MarineMax Announces New Stock Repurchase Program
11 Março 2024 - 9:00AM
Business Wire
MarineMax, Inc. (NYSE: HZO), the world’s largest recreational
boat, yacht and superyacht services company, today announced that
its Board of Directors approved a new stock repurchase plan. Under
the plan, the Company is authorized to repurchase up to $100
million of its common stock during the period beginning today and
ending March 31, 2026. This plan replaces the March 2020 plan (the
“2020 plan”), as amended, which authorized the repurchase of up to
10 million shares and which was set to expire on March 31, 2024.
Approximately 1,080,000 shares had been repurchased under the 2020
plan as of March 5, 2024.
The new stock repurchase program allows MarineMax to purchase
common stock from time to time in the open market or in privately
negotiated block purchase transactions. The number of shares
purchased and the timing of any purchases will depend upon a number
of factors, including the price and availability of the Company’s
stock and general market conditions. The Company intends to
repurchase shares to mitigate the dilutive effect of restricted
stock, and shares repurchased may be reserved for later reissue in
connection with employee benefit plans and other general corporate
purposes.
As of March 5, 2024, the Company had 22,299,588 shares of common
stock outstanding.
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 Statement 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 those regarding the Company’s potential
repurchases of its common stock and the means by which such
repurchases are made. 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 significant changes in the price and availability of the
Company’s stock, general economic conditions, as well as those
within our industry, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240308070512/en/
Investors: Michael H. McLamb Chief Financial Officer
727-531-1700 investors@marinemax.com
Scott Solomon or Laura Resag Sharon Merrill Advisors
investors@marinemax.com 617-542-5300
Media: Abbey Heimensen Abbey.Heimensen@marinemax.com
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