2014 Q4 Form 10-Q Financial Statement
#000119312515035399 Filed on February 05, 2015
Income Statement
| Concept | 2014 Q4 | 2013 Q4 |
|---|---|---|
| Revenue | $158.1M | $109.6M |
| YoY Change | 44.29% | 10.64% |
| Cost Of Revenue | $120.7M | $79.68M |
| YoY Change | 51.44% | 9.49% |
| Gross Profit | $37.46M | $29.91M |
| YoY Change | 25.23% | 13.82% |
| Gross Profit Margin | 23.69% | 27.29% |
| Selling, General & Admin | $36.10M | $32.28M |
| YoY Change | 11.81% | 9.64% |
| % of Gross Profit | 96.37% | 107.93% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $1.898M | $1.762M |
| YoY Change | 7.72% | 5.19% |
| % of Gross Profit | 5.07% | 5.89% |
| Operating Expenses | $36.10M | $32.28M |
| YoY Change | 11.81% | 9.64% |
| Operating Profit | $1.360M | -$2.372M |
| YoY Change | -157.34% | -25.06% |
| Interest Expense | $1.146M | $997.0K |
| YoY Change | 14.94% | 0.0% |
| % of Operating Profit | 84.26% | |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $214.0K | -$3.369M |
| YoY Change | -106.35% | -19.05% |
| Income Tax | $0.00 | $0.00 |
| % Of Pretax Income | 0.0% | |
| Net Earnings | $214.0K | -$3.369M |
| YoY Change | -106.35% | -19.05% |
| Net Earnings / Revenue | 0.14% | -3.07% |
| Basic Earnings Per Share | $0.01 | -$0.14 |
| Diluted Earnings Per Share | $0.01 | -$0.14 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 24.28M | 23.72M shares |
| Diluted Shares Outstanding | 24.95M | 23.72M |
Balance Sheet
| Concept | 2014 Q4 | 2013 Q4 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $17.80M | $15.90M |
| YoY Change | 11.95% | 3.25% |
| Cash & Equivalents | $17.76M | $15.90M |
| Short-Term Investments | ||
| Other Short-Term Assets | $4.600M | $4.800M |
| YoY Change | -4.17% | 2.13% |
| Inventory | $278.1M | $238.1M |
| Prepaid Expenses | ||
| Receivables | $17.60M | $13.67M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $318.1M | $272.4M |
| YoY Change | 16.77% | 4.61% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $108.0M | $100.2M |
| YoY Change | 7.8% | 1.33% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $5.833M | $5.526M |
| YoY Change | 5.56% | 39.79% |
| Total Long-Term Assets | $113.8M | $105.7M |
| YoY Change | 7.68% | 2.81% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $318.1M | $272.4M |
| Total Long-Term Assets | $113.8M | $105.7M |
| Total Assets | $431.9M | $378.1M |
| YoY Change | 14.23% | 4.1% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $4.619M | $4.133M |
| YoY Change | 11.76% | -28.52% |
| Accrued Expenses | $15.90M | $14.88M |
| YoY Change | 6.9% | -26.53% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $157.2M | $125.9M |
| YoY Change | 24.87% | 2.06% |
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $190.4M | $156.4M |
| YoY Change | 21.68% | -4.15% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $400.0K | $400.0K |
| YoY Change | 0.0% | -78.95% |
| Total Long-Term Liabilities | $422.0K | $440.0K |
| YoY Change | -4.09% | -76.25% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $190.4M | $156.4M |
| Total Long-Term Liabilities | $422.0K | $440.0K |
| Total Liabilities | $190.8M | $156.9M |
| YoY Change | 21.61% | -4.96% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $27.36M | $12.50M |
| YoY Change | 118.84% | -476.85% |
| Common Stock | $229.6M | $224.6M |
| YoY Change | 2.25% | 3.34% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $15.81M | $15.81M |
| YoY Change | 0.0% | 0.0% |
| Treasury Stock Shares | 790.9K shares | 790.9K shares |
| Shareholders Equity | $241.2M | $221.3M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $431.9M | $378.1M |
| YoY Change | 14.23% | 4.1% |
Cashflow Statement
| Concept | 2014 Q4 | 2013 Q4 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $214.0K | -$3.369M |
| YoY Change | -106.35% | -19.05% |
| Depreciation, Depletion And Amortization | $1.898M | $1.762M |
| YoY Change | 7.72% | 5.19% |
| Cash From Operating Activities | -$41.50M | -$11.38M |
| YoY Change | 264.77% | 16.17% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $2.041M | $1.625M |
| YoY Change | 25.6% | -41.38% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $100.0K |
| YoY Change | -100.0% | -92.31% |
| Cash From Investing Activities | -$2.000M | -$1.575M |
| YoY Change | 26.98% | 4.86% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 33.40M | 5.100M |
| YoY Change | 554.9% | 66.07% |
| NET CHANGE | ||
| Cash From Operating Activities | -41.50M | -11.38M |
| Cash From Investing Activities | -2.000M | -1.575M |
| Cash From Financing Activities | 33.40M | 5.100M |
| Net Change In Cash | -10.10M | -7.852M |
| YoY Change | 28.63% | -4.52% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$41.50M | -$11.38M |
| Capital Expenditures | $2.041M | $1.625M |
| Free Cash Flow | -$43.54M | -$13.00M |
| YoY Change | 234.88% | 3.48% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q1 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
25189885 | shares |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
15904000 | |
| CY2013Q4 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
3200000 | |
| CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
25104728 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
24313828 | shares |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
19.23 | |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
40000000 | shares |
| CY2014Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
790900 | shares |
| CY2014Q4 | us-gaap |
Number Of Stores
NumberOfStores
|
54 | Store |
| CY2014Q4 | us-gaap |
Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
|
17 | Location |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
|
0.10 | pure |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
111000 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2014Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
2700000 | |
| CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2014Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
190359000 | |
| CY2014Q4 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
422000 | |
| CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
25000 | |
| CY2014Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
4619000 | |
| CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
27355000 | |
| CY2014Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
229586000 | |
| CY2014Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
15903000 | |
| CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
241156000 | |
| CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
431937000 | |
| CY2014Q4 | us-gaap |
Customer Deposits Current
CustomerDepositsCurrent
|
12609000 | |
| CY2014Q4 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
157228000 | |
| CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
190781000 | |
| CY2014Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
0 | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
17764000 | |
| CY2014Q4 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
3200000 | |
| CY2014Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
107992000 | |
| CY2014Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
4632000 | |
| CY2014Q4 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
|
2000000 | |
| CY2014Q4 | us-gaap |
Assets
Assets
|
431937000 | |
| CY2014Q4 | us-gaap |
Inventory Net
InventoryNet
|
278119000 | |
| CY2014Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
17597000 | |
| CY2014Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
5833000 | |
| CY2014Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
15810000 | |
| CY2014Q4 | us-gaap |
Assets Current
AssetsCurrent
|
318112000 | |
| CY2013Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
23756000 | |
| CY2014Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
25002807 | shares |
| CY2014Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
24211907 | shares |
| CY2014Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
6.10 | |
| CY2014Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
40000000 | shares |
| CY2014Q3 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
790900 | shares |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2014Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
| CY2014Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
3340 | shares |
| CY2014Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2014Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
2200000 | |
| CY2014Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2014Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
162826000 | |
| CY2014Q3 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
560000 | |
| CY2014Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
25000 | |
| CY2014Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
7823000 | |
| CY2014Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
27141000 | |
| CY2014Q3 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
227939000 | |
| CY2014Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
19600000 | |
| CY2014Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
239295000 | |
| CY2014Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
402681000 | |
| CY2014Q3 | us-gaap |
Customer Deposits Current
CustomerDepositsCurrent
|
10979000 | |
| CY2014Q3 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
124424000 | |
| CY2014Q3 | us-gaap |
Liabilities
Liabilities
|
163386000 | |
| CY2014Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
27839000 | |
| CY2014Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
101878000 | |
| CY2014Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
4415000 | |
| CY2014Q3 | us-gaap |
Assets
Assets
|
402681000 | |
| CY2014Q3 | us-gaap |
Inventory Net
InventoryNet
|
244151000 | |
| CY2014Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
12547000 | |
| CY2014Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
11851000 | |
| CY2014Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
15810000 | |
| CY2014Q3 | us-gaap |
Assets Current
AssetsCurrent
|
288952000 | |
| CY2013Q4 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.14 | |
| CY2013Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
6.24 | |
| CY2013Q4 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-11377000 | |
| CY2013Q4 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
23715945 | shares |
| CY2013Q4 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.14 | |
| CY2013Q4 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
23715945 | shares |
| CY2013Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
1000000 | |
| CY2013Q4 | us-gaap |
Gross Profit
GrossProfit
|
29910000 | |
| CY2013Q4 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
109592000 | |
| CY2013Q4 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-31000 | |
| CY2013Q4 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
10011000 | |
| CY2013Q4 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-3369000 | |
| CY2013Q4 | us-gaap |
Gain Loss On Sale Of Insurance Block
GainLossOnSaleOfInsuranceBlock
|
214000 | |
| CY2013Q4 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
30000 | |
| CY2013Q4 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-3291000 | |
| CY2013Q4 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
1657000 | |
| CY2013Q4 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1152000 | |
| CY2013Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1400000 | |
| CY2013Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2372000 | |
| CY2013Q4 | us-gaap |
Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
|
0 | |
| CY2013Q4 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1625000 | |
| CY2013Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3369000 | |
| CY2013Q4 | us-gaap |
Interest Paid
InterestPaid
|
859000 | |
| CY2013Q4 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-5826000 | |
| CY2013Q4 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1762000 | |
| CY2013Q4 | us-gaap |
Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
|
2180000 | |
| CY2013Q4 | us-gaap |
Interest Expense
InterestExpense
|
997000 | |
| CY2013Q4 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
32282000 | |
| CY2013Q4 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
79682000 | |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-7852000 | |
| CY2013Q4 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-5413000 | |
| CY2013Q4 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2013Q4 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
5100000 | |
| CY2013Q4 | us-gaap |
Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
|
3443000 | |
| CY2013Q4 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
50000 | |
| CY2013Q4 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-1575000 | |
| CY2014Q4 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.01 | |
| CY2014Q4 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2014Q4 | dei |
Entity Registrant Name
EntityRegistrantName
|
MARINEMAX INC | |
| CY2014Q4 | dei |
Trading Symbol
TradingSymbol
|
HZO | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
5.79 | |
| CY2014Q4 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2014Q4 | us-gaap |
Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
|
0.0345 | pure |
| CY2014Q4 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
669382 | shares |
| CY2014Q4 | us-gaap |
Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
|
0.0010 | pure |
| CY2014Q4 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>COMPANY BACKGROUND:</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> We are the largest recreational boat retailer in the United 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 implemented programs to increase sales of boats, boating parts, and accessories, as well as the offer of finance and insurance, or F&I, products at various offsite locations; and the charter of power and sailing yachts in the British Virgin Islands. None of these recently implemented programs have had a material effect on our condensed consolidated financial statements. As of December 31, 2014, we operated through 54 retail locations in 17 states, consisting of Alabama, Arizona, California, Connecticut, Florida, Georgia, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas. Our MarineMax Vacations operations maintain a facility in Tortola, British Virgin Islands.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> We are the nation’s largest retailer of Sea Ray, Boston Whaler, and Meridian recreational boats and yachts, all of which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 40% of our revenue in fiscal 2014. Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 26% and 10%, respectively, of our revenue in fiscal 2014. Brunswick is the world’s largest manufacturer of marine products and marine engines. We believe we represented approximately 43% of Brunswick’s Sea Ray boat sales, during our fiscal 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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’s product line for Azimut Yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ names, trade symbols, and intellectual properties in our operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> We have multi-year dealer agreements 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 multi-year dealer agreements 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 14% of our revenue in fiscal 2014. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> As is typical in the industry, we deal with manufacturers, other than Sea Ray, Boston Whaler, 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 Sea Ray 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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 49%, 51%, and 52% of our revenue during fiscal 2012, 2013, and 2014, 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, and in certain instances have adversely affected, our operations in certain markets.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">  </p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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. 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 normal 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> | |
| CY2014Q4 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-41475000 | |
| CY2014Q4 | us-gaap |
Line Of Credit Facility Description
LineOfCreditFacilityDescription
|
The August 2014 amendment extended the maturity date of the Credit Facility to August 2017, subject to additional extension for two one-year periods, with lender approval. | |
| CY2014Q4 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
19.23 | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
3340 | shares |
| CY2014Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
|
0.85 | pure |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
111000 | shares |
| CY2014Q4 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by us in the accompanying unaudited condensed consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of accruals. Actual results could differ from those estimates.</p> </div> | |
| CY2014Q4 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2014-12-31 | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
|
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 | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
|
6.10 | |
| CY2014Q4 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2014Q4 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--09-30 | |
| CY2014Q4 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2015 | |
| CY2014Q4 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
24947968 | shares |
| CY2014Q4 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.01 | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
|
P1Y | |
| CY2014Q4 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001057060 | |
| CY2014Q4 | us-gaap |
Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
|
The covenants include provisions that our leverage ratio must not exceed 2.75 to 1.0 | |
| CY2014Q4 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
338000 | |
| CY2014Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
1360000 | |
| CY2014Q4 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
36000 | |
| CY2014Q4 | us-gaap |
Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
|
0 | |
| CY2014Q4 | us-gaap |
Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
|
0 | |
| CY2014Q4 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2041000 | |
| CY2014Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
214000 | |
| CY2014Q4 | us-gaap |
Interest Paid
InterestPaid
|
1029000 | |
| CY2014Q4 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
5050000 | |
| CY2014Q4 | us-gaap |
Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
|
The interest rate for amounts outstanding under the Amended Credit Facility is 345 basis points above the one-month London Inter-Bank Offering Rate ("LIBOR"). | |
| CY2014Q4 | us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2017-08-31 | |
| CY2014Q4 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
24278586 | shares |
| CY2014Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
283000 | |
| CY2014Q4 | us-gaap |
Gross Profit
GrossProfit
|
37455000 | |
| CY2014Q4 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
158126000 | |
| CY2014Q4 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
219000 | |
| CY2014Q4 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
33968000 | |
| CY2014Q4 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
214000 | |
| CY2014Q4 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-47000 | |
| CY2014Q4 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
297000 | |
| CY2014Q4 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1012000 | |
| CY2014Q4 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1898000 | |
| CY2014Q4 | us-gaap |
Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
|
1630000 | |
| CY2014Q4 | us-gaap |
Interest Expense
InterestExpense
|
1146000 | |
| CY2014Q4 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
36095000 | |
| CY2014Q4 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
120671000 | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-10075000 | |
| CY2014Q4 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-3835000 | |
| CY2014Q4 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2014Q4 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
33439000 | |
| CY2014Q4 | us-gaap |
Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
|
32804000 | |
| CY2014Q4 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
2000 | |
| CY2014Q4 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1012000 | |
| CY2014Q4 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-3204000 | |
| CY2014Q4 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-2039000 | |
| CY2014Q4 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
635000 | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
573000 | |
| CY2014Q4 | us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | |
| CY2014Q4 | hzo |
Advances On New Inventory From Original Invoice Date Period
AdvancesOnNewInventoryFromOriginalInvoiceDatePeriod
|
P1080D | |
| CY2014Q4 | hzo |
Independent Recreational Boat Dealers In Number
IndependentRecreationalBoatDealersInNumber
|
5 | Dealer |
| CY2014Q4 | hzo |
Inventory Financing Additional Available Borrowings
InventoryFinancingAdditionalAvailableBorrowings
|
36900000 | |
| CY2014Q4 | hzo |
Full Service Yacht Repair Operations Number
FullServiceYachtRepairOperationsNumber
|
2 | Operations |
| CY2014Q4 | hzo |
Boat Brokerage Operations Number
BoatBrokerageOperationsNumber
|
2 | Operations |
| CY2014Q4 | hzo |
Advances On Used Inventory From Used Inventory Date Period
AdvancesOnUsedInventoryFromUsedInventoryDatePeriod
|
P361D | |
| CY2014Q4 | hzo |
Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Common Stock Value Per Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfCommonStockValuePerEmployee
|
25000 | |
| CY2014Q4 | hzo |
Recreational Boat Dealers In Number
RecreationalBoatDealersInNumber
|
24 | Dealer |
| CY2014Q4 | hzo |
Advances On Inventory Curtailment Schedule Beginning Period
AdvancesOnInventoryCurtailmentScheduleBeginningPeriod
|
P6M | |
| CY2014Q4 | hzo |
Noncash Exchange For Property And Equipment
NoncashExchangeForPropertyAndEquipment
|
6020000 |
