MarineMax Secures Amendment of Credit Agreement

MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat retailer, announced today it completed an amendment of its second amended and restated credit and security agreement on December 15, 2008.

Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax stated, "The amendment to our credit facility provides us with additional flexibility to operate our business through these difficult market conditions. We remain focused on streamlining our cost structure, managing our inventory and providing exceptional service to our customers, which will best position MarineMax as conditions improve.”

The amendment modified the amount of borrowing availability, financial covenants, inventory advance rates, and the collateral that secures the borrowings. The amended facility provides a line of credit with asset-based borrowing availability of up to $425 million, stepping down to $350 million by September 30, 2009 and $300 million by May 31, 2010. The amendment also provides that the Company may obtain commitments from existing or additional lenders to increase the capacity of the credit facility up to $500 million, upon lender approval, and enables the Company to obtain advances of up to $20 million against certain of its owned real estate.

The amendment includes a cumulative earnings before interest, taxes, depreciation, and amortization, or EBITDA (as defined), covenant for each quarter until June 30, 2010. Additionally, the amendment replaces the fixed charge coverage ratio in the agreement prior to this amendment with an interest coverage ratio for years ending on or after September 30, 2010. Further, the amendment modifies the current ratio requirement, reduces the amount of allowable capital expenditures, and requires lender approval for any stock repurchases and acquisitions by the Company.

The amendment provides for an interest rate margin variable rate of LIBOR plus 425 basis points through September 30, 2010 and thereafter at LIBOR plus 150 to 400 basis points, depending upon the Company’s performance. The amended facility matures in May 2011, but includes two one-year renewal options, subject to lender approval.

About MarineMax

Headquartered in Clearwater, Florida, MarineMax is the nation's largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts, and Grady White, the Company sells new and used recreational boats and related marine products and provides yacht brokerage services. The Company currently operates 77 retail locations in Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas and Utah. 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. Such forward-looking statements include expectations regarding inventory management and cost reductions and the Company’s ability to service customers at desired levels.. 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 reduce inventory, accomplish the goals and strategies, 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 and Exchange Commission.