UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):	 	July 23, 2020	
 
MarineMax, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Florida	1-14173	59-3496957	
_____________________
(State or other jurisdiction	_____________
(Commission	______________
(I.R.S. Employer	
of incorporation)	File Number)	Identification No.)	
  	 	 	
2600 McCormick Drive, Suite 200, Clearwater, Florida	 	33759	
_________________________________
(Address of principal executive offices)	 	___________
(Zip Code)	
 	 	 	
Registrant’s telephone number, including area code:	 	727-531-1700	
Not Applicable
______________________________________________
Former name or former address, if changed since last report

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐  	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
☐  	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
☐  	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
☐  	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class	 	Trading
Symbol(s)	 	Name of each exchange on which registered	
Common Stock, par value $.001 per share
 	 	HZO	 	New York Stock Exchange	

 

 
Item 2.02 Results of Operations and Financial Condition.
 
On July 23, 2020, MarineMax, Inc. issued a press release announcing its results of operations for its third fiscal quarter ended June 30, 2020. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information in this Report of Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.

 
Item 9.01 Financial Statements and Exhibits.
 
Press release of MarineMax, Inc. dated July 23, 2020, reporting the financial results for the third fiscal quarter ended June 30, 2020.

 

 

 
Exhibit Index

 
 
Exhibit No.	 	Description	
 	 	 	
99.1	 	Press release of MarineMax, Inc. dated July 23, 2020, reporting the financial results for the third fiscal quarter ended June 30, 2020.	
 	 	 	
104	 	Cover Page Interactive Data File (embedded within the Inline XBRL document)	

 	 	 	

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 	 	MarineMax, Inc.	

 	
By:	 
/s/ Michael H. McLamb
Name: Michael H. McLamb
Title: Executive Vice President, Chief Financial Officer and Secretary	

July 23, 2020	

 	

 

 

Exhibit 99.1
 
MARINEMAX REPORTS RECORD THIRD QUARTER RESULTS
~Revenue Grew 30%; Approaches $500 Million~
~37% Same-Store Sales Growth~
~Earnings Per Share Grows 88% to $1.58~
~Nine-Months Thru June Revenue Exceeds $1.1 billion~
~Nine-Months Thru June Earnings Per Share Increases 77% to $2.23~
~Digital Investments Drive Record Lead Generation~
 
CLEARWATER, FL, July 23, 2020 – MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2020.  
 
Revenue grew approximately 30% to $498.3 million for the quarter ended June 30, 2020, from $383.5 million for the comparable quarter last year. The increase was driven by same-store sales growth of 37% which was on top of a 3% increase in the comparable period last year. Net income for the quarter ended June 30, 2020, grew over 83% to $34.9 million, compared to $19.1 million last year, while earnings per diluted share increased over 88% to $1.58, compared to $0.84 in the comparable quarter last year.   
 
For the nine months ended June 30, 2020, revenue increased approximately 20% to $1.1 billion compared with $929.0 million for the same period last year. Same-store sales were up approximately 22%, on top of 5% growth for the comparable period last year. Net income for the nine months ended June 30, 2020, rose over 67% to $49.1 million, or $2.23 per diluted share, compared with $29.3 million, or $1.26 per diluted share for the comparable period last year.
 
W. Brett McGill, Chief Executive Officer and President stated, “Generating same-store sales growth of 37% driven by unit growth, clearly demonstrates the strength and flexibility of our business model and the MarineMax Team.  Our team worked hard to overcome unprecedented uncertainty in the quarter, while generating record results, as we accomplished our goal of uniting our customers and their families on the water, safely.  Our digital investments further enhanced our lead visibility and created significant efficiencies in our sales efforts, while increasing our on-line presence.  Overall, we added new customers to boating and to our data base, adding a layer of future growth potential that should benefit us long-term.”
 
Mr. McGill continued, “With one of the strongest balance sheets in the industry, we remain well capitalized to make strategic accretive acquisitions to further enhance our geographic presence, to add to our marina strategy and to further grow our higher margin businesses. To that point, we were pleased to recently add super yacht powerhouse Northrop & Johnson.  Together with Fraser Yachts, this unified combination provides us unrivaled global scale, while further diversifying MarineMax into higher margin, digitally focused businesses.  Although the entire industry is lean on inventory due to the strong demand for the boating lifestyle, our deep manufacturer relationships, flexible inventory management and valuable real estate locations positions us well to continue to take share.  I am proud of our ability to be nimble and disciplined, creating exceptional customer experiences while driving record results in our traditionally largest quarter.”  
 
At June 30, 2020, the Company’s liquidity exceeded $180 million consisting of cash and cash equivalents along with availability under its credit facility, before considering its sizable unleveraged real estate portfolio.
 
~more~

As the COVID-19 pandemic is complex and evolving rapidly, the Company will continue to monitor ongoing developments and respond accordingly. The Company continues to comply with orders of local and state governments in all jurisdictions in which it operates to help ensure the safety of its team members and customers.
 
Fiscal 2020 Guidance
As previously disclosed, the Company withdrew its prior 2020 guidance given the continued significant uncertainties related to COVID-19.  
 
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Hatteras, Azimut Yachts, Benetti, Ocean Alexander, Galeon, Grady-White, Harris, Bennington, Crest, MasterCraft, MJM Yachts, NauticStar, Scout, Sailfish, Scarab Jet Boats, Tige, Yamaha Jet Boats, Aquila, Aviara, and Nautique. MarineMax sells new and used recreational boats and related marine products and services, as well as provides yacht brokerage and charter services. MarineMax currently has 59 retail locations in Alabama, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas. MarineMax also owns Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries. The Company also owns and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company. For more information, please visit www.marinemax.com.
Forward Looking Statement
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the third quarter ended June 30, 2020; the Company's capital position to make strategic accretive acquisitions; the Company's positioning to take customer share; and the COVID-19 pandemic and the Company's monitoring of it.  These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s ability to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2019 and other filings with the Securities and Exchange Commission.  The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:	 	 	
 	Michael H. McLamb	Investors:	
 	Chief Financial Officer	Brad Cohen or Dawn Francfort	
 	727.531.1700	ICR, LLC.	
 	Media:	investorrelations@marinemax.com	
 	Abbey Heimensen	 	
 	MarineMax, Inc.	 	

 

 
 
MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

 
	 	Three Months Ended	 	 	Nine Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
 	 	2020	 	 	2019	 	 	2020	 	 	2019	 	
Revenue	 	$	498,304	 	 	$	383,494	 	 	$	1,110,951	 	 	$	929,017	 	
Cost of sales	 	 	374,851	 	 	 	285,784	 	 	 	828,704	 	 	 	693,627	 	
Gross profit	 	 	123,453	 	 	 	97,710	 	 	 	282,247	 	 	 	235,390	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Selling, general, and administrative expenses	 	 	74,838	 	 	 	68,968	 	 	 	208,284	 	 	 	187,436	 	
Income from operations	 	 	48,615	 	 	 	28,742	 	 	 	73,963	 	 	 	47,954	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	2,133	 	 	 	2,936	 	 	 	8,490	 	 	 	8,485	 	
Income before income tax provision	 	 	46,482	 	 	 	25,806	 	 	 	65,473	 	 	 	39,469	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax provision	 	 	11,555	 	 	 	6,719	 	 	 	16,422	 	 	 	10,169	 	
Net income	 	$	34,927	 	 	$	19,087	 	 	$	49,051	 	 	$	29,300	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per common share	 	$	1.62	 	 	$	0.86	 	 	$	2.28	 	 	$	1.30	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted net income per common share	 	$	1.58	 	 	$	0.84	 	 	$	2.23	 	 	$	1.26	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common shares used in computing
   net income per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	21,499,408	 	 	 	22,243,895	 	 	 	21,491,117	 	 	 	22,619,802	 	
Diluted	 	 	22,045,900	 	 	 	22,821,202	 	 	 	21,965,355	 	 	 	23,212,983	 	

 

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)

	 	June 30,	 	 	June 30,	 	
 	 	2020	 	 	2019	 	
ASSETS	 	 	 	 	 	 	 	 	
CURRENT ASSETS:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	86,919	 	 	$	71,618	 	
Accounts receivable, net	 	 	69,478	 	 	 	49,104	 	
Inventories, net	 	 	314,096	 	 	 	434,729	 	
Prepaid expenses and other current assets	 	 	11,133	 	 	 	11,221	 	
Total current assets	 	 	481,626	 	 	 	566,672	 	
 	 	 	 	 	 	 	 	 	
Property and equipment, net	 	 	141,897	 	 	 	143,318	 	
Operating lease right-of-use assets, net	 	 	39,279	 	 	 	—	 	
Goodwill and other intangible assets, net	 	 	65,404	 	 	 	38,607	 	
Other long-term assets	 	 	7,754	 	 	 	6,810	 	
Total assets	 	$	735,960	 	 	$	755,407	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	
CURRENT LIABILITIES:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	39,441	 	 	$	31,601	 	
Customer deposits	 	 	30,106	 	 	 	24,262	 	
Accrued expenses	 	 	47,775	 	 	 	37,359	 	
Current operating lease liabilities	 	 	7,262	 	 	 	—	 	
Short-term borrowings	 	 	147,049	 	 	 	289,842	 	
Total current liabilities	 	 	271,633	 	 	 	383,064	 	
Noncurrent operating lease liabilities	 	 	34,248	 	 	 	—	 	
Deferred tax liabilities, net	 	 	4,221	 	 	 	1,284	 	
Long-term liabilities	 	 	833	 	 	 	1,273	 	
Total liabilities	 	 	310,935	 	 	 	385,621	 	
STOCKHOLDERS' EQUITY:	 	 	 	 	 	 	 	 	
Preferred stock	 	 	—	 	 	 	—	 	
Common stock	 	 	28	 	 	 	27	 	
Additional paid-in capital	 	 	276,606	 	 	 	269,554	 	
Accumulated other comprehensive loss	 	 	(130	)	 	 	—	 	
Retained earnings	 	 	252,116	 	 	 	195,770	 	
Treasury stock	 	 	(103,595	)	 	 	(95,565	)	
Total stockholders’ equity	 	 	425,025	 	 	 	369,786	 	
Total liabilities and stockholders’ equity	 	$	735,960	 	 	$	755,407