MarineMax Q4 net income slightly falls

Clearwater, Fla. - Net income at MarineMax Inc. fell 2% to $5.2 million in the fourth quarter of fiscal 2014 from $5.2 million in the fourth quarter of the previous fiscal year. Damages received in connection to the 2010 Deepwater oil spill during the fourth quarter of 2013 helped produce a year-over-year decline in MarineMax’s net income.



Revenue grew 10% to $164.1 million from $149.7 million. Same-store sales increased approximately 10%.



“We are pleased that our team produced a strong finish to a year that had its challenges, but generally reflected improving industry conditions,” said William H. McGill, president, chairman and CEO of MarineMax. “Our fourth quarter results were fueled by solid same store sales growth of 10% while we maintained historically strong margins. We believe the product lines added throughout the last several years, along with our comprehensive MarineMax approach to service and the boating lifestyle, is attracting customers and helping to unlock pent-up demand.”



Net income for fiscal 2014 fell 25% to $11.3 million from $15 million, with the 2013 Deepwater settlement again helping produce the year-over-year decline. Revenue grew 7% to $624.7 million from $584.5 million for fiscal 2013. Same-store sales improved approximately 6%.