MarineMax Issues Statement

Rhea-AI Summary

MarineMax (NYSE: HZO), the leading global recreational boat, yacht, and superyacht services company, has responded to recent communications from Island Capital Group. The MarineMax Board of Directors is open to evaluating legitimate opportunities to enhance shareholder value and has engaged with Island Capital on multiple occasions. The company reiterates its commitment to making decisions that serve the best interests of the company and its shareholders.

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CLEARWATER, Fla.--(BUSINESS WIRE)-- MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat, yacht and superyacht services company, today issued the following statement in response to recent letters issued by Island Capital Group LLC:

The MarineMax Board of Directors is open-minded and regularly evaluates bone fide opportunities to enhance shareholder value. The Board is always open and responsive to input from key stakeholders and we have spoken with Island Capital on several occasions. The Company will continue to make decisions and take actions that we believe are in the best interest of the Company and our shareholders.

About MarineMax

As the world’s largest lifestyle retailer of recreational boats and yachts, as well as yacht concierge and superyacht services, MarineMax (NYSE: HZO) is United by Water. We have over 130 locations worldwide, including 83 dealerships and 66 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts and motor yachts; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include abilities of MarineMax, Inc. (the “Company”) to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently-acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2023 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240712507395/en/

Investors:



Mike McLamb

Chief Financial Officer

MarineMax, Inc.

727-531-1700



Scott Solomon

Sharon Merrill Advisors

HZO@investorrelations.com

617-320-8282



Media:



Mahmoud Siddig / Greg Klassen

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

Source: MarineMax, Inc.

FAQ

What did MarineMax (HZO) announce in their recent press release?

MarineMax announced that their Board of Directors is open to evaluating opportunities to enhance shareholder value and has engaged with Island Capital Group.

How is MarineMax (HZO) addressing shareholder value in response to Island Capital Group?

MarineMax stated that its Board of Directors is actively open to opportunities that could enhance shareholder value and has had discussions with Island Capital Group.

What is the goal of MarineMax (HZO) according to their latest statement?

MarineMax aims to make decisions that are in the best interest of the company and its shareholders.