CLEARWATER, Fla. — MarineMax, Inc., the nation’s largest recreational boat retailer, announced results for its first quarter ended December 31, 2014.
Revenue grew over 44% to $158.1 million for the quarter ended December 31, 2014 from $109.6 million for the comparable quarter last year. Same-store sales grew over 45% on top of a 9% increase in the same period last year. Seasonally, the December quarter traditionally provides the least revenue contribution of the year and typically yields a loss for marine dealers, including MarineMax. The Company was profitable for the first quarter ended December 31, 2014 with net income of $214,000, or $0.01 per diluted share which is significantly improved from the net loss of $3.4 million, or $0.14 per share, for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “We are encouraged by the progress we have made in driving sales year-over-year, and thrilled by the enthusiasm our customers are expressing for new products that are coming from our manufacturing partners. The December quarter results are historically our smallest of the year. The strength in new, and specifically larger albeit lower margin boats during the quarter, drove very strong same-store-sales growth, yielding a significant increase in revenue and a profitable quarter. Absent the mix impact, margins remain healthy as the industry takes another step forward in the recovery.”
Mr. McGill continued, “We are positioned to continue to benefit from the rising tide of the industry. Clearly the growth we produced is evidence of a broadening recovery, although we believe our growth has outpaced that of the overall industry. Our inventories, while building, are at appropriate levels as we prepare to enter the busiest quarters of the year. Having started the early portion of the boat show season, we are seeing solid increases in traffic and remain confident that the long-term nature of the recovery continues to emerge. That said, we are very early into our fiscal year and still have much to accomplish in order to build on this past quarter’s results. Our highly motivated team provides a strong competitive advantage as they lead our effort to bring the boating dream to all of the MarineMax families.”