Good Sam Enterprises LLC reported improved sales and earnings results for the third quarter, ended Sept. 30.
Revenues of $139.6 million for the third quarter of 2012 increased $11 million, or 8.6%, from the comparable period in 2011, the company reported.
Net income in the quarter was $3.3 million compared to $2 million for the same period in 2011. Good Sam’s financials do not reflect rolling stock sales from the company’s Camping World Inc. unit.
Membership services revenues of $38.7 million for the quarter decreased $0.4 million, or 1.1%, from the comparable period in 2011. This revenue decrease was largely attributable to a $1.7 million decrease in member events revenue due to the timing of annual member rallies and a $1 million decrease in revenue resulting from merging the President’s Club into the Good Sam Club. These were partially offset by a $2 million revenue increase from extended vehicle warranty programs and a $0.3 million increase in emergency road service revenue.
Retail revenues of $95.4 million for the quarter increased by $13.2 million, or 16.1%, from the comparable period in 2011. Aftermarket parts and accessories store merchandise sales increased $10.9 million due to a same store sales increase of $5.4 million coupled with a $6.1 million increase due to the opening of 16 new Camping World stores over the last 21 months.
Media revenues were down 24.1% to $5.5 million for the quarter from the comparable period in 2011. This decrease was primarily attributable to a $0.7 million reduction in consumer show revenue, a $0.6 million reduction resulting from the sale or closure of non-core media businesses in 2011, and a $0.5 million reduction in magazine revenue.
Two stores were closed in the last 21 months in order to consolidate operations within specific geographic areas. Also, mail order and Internet sales increased $3.8 million, installation and service fees decreased $1.2 million, and supplies and other revenue decreased $0.3 million.
To view the entire report click here.
The big, abandoned car dealership on Interstate 95 in Jacksonville, Fla., is going to get a tenant. Camping World Inc. will move in next spring, opening an RV dealership.
The Florida Times-Union reported that it’s been more than three years since the plans to open a multi-dealership auto complex stalled. Construction began on the Jacksonville Auto Mall in 2008. But after the first building went up, construction stopped. And that one building, which was supposed to be a Hyundai dealership, was never occupied. It all just sat.
Fred Hassan of Jacksonville bought the 12.9 acres recently for $700,000 and will lease it to Camping World. Hassan used to own Suncoast RV, with 15 locations. He sold eight of them to Camping World and the rest to other companies.
“It needs a lot of work,” he said. “I’ll probably spend a couple million to get it [to] the tenant’s specs.”
Along with the Jacksonville location, Hassan is tearing down a shopping center along Interstate 75 south of Valdosta to make room for another Camping World dealership.
Camping World is the country’s largest RV and accessories dealer, with close to 90 locations nationwide, said Matt Bateh, general manager in Jacksonville. Locally, it has stores in St. Augustine and another store on Beach Boulevard in Jacksonville, but business is doing well enough to warrant a third location, he said.
“Everyone thinks that because gas prices are up, people don’t drive RVs,” he said. “But if you’re willing to spend $350,000 for a motorhome, you don’t care about gas prices.”
He said he wasn’t certain, but he expected the new store to be bigger than Beach Boulevard, which carries about 125 units, and smaller than St. Augustine, which usually has at least 200.
Camping World also sells parts, accessories and other camping supplies such as kayaks and bikes. Bateh said he expected to hire about 35 employees, but that wouldn’t begin until next year.
Mega-dealer Camping World Inc. and affiliate Good Sam Enterprises LLC today (Nov. 7) announced their donation of $75,000 in sleeping bags, blankets, air mattresses, lanterns & 2,000 gallons of water to the relief efforts in the New Jersey communities affected by Hurricane Sandy and the recent winter storms.
Camping World and Good Sam ran a nationwide blanket drive in their retail stores and corporate offices and are sending shipments of blankets from their locations across the country as well as trucks of supplies from their distribution centers to aid in the Hurricane Sandy relief efforts. All supplies are being sent to the Camping World location in Lakewood, N.J., to be distributed to multiple relief centers in the Ocean County area.
The relief aid is scheduled to arrive tomorrow morning and will be available for pick up at the area relief centers starting that evening.
Participating relief centers include: Point Pleasant & Point Pleasant Beach; Church of Grace & Peace in Toms River, Lacy Methodist Church in Lacy Township and Visitation Church in Brick, New Jersey. All donated supplies will be available to those in need during normal relief center hours.
The ongoing legal dispute between Chicago-based mega-dealer Camping World Inc. and well known Seffner, Fla.-based retailer Lazy Days RV Center Inc. was played out in stark relief this past weekend (Nov. 2-4) in front of exhibitors and consumers who converged in some 3,375 rigs at Florida’s Daytona International Speedway for the Good Sam Rally hosted by Camping World affiliate Good Sam Enterprises LLC.
Claiming to have been spurned as an exhibitor after years of rally participation, Lazydays CEO Randy Lay and staff opted to set up a display with some 55 new and used towable and motorized units in a campground outside the Speedway’s third turn – a display promoted with an offer of free camping by a banner-toting aircraft, leaflets, radio advertising along with an email and social media campaign.
The whole scene, which drew plenty of attention among industry observers, took place about 110 miles east of Lazydays’ Tampa-area dealership, which was billed as America’s largest single-site dealership for years until its acquisition two years ago of the former Beaudry facility in Arizona.
Lay, for his part, claims the remote display resulted in plenty of consumer traffic for Lazydays, despite the fact that the retailer was denied access to the rally grounds by Lincolnshire, Ill.-based Camping World, with whom Lazydays has been fighting a turf war of sorts for several months in the Florida market over an array of issues.
“I was there a couple of hours Saturday with the guys, and there were quite a few people there, quite a few happy new and returning customers,” said Lay, adding that about 100 rig owners took Lazydays up on its free camping offer. “So, yeah, the traffic was good. We went down there with a reasonable array of new and used towable and motorized product. The new stuff that we brought down were units that we could bring down, given our territory limitations, and on used (units), obviously, you can bring whatever you’d like. So, it was a nice mix of new and used products.”
While Camping World Chairman Marcus Lemonis was unavailable for comment, Lay claims that Lazydays was essentially unwelcome at the Good Sam Rally.
“Well, yes, despite what Camping World and Good Sam have said in the media about the rallies being open and being Switzerland (neutral) – that just didn’t turn out to be the case,” said Lay, whose dealership participated at Good Sam’s booming Phoenix rally this past spring. “It was made pretty clear to us through a number of channels that we would not be welcome. So, we decided that under those circumstances, we would just put on our own event so that we could be there for our customers.
“If our customers weren’t there and if our customers didn’t want to see us, obviously, there was no reason to be there,” said Lay, who had served as the dealership’s CFO since 2007 before succeeding John Horton as CEO in early October. “But our customers wanted to see us and wanted us to be there and we weren’t going to let a little thing like that get between us and our customers.”
Good Sam Enterprises LLC announced that it intends to file on Nov. 14, 2012 its third-quarter financials report for the period ended Sept. The report will be available on the SEC’s website at www.sec.gov.
The company has scheduled a conference call to discuss its third quarter results at 11 a.m. Eastern on Nov. 15. Marcus Lemonis, president and CEO, and CFO Thomas Wolfe will host the conference call.
Those wishing to listen to the conference call by telephone may dial (866) 283-8243 in the U.S. and Canada. Please allow time for the operator to obtain your name, phone number and company name.
Camping World Inc. is marking the addition of RV sales to its Nashville, Tenn., location with a grand opening celebration, which began on Sept. 13 and will run through Saturday. According to a press release, Camping World has been a fixture in the Nashville market for many years but this is the first RV sales location in the city and the third in Tennessee.
The new 13,000-square-foot Camping World of Nashville facility is easily accessible from interstates 65, 40 and 24 and two miles from the historic Grand Ole Opry.
“We are looking forward to introducing our dealership and the exciting assortment of very competitively priced towable and motorized RVs,” said Roger Nuttall, president of Camping World RV Sales. “Bringing RVs to our Nashville retail store has been something our customers have consistently inquired about and we are happy to fulfill that request.”
“Camping World prides itself on excellent customer service and in offering a unique one stop shopping environment,” said Marcus Lemonis, Camping World chairman and CEO. “Our entire Nashville staff looks forward to helping our customers achieve the best possible shopping experience.”
Other Tennessee Camping World stores are located in Chattanooga and in the Knoxville area. The company has plans to announce acquisitions of additional locations and expansions in the next several months as part of Camping World’s disciplined and strategic growth strategy, in which the retailer continues to successfully grow the business and define itself as the clear leader in the RV and outdoor industry based on aggregate revenue, growth and market share.
As sales of RVs continue to move upward in 2012, so does the performance at Good Sam Enterprises LLC, a key industry player and parent to Camping World Inc.
During an investors’ conference call today (Aug. 15), Good Sam president and CEO Marcus Lemonis expanded upon the company’s second-quarter performance, which saw revenues of $146.3 million, a 13.4% increase over the second quarter of 2011, and net income of $7.2 million, an increase of 38.3% over the previous year.
It was the company’s highest quarter in terms of revenue since 2008.
Lemonis termed the results “impressive” and provided more data to reflect the company’s growth:
• Terming it “exceptional growth,” Lemonis said retail revenues in the quarter grew 19.7% with same-store retail sales at the company’s Camping World stores up 9.6% in the quarter.
• The company opened 13 new stores in the last 18 months, including one in Spokane, Wash., last week and will be opening two new stores in the next 60 days. New-store sales in some cases are exceeding expectations, he noted.
• Two stores were closed in the last 18 months in order to consolidate operations within specific geographic areas, and a third store, in Junction City, Ore., will be closed soon.
• Good Sam Club membership now totals 1,260,000.
• Revenue from the company’s emergency roadside assistance program was up 7.3% and memberships now total 384,000, up 10% from a year ago.
• The RV financing loan program has shown “solid growth” with loan volume increasing 21% year-to-date.
• More than 8,000 people attended the company’s Good Sam Rally in Louisville, Ky., in June with retail sales at the event strong.
• Revenue from Camping World stores via the Internet are up 82% for the first six months of 2012, based on an average purchase of $4 more than a year ago. Profitability from mail order and Internet sales would have been higher but were driven down by rising shipping costs.
• Growth in the company’s extended warranty program grew slightly, with signups now standing at 49,800.
Good Sam Enterprises LLC today (Aug. 14) reported second quarter revenues of $146.3 million, a 13.4% increase over the second quarter of 2011, and the highest quarter since 2008. Net income for the second quarter was $7.2 million, an increase of 38.3% over the previous year.
For the six months, Good Sam reported revenues of $256.4 million, an increase of $22.7 million, or 9.7%, from the comparable period in 2011. Net income for the first six months of 2012 was $7.2 million compared to $2.6 million for the same period in 2011.
Totals do not reflect sales and earnings from the company’s rolling stock operations.
A segment breakdown for the second quarter showed:
• Membership Services revenues of $41.8 million for the second quarter of 2012 increased $2.7 million, or 6.9%, from the comparable period in 2011. This revenue increase was largely attributable to a $1.3 million increase in extended vehicle warranty program revenue due to contract price increases, a $1.1 million increase in member events revenue due to an additional Good Sam rally, and a $0.7 million increase in emergency road service revenue. Membership Services segment profit of $14.7 million for the second quarter of 2012 decreased $0.3 million, or 2.3%, from the comparable period in 2011. This decrease was attributable to an $0.8 million increase in expenses to promote the Good Sam brand, an $0.8 million reduction in segment profit for vehicle insurance products, and a $0.6 million reduction in segment profit for emergency road service products primarily due to increased marketing and claims costs.
• Media revenues of $5.6 million for the second quarter of 2012 decreased $1.7 million, or 23.7%, from the comparable period in 2011. This decrease was primarily attributable to a $1.1 million revenue reduction resulting from the sale or closure of non-core media businesses in 2011, and a $0.6 million reduction in magazine revenue. Media segment profit of $0.6 million for the second quarter of 2012 increased by $1.2 million from the comparable period in 2011 due to a $0.5 million incremental gain on sale of media businesses, $0.3 million of cost savings from the sale or closure of non-core media businesses in 2011, a $0.2 million increase in segment profit for consumer shows operations, and a $0.2 million increase in segment profit for the annual directories.
• Retail revenues of $98.9 million for the second quarter of 2012 increased by $16.3 million, or 19.7%, from the comparable period in 2011. Store merchandise sales increased $9.9 million from the second quarter of 2011 due to a same store sales increase of $5.8 million, or 9.6%, compared to a 4.3% decrease for the second quarter of 2011, and a $4.8 million increase due to the opening of 13 new stores over the last 18 months, which were partially offset by decreased revenue from discontinued stores of $0.7 million. Two stores were closed in the last 18 months in order to consolidate operations within specific geographic areas. Retail segment profit of $5.6 million for the second quarter of 2012 increased by $0.1 million, or 1.8% from the comparable period in 2011 due to a $4.2 million increase in gross profit, and a $0.5 million reduction in depreciation and amortization expense, partially offset by a $4.5 million increase in selling, general and administrative expenses and a $0.1 million increase in net interest expense.
To view the entire report click here.
Camping World Inc. has reached an agreement with Hatch Lift LLC to carry the company’s products in the majority of its retail stores, according to a press release.
Lakewood, Colo.-based Hatch Lift, a supplier of hydraulic door lift kits, also manufacturers a bedlift kit and a doorplate repair kit that can be used to repair holes, cracks, or fractures on any flat surface. All three products will be in stock at most store locations, according to Gary Neff, president of Hatch Lift. In addition, replacement springs and replacement compartment doors (special order only), are also available through www.Hatchlift.com.
According to the company, hatchlift kits and bedlift kits incorporate hydraulic springs that safely hold open the compartment door or the bed platform, eliminating the need for unsightly, externally mounted brackets and temporary supports. Kits are also available for compartment doors mounted underneath slideout rooms.
“We’ve already shipped units to the West Coast and we begin shipping to the east coast this week,” Neff said.
Hatchlift kits are available in four sizes, all based on the overall dimension of the compartment door. Bedlift kits are available in two sizes for standard/queen and king size beds.
Camping World Inc. today (Aug. 6) announced that it has acquired Reichart’s Camping Center, an existing RV dealership in Hanover, Pa., headed by veteran dealer Dan Saltzgiver.
According to a press release, the location will offer RV sales, service and accessories on its 8 1/2-acre RV sales lot. Camping World noted that it is also set to announce plans for its new superCenter in Erie, Pa., in 2013.
Officially named Camping World of Hanover, the dealership has easy access to the Pennsylvania Turnpike and the Baltimore Beltway will feature new and pre-owned motorhomes and towables.
Saltzgiver, the former owner of Reichart’s Camping Center, will join Camping World in a senior level capacity operating the Hanover location while assisting to build market share in the Harrisburg, Baltimore, Washington, D.C., and Philadelphia areas.
Saltzgiver comes to the Camping World team with 30 years of experience in the RV Industry. He is currently on the Pennsylvania State Board of Vehicle Manufacturers, Dealers and Salespersons. He is also the show chairman for the annual Hershey RV Show run by the Pennsylvania Recreation Vehicle and Camping Association (PRVCA), a board member for the Recreation Park Trailer Industry Association (RPTIA) and a member of the RVIA’s Ad Hoc Destination Camping Committee.
“The acquisition of the Hanover location is a perfect strategic fit for us in terms of the location being contiguous to our existing business as well as allowing for expansion and broadening our market share throughout Pennsylvania as well as nearby Maryland and Washington, DC,” said Marcus Lemonis, chairman and CEO of Camping World. “We are delighted to enhance our Camping World presence, increase our representation to existing and prospective RV owners and expand our service and product offering.”
Camping World of Hanover is the second location in Pennsylvania for Camping World RV Sales. Camping World’s Grumbines RV is located an hour away in southern Pennsylvania.
Camping World expects to open the new supercenter in Hanover in September and will have the current employees at the Reichart’s location join the Camping World staff. The location will also be adding additional positions for seasoned and professional RV sales associates, technicians and retail support.