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Clearwater's MarineMax's quarterly loss more than doubles

"In my 36 years in this industry, this is probably the worst environment we have seen." So said Clearwater-based MarineMax Inc. CEO William McGill Jr. in remarks to analysts Tuesday in announcing weak earnings for the quarter ended Dec. 31. The nation's largest boat retailer reported a net loss of $14.3 million, or 78 cents a share, compared with a loss of $6.4 million, or 35 cents a share, in a year-ago period. Revenue fell more than half to $100.2 million from $215.3 million in the same quarter last year, as sales at stores open more than a year plunged 52 percent in the quarter. McGill did offer some encouragement. "The cost of owning a boat is about as low as it's been for over a decade," he said. "Interest rates are relatively low. Financing has tightened some but is still available to our customers at low rates. Fuel is more affordable, and slips are even less expensive and readily available."

Clearwater's MarineMax's quarterly loss more than doubles 02/03/09 [Last modified: Tuesday, February 3, 2009 7:50pm]
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