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MarineMax Reports Large Quarterly Loss
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Published: November 12, 2008
TAMPA - Hit hard by the credit crisis and likely recession, boat dealership chain MarineMax Inc. reported a multimillion-dollar loss and saw its sales fall nearly 50 percent.
On Tuesday, Clearwater-based MarineMax announced that it lost $11.1 million, or 60 cents per share, in its fourth quarter ended Sept. 30, compared with a profit of $6.6 million, or 35 cents per share, in the same quarter a year ago. The company's sales fell to $165.6 million in the fourth quarter from $318.2 million in the year-ago quarter.
Sales at stores open for at least a year, or "same store sales," fell by 45 percent.
During a conference call with stock analysts, MarineMax executives said they are preparing for continued slow sales in 2009 by ordering less inventory, cutting some staff and selectively closing stores.
Reporter Michael Sasso can be reached at (813) 259-7865.
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