~ Revenue Increased Over 26% Year-Over-Year To $172 Million ~

~ 27% Same Store Sales Growth Year-Over-Year ~

~ Achieves Pre-tax Profitability Thru First Six Months For First Time Since 2006 ~

CLEARWATER, Fla.--(BUSINESS WIRE)-- MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced results for its second quarter ended March 31, 2015.

Revenue grew over 26% to $172.1 million for the quarter ended March 31, 2015 from $136.6 million for the comparable quarter last year. Same-store sales grew over 27% as compared to a 16% decline in the same period a year ago. The Company reported net income of $390,000, or $0.02 per diluted share for the quarter ended March 31, 2015 compared to a net loss of $2.0 million, or $0.08 per share, for the comparable quarter last year.

Revenue increased over 34% to $330.3 million for the six months ended March 31, 2015 compared with $246.2 million for the comparable period last year. Same-store sales increased approximately 35% as compared to a 6% decrease in the comparable period last year. Net income for the six months ended March 31, 2015 was $604,000, or $0.02 per diluted share, compared with a net loss of $5.3 million, or $0.22 per share, for the comparable period last year.

William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “Our team’s efforts continue to propel our growth in an industry that is slowly but steadily recovering. While we strived for more robust operating leverage in the quarter, we experienced sizable increases in health care costs and we invested in marketing to drive even greater sales than we were able to close, which sets the stage for an improved start for the June quarter. Additionally, while margins are historically in line, we actively worked to position our inventory to be in the best seasonal shape since March of 2006, as we enter the busy summer selling season.”

Mr. McGill continued, “Despite the ongoing challenging weather in the Northeast, we are pleased with the momentum of our business which produced a profit in the first six months of our fiscal year, a milestone last achieved nine years ago. Furthermore, we anticipate that our backlog and the continual stream of new products that will be delivered should positively contribute to our summer selling season and beyond. We believe our sales growth is outpacing that of the industry, yielding continued market share gains as we strive to execute on our strategy of fully embracing our customers and ensuring they are enjoying the boating lifestyle.”

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, Meridian, Hatteras, Azimut Yachts, Ocean Alexander, Grady-White, Harris, Crest, Scout, Sailfish, Scarab Jet Boats, Aquila, 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 54 retail locations in Alabama, California, Connecticut, Florida, Georgia, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas 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.

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 second quarter ended March 31, 2015; the expected improved start for the June quarter; and the contribution of the Company's backlog and continual stream of new products to the summer selling season, and beyond. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company's manufacturing partners, general economic conditions, as well as those within our industry, and the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2014 and other filings with the Securities and Exchange Commission.

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
					Three Months Ended March 31,												Six Months Ended March 31,
					2015						2014						2015						2014
Revenue					$		172,143				$	136,615					$		330,269				$	246,206
Cost of sales							129,943					101,829							250,614					181,510
Gross profit							42,200					34,786							79,655					64,696
Selling, general, and administrative expenses							40,557					35,687							76,652					67,969
Income (loss) from operations							1,643					(901	)						3,003					(3,273	)
Interest expense							1,253					1,078							2,399					2,075
Income (loss) before income tax provision							390					(1,979	)						604					(5,348	)
Income tax provision							—					—							—					—
Net income (loss)					$		390				$	(1,979	)				$		604				$	(5,348	)
Basic net income (loss) per common share					$		0.02				$	(0.08	)				$		0.02				$	(0.22	)
Diluted net income (loss) per common share					$		0.02				$	(0.08	)				$		0.02				$	(0.22	)
Weighted average number of common
shares used in computing net
income (loss) per common share:
Basic							24,544,272					23,845,302							24,409,969					23,779,913
Diluted							25,265,857					23,845,302							25,105,262					23,779,913

MarineMax, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
					March 31,2015							March 31,2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents					$			42,695				$			30,798
Accounts receivable, net								23,046							24,232
Inventories, net								277,030							260,396
Prepaid expenses and other current assets								3,876							4,141
Total current assets								346,647							319,567
Property and equipment, net								108,100							100,475
Other long-term assets, net								5,257							5,662
Total assets					$			460,004				$			425,704
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable					$			11,928				$			9,771
Customer deposits								17,157							15,035
Accrued expenses								20,741							19,221
Short-term borrowings								165,287							160,104
Total current liabilities								215,113							204,131
Long-term liabilities								345							394
Total liabilities								215,458							204,525
STOCKHOLDERS' EQUITY:
Preferred stock								—							—
Common stock								25							25
Additional paid-in capital								232,586							226,443
Retained earnings								27,745							10,521
Treasury stock								(15,810	)						(15,810	)
Total stockholders’ equity								244,546							221,179
Total liabilities and stockholders’ equity					$			460,004				$			425,704

MarineMax, Inc.

Michael H. McLamb, Chief Financial Officer

Abbey Heimensen, Public Relations

727-531-1700

or

ICR, Inc.

Brad Cohen

203-682-8211

[email protected]

Source: MarineMax, Inc.

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