MarineMax same store sales up 37 percent

CLEARWATER, Fla. – Boat and engine retail chain MarineMax, Inc. (NYSE:HZO) experienced record revenue and earnings for the third quarter of fiscal 2005, the company reported in a recent statement.

“Our team's execution of our full-service approach to satisfying our customers continues to set us apart from the rest of the industry," said William H. McGill, Jr., chairman, chief executive officer, and president. "The MarineMax brand, offering an unmatched product line, our industry leading team, and one stop approach continues to enable us to differentiate ourselves in the eyes of boating enthusiasts.

For the quarter ended June 30, revenue increased 39.3 percent to $306.1 million from $219.7 million for the comparable quarter last year. Same-store sales increased – for the 10th quarter in a row – this time, by 37.0 percent, or $80.9 million, versus an 11.0 percent increase in same-store sales for the comparable quarter last year. Net income improved 33.0 percent to $13.8 million, or $0.74 per diluted share, from net income of $10.4 million, or $0.61 per diluted share, for the comparable quarter last year.

For the nine-month period ended June 30, revenue grew 24.2 percent to $718.7 million compared with $578.7 million for the comparable period in fiscal 2004. Same-store sales increased 22.5 percent on top of a 25.3 percent increase in the year ago period. Net income increased 29.5 percent to $23.7 million, or $1.33 per diluted share, from net income of $18.3 million, or $1.10 per diluted share, for the nine months ended June 30, 2004.

“While the industry is generally doing better than it was a few years ago, we are fairly certain that our internal growth, which is primarily unit driven, is greatly outpacing our competitors,” said McGill. “Our balance sheet continues to gain formidable strength, supporting us in achieving our growth strategies. We are pleased with our solid inventory position which allows us to capitalize on improving industry trends. Over time these competitive advantages, along with our strategies and team, should enable us to continue growth and market share gains for MarineMax and increased returns for our stockholders."

Based on current business conditions, retail trends and other factors, MarineMax is raising its guidance for fiscal 2005 from the range of $1.75 to $1.80 per diluted share to the range of $1.82 to $1.87 per diluted share. The company said its 2006 guidance assumes same-store sales growth in the high single digits and excludes the impact from any potential material acquisitions that it may complete.

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