MarineMax Reports Third Quarter Fiscal 2009 Results

Reports Continued Reduction in Expenses and Inventory Levels
CLEARWATER, Fla.--(Business Wire)--
MarineMax, Inc. (NYSE: HZO), the nation`s largest recreational boat retailer,
today announced results for its fiscal third quarter ended June 30, 2009.

Third Fiscal Quarter Results

Revenue was $151.5 million for the quarter ended June 30, 2009 compared with
$271.3 million for the comparable quarter last year. Same-store sales declined
approximately 39% compared with a 27% decrease in the comparable quarter last
year. Revenue from stores recently closed that were not eligible for inclusion
in the same-store sales base was $25.2 million. The net loss for the third
quarter of fiscal 2009 was $9.2 million, or $0.49 per share, compared with a net
loss of $113.3 million, or $6.15 per share, for the comparable quarter last
year.

Included in the third quarter fiscal 2009 net loss was approximately $2.0
million, or $0.11 per share, associated with store closing costs. Also, the
Company was unable to record a meaningful tax benefit during the quarter due to
carry back limitations. Using the Company`s approximate historical tax rate of
40%, the tax benefit would have reduced the net loss by approximately $0.14 per
share.

Included in the third quarter fiscal 2008 loss was a non-cash charge of $122.1
million before tax, or approximately $6.33 per share, net of tax, including a
valuation allowance related to deferred tax assets associated with the
impairment of goodwill and intangibles. Excluding this non-cash charge, earnings
per diluted share was $0.18 for the three-month period ended June 30, 2008,
using the Company`s historical tax rate of approximately 40%. This includes
$0.08 per share arising from gains related to insurance proceeds received
associated with the 2007 damages to the Company`s Missouri facilities, a net
gain that resulted from the Company`s retirement of its various mortgage loans
and related interest rate swaps, and a gain related to changes in the Company`s
benefit plans.

At June 30, 2009, inventory declined 34%, to $339 million from $515 million, or
$175 million, on a year-over-year basis.

Year-to-Date Results

Revenue was $381.3 million for the nine months ended June 30, 2009 compared with
$719.8 million for the comparable period last year. Same-store sales declined
approximately 44% compared with a 23% decline in the comparable period last
year. The net loss for the nine months ended June 30, 2009 was $43.8 million, or
$2.37 per share, compared with a net loss of $123.2 million, or $6.70 per share,
for the comparable period last year.

The Company`s results for the nine-month period ended June 30, 2009 included
$3.4 million, or $0.18 per share, of costs associated with store closings, as
well as $5.9 million, or $0.32 per share, for incurred losses and increases in
its inventory reserves for brands the Company no longer represents. The tax
benefit for the nine-month period was also reduced by carry back limitations, as
noted above. Using the Company`s approximate historical tax rate of 40%, the tax
benefit would have reduced the net loss by approximately $0.56 per share.

The net loss for the nine-month period ended June 30, 2008, excluding the
non-cash impairment charge mentioned above, was $0.43 per share, using the
Company`s historical tax rate of approximately 40%. This includes $0.08 per
share arising from gains related to insurance proceeds received associated with
the 2007 damages to the Company`s Missouri facilities, a net gain that resulted
from the Company`s retirement of its various mortgage loans and related interest
rate swaps, and a gain related to changes in the Company`s benefit plans.

For the three and nine months ended June 30, 2009, the Company`s same-store
sales continued to be negatively impacted by the challenging economic
conditions.

William H. McGill, Jr., Chairman, President and Chief Executive Officer, stated,
"Although the challenges created by soft retail conditions, dealer failures and
the difficult retail lending environment adversely affected our business, we
made significant progress towards our stated goals during the June quarter.
Specifically, we reduced expenses by over $17 million from the June quarter of
last year, on a comparable basis. We also made considerable progress reducing
our inventory levels, as shown by the significant $175 million year-over-year
reduction at quarter end. Our focus on reducing inventory has resulted in lower
gross profit margins, which we believe is the right strategy given the
challenges faced by the industry. We also successfully secured an amendment to
our credit agreement, as previously reported, which allows us to be even more
aggressive in further reducing our inventory levels."

Mr. McGill continued, "Despite ongoing pressure on our sales, the actions we
have taken have allowed us to generate over $100 million in cash flow from
operations during the first nine months of fiscal 2009, which in turn, has
allowed us to substantially reduce our outstanding borrowings. Our customers
continue to trust MarineMax to deliver the best customer service, quality, and
selection of boats in the industry. We are confident that the tactical actions
we are taking will position MarineMax to strategically capitalize on the
opportunities as conditions improve. Our customer`s passion for the MarineMax
boating lifestyle has not diminished albeit consumer confidence needs to
return."

About MarineMax

Headquartered in Clearwater, Florida, MarineMax is the nation's largest
recreational boat and yacht retailer. Focused on premium brands, such as Sea
Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts, and Grady White,
the Company sells new and used recreational boats and related marine products
and provides yacht brokerage services. The Company currently operates 65 retail
locations in Alabama, Arizona, California, Colorado, Connecticut, Delaware,
Florida, Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York,
North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas
and Utah. MarineMax is a New York Stock Exchange-listed company.

Use of Non-GAAP Financial Information

In this release, the Company discloses pro forma or non-GAAP measures of net
income and earnings per share. The Company believes that this pro forma
information provides greater comparability regarding its ongoing operating
performance. These measures should not be considered an alternative to
measurements required by accounting principles generally accepted in the United
States (GAAP), such as net income and earnings per share. These pro forma
measures are unlikely to be comparable to pro forma information provided by
other companies.

Certain statements in this press release are forward-looking as defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include expectations regarding the Company`s position as it enters
the spring and summer selling season, expectations regarding declines in
inventory and related reduced borrowings, the Company`s assessment of market
conditions and its effect on the boating industry, the business opportunities
available to the Company, the Company`s industry position, the success of
operating cost reductions, the ability to service customers at desired levels of
customer service, and the Company`s long-term prospects. These statements
involve certain risks and uncertainties that may cause actual results to differ
materially from expectations as of the date of this release. These risks include
the ability to reduce inventory, accomplish the goals and strategies, general
economic conditions and the level of consumer spending, the Company`s ability to
integrate acquisitions into existing operations and numerous other factors
identified in the Company`s Form 10-K and other filings with the Securities and
Exchange Commission.

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

Three Months Ended Nine Months Ended

June 30,
June 30,

2009 2008 2009 2008

Revenue $ 151,512 $ 271,277 $ 381,344 $ 719,814
Cost of sales 118,897 209,432 305,312 555,302
Gross profit 32,615 61,845 76,032 164,512

Selling, general, and administrative expenses 38,974 51,623 114,197 161,053
Goodwill and intangible asset impairment -- 122,091 -- 122,091
Loss from operations (6,359) (111,869) (38,165) (118,632)

Interest expense 3,380 4,765 11,216 16,623
Loss before income tax benefit (9,739) (116,634) (49,381) (135,255)

Income tax benefit (559) (3,377) (5,591) (12,067)
Net loss $ (9,180) $ (113,257) $ (43,790) $ (123,188)

Basic net loss per common share $ (0.49) $ (6.15) $ (2.37) $ (6.70)

Diluted net loss per common share $ (0.49) $ (6.15) $ (2.37) $ (6.70)

Weighted average number of common shares used in computing net loss per common share:

Basic 18,575,332 18,415,790 18,502,933 18,381,325
Diluted 18,575,332 18,415,790 18,502,933 18,381,325

MarineMax, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

(Unaudited)

June 30, June 30,
2009 2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 13,825 $ 21,600
Accounts receivable, net 34,065 49,399
Inventories, net 339,849 515,302
Prepaid expenses and other current assets 10,065 8,641
Deferred tax assets 298 836
Total current assets 398,102 595,778

Property and equipment, net 109,527 117,669
Other long-term assets 3,257 3,614
Deferred tax asset 1,206 --
Total assets $ 512,092 $ 717,061

LIABILITIES AND STOCKHOLDERS` EQUITY
CURRENT LIABILITIES:
Accounts payable $ 16,755 $ 15,434
Customer deposits 6,065 8,994
Accrued expenses 24,693 27,682
Short-term borrowings 250,000 404,000
Total current liabilities 297,513 456,110

Other long-term liabilities 4,821 3,745
Total liabilities 302,334 459,855

STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued or outstanding at June 30, 2009 and June 30, 2008 -- --
Common stock, $.001 par value, 24,000,000 shares authorized, 18,661,027 and 18,241.204 shares issued and outstanding, net of shares held in treasury, at June 30, 2009 and June 30, 2008, respectively 19 19
Additional paid-in capital 183,797 176,364
Retained earnings 41,752 96,633
Treasury stock, at cost, 790,900 shares held at June 30, 2009 and (15,810) (15,810)
June 30, 2008
Total stockholders` equity 209,758 257,206
Total liabilities and stockholders` equity $ 512,092 $ 717,061

MarineMax, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Information

(Amounts in thousands, except share and per share data)

(Unaudited)

Three months ended June 30, Nine months ended June 30,
2009 2008 2009 2008
GAAP net income (loss) as reported $ (9,180) $ (113,257) $ (43,790) $ (123,188)
Impairment of goodwill and indefinite lived intangible assets (net of tax at the historical 40% rate and valuation allowance) -- (116,531) -- (115,290)
Non-GAAP proforma net income (loss) $ (9,180) $ 3,274 $ (43,790) $ (7,898)
GAAP diluted net income (loss) per common share $ (0.49) $ (6.15) $ (2.37) $ (6.70)
Impairment of goodwill and indefinite lived intangible assets (net of tax at the historical 40% rate and valuation allowance) -- (6.33) -- (6.27)
Non-GAAP proforma diluted net income (loss) per common share $ (0.49) $ 0.18 $ (2.37) $ (0.43)
Common shares used in the calculations of diluted earnings per common share 18,575,332 18,415,790 18,502,933 18,381,325

MarineMax, Inc.
Michael H. McLamb, 727-531-1700
Chief Financial Officer
or
ICR, LLC
Brad Cohen, 203-682-8211
bcohen@icrinc.com

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