$HZO
MARINEMAX INC

2014 Q3 Form 10-Q Financial Statement

#000119312514295750 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $164.1M $214.4M $175.8M
YoY Change 9.62% 21.99% 16.14%
Cost Of Revenue $121.2M $160.2M $128.9M
YoY Change 10.59% 24.23% 16.13%
Gross Profit $42.92M $54.21M $46.81M
YoY Change 6.97% 15.81% 16.18%
Gross Profit Margin 26.15% 25.28% 26.63%
Selling, General & Admin $36.82M $41.65M $33.05M
YoY Change 8.57% 26.04% -4.65%
% of Gross Profit 85.8% 76.84% 70.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $1.900M $1.700M
YoY Change 11.76% 11.76% 13.33%
% of Gross Profit 4.43% 3.51% 3.63%
Operating Expenses $36.82M $41.65M $33.05M
YoY Change 8.57% 26.04% -4.65%
Operating Profit $6.093M $12.55M $13.76M
YoY Change -1.77% -8.76% 144.36%
Interest Expense $885.0K $1.051M $1.193M
YoY Change 2.67% -11.9% 17.19%
% of Operating Profit 14.52% 8.37% 8.67%
Other Income/Expense, Net
YoY Change
Pretax Income $5.208M $11.50M $12.57M
YoY Change -2.49% -8.47% 172.43%
Income Tax $91.00K $0.00 -$1.070M
% Of Pretax Income 1.75% 0.0% -8.51%
Net Earnings $5.117M $11.50M $13.64M
YoY Change -1.69% -15.65% 195.62%
Net Earnings / Revenue 3.12% 5.37% 7.76%
Basic Earnings Per Share $0.48 $0.58
Diluted Earnings Per Share $0.21 $0.47 $0.56
COMMON SHARES
Basic Shares Outstanding 24.86M shares 24.01M 23.39M shares
Diluted Shares Outstanding 24.81M 24.72M 24.18M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.80M $41.80M $37.30M
YoY Change 16.81% 12.06% 12.35%
Cash & Equivalents $27.84M $41.82M $37.30M
Short-Term Investments
Other Short-Term Assets $4.400M $4.700M $4.800M
YoY Change -8.33% -2.08% -20.0%
Inventory $244.2M $234.3M $235.0M
Prepaid Expenses
Receivables $12.55M $24.20M $29.89M
Other Receivables $398.0K $0.00 $0.00
Total Short-Term Assets $289.0M $305.0M $307.0M
YoY Change 4.67% -0.65% 18.35%
LONG-TERM ASSETS
Property, Plant & Equipment $101.9M $101.9M $100.1M
YoY Change 1.53% 1.72% -1.05%
Goodwill $802.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.85M $5.448M $4.893M
YoY Change 115.2% 11.34% 599.0%
Total Long-Term Assets $113.7M $107.3M $105.0M
YoY Change 7.45% 2.17% 3.17%
TOTAL ASSETS
Total Short-Term Assets $289.0M $305.0M $307.0M
Total Long-Term Assets $113.7M $107.3M $105.0M
Total Assets $402.7M $412.3M $412.0M
YoY Change 5.44% 0.07% 14.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.823M $13.37M $9.828M
YoY Change 4.67% 36.04% 8.0%
Accrued Expenses $19.60M $22.79M $24.82M
YoY Change -3.6% -8.15% -2.68%
Deferred Revenue
YoY Change
Short-Term Debt $124.4M $131.0M $142.3M
YoY Change 1.6% -7.93% 27.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $162.8M $177.9M $195.3M
YoY Change 2.01% -8.91% 25.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $600.0K $700.0K
YoY Change 20.0% -14.29% -84.09%
Total Long-Term Liabilities $560.0K $611.0K $723.0K
YoY Change 18.39% -15.49% -83.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.8M $177.9M $195.3M
Total Long-Term Liabilities $560.0K $611.0K $723.0K
Total Liabilities $163.4M $178.5M $196.1M
YoY Change 2.06% -8.94% 22.84%
SHAREHOLDERS EQUITY
Retained Earnings $27.14M $22.02M $10.66M
YoY Change 71.03% 106.55%
Common Stock $228.0M $227.6M $221.1M
YoY Change 2.8% 2.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.81M $15.81M $15.81M
YoY Change 0.0% 0.0%
Treasury Stock Shares $790.9K 790.9K shares 790.9K shares
Shareholders Equity $239.3M $233.8M $216.0M
YoY Change
Total Liabilities & Shareholders Equity $402.7M $412.3M $412.0M
YoY Change 5.44% 0.07% 14.07%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $5.117M $11.50M $13.64M
YoY Change -1.69% -15.65% 195.62%
Depreciation, Depletion And Amortization $1.900M $1.900M $1.700M
YoY Change 11.76% 11.76% 13.33%
Cash From Operating Activities -$1.100M $42.40M $6.000M
YoY Change -113.41% 606.67% -54.2%
INVESTING ACTIVITIES
Capital Expenditures -$2.300M -$3.000M -$1.200M
YoY Change 15.0% 150.0% -25.0%
Acquisitions
YoY Change
Other Investing Activities -$4.500M $0.00 $400.0K
YoY Change 4400.0% -100.0% 100.0%
Cash From Investing Activities -$6.800M -$2.900M -$1.000M
YoY Change 240.0% 190.0% -33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.100M -28.50M 2.200M
YoY Change -69.19% -1395.45% -129.73%
NET CHANGE
Cash From Operating Activities -1.100M 42.40M 6.000M
Cash From Investing Activities -6.800M -2.900M -1.000M
Cash From Financing Activities -6.100M -28.50M 2.200M
Net Change In Cash -14.00M 11.00M 7.200M
YoY Change 2.94% 52.78% 71.43%
FREE CASH FLOW
Cash From Operating Activities -$1.100M $42.40M $6.000M
Capital Expenditures -$2.300M -$3.000M -$1.200M
Free Cash Flow $1.200M $45.40M $7.200M
YoY Change -88.24% 530.56% -51.02%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>COMPANY BACKGROUND:</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> We are the largest recreational boat retailer in the United&#xA0;States. We engage primarily in the retail sale, brokerage, and service of new and used boats, motors, trailers, marine parts and accessories and offer slip and storage accommodations in certain locations. In addition, we arrange related boat financing, insurance, and extended service contracts. We recently entered into the charter business of power and sailing yachts in the British Virgin Islands. This business, thus far, has not had a material effect on our condensed consolidated financial statements. As of June&#xA0;30, 2014, we operated through 55 retail locations in 18 states, consisting of Alabama, Arizona, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas. Our charter business, MarineMax Vacations, maintains a facility in Tortola, British Virgin Islands.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> We are the nation&#x2019;s largest retailer of Sea Ray, Boston Whaler, Harris FloteBote, and Meridian recreational boats and yachts, all of which are manufactured by Brunswick Corporation (&#x201C;Brunswick&#x201D;). Sales of new Brunswick boats accounted for approximately 38% of our revenue in fiscal 2013. Brunswick is the world&#x2019;s largest manufacturer of marine products and marine engines. We believe we represented approximately 49% of Brunswick&#x2019;s Sea Ray boat sales, during our fiscal 2013.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> We have dealership agreements with Sea Ray, Boston Whaler, Meridian, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group&#x2019;s product line for Azimut Yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers&#x2019; boats and products. These agreements also allow us to use these manufacturers&#x2019; names, trade symbols, and intellectual properties in our operations.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> We are a party to a multi-year dealer agreement with Brunswick covering Sea Ray products that appoints us as the exclusive dealer of Sea Ray boats in our geographic markets. We are the exclusive dealer for Boston Whaler through a multi-year dealer agreement for many of our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States through a multi-year dealer agreement. Sales of new Azimut boats accounted for approximately 13% of our revenue in fiscal 2013. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As is typical in the industry, we deal with manufacturers, other than Brunswick (with respect to Sea Ray, Boston Whaler, and Meridian) and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region. Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory, or marketing practices, including rebate or incentive programs, could adversely affect our results of operations. Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Brunswick with respect to its Sea Ray line and Azimut as a product source. These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could affect operating results adversely.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 approximately 50%, 49%, and 51% of our revenue during fiscal 2011, 2012, and 2013, respectively, can have a major impact on our operations. Local influences, such as corporate downsizing, military base closings, inclement weather, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico, also have adversely affected our operations in certain markets and could do so again in the future.</p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods. Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable. As a result, an economic downturn could impact us more than certain of our competitors due to our strategic focus on a higher end of our market. Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations. Any period of adverse economic conditions or low consumer confidence has a negative effect on our business.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Lower consumer spending resulting from a downturn in the housing market and other economic factors adversely affected our business in fiscal 2007, and continued weakness in consumer spending and depressed economic conditions had a substantial negative effect on our business in each subsequent fiscal year, including to a more limited extent in fiscal 2012, 2013, and to date in fiscal 2014. These conditions have caused us to substantially reduce our acquisition program, delay new store openings, reduce our inventory purchases, engage in inventory reduction efforts, close a number of our retail locations, reduce our headcount, and amend and replace our credit facility. Acquisitions and new store openings remain important strategies to our company, and we plan to accelerate our growth through these strategies when more favorable economic conditions return. However, we cannot predict the length or severity of these unfavorable economic or financial conditions or the extent to which they will continue to adversely affect our operating results nor can we predict the effectiveness of the measures we have taken to address this environment or whether additional measures will be necessary.</p> </div>
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The June 2013 amendment extended the maturity date of the Credit Facility to June 2016, subject to additional extension for two one-year periods, with lender approval.
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us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
The covenants include provisions that our leverage ratio must not exceed 2.75 to 1.0
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us-gaap Impairment Of Long Lived Assets Held For Use
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Implementation of up to 10 annual offerings beginning on the first day of October starting in 2008, with each offering terminating on September 30 of the following year
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11503000

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