TAMPA, Fla. — Lazydays Holdings announced financial results for the second quarter ended June 30.
Second Quarter Financial Results and Highlights:
- On May 21, 2018, Lazydays announced entering into an agreement to acquire Shorewood RV Center located in Anoka, Minnesota. This acquisition closed on August 7, 2018.
- Revenues decreased by $2.7 million, or 1.6%, from $164.8 million for the quarter ended June 30, 2017 to $162.1 million for the quarter ended June 30, 2018. Revenue from sales of recreational vehicles decreased by $2.3 million, or 1.6%, from $146.7 million for the three months ended June 30, 2017 to $144.4 million for the three months ended June 30, 2018 driven by decreased average selling price of new models due to the shift toward towable units as a greater portion of our sales mix.
- Gross profit increased by $1.9 million, or 5.7%, from $33.8 million for the quarter ended June 30, 2017 to $35.7 million for the quarter ended June 30, 2018. The increase in gross profit was primarily driven by a shift toward pre-owned vehicles sales and an increase in the volume of towables as a percentage of our new vehicle sales.
- Excluding transaction costs, selling, general, and administrative expenses increased by $4.7 million or 18.1%. This was primarily driven by increases in non-cash expenses including depreciation and amortization of property and equipment and amortization of intangible assets associated with the acquisition date accounting as well as the stock-based compensation expense related to options issued to management following the merger between Andina Acquisition Corp. II and Lazy Days’ R.V. Center, Inc. on March 15, 2018.
- Adjusted EBITDA, a non-GAAP financial measure, increased by 2.5% from $9.7 million for the quarter ended June 30, 2017 to $10.0 million for the quarter ended June 30, 2018 primarily driven by the increase in gross profit described above.
“While we saw increases in volume during the second quarter, our topline revenues were lower driven by a shift toward towables. Despite the lower sales revenue, we were able to improve gross profit based upon our increased unit sales and our sales mix having higher margins as a percent of revenue,” stated Mr. William Murnane, chairman and chief executive officer of Lazydays. Mr. Murnane continued, “We are excited to have completed our first acquisition as a public company. We closed our acquisition of the assets of Shorewood RV Center on August 7th. This is an important milestone for Lazydays as geographic expansion into top tier RV markets is a key element of our growth strategy.”
Conference Call Information:
The company has scheduled a conference call at 10:00AM Eastern Time on August 9 that will also be broadcast live over the internet. The call can be accessed as follows:
Via phone by dialing 1-844-343-9114 for domestic callers and 1-647-689-5132 for international callers. Please dial in and request Lazydays Holdings, Inc. Second Quarter 2018 Financial Results Conference Call; also via webcast by clicking the link.
A live audio webcast of the conference call will be available online at https://www.lazydays.com/investor-relations.
A telephonic replay of the conference call will be available until August 16, 2018 and may be accessed by calling 1-800-585-8367 or 1-416-621-4642 with a conference ID number of 2377938. The webcast will be archived in the Investor Relations section of the Company’s website.
SOURCE: Lazydays press release