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Default Marine Max Buys Out Surfside-3

Looks like the biggest retailer in the country just got even bigger.

FOR IMMEDIATE RELEASE





CONTACT: Michael H. McLamb Carolyn
Schinsky

Chief Financial Officer
314-822-9784

MarineMax, Inc.


727-531-1700





MarineMax Completes Its Largest Acquisition To Date

- Acquires The Northeast's Largest Independent Boat Dealer
- Surfside-3 Marina



CLEARWATER, FL--(BUSINESS WIRE)--April 3, 2006--MarineMax, Inc. (NYSE:
HZO - News), the nation's largest recreational boat retailer, today
announced that it has completed the acquisition of substantially all
the assets of Surfside-3 Marina, Inc. and affiliated companies
(Surfside).



With calendar 2005 revenue exceeding $140 million, Surfside is one of
the largest privately owned independent boat dealers in the country.
Surfside operates eight locations and distributes products and provides
services through an additional seven affiliated locations in New York,
Connecticut, Maryland and Rhode Island.



Under the agreement, MarineMax acquired the operating assets of
Surfside for $24.8 million in cash and approximately 665,000 shares of
MarineMax, Inc. common stock, plus working capital adjustments and the
assumption of certain liabilities, including floor plan financing
obligations relating to Surfside's inventory.



William H. McGill, Jr., Chairman, President, and Chief Executive
Officer of MarineMax, Inc. stated, "We are excited about Surfside
becoming part of the MarineMax family. Acquiring Surfside gives
MarineMax a valuable presence in the Northeast and is an important step
in enabling us to take care of all of our customers' needs as they
boat along the Atlantic Coast, from New England to Florida. With its
efficient operations and capable team, led by Matthew and Paul Barbara,
Surfside has developed significant market share in the markets in which
it operates. With Surfside's passionate team and similar customer
centric strategies, we firmly believe that together we will be even
stronger in serving one of the most important marine markets in the
country."



The transaction is expected to be accretive, contributing approximately
$0.10 to $0.12 to MarineMax's diluted earnings per share in the first
12 months after the acquisition. MarineMax will update 2006 earnings
guidance when it announces the results of its March 2006 quarter.



#more#








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, Hatteras, Grady White, and the
Ferretti Group including: Ferretti Yachts, Pershing, Riva, Mochi Craft,
Apreamare and Bertram, the Company sells new and used recreational
boats and related marine products and provides yacht brokerage
services. The Company currently operates 85 retail locations in
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida,
Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York,
North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas and
Utah. MarineMax is a New York Stock Exchange-listed company.





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 the amount of the accretion to the
Company's diluted earnings per share in the 12 months following the
acquisition, expectations regarding the ability to of the Company to
integrate Surfside into the Company's existing operations, the
financial performance of Surfside, and the success of the Company
acquisition strategy. 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 accomplish goals and strategies, the success of the
acquisition, synergies expected from the acquisition, the ease of the
integration of the Port Arrowhead Group, anticipated revenue
enhancements, fiscal 2006 earnings per diluted share contribution form
the acquisition, general economic conditions and the level of consumer
spending, and numerous other factors identified in the Company's Form
10-K and other filings with the Securities Exchange Commission.





# End #

  #2   Report Post  
posted to rec.boats
JimH
 
Posts: n/a
Default Marine Max Buys Out Surfside-3


wrote in message
oups.com...
Looks like the biggest retailer in the country just got even bigger.

FOR IMMEDIATE RELEASE





CONTACT: Michael H. McLamb Carolyn
Schinsky

Chief Financial Officer
314-822-9784

MarineMax, Inc.


727-531-1700





MarineMax Completes Its Largest Acquisition To Date

- Acquires The Northeast's Largest Independent Boat Dealer
- Surfside-3 Marina



CLEARWATER, FL--(BUSINESS WIRE)--April 3, 2006--MarineMax, Inc. (NYSE:
HZO - News), the nation's largest recreational boat retailer, today
announced that it has completed the acquisition of substantially all
the assets of Surfside-3 Marina, Inc. and affiliated companies
(Surfside).



With calendar 2005 revenue exceeding $140 million, Surfside is one of
the largest privately owned independent boat dealers in the country.
Surfside operates eight locations and distributes products and provides
services through an additional seven affiliated locations in New York,
Connecticut, Maryland and Rhode Island.



Under the agreement, MarineMax acquired the operating assets of
Surfside for $24.8 million in cash and approximately 665,000 shares of
MarineMax, Inc. common stock, plus working capital adjustments and the
assumption of certain liabilities, including floor plan financing
obligations relating to Surfside's inventory.



William H. McGill, Jr., Chairman, President, and Chief Executive
Officer of MarineMax, Inc. stated, "We are excited about Surfside
becoming part of the MarineMax family. Acquiring Surfside gives
MarineMax a valuable presence in the Northeast and is an important step
in enabling us to take care of all of our customers' needs as they
boat along the Atlantic Coast, from New England to Florida. With its
efficient operations and capable team, led by Matthew and Paul Barbara,
Surfside has developed significant market share in the markets in which
it operates. With Surfside's passionate team and similar customer
centric strategies, we firmly believe that together we will be even
stronger in serving one of the most important marine markets in the
country."



The transaction is expected to be accretive, contributing approximately
$0.10 to $0.12 to MarineMax's diluted earnings per share in the first
12 months after the acquisition. MarineMax will update 2006 earnings
guidance when it announces the results of its March 2006 quarter.



#more#








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, Hatteras, Grady White, and the
Ferretti Group including: Ferretti Yachts, Pershing, Riva, Mochi Craft,
Apreamare and Bertram, the Company sells new and used recreational
boats and related marine products and provides yacht brokerage
services. The Company currently operates 85 retail locations in
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida,
Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York,
North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas and
Utah. MarineMax is a New York Stock Exchange-listed company.





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 the amount of the accretion to the
Company's diluted earnings per share in the 12 months following the
acquisition, expectations regarding the ability to of the Company to
integrate Surfside into the Company's existing operations, the
financial performance of Surfside, and the success of the Company
acquisition strategy. 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 accomplish goals and strategies, the success of the
acquisition, synergies expected from the acquisition, the ease of the
integration of the Port Arrowhead Group, anticipated revenue
enhancements, fiscal 2006 earnings per diluted share contribution form
the acquisition, general economic conditions and the level of consumer
spending, and numerous other factors identified in the Company's Form
10-K and other filings with the Securities Exchange Commission.





# End #


And yet another bites the dust to the giant Marine Max.


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