MarineMax F1Q09 (Qtr End 12/31/08) Earnings Call Transcript

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2009-02-03 11:20:30.0

Tags: Seeking Alpha, MarineMax Inc.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). And our first question will come from Robert Henderson with Router (ph) Baker Capital Management.

Unidentified Analyst

Hi Mike. Good morning. I was wondering if you could give us a few additional numbers if they're available. For the quarter the depreciation and amortization, the restructuring expense in the quarter, if there was any, and the stock option expense in the quarter, if there was any?

Michael McLamb

Yeah, depreciation and amortization tends to round about 2.5 million for us. I think that was about the number in the December quarter. We put in the press release that from the store closures we had... it's about $400,000 worth of store closure-related costs for the five stores that we've closed. The stores that we closed in the prior year were pretty much expensed in the prior year.

And stock-based comp, I think, was down around a little bit over $1 million, which is lower than it typically is, really due to the downsizing of our team members that also had some equity awards that were retired when they left the company.

Unidentified Analyst

Okay. Great, thank you.

Michael McLamb

You're welcome.

William McGill, Jr.

Thanks Rob. Thank you.

Operator

And next, we'll hear from Hayley Wolff with Rochdale Securities.

Hayley Wolff - Rochdale Securities

Hi guys.

William McGill, Jr.

Hey Hayley.

Michael McLamb

Hey Hayley.

Hayley Wolff - Rochdale Securities

Could you give us a sense of what you've seen in January, in terms of same-store sales, inventory reduction? And then, as we roll into the boating season, can you comment on what the year-over-year comparisons look like, when do they get easy?

Michael McLamb

Yeah. January trends, we're not seeing a whole lot of... we're not seeing improvements, obviously from what we had in the December quarter. We were putting the finishing touches on the month. Same-store sales are going to be in the mid to maybe high 40s down, boat sales are down anywhere from probably like, I'd say, the couple that are flat, most are probably 20% to 40% down from a boat sale perspective.

William McGill, Jr.

Right.

Michael McLamb

The December quarter is our toughest same-store sales comparison, with the 9% decline where the March quarter is 28 down, the June quarter of last year was 29 down, then September is 45% down. So, in theory we start coming up against easier comps. I think that we've got to continue to get to these boat sale seasons and then more importantly, get into the month of March which is a very important month of this quarter.

 

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