Seffner, Fla.-based Retailer Lazydays RV Center Inc. posted a $2.3 million net loss for its second quarter, ended June 30, compared to a $402,581 net loss in the same period a year earlier, according to Bizjournal.
Revenue for the second quarter of 2008 was $136.6 million, down 32% 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 (SEC).
Sales of both new and pre-owned vehicles dropped. The company sold 613 new vehicles in the second quarter of 2008, down 27% from a year earlier, while pre-owned sales fell 19% to 692 vehicles.
“The sharp declines reflect the dismal conditions in the motorhome market,” Craig Kennison, an analyst for Robert W. Baird & Co., wrote in a note to investors.
Inventory was up 12% for new vehicles and 63% for pre-owned vehicles. Kennison said an uptick in RV repossessions may be a factor in the supply of pre-owned inventory.
For the six months, 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 bills itself as 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.