MarineMax 4Q loss nearly triples

Boat seller MarineMax says 4Q loss nearly tripled as it tried to reduce inventory

• On 4:41 pm EST, Thursday November 5, 2009

CLEARWATER, Fla. (AP) -- Boat retailer MarineMax Inc. said its fourth-quarter loss nearly tripled from a year earlier as it unloaded boats at a loss amid plummeting demand.

The company lost $33 million, or $1.72 per share, during the quarter that ended Sept. 30. During the same period a year earlier it lost $11.1 million, or 60 cents per share.

Revenue jumped 25.1 percent to $207.2 million for the quarter ended September 30, 2009, from $165.6 million a year earlier. The revenue increase was driven by what the company called its "aggressive inventory reduction strategy."

It cut inventory 56 percent, to $262.7 million, compared with a year earlier. Sales at store open at least a year, a key measure for retailers, jumped 41 percent for the quarter after falling 45 percent during the same period last year.

The company said its quarterly loss included several one-time items, including 15 cents per share for store closing costs, and 34 cents per share for losses and increases in inventory reserves for brands it no longer carries. It also said it was unable to record a tax benefit of 59 cents per share because of limits on loss carry-backs.

Not counting those items, it would have lost 64 cents per share. Analysts surveyed by Thomson Reuters were expecting a loss of 66 cents per share on revenue of $150.4 million.

MarineMax shares rose 20 cents, or 3 percent, to close at $6.86.

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