MarineMax swings to Q1 profit on carry-back

Clearwater, Fla. Recreational boat retailer MarineMax reported Tuesday that net income for the first quarter ended Dec. 31 was $10.2 million, compared with a net loss of $14.3 million in the year-ago period. Included in the net income figure was approximately $19.3 million related to a tax carry-back.

Without the tax benefit, MarineMax would have incurred a net loss of $9.1 million.

Sales were about flat for the first quarter, as the retailer recorded revenue of $100.4 million for the quarter, compared with $100.2 million for the year-ago period.

Same-store sales increased approximately 13%, compared with a 52% decline in the comparable quarter last year.

MarineMax operates 55 retail locations in 18 states.