Business
OneWater Marine Inc. Announces Fiscal First Quarter 2020 Results
Strong Revenue Growth Builds Momentum Going Into 2020 Boat Season Fiscal First Quarter 2020 Highlights: Revenue increased 49% to $153.7 millionSame-store
About this update from Onewater Marine Inc.
[{"type":"text","content":"Strong Revenue Growth Builds Momentum Going Into 2020 Boat Season\nFiscal First Quarter 2020 Highlights: \n Revenue increased 49% to $153.7 millionSame-store sales grew 17%Pre-owned boat sales increased 90% to $37.8 millionFinance & insurance income increased 100% to $4.3 millionOperating income increased 176% to $3.0 millionNet loss totaled $1.1 millionAdjusted EBITDA1 rose to $1.1 million, compared to a loss of $0.1 million in the prior yearSuccessfully completed initial public offering (“IPO”) on February 11, 2020; net proceeds totaled $59.2 million BUFORD, Ga., Feb. 27, 2020 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater”) today announced results for its fiscal first quarter ended December 31, 2019. “Following a successful initial public offering earlier this month, we are thrilled to report a strong start to our fiscal year 2020. Since its inception in 1987, OneWater has executed a strategy that blends organic growth and strategic acquisitions. We believe that this strategy, coupled with an excellent customer experience, has positioned OneWater well to meet the demands of a large and growing boating market,” commented Austin Singleton, Chief Executive Officer of OneWater. Mr. Singleton continued, “During the fiscal first quarter, positive consumer sentiment and favorable retail boat trends drove our same-store sales growth of 17 percent, with increased sales across all of our boat categories, particularly in ski and wake, as well as runabouts. Feedback from the start of the 2020 boat season suggests continued momentum and optimism across our network. In fact, our sales at several major boat shows, such as Atlanta, grew beyond our high single-digit expectations. Furthermore, through our focused efforts and training, we doubled our high-margin finance & insurance income in the fiscal first quarter of 2020 compared to the prior year. We also delivered positive adjusted EBITDA in our seasonally lowest sales quarter.” “As we look to the remainder of fiscal 2020, while we anticipate that solid consumer retail trends will continue, the agility of our team and operations allow us to react quickly to any change in macroeconomic disruptions and their potential impact on marine retail sales. We also believe the pipeline of high-quality dealerships to add to the OneWater family remains robust. The successful complet...