Summary - Funding Rounds

Founding Date

1968

West Marine Revenue Breakdown

Embed Graph

West Marine revenue breakdown by business segment: 76.5% from Core boating products and 23.5% from Merchandise expansion products

West Marine Income Statement

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Revenue

643.4m675.3m663.2m675.8m704.8m703.4m

Revenue growth, %

2%4%0%

Cost of goods sold

458.4m477.1m502.8m497.7m

Gross profit

185.0m198.1m202.0m205.7m

Gross profit Margin, %

29%29%29%29%

Sales and marketing expense

6.4m

General and administrative expense

162.9m172.8m193.6m

Operating expense total

162.9m172.9m193.6m

EBIT

22.1m25.2m7.7m12.0m

EBIT margin, %

3%4%1%2%

Interest expense

918.0k841.0k452.0k432.0k

Pre tax profit

21.2m24.3m7.3m11.6m

Income tax expense

(8.4m)8.8m2.8m5.1m

Net Income

29.7m15.5m7.8m1.9m4.5m6.5m

Quarterly

USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017

Revenue

236.0m180.3m121.5m243.6m191.9m114.2m236.8m193.4m113.3m236.5m196.5m194.4m127.1m253.2m191.9m130.4m251.6m129.1m247.2m

Cost of goods sold

151.1m125.6m92.0m157.7m131.6m89.3m154.2m138.5m88.4m154.2m138.1m138.1m100.1m162.4m136.5m97.5m162.4m96.1m157.0m

Gross profit

84.8m54.7m29.5m85.9m60.3m24.9m82.6m54.9m24.9m82.3m58.4m56.3m27.0m90.8m55.4m32.9m89.2m32.9m90.3m

Gross profit Margin, %

36%30%24%35%31%22%35%28%22%35%30%29%21%36%29%25%35%26%37%

General and administrative expense

44.6m41.8m39.9m47.4m43.1m39.9m44.8m

Operating expense total

44.6m41.8m39.9m47.6m43.1m39.9m44.8m

EBIT

40.2m12.9m(10.4m)38.3m17.2m(14.9m)37.8m13.1m(19.1m)32.6m9.9m8.7m(18.0m)37.3m7.5m(15.1m)36.5m(12.0m)36.1m

EBIT margin, %

17%7%(9%)16%9%(13%)16%7%(17%)14%5%4%(14%)15%4%(12%)15%(9%)15%

Interest expense

273.0k226.0k220.0k224.0k217.0k109.0k114.0k104.0k108.0k115.0k99.0k107.0k112.0k120.0k104.0k105.0k116.0k110.0k99.0k

Pre tax profit

40.0m12.7m(10.6m)38.1m17.0m(15.0m)37.7m13.0m(19.2m)32.4m9.8m8.6m(18.1m)37.1m7.4m(15.2m)36.4m(12.1m)36.0m

Income tax expense

(4.8m)1.4m(4.4m)15.4m6.7m(6.1m)15.3m6.7m(8.2m)14.1m4.8m3.7m(7.8m)16.2m3.5m(6.1m)14.8m(4.8m)14.8m

Net Income

44.7m11.2m(6.2m)22.6m10.3m(9.0m)22.3m6.3m(11.0m)18.3m4.9m4.9m(10.3m)20.9m3.9m(9.1m)21.6m(7.3m)21.2m

West Marine Balance Sheet

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Cash

44.0m56.5m48.4m45.7m48.2m76.1m

Accounts Receivable

5.8m6.7m6.4m

Prepaid Expenses

13.8m16.4m

Inventories

193.4m194.3m

Current Assets

264.0m282.9m282.3m298.2m301.7m315.2m

PP&E

60.7m59.5m72.8m79.4m81.6m82.5m

Total Assets

335.7m354.3m364.2m385.5m391.8m406.1m

Accounts Payable

25.1m21.1m22.0m33.2m26.3m33.0m

Short-term debt

Current Liabilities

66.1m62.0m59.3m74.2m75.0m78.1m

Long-term debt

120.0m

Total Debt

120.0m

Total Liabilities

80.0m75.9m97.4m

Common Stock

23.0k24.0k26.0k

Preferred Stock

Additional Paid-in Capital

186.1m193.4m202.6m207.9m211.7m214.8m

Retained Earnings

70.6m86.2m90.9m92.9m97.4m103.9m

Total Equity

255.6m278.4m288.6m291.0m299.5m308.7m

Financial Leverage

1.3 x1.3 x1.3 x1.3 x1.3 x1.3 x

Quarterly

USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017

Cash

12.0m44.1m2.2m37.1m68.3m22.5m45.8m69.9m10.4m38.9m63.6m60.5m6.6m44.2m93.9m22.4m89.6m47.0m113.3m

Accounts Receivable

8.4m6.5m7.8m9.2m7.5m8.1m10.0m7.9m9.3m11.0m8.5m8.6m9.6m10.7m8.9m9.1m10.6m9.1m10.3m

Prepaid Expenses

21.1m15.0m24.7m21.2m14.8m24.9m21.9m

Inventories

242.0m211.5m240.9m248.9m213.1m243.9m243.1m

Current Assets

290.7m286.0m281.3m321.0m311.4m304.7m326.1m322.4m297.2m319.9m309.3m329.8m311.4m340.6m351.0m327.2m373.5m340.3m388.4m

PP&E

59.1m58.9m61.3m62.8m58.9m59.2m65.7m69.9m74.9m79.6m80.0m79.0m81.9m81.4m80.0m82.0m80.5m79.6m77.8m

Total Assets

363.5m356.8m353.7m394.2m380.3m375.1m403.0m401.2m381.2m407.9m396.9m415.7m401.2m429.3m439.7m417.5m462.5m428.1m474.4m

Accounts Payable

43.4m26.7m47.7m53.2m29.5m46.4m43.3m31.4m46.7m50.2m34.5m38.2m53.5m53.2m55.3m66.9m77.2m63.2m73.2m

Short-term debt

Current Liabilities

93.6m70.8m88.2m104.9m79.4m87.6m89.2m80.3m91.1m97.2m80.8m85.5m98.7m104.8m104.1m109.1m131.3m107.0m130.0m

Long-term debt

Total Debt

Total Liabilities

107.5m88.5m102.6m119.1m93.8m101.8m105.7m96.8m106.8m113.3m96.8m106.4m118.7m125.4m122.2m127.0m149.5m127.4m150.6m

Common Stock

23.0k23.0k23.0k23.0k23.0k24.0k24.0k

Preferred Stock

Additional Paid-in Capital

183.9m184.8m187.9m189.2m190.5m197.2m198.8m200.2m204.1m206.1m206.7m210.7m209.5m210.1m213.8m212.2m213.1m215.6m216.9m

Retained Earnings

73.4m84.6m64.4m87.0m97.3m77.2m99.5m105.8m79.9m98.2m103.1m108.4m82.6m103.5m113.7m88.3m109.8m95.3m116.6m

Total Equity

256.0m268.4m251.2m275.1m286.6m273.3m297.3m304.4m274.4m294.7m300.2m309.4m282.5m303.9m317.5m290.5m313.0m300.7m323.7m

Financial Leverage

1.4 x1.3 x1.4 x1.4 x1.3 x1.4 x1.4 x1.3 x1.4 x1.4 x1.3 x1.3 x1.4 x1.4 x1.4 x1.4 x1.5 x1.4 x1.5 x

West Marine Cash Flow

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Net Income

29.7m15.5m7.8m1.9m4.5m6.5m

Depreciation and Amortization

14.3m15.3m15.0m18.2m20.7m22.2m

Accounts Receivable

(220.0k)(1.2m)600.0k

Inventories

7.1m(1.9m)8.5m

Accounts Payable

(4.6m)(4.8m)1.1m10.8m(7.9m)5.9m

Cash From Operating Activities

37.2m26.0m13.6m24.0m23.3m49.3m

Purchases of PP&E

(17.7m)(18.0m)(28.6m)(24.6m)(22.6m)(22.7m)

Cash From Investing Activities

(17.6m)(17.8m)(24.2m)(24.5m)(22.5m)(21.8m)

Short-term Borrowings

(28.8m)(5.2m)(1.1m)

Cash From Financing Activities

2.4m4.4m2.4m(2.2m)1.6m434.0k

Net Change in Cash

21.9m12.6m28.0m

Interest Paid

645.0k693.0k293.0k328.0k287.0k275.0k

Income Taxes Paid

3.5m7.2m5.0m

Quarterly

USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017

Net Income

32.4m43.6m(6.2m)16.4m26.6m(9.0m)13.3m6.3m(11.0m)18.3m4.9m4.9m(10.3m)20.9m3.9m(9.1m)21.6m(7.3m)14.0m

Depreciation and Amortization

7.0m10.9m3.8m7.7m11.5m3.7m7.4m11.6m

Accounts Receivable

(2.9m)(1.0m)(2.1m)(3.5m)(1.8m)(1.4m)(3.3m)11.0m8.5m8.6m9.6m10.7m8.9m9.1m10.6m9.1m(4.0m)

Inventories

(42.2m)(11.8m)(48.3m)(56.5m)(21.2m)(50.5m)(49.6m)(32.4m)

Accounts Payable

15.1m(1.5m)21.3m26.8m3.1m24.9m23.7m50.2m34.5m38.2m53.5m53.2m55.3m66.9m77.2m63.2m41.1m

Cash From Operating Activities

(241.0k)34.5m(39.7m)(462.0k)34.2m(38.4m)(4.1m)45.9m

Purchases of PP&E

(10.6m)(13.7m)(3.4m)(8.8m)(12.8m)(3.0m)(15.1m)(7.8m)

Cash From Investing Activities

(10.6m)(13.6m)(3.4m)(8.8m)(12.7m)1.3m(10.8m)(7.8m)

Short-term Borrowings

(27.6m)(28.2m)(1.2m)(3.9m)(4.8m)(1.4m)(2.8m)(317.0k)

Dividends Paid

(1.3m)

Cash From Financing Activities

791.0k1.2m1.3m2.3m2.8m3.0m4.1m(910.0k)

Net Change in Cash

(10.1m)22.1m(41.7m)(6.9m)24.3m(34.0m)(10.8m)37.1m

Interest Paid

339.0k514.0k167.0k345.0k452.0k92.0k146.0k141.0k

Income Taxes Paid

(580.0k)1.8m150.0k372.0k4.1m545.0k579.0k161.0k

West Marine Ratios

USDQ2, 2012

Financial Leverage

1.4 x

West Marine Operating Metrics

FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Retail Space, sq. ft.

2.71 m2.56 m

Stores

279 274 273 265 254 261 258 256 253 250

West Marine Employee Rating

3.6356 votes
Culture & Values
3.1
Work/Life Balance
3.2
Senior Management
2.8
Salary & Benefits
2.6
Career Opportunities
3
Source