MarineMax Issues Update On Impact From COVID-19 - Quick Facts

(RTTNews) - MarineMax, Inc. (HZO) announced the company expects total revenue for the second quarter to range from $303 million to $308 million. Given the significant uncertainties, the company has decided to withdraw its fiscal 2020 financial guidance provided on January 23, 2020.

MarineMax ended the first quarter with $74 million of liquidity on its balance sheet, comprised of $36 million of cash and cash equivalents along with $38 million available under its floorplan financing facility.

In its response to market uncertainty from the COVID-19 pandemic, MarineMax has temporarily closed departments or locations based on guidance from each local government or health officials. To enhance financial flexibility and liquidity, MarineMax is implementing operating cost savings, delaying or reducing capital expenditures; and furloughing team members associated with temporary closures. Also, the company reduced incoming orders from manufacturers.