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Tuesday, 17 February 2004
February 17, 2004 MarineMax (HZO)
Hello Friends! It is late Tuesday evening and I was watching the election returns from Wisconsin. It looks like Kerry wins again...Edwards hangs in there but loses another state...sounds more like a boxing match than an election...but I guess that is the point. Anyhow, wanted to scan the lists to see if anything looks worthwhile. Here is a boat retailer for you to consider. I do not own any shares of this stock.

MarineMax (HZO) had a nice day today, closing at $26.52 on the day, up $3.72 or 16.32%. Nice is putting it nicely! According to the money.cnn.com "snapshot", MarineMax "...is a recreational boat dealer that, through its 66 retail locations in 15 states, sells new and used boats and related marine products including engines, trailers, parts and accessories."

Just a few weeks ago, HZO reported excellent first quarter 2004 results. For the quarter, MarineMax reported a 60% revenue increase to $156.7 million from $98.0 million. More importantly, get this, same store revenues grew 56% (!!!) compared to an 18% decrease in the year ago quarter. Net income was $2.2 million or $.14/diluted share an increase of $.17 compared to the net loss of $480,000, or $(0.03)/diluted share the prior year.

If we look at the "5-Yr Restated" financials on Morningstar.com, we can see that sales growth for HZO has been fairly steady, increasing from $450 million in 1999 to $608 million in the trailing twelve months. Earnings per share have actually pretty much gone nowhere during this period ranging from $1.21/share in 1999 to $1.26/share in the trailing twelve months. Frankly, I would much rather see a trend of growing earnings along with the steady increase in revenue.

Free cash flow has been improving recently from $1 million in 2001, $(3) million in 2002 to $18 million in 2003. The balance sheet is balanced in favor of assets with $10.5 million in cash and $192.8 million in other current assets compared to $136.3 million in current liabilities and $26.8 million in long-term liabilities.

Looking at
"Key Statistics" on Yahoo for MarineMax, we find that the market cap is a small $409.95 million. The trailing p/e isn't bad at 18.80, with a forward p/e from fye 5/05, at 16.17. The PEG is a little rich at 1.56 and price/sales cheap at 0.53.

There are 15.46 million shares outstanding with 8.50 million of them that float. As of 1/8/04, Yahoo reports only 81,000 shares out short with a short ratio (number of trading days to cover) at 1.174. No dividend is paid, and Yahoo does not report any stock splits in the recent past history of the company.

Looking at a Point and Figure chart from stockcharts.com, we find a graph that appears to be trading steadily higher with no evidence of any weakness at least since breaking out in early 2002.

Overall, this is an interesting pick. It has a nice history of revenue growth, fairly reasonable p/e and PEG, as well as price/sales ratios. In addition, they have recently reported a 50%+ same store sales growth figure so they must be going like 'gangbusters'. The graph looks nice, and if the recovery continues, boating and recreational companies are sure to benefit imho.

As always, please consult with your own investment advisors and do your own due diligence. Thanks again for stopping by and if you have any questions, comments, or words of encouragement, please feel free to drop me a line at bobsadviceforstocks@lycos.com

Regards!

Bob


Posted by bobsadviceforstocks at 10:50 PM CST | Post Comment | Permalink

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