July 29: HZO, NICK

MarineMax
You might not think it possible for a recreational boat retailer to be making a profit. But MarineMax has done just that by reducing short-term borrowing and eliminating inventory.

Revenues for the second quarter of 2010 were $115.4 million, down 24% from last year's $151.5 million. But net income was positive, as MarineMax posted a $512,000 profit — a stark contrast to the $9.2 million lost in 2009.

To achieve those results, the Clearwater-based firm reduced its short-term debt by 77%, ending the quarter with $57.2 million borrowed. And a 47% decrease to inventory left the company with $181.4 million in product at the quarter's close, down from $339.8 million on June 30, 2009.