jr., chairman, CEO and president. “We entered the quarter with caution related to the lingering effects of the four hurricanes that impacted Florida and the significant 56 percent same-store sales growth that we were up against in last year's December quarter. Despite these concerns, our team delivered a 17 percent increase in same-store sales growth.”
McGill said the strongest growth came from Florida with contributions from most other MarineMax markets across the country. He said the company also benefited from the expansion of the Ferretti Group and Meridian products, along with strong performance from Sea Ray.
"While we are certainly pleased with the start of 2005, we likely benefited from a shift in business from the September quarter due to the hurricanes delaying sales and perhaps the acceleration of business from future quarters, so our enthusiasm is tempered,” McGill said. “Importantly, we have the right inventory to make the most of improved industry conditions."
MarineMax also raised its previously announced fiscal 2005 guidance of $1.75 to $1.80 per diluted share to $1.80 to $1.85, based on current business conditions, retail trends and other factors, the company said.
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