MarineMax’s Board of Directors has approved a new stock repurchase plan, with the yachting conglomerate set to repurchase up to $100 million of its common stock from today to March 31st, 2026. MarineMax aims for the stock repurchase to offset any reduction in ownership value resulting from granting restricted stocks to employees.

The decision suggests that management expects the company's financial position and profitability to remain strong in the medium term, especially with sufficient liquidity allocated towards repurchasing its own stock.

This plan replaces the March 2020 plan which authorised the repurchase of up to 10 million shares and was set to expire on March 31st, 2024. Around 1,080,000 shares have been repurchased under the 2020 plan as of March 5, 2024.

The programme allows MarineMax to periodically purchase common stock in either the open market or in privately negotiated block purchase transactions. The number of shares purchased and the timing of any purchases will depend on the price and availability of the firm’s stock and general market conditions, indicating the company’s financial agility.

The shares repurchased may then be held in reserve for future issuance, primarily for employee benefit plans, as well as for other general corporate purposes.

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Marine Max (Woods & Oviatt)

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