MarineMax Inc. (HZO, Financial) filed Quarterly Report for the period ended 2012-06-30.
Marinemax, Inc. has a market cap of $171.2 million; its shares were traded at around $7.43 with and P/S ratio of 0.4.
Selling, General, and Administrative Expenses. Selling, general, and administrative expenses decreased $566,000, or 1.6%, to $34.7 million for the three months ended June 30, 2012 from $35.2 million for the three months ended June 30, 2011. Selling, general, and administrative expenses as a percentage of revenue decreased to 22.9% for the three months ended June 30, 2012 from 23.0% for the three months ended June 30, 2011. The three months ended June 30, 2012 included a payment received from the Gulf Coast Claims Facility for damages suffered as a result of the Deepwater Horizon Oil Spill, which was offset by one-time charges including severance and store closing costs. The decrease in selling, general, and administrative expenses was primarily attributable to reductions in various expenses, including lower store costs due to fewer year-over-year locations, lower marketing costs, and reduced inventory carrying costs due to improved aging.
Revenue. Revenue increased $26.0 million, or 7.2%, to $387.1 million for the nine months ended June 30, 2012 from $361.1 million for the nine months ended June 30, 2011. Of this increase, $32.5 million was attributable to a 9.2% increase in comparable-store sales, which was partially offset by a decline of $6.5 million related to stores opened or closed that were not eligible for inclusion in the comparable-store base. The increase in our comparable-store sales was due to incremental increases in new boat sales, partly attributable to new brands, and incremental increases in used boat sales, brokerage services, F&I products, and service, parts and accessories products. Improving industry conditions resulting from improved economic conditions contributed to our comparable-store sales growth.
Gross Profit. Gross profit increased $10.8 million, or 12.1%, to $100.2 million for the nine months ended June 30, 2012 from $89.5 million for the nine months ended June 30, 2011. Gross profit as a percentage of revenue increased to 25.9% for the nine months ended June 30, 2012 from 24.8% for the nine months ended June 30, 2011. The nine months ended June 30, 2011 included a favorable resolution of approximately $700,000 of inventory repurchases from a manufacturer whose brands we no longer carry, which benefited gross margins approximately 0.2%. The increase in gross profit was primarily attributable to the increase in comparable-store sales and incrementally increased margins on new boat sales due to improving industry inventory conditions.
Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased $1.1 million, or 1.2%, to $94.2 million for the nine months ended June 30, 2012 from $93.1 million for the nine months ended June 30, 2011. Selling, general, and administrative expenses as a percentage of revenue decreased approximately 1.5% to 24.3% for the nine months ended June 30, 2012 from 25.8% for the nine months ended June 30, 2011. The nine months ended June 30, 2012 included a payment received from the Gulf Coast Claims Facility for damages suffered as a result of the Deepwater Horizon Oil Spill, which was offset by one-time charges including severance and store closing costs. The nine months ended June 30, 2011 included a benefit of approximately $700,000 from a favorable resolution of accounts receivable from a manufacturer whose brands we no longer carry. Excluding this item, selling, general, and administrative expenses decreased as a percentage of revenue approximately 1.6% to 24.3% for the nine months ended June 30, 2012 from 25.9% for the nine months ended June 30, 2011. The decrease in selling, general, and administrative expenses (with such adjustment) as a percentage of revenue was primarily attributable to expense leverage obtained through our reported comparable-store sales increase and various cost-reduction efforts.
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Marinemax, Inc. has a market cap of $171.2 million; its shares were traded at around $7.43 with and P/S ratio of 0.4.
Highlight of Business Operations:
Revenue. Revenue decreased $1.9 million, or 1.2%, to $151.3 million for the three months ended June 30, 2012 from $153.2 million for the three months ended June 30, 2011. Of this decrease, $2.8 million related to stores opened or closed that were not eligible for inclusion in the comparable-store base for the three months ended June 30, 2012, which was partially offset by an approximate $950,000 comparable-store sales increase. The increase in our comparable-store sales was due to incremental increases in new boat sales, partly attributable to new brands, and incremental increases in used boat sales, brokerage services, F&I products, and service, parts and accessories products. Improving industry conditions resulting from improved economic conditions contributed to our comparable-store sales growth. Revenue for the three months ended June 30, 2011 was partly driven by the sale of larger boats compared with sales for the three months ended June 30, 2012.Selling, General, and Administrative Expenses. Selling, general, and administrative expenses decreased $566,000, or 1.6%, to $34.7 million for the three months ended June 30, 2012 from $35.2 million for the three months ended June 30, 2011. Selling, general, and administrative expenses as a percentage of revenue decreased to 22.9% for the three months ended June 30, 2012 from 23.0% for the three months ended June 30, 2011. The three months ended June 30, 2012 included a payment received from the Gulf Coast Claims Facility for damages suffered as a result of the Deepwater Horizon Oil Spill, which was offset by one-time charges including severance and store closing costs. The decrease in selling, general, and administrative expenses was primarily attributable to reductions in various expenses, including lower store costs due to fewer year-over-year locations, lower marketing costs, and reduced inventory carrying costs due to improved aging.
Revenue. Revenue increased $26.0 million, or 7.2%, to $387.1 million for the nine months ended June 30, 2012 from $361.1 million for the nine months ended June 30, 2011. Of this increase, $32.5 million was attributable to a 9.2% increase in comparable-store sales, which was partially offset by a decline of $6.5 million related to stores opened or closed that were not eligible for inclusion in the comparable-store base. The increase in our comparable-store sales was due to incremental increases in new boat sales, partly attributable to new brands, and incremental increases in used boat sales, brokerage services, F&I products, and service, parts and accessories products. Improving industry conditions resulting from improved economic conditions contributed to our comparable-store sales growth.
Gross Profit. Gross profit increased $10.8 million, or 12.1%, to $100.2 million for the nine months ended June 30, 2012 from $89.5 million for the nine months ended June 30, 2011. Gross profit as a percentage of revenue increased to 25.9% for the nine months ended June 30, 2012 from 24.8% for the nine months ended June 30, 2011. The nine months ended June 30, 2011 included a favorable resolution of approximately $700,000 of inventory repurchases from a manufacturer whose brands we no longer carry, which benefited gross margins approximately 0.2%. The increase in gross profit was primarily attributable to the increase in comparable-store sales and incrementally increased margins on new boat sales due to improving industry inventory conditions.
Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased $1.1 million, or 1.2%, to $94.2 million for the nine months ended June 30, 2012 from $93.1 million for the nine months ended June 30, 2011. Selling, general, and administrative expenses as a percentage of revenue decreased approximately 1.5% to 24.3% for the nine months ended June 30, 2012 from 25.8% for the nine months ended June 30, 2011. The nine months ended June 30, 2012 included a payment received from the Gulf Coast Claims Facility for damages suffered as a result of the Deepwater Horizon Oil Spill, which was offset by one-time charges including severance and store closing costs. The nine months ended June 30, 2011 included a benefit of approximately $700,000 from a favorable resolution of accounts receivable from a manufacturer whose brands we no longer carry. Excluding this item, selling, general, and administrative expenses decreased as a percentage of revenue approximately 1.6% to 24.3% for the nine months ended June 30, 2012 from 25.9% for the nine months ended June 30, 2011. The decrease in selling, general, and administrative expenses (with such adjustment) as a percentage of revenue was primarily attributable to expense leverage obtained through our reported comparable-store sales increase and various cost-reduction efforts.
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