MarineMax reports record quarter

CLEARWATER, Fla. – Recreational boat retailer MarineMax, Inc., reported record revenue and earnings for the second quarter of fiscal 2005 in a release yesterday.

For the quarter ended March 31, MarineMax said its revenue increased 12.9 percent, to $228.4 million from $202.3 million for the comparable quarter last year. Same-store sales increased 11.4 percent, or $23.1 million, compared with a 23.3 percent increase for the comparable quarter last year.

Net income increased 24.0 percent, to $7.0 million, or $0.39 per diluted share, from net income of $5.7 million, or $0.34 per diluted share, for the comparable quarter last year.

MarineMax said it issued 1,429,000 shares of common stock during the quarter, resulting in additional shares outstanding this year versus last.

“Results for the second quarter and first half of fiscal 2005 reflect continued strong performance for MarineMax,” William H. McGill, Jr., chairman, CEO and president, said. “We attribute the increase in revenue and earnings to strong same-store sales, accelerated by a robust boat show season. At the majority of shows, we experienced increased traffic, which translated into improved sales.

“I think it is noteworthy that we had the strongest March results in our history. We are encouraged by these trends and are confident that MarineMax’s strategies will continue to generate growth for the foreseeable future.”

For the six-month period ended March 31, MarineMax said revenue grew 14.9 percent, to $412.6 million compared with $359.0 million for the comparable period in fiscal 2004. Same-store sales increased 13.6 percent on top of a 35.7 percent increase in the year ago period.

Net income was $9.8 million, or $0.57 per diluted share, an increase of 24.8 percent from net income of $7.9 million, or $0.48 per diluted share, for the six months ended March 31.

Based on current business conditions, retail trends and other factors, MarineMax notes that it expects to earn $1.75 to $1.80 per diluted share for fiscal 2005.

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