Lazydays Holdings has announced its financial results for the second quarter ended June 30, showing revenues for the second quarter were $168.5 million, up $6.4 million, or 4 percent, versus 2018. Revenue from RV sales was $149 million for the quarter, up $4.6 million, or 3.2 percent. RV unit sales excluding wholesale units, were 2,092 for the quarter, down 17 units, or 0.8 percent versus 2018.
The marginal decline in unit volume was offset by a 3.5 percent increase in the company’s average selling price per unit. Other revenues which includes finance and insurance revenues, as well as other revenues including parts, accessories, and related services, were up $1.7 million. This increase is attributable to higher F&I revenue per vehicle sold, as well as the company’s Tennessee and Minnesota locations acquired in the second half of 2018.
“Despite industry conditions that were consistent with the first quarter of 2019, we continued to maintain margins and actively manage our inventory levels in alignment with overall demand,” said William Murnane, chairman and CEO of Lazydays. “We are also pleased with our continued service and geographic expansion progress. During the second quarter, we completed the construction and commenced operations of our state-of-the-art service facility – greatly expanding service capacity at our Minnesota dealership.”
Lazydays completed the construction of a 30,000-square-foot, state-of-the-art RV service facility adjacent to its Minnesota dealership. This new facility added 20 additional service bays to the original eight at the Minnesota location, and commenced operations late in the second quarter.
As of June 30, cash was $30.2 million, up $3.6 million from Dec. 31. The increase was primarily the result of cash flows from operating activities net of floorplan financing payoffs as Lazydays reduced its RV inventory by approximately $47 million since Dec. 31.
On June 11, Lazydays announced entering into a letter of intent to acquire the assets of Alliance Coach located near Ocala, Fla. The acquisition closed on Aug. 1.
“Our acquisition of Alliance Coach adds a dealership with a strong service reputation and expands our footprint in a fast-growing area of Florida,” said Murname. “The Alliance acquisition moved from a letter of intent, through due diligence, integration, and close in less than 60 days – demonstrating our capability to successfully execute our expansion strategy and our team's ability to quickly integrate acquired dealerships.”