CLEARWATER, Fla. — MarineMax, Inc. saw its revenue decline to $124.4 million in the fourth quarter compared with $207.2 million for the comparable quarter last year.
Same-store sales declined about 36 percent compared with a 41 percent increase in the comparable quarter last year.
However, the company's net loss for the fourth quarter shrunk to $1.8 million compared with a net loss of $33.0 million for the comparable quarter last year.
"Our fourth quarter results reflect the challenging conditions that continue to pressure the boating industry," William H. McGill, CEO of MarineMax, said in the quarterly report. "Nonetheless, we believe our retailing strategies have allowed us to increase our market share and our financial position remains strong. We recently enhanced our flexibility through the addition of a new $30 million financing facility following the successful completion of the $100 million credit facility we closed in our third quarter. The actions that we have taken to improve our inventory aging, reduce inventory levels, and reduce our expenses while continuing to enhance our customer service positions us well when industry conditions begin to improve."
To read the full report, click here: MarineMax fourth quarter report
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