Issue link: http://read.uberflip.com/i/807903
www.BoatingIndustry.com INDUSTRY NEWS 10 | Boating Industry | April 2017 or with a propane-based generator. In line with typical rider usage time of a gas-powered PWC, the Gratis X1 ride time featuring the integrated power pack is up to 45 minutes and up to 1 hour, with the ad- ditional 3.3 kWh power pack. The new PWC uses Zero Motorcycles's Z-Force drivetrain technology and Free Form Factory's patented manufacturing process and proprietary HULKLITE poly- mer material. "We are proud that Free Form Factory has chosen Zero's Z-Force powertrain for the Gratis X1," said Jim Callahan, director of business development for Zero Motorcycles. "We are excited to help provide water sports enthusiasts with an exhilarating emissions- free experience." Every major component of the Gratis X1 is built in the United States. Final assembly is completed in Sacramento, California. Price for the Gratis X1 starts at $17,990. West Marine reports 44 percent net income increase in 2016 West Marine, Inc. reported financial results for the fourth quarter and fiscal year ended Dec. 31, 2016. Net income and earnings per diluted share were $6.5 million and $0.26, respec- tively, compared to net income and earnings per diluted share of $4.5 million and $0.18, respectively, last year, representing a 44.6 per- cent increase in net income. Net revenues for fiscal 2016 were $703.4 million, a decrease of 0.2 percent compared to fiscal 2015. Comparable store sales in- creased by 0.8 percent in fiscal 2016. Income before income taxes was $11.6 million, an increase of 59.1 percent com- pared to fiscal 2015. Earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") increased to $34.0 million, compared to EBITDA of $28.3 million last year. Cash and cash equivalents totaled $76.1 million at the end of the year. "I'm pleased with how the team has continued to execute on our strategies while driving higher profitability. Of note, our overall pre-tax profits increased 59 per- cent on flat sales," said Matt Hyde, West Marine's CEO. "These results reflect our vigilance in improving the customer expe- rience, increasing our margins by closing under-performing stores, implementing targeted expense structure improvements, focusing on waterlife store expansion and improving our omni-channel business." Crestliner introduces new models for 2017 Crestliner is expanding its portfolio with the addition of a new pontoon line and redesigns to four of its fishing boats. Starting with the deep-V line, Crestliner has added to the Commander family with the new 2050 Commander and the new Com- mander Elite series. The 2050 Commander features more than 20 feet of onboard space, with in-floor rod storage for rods up to 7 feet, 6 inches long. An all-welded hull and heavy- duty windshield keep anglers comfortable and dry in rough waters. The Commander Elite series, with a 2050 model and an 1850 model, includes a 94-inch beam and 30-inch cockpit depth and Space Saving Transom. Diamond plating is welded to the bow for a fully sealed deck, and drain holes are posi- tioned on each side of the floor to allow for easy drainage. Other features include a fully sealed walk-through windshield and an op- tional heavy-duty full enclosure to protect from the elements. On the mod-V side, Crestliner intro- duces the new PT18 and the VTC series. The PT18, which joins its sibling the PT20, is a tournament bass boat designed to give anglers a competitive advantage. A huge bow casting deck features a recessed trolling motor foot control and three in-deck storage lockers for rods and gear. A 33-gallon aerated livewell with pump-out is built to keep fish alive longer, and bucket seats allow for better support and angler comfort. The VTC series, a crappie rig with spacious bow and stern casting decks, comes in lengths of 19 feet, 18 feet and 17 feet. Other features include three bow pedestal seat bases and a console that includes black sterling gauges, a switch panel, a Lowrance fishfinder and more. Crestliner has also introduced the Rally pontoon. The Rally features reinforced tubes, torsion-control riser brackets and crossmem- bers. Customers can select the Rally or Rally DX (which features premium trim and style accents) and then choose from five layout op- tions to fit their preferred on-water activity: Cruise, Center Walkthrough, Center Walk- through Dual Helm, Fish & Cruise, and Fish. Garmin reports solid fiscal 2016 revenue and operating income growth Garmin Ltd. announced results for the fiscal year ended Dec. 31, 2016. Garmin's total revenue was $3.019 billion for all of 2016, growing 7 percent over the previous year with outdoor, fitness marine and aviation collectively growing 21 percent over the previous year and contributing 71 percent of total revenue. Gross and operating margins were 55.6 percent and 20.7 percent, respectively, both improving from 2015 levels. "2016 was a remarkable year of growth driven by strong sales in our outdoor, fitness, marine, and aviation segments," said Cliff Pemble, president and CEO of Garmin Ltd. "Entering 2017, we see additional growth op- portunities ahead and we are well positioned to seize these opportunities with a strong lineup of great products." The marine segment posted fourth quar- ter revenue growth of 19 percent, which Garmin said is driven by its lineup of chart plotters and fish finders. Gross margin de- creased year-over-year to 52 percent due to product mix, while operating margin improved to 4 percent. In the quarter, Gar- min introduced new touchscreen and keyed chartplotter combo offerings in its GPSMAP product line, many with built-in sonar, and new radar and entertainment offerings. Garmin said it expects 2017 revenue of approximately $3.02 billion as growth in out- door, fitness, marine and aviation is offset by ongoing declines in the PND market. The company expects gross margins to be ap- proximately 56 percent, relatively flat to the prior year. Operating margin is expected to be approximately 20 percent.