- Here’s how 10 top Tampa Bay companies fared in six months of pandemic business
In October, chairman and CEO Paul Reilly told investors that the company wasn't planning any more layoffs. “But we are managing infrastructure spend,...
https://www.tampabay.com/news/business/2020/11/19/heres-how-10-top-tampa-bay-companies-fared-in-six-months-of-pandemic-business/
Here’s how 10 top Tampa Bay companies fared in six months of pandemic business
It was mid-March when the coronavirus pandemic hit home in America. For most companies, that coincided with the end of the first fiscal quarter of the calendar year 2020.
Since that time, most public corporations have filed two full quarters' worth of financial reports, covering April through September. The second batch was released in late October and early November, offering shareholders a clear view of an entire half-year of pandemic business.
How are Tampa Bay’s big companies holding up?
To assess it, we combed through six months' worth of company news and U.S. Securities and Exchange Commission filings for nine of Tampa Bay’s largest public corporations. (We skipped some that operate on a slightly different fiscal calendar, like Jabil, or that went private during the pandemic, like Tech Data or Benefytt Technologies). Here’s how they’ve done.
The Tampa door manufacturer’s steep income drop can be chalked up to nearly $38 million in legal settlements in August and September. If not for that, Masonite would have posted a year-over-year income bounce, largely on the strength of price hikes and cost management. The coronavirus limited Masonite’s production capabilities and curbed demand for its architectural products, as corporate clients tightened their budgets. Net sales were down year-over-year from April to June, then up from July to September. The company is counting on a still-strong housing market to buoy sales in the fourth quarter. president and CEO Howard Heckes recently told investors that if more people shift into long-term remote-work jobs, it could spur interest in larger homes with “sanctuary spaces” — that is, extra rooms with doors. “As footprints get bigger because people want more space as they’re spending more time at home, we see that as potential tailwinds going forward,” he said.
Like all restaurant businesses, Outback Steakhouse parent company Bloomin' Brands struggled mightily during the pandemic. Its stock price crashed from more than $23 in mid-February to less than $5 by mid-March. Revenue fell more than 40 percent from April to June, when the company lost more than $92 million. Losses weren’t quite as steep from July to September, but still surpassed $17 million. The company touted the fact that it did not lay off employees, and its takeout business had doubled. Bloomin’ plans to lean into fast-casual takeout concepts like Aussie Grill and Tender Shack as it sorts out its place in a post-pandemic world. “We want to be able to serve our consumers at home or in the restaurant, and off-premises (dining) has enabled us to do that,” CEO David Deno told investors in October.
If any local company can be called a winner during the pandemic, it’s MarineMax. The Clearwater boat retailer set revenue and net income records during both quarters, and posted a record $1.5 billion in annual revenue for the fiscal year ending Sept. 30. Year over year, its fourth-quarter net income nearly quadrupled. Economists have cited the boating boom — as well as increased demand in other high-dollar goods, like RVs and larger homes — as evidence that this year’s economic collapse isn’t impacting every class, or industry, equally. “Boating proved to be a great way to escape the stresses of everyday life and strengthen the bonds of family and friends while avoiding crowds,” CEO Brett McGill told investors last month.
The Tampa deep-sea treasure- and mineral-hunting business was among a handful of local public companies to get federal help during the pandemic, receiving a $370,400 Paycheck Protection Program loan and a $150,000 Economic Injury Disaster Loan through the Coronavirus Aid, Relief and Economic Safety (CARES) Act. The company has sustained “several years of net losses,” according to a federal filing this week, “and may continue to do so,” due to its ongoing free-trade lawsuit with Mexico over environmental permits to mine a $3.5 billion phosphate deposit in the Pacific Ocean. In August, it raised $11.3 million from the sale of millions of shares of common stock and warrants to purchase common stock; executives believe this will get them through the Mexico claim so they can start mining. "Based on current budgets and forecasts, we expect this capital to provide Odyssey with the longest duration of operating capital in its 26-year history,” chairman and CEO Mark Gordon said in a statement.
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