MarineMax Inc. (HZO, Financial) filed Quarterly Report for the period ended 2012-12-31.
Marinemax, Inc. has a market cap of $296.583 million; its shares were traded at around $12.42 with a P/E ratio of 256.41 and P/S ratio of 0.5481.
Revenue. Revenue increased $7.3 million, or 7.9%, to $99.1 million for the three months ended December 31, 2012 from $91.8 million for the three months ended December 31, 2011. Of this increase, $7.6 million was attributable to an 8.3% increase in comparable-store sales, which was partially offset by a decline of $300,000 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 we are now carrying, and incremental increases in used boat sales, brokerage services, F&I products, and service. Improving industry conditions resulting from improved economic conditions contributed to our comparable-store sales growth which was offset geographically by Hurricane Sandy, which adversely impacted certain of our Northeastern stores.
Gross Profit. Gross profit increased $704,000, or 2.8%, to $26.3 million for the three months ended December 31, 2012 from $25.6 million for the three months ended December 31, 2011. Gross profit as a percentage of revenue decreased to 26.5% for the three months ended December 31, 2012 from 27.9% for the three months ended December 31, 2011. The increase in gross profit was primarily attributable to the increase in comparable-store sales. The decrease in gross profit as a percentage of revenue was primarily a result of the product mix shift in our boat sales to larger, generally lower margin, yachts in the December 2012 quarter.
Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased $873,000, or 3.1%, to $29.4 million for the three months ended December 31, 2012 from $28.5 million for the three months ended December 31, 2011. Selling, general, and administrative expenses as a percentage of revenue decreased to 29.7% for the three months ended December 31, 2012 from 31.1% for the three months ended December 31, 2011. The overall increase in selling, general, and administrative expenses was attributable to increased commissions paid as a result of increased new boat sales and increased health insurance costs. The decrease in selling, general, and administrative expenses as a percentage of revenue was primarily attributable to expense leverage obtained through our reported comparable-store sales increase. In the December 2012 quarter, we incurred costs related to damage caused by Hurricane Sandy that were offset by insurance proceeds received.
Interest Expense. Interest expense decreased $220,000, or 18.1%, to $997,000 for the three months ended December 31, 2012 from $1.2 million for the three months ended December 31, 2011. Interest expense as a percentage of revenue decreased to 1.0% for the three months ended December 31, 2012 from 1.3% for the three months ended December 31, 2011. The decrease was primarily a result of decreased borrowings under our credit facilities due to decreased average inventories.
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Marinemax, Inc. has a market cap of $296.583 million; its shares were traded at around $12.42 with a P/E ratio of 256.41 and P/S ratio of 0.5481.
Highlight of Business Operations:
General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business. Economic conditions in areas in which we operate dealerships, particularly Florida in which we generated 54%, 50%, and 49% of our revenue during fiscal 2010, 2011, and 2012, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricane Sandy, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico, also could adversely affect our operations in certain markets.Revenue. Revenue increased $7.3 million, or 7.9%, to $99.1 million for the three months ended December 31, 2012 from $91.8 million for the three months ended December 31, 2011. Of this increase, $7.6 million was attributable to an 8.3% increase in comparable-store sales, which was partially offset by a decline of $300,000 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 we are now carrying, and incremental increases in used boat sales, brokerage services, F&I products, and service. Improving industry conditions resulting from improved economic conditions contributed to our comparable-store sales growth which was offset geographically by Hurricane Sandy, which adversely impacted certain of our Northeastern stores.
Gross Profit. Gross profit increased $704,000, or 2.8%, to $26.3 million for the three months ended December 31, 2012 from $25.6 million for the three months ended December 31, 2011. Gross profit as a percentage of revenue decreased to 26.5% for the three months ended December 31, 2012 from 27.9% for the three months ended December 31, 2011. The increase in gross profit was primarily attributable to the increase in comparable-store sales. The decrease in gross profit as a percentage of revenue was primarily a result of the product mix shift in our boat sales to larger, generally lower margin, yachts in the December 2012 quarter.
Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased $873,000, or 3.1%, to $29.4 million for the three months ended December 31, 2012 from $28.5 million for the three months ended December 31, 2011. Selling, general, and administrative expenses as a percentage of revenue decreased to 29.7% for the three months ended December 31, 2012 from 31.1% for the three months ended December 31, 2011. The overall increase in selling, general, and administrative expenses was attributable to increased commissions paid as a result of increased new boat sales and increased health insurance costs. The decrease in selling, general, and administrative expenses as a percentage of revenue was primarily attributable to expense leverage obtained through our reported comparable-store sales increase. In the December 2012 quarter, we incurred costs related to damage caused by Hurricane Sandy that were offset by insurance proceeds received.
Interest Expense. Interest expense decreased $220,000, or 18.1%, to $997,000 for the three months ended December 31, 2012 from $1.2 million for the three months ended December 31, 2011. Interest expense as a percentage of revenue decreased to 1.0% for the three months ended December 31, 2012 from 1.3% for the three months ended December 31, 2011. The decrease was primarily a result of decreased borrowings under our credit facilities due to decreased average inventories.
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