MarineMax Enters Chesapeake Bay Region
June 9, 2004 MarineMax, Inc., the nation's largest recreational boat retailer, today announced that it has acquired Imperial Marine, an established dealer in the Baltimore and northern Chesapeake areas of Maryland. The privately held boat dealership consists of a highway location and a marina. The marina is located on over 11 acres on the Gunpowder River and has approximately 300 in-water slips and over 250 rack-storage slips. Imperial Marine generated approximately $12 million of revenue, in its most recently completed fiscal year.
MarineMax acquired Imperial Marine, including both locations, for approximately $9.3 million in cash, resulting in approximately $1.7 million in goodwill. Subsequent mortgage financing of the property is expected. MarineMax expects the transaction to be accretive by the end of its third quarter in Fiscal 2005. Mr. William H. McGill, Chairman, President and CEO of MarineMax, stated, "We are very proud to have Imperial Marine join MarineMax. The Chesapeake area is one of the most established boating markets in the country and draws from some of the wealthiest demographic areas in the nation. Imperial Marine has a long history in the area and a distinguished reputation for superior service, which is consistent with the MarineMax philosophy. We plan to capitalize on Imperial's market position and bring additional resources that will help grow the business and better serve the customers."
Mr. McGill concluded, "With the acquisition, we now establish a presence in another important boating market. This will help us attract new customers and enable our existing customers from Florida to New Jersey to take advantage of the great boating in the Chesapeake region, while receiving the MarineMax experience they enjoy."
About MarineMax
Headquartered in Clearwater, Florida, MarineMax primarily sells premium quality recreational boats such as Sea Ray, Hatteras, Ferretti, Pershing, Apreamare, Custom Line, CRN, Riva, Bertram, Boston Whaler and Grady White through 66 retail locations in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Minnesota, Nevada, New Jersey, North Carolina, Ohio, South Carolina, Texas and Utah and offers yacht brokerage services through MarineMax Motor Yachts, its wholly-owned Yachts and brokerage subsidiary. 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. 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 program, synergies expected from acquisitions, anticipated service revenue enhancements, general economic conditions and the level of consumer spending, the Company's ability to integrate acquisitions into existing operations and numerous other factors identified in the Company's Form 10-K and other filings with the Securities Exchange Commission. |
