MarineMax profitable on decreased revenue in Q3

CLEARWATER, Fla. — MarineMax reported a profitable third quarter on decreased revenue, according to its most recent quarterly report.

The company saw revenue of $115.4 million for the third quarter ended June 30, 2010, compared with $151.5 million for the comparable quarter last year. Net income was $512,000 compared with a net loss of $9.2 million for the comparable quarter last year.

Same-store sales declined approximately 17 percent compared with a 39 percent decline in the comparable quarter last year. Revenue from stores recently closed that were not eligible for inclusion in the same-store sales base was $12.3 million.

Inventory declined $158.4 million, or 47 percent, to $181.4 million.

“We have demonstrated this quarter that we can achieve profitability from lower levels of revenue than we ever have in the past,” William H. McGill, CEO of MarineMax, said in the report. “We attribute this improvement to the substantial progress we have made in our key initiatives. These include lowering our inventories to better align supply and demand, resulting in higher boat margins, as well as growing our higher margin service businesses and reducing our cost structure over the past 18 months. These efforts allowed us to generate a slight profit in the quarter despite the ongoing economic pressure on our industry and the impact of the BP oil spill in the Gulf of Mexico on customers’ purchasing decisions.”

Click here to read the complete MarineMax third quarter report.

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