OneWater Marine Inc. Provides COVID-19 Business Update

BUFORD, Ga., March 26, 2020 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater”) today shared an update on its business operations in response to the global COVID-19 pandemic. 

“The uncertainty as a result of COVID-19, and the ultimate impact on the macro-economic environment, is unlike anything we have ever seen. In this moment, the health and safety of our employees, dealers and customers remains our top priority,” Austin Singleton, Chief Executive Officer of OneWater Marine commented. “The OneWater team is adapting quickly, and we are, of course, monitoring the situation closely and making any necessary adjustments in our operations to ensure we are following guidelines issued by the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC) and federal, state or local authorities. In light of the current environment, our service departments are working hard to deliver boats and keep customers on the water, while our sales team members are fully engaged with customers and providing them with virtual walkthroughs of inventory and/or private, at home or on water, showings.”

“Prior to the last two weeks, our fiscal second quarter 2020 results were tracking in-line with our expectations, as same-store sales growth remained strong in January and February. That said, we are still selling and delivering boats, just not at the same pace as earlier this month. We are now expecting total revenue for the quarter ended March 31, 2020 to be roughly flat versus the prior year. As we have previously discussed, our business model supports cycle resilience, and our team has moved quickly to ensure we are taking prudent actions to mitigate changing market conditions as they materialize. In addition, we believe we are financially strong, with financial flexibility and a seasoned management team to withstand a downturn cycle scenario.”

“While we are facing uncertain times, we have taken immediate actions, according to our 2008 playbook, to reduce expenses and mitigate the impact from this disruption. We are focused on maintaining positive relationships with our boat manufacturing partners and providing best-in-class service to our customers. As we continue to navigate through this challenging business environment, we remain committed to driving value for OneWater shareholders over the long-term,” Singleton concluded.