An article in the Arizona Daily Star (Tucson, AZ) today stated that Beaudry and Lazydays had been in talks to have Lazydays purchase Beaudry. The talks were terminated August 8th.
Word around central Fl. LAZYDAYS is having serious financial problems. If things do not change soon, they are history.
Even their high end sales personel have " In confedence " mentioned this to insider customers. (:
Raise prices where you can and give NOTHING away.
New overseer on property to watch out for investors money.
The Beaudry deal is history. Lazydays are suffering as most of the industry is right now.
Monday, August 18, 2008
Lazydays loss grows as demand for RVs shrinks
By Greg Gerber @ 9:59 AM :: :: 0 Comments ::
SEFFNER, Fla. -- Lazydays RV Center Inc. posted a $2.3 million net loss for the three months ended June 30, compared to a $402,581 net loss in the same period a year earlier.
Revenue for the second quarter of 2008 was $136.6 million, down 32 percent from revenue of $201.4 million in the year-ago quarter.
The company’s sales declined because of a decrease in overall industry demand for recreational vehicles, Lazydays said in a filing with the Securities and Exchange Commission.
Sales of both new and pre-owned vehicles dropped. The company sold 613 new vehicles in the second quarter of 2008, down 27 percent from a year earlier, while pre-owned sales fell 19 percent, to 692 vehicles.
For the six months ended June 30, Lazydays had net income of $1.2 million on revenue of $360.8 million, compared to net income of $2.5 million on revenue of $442.4 million a year earlier.
Lazydays, based in Seffner, is the largest single-site dealer of recreational vehicles in the United States. The company is privately owned but files reports with the SEC stemming from its May 2004 issuance of $152 million in public bonds as part of the transaction in which Bruckmann Rossser Sherrill & Co. LLC purchased majority control.
"Given its size, we believe Lazydays serves as a proxy for industry retail trends, particularly in motorhomes, complementing other sources," said Craig Kennison, a financial analyst with R.W. Baird & Company. "Gross margin increased 130 basis points to 14% due to a more favorable mix of products. However, improved gross margins were more than offset by higher operating expenses."
Kennison noted that new vehicle inventory grew 12 percent year-over-year, while pre-owned inventory grew 63 percent. "We believe an uptick in RV repossessions may be a factor in the ample supply of pre-owned inventory," he added.
I don't feel too bad for them (LazyDays), they tried to gouge me on their prices, couldn't care less about really dealing with me, so I bought elsewhere. I wonder how many others they treated the same way and bought elsewhere... They didn't take me seriously.
Retired US Army
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