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Tampa Bay-Lakeland
Business Observer Friday, Jun. 3, 2011 11 years ago

MarineMax gets $150M in credit

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The Clearwater-based boat retailer can borrow $150 million from GE Capital.

CLEARWATER — MarineMax Inc. (symbol: HZO) increased its credit agreement with GE Capital this week. The Clearwater-based yacht retailer can now borrow up to $150 million, up from $100 million, according to a release.

“Based on our two most recent quarters, we have seen an increase in new boat sales and this expansion of our credit facility better positions us for growth as the industry recovers,” said MarineMax chief financial officer Michael McLamb in a prepared statement.

In the first quarter of this year, MarineMax posted an operating loss of $3.7 million, despite $115.8 million in revenues. In its 2010 fiscal year, which ended Sept. 30, the company's operating losses were $13.2 million.

So far this year, the company's stock is down roughly 13% in value, to $8 a share. However, the company has recovered from the lows of early 2009, when its stock was trading below $2 a share.

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