MarineMax (NYSE: HZO), a leading recreational boat and yacht retailer, has reported a cybersecurity incident in which unauthorized access was gained to a portion of its information environment, according to a recent SEC filing. The breach occurred on March 10, 2024, and the company has since taken measures to contain the incident and maintain its operations.
The company's immediate response involved activating its incident response and business continuity protocols. Although the containment efforts caused some disruptions, MarineMax has stated that its operations have continued without material impact. The affected information systems have been remediated as of the filing date.
MarineMax's ongoing investigation, with the help of external cybersecurity experts, has revealed that a cybercrime organization accessed and exfiltrated limited data related to its retail business. This data includes the personal information of some customers and employees. MarineMax plans to notify all potentially affected individuals and comply with federal and state regulatory notification requirements. Law enforcement authorities have also been informed of the breach.
As a result of this cybersecurity incident, MarineMax has incurred expenses related to its response and may face additional costs in the future. The company is still assessing the full scope and impact of the breach on its financial condition and operational results. However, as of the filing date, the incident has not had a material effect on MarineMax's operations.
The SEC filing serves as the source of this information.
InvestingPro Insights
In light of the recent cybersecurity incident at MarineMax (NYSE: HZO), investors are closely monitoring the company's financial health and stock performance. Here are some insights from InvestingPro to consider:
InvestingPro Data shows that MarineMax holds a market capitalization of $741.68 million and is trading at a low earnings multiple with a P/E ratio of 8.04. This valuation could suggest that the stock is potentially undervalued, which might be of interest to value investors. Additionally, the company's revenue growth over the last twelve months as of Q1 2024 stands at 3.02%, indicating a steady increase in sales.
MarineMax's recent stock price movements have been quite volatile, with a significant return of 10.13% over the last week. This could be reflective of the market's reaction to the cybersecurity incident and subsequent efforts by the company to manage the situation.
InvestingPro Tips highlight that MarineMax operates with a significant debt burden and is quickly burning through cash. These factors could be important for investors to consider, especially in the context of the recent cybersecurity breach and the potential financial implications it may carry. Additionally, 7 analysts have revised their earnings downwards for the upcoming period, which could signal concerns over the company's near-term profitability.
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