CLEARWATER -- Boat retailer MarineMax Inc. (symbol: HZO) posted a $5.7 million net loss in the fourth quarter of its 2011 fiscal year.
Over the year, revenues are down 4%, to $119.8 million; operating losses are up 267% to $4.8 million; and interest costs are up 38%, to $970,000.
About his company's fourth quarter performance, CEO William McGill says, “Our industry's challenges persisted with a significant drop in consumer confidence brought about by increasing softness in the economy, the national debt debate, and, to a much lesser degree, Hurricane Irene.”
For its full 2011 fiscal year, MarineMax posted $11.5 million in net losses on $480.9 million in revenues. Operating losses were $8.4 million, down slightly from fiscal 2010 ($13.2 million).
Investors have responded to the news by selling MarineMax shares. The company's stock price was down 14% in early Thursday trading, to slightly more than $6 a share, near its 52-week low of $5.50.