OneWater Marine Inc. reports developments as a U.S. recreational marine retailer with Dealership and Distribution operations. Its updates commonly cover new and pre-owned boat sales, finance and insurance income, service, parts and accessories, repair and maintenance activity, and marine-products distribution through warehouses, distribution centers and online marketplaces.
Company news also focuses on same-store sales, gross margin, inventory mix, product portfolio actions, leverage reduction, and financing facilities used to support boat inventory and dealership operations. Recent corporate updates include the completed sale of Ocean Bio-Chem as part of a portfolio optimization effort centered on core marine retail assets.
OneWater Marine Inc. (NASDAQ: ONEW) has finalized the acquisition of Tom George Yacht Group (TGYG), enhancing its footprint on Florida's west coast. This marks the first acquisition since going public and one of the largest in the company's history. The acquisition aims to boost new and pre-owned boat sales, yacht brokerage, and service operations. Since 2014, OneWater has successfully acquired 40 retail locations, emphasizing operational synergies and margin expansion. The company operates 63 stores across 10 states, catering to the growing demand in the recreational boating market.
OneWater Marine Inc. (NASDAQ: ONEW) reported impressive financial results for fiscal year 2020, achieving record revenue of $1 billion, a 33% increase year-over-year. Same-store sales rose 24%, while net income increased 30% to $48.5 million. The fiscal fourth quarter also saw revenues of $271 million, a 29.8% increase. New boat sales surged 36.1% to $717 million, and pre-owned boat sales grew 34.4%. Despite challenges, gross profit margin improved to 23%. Looking ahead, the company forecasts mid-single-digit same-store sales growth for fiscal 2021.
OneWater Marine Inc. has announced a definitive agreement to acquire substantially all assets of Tom George Yacht Group (TGYG), enhancing its presence in the Florida market. This strategic acquisition is expected to close by year-end and will contribute to new and pre-owned boat sales, yacht brokerage, and services. TGYG reported revenues exceeding $30 million in the past year. This move marks OneWater's first acquisition since going public in early fiscal year 2020 and aligns with its strategy to expand operational synergies and market reach.
OneWater Marine Inc. (NASDAQ: ONEW) will release its fiscal fourth quarter and full-year 2020 financial results on November 19, 2020, before market opens. A conference call led by the management team will follow at 8:30 a.m. Eastern Time to discuss these results. The call can be accessed via phone or via the Company’s website, where it will also be archived for a year. OneWater is a significant player in the U.S. recreational boat retail market, operating 61 stores across 10 states and offering diverse products and services including boat sales and maintenance.
OneWater Marine Inc. (NASDAQ: ONEW) appointed David K. Witty as Chief Technology Officer, effective October 1, 2020. Witty will enhance the company's digital infrastructure, aiming to improve customer experience and support growth. With 33 years in the marine industry, he previously contributed to developing OneWater's proprietary technologies, including CRM and sales management systems. OneWater Marine is a leading recreational boat retailer in the U.S., operating 63 stores across 11 states, with diverse revenue streams from boat sales, parts, financing, and ancillary services.
OneWater Marine Inc. (NASDAQ: ONEW) has implemented organizational changes to enhance customer engagement and operational agility as of October 1, 2020. COO Anthony Aisquith emphasized these realignments will strengthen leadership while maintaining the distinctive nature of local dealerships. Key promotions include Scott Cunningham overseeing Gulf Coast Operations, with Tim Leedham leading the Northeast Region and Donald Drummonds expanding into the Midwest. Joey Jones will manage East Florida, Bryan Braley will head the Yacht and Brokerage division, and George Hernandez will lead South Texas.
OneWater Marine Inc. (NASDAQ: ONEW) has priced a public offering of 3,170,868 shares of its Class A common stock at $20.00 per share. The offering includes 425,000 shares from OneWater and 2,745,868 shares from selling stockholders, with an additional 475,630 shares available through underwriters' option. Closing is expected on September 22, 2020. The net proceeds will support working capital and business expansion. Major underwriters include Truist Securities, Baird, and Raymond James.
OneWater Marine has launched a public offering of 3,170,868 shares of its Class A common stock, with 425,000 shares offered by the company and 2,745,868 shares by selling stockholders. The offering includes a 30-day option for underwriters to purchase an additional 475,630 shares. Proceeds will support working capital, business expansion, and general purposes. Preliminary results for the quarter ending August 31, 2020, indicate a revenue increase of over 20% and same-store sales growth of more than 17%, driven by new and pre-owned boat sales.
OneWater Marine Inc. (NASDAQ: ONEW) has announced the purchase of Boatsforsale.com, aimed at enhancing its online marketplace for new and pre-owned boats, as well as related financing and insurance. CEO Austin Singleton stated that this platform will create a user-friendly environment for buying and selling boats, integrating tools for boat valuation and comparisons. The phased roll-out is expected to broaden OneWater's customer base and geographic reach while reinforcing its digital strategy. The website aims to streamline the boat shopping experience, capitalizing on the high search interest in 'boats for sale.'
OneWater Marine Inc. has secured a new $110 million senior credit facility, projected to save over $6 million in annual interest expenses in Fiscal Year 2021. This facility includes an $80 million term loan and a $30 million undrawn revolver, replacing a former agreement with Goldman Sachs. The new terms enhance financial flexibility, allowing for strategic acquisitions and regional expansions. The initial interest rate is set at 3.00%, with flexible covenants. CFO Jack Ezzell emphasized that this refinancing supports the company's long-term growth strategy.