Financial Performance - Consolidated net sales decreased 14.9% to $59.0 million for Q1 2025 compared to $69.3 million in Q1 2024, primarily due to a 19% decrease in unit sales[77] - Gross profit decreased to $11.0 million in Q1 2025 from $14.0 million in Q1 2024, reflecting continued weakness in the marine industry[77] - Net income decreased to $2.2 million in Q1 2025, down from $4.6 million in Q1 2024, with diluted earnings per share at $0.06 compared to $0.13[77] - EBITDA for Q1 2025 was $3.4 million, down from $5.9 million in Q1 2024, resulting in an EBITDA margin of 5.8% compared to 8.5%[96] - Total number of boats sold decreased to 625 in Q1 2025 from 770 in Q1 2024, while the average gross selling price per boat increased to $85.1 from $80.4[87] - Selling, general and administrative expenses decreased to $8.3 million in Q1 2025 from $8.7 million in Q1 2024, representing 14.1% of net sales compared to 12.6%[92] - Cash flow from operating activities decreased to $10.8 million in Q1 2025 from $15.9 million in Q1 2024, with free cash flow also decreasing to $10.7 million from $15.0 million[97] Tax and Regulatory Matters - The effective tax rate increased to 27.8% in Q1 2025 from 24.6% in Q1 2024, primarily due to unfavorable permanent adjustments on decreased pretax income[94] - The company filed a shelf registration statement on April 23, 2025, allowing for the offering of securities up to $150 million, subject to market conditions[109] Future Outlook - The company anticipates that sales comparisons to the prior year could begin to turn positive in the second half of 2025 as dealer inventories return to more acceptable levels[83] - The company is actively monitoring dealer inventories and order patterns for an uptick in demand, which may lead to increased production schedules[83] - The company anticipates that inflation and interest rate increases may impact retail demand for boats, particularly smaller models[128] - The company expects capital expenditures in 2025 to be approximately $3.0 million[1] Cash Management and Dividends - Cash provided by operating activities decreased by $5.1 million for the three months ended March 31, 2025, primarily due to a decrease in net income[106] - Working capital generated $6.7 million in cash for the three months ended March 31, 2025, down from $9.5 million in the same period of the prior year[106] - The company has repurchased a total of 6,679,572 shares under its stock repurchase program, with 1,570,428 shares remaining available for repurchase as of March 31, 2025[111] - A regular quarterly cash dividend of $0.14 per share was declared, payable on June 10, 2025, to common stockholders of record as of May 9, 2025[113] - The company expects to continue paying cash dividends to common stockholders, subject to industry conditions and financial performance[1] Risk Factors - The company acknowledges that the cost of boat ownership has risen significantly, which may affect future retail demand and profit margins[1] - The company recognizes that ongoing tariff developments could lead to inflationary pressures impacting costs[1] - The company does not expect any material changes in market risk exposures or how those risks are managed[1] Employee Benefits - The company is currently evaluating funding options for the distribution of participant balances from the terminated Supplemental Executive Retirement Plan, expected to occur between 12 and 24 months after termination[112] - The company has plans to evaluate funding and timing options for distributing the Supplemental Executive Retirement Plan participant balances[1]

Image source: The Motley Fool.Thursday, Apr 24, 2025CALL PARTICIPANTSBen Palmer: President and CEOMichael Schmit: Chief Financial OfficerNeed a quote from one of our analysts? Email [email protected]Q1 2025 Sales: $59 million, down 15% year-over-year Q1 2025 Gross Profit: $11 million, with an 18.6% margin, down 60 basis pointsQ1 2025 Diluted EPS: $0.06, compared to $0.13 in Q1 2024Q1 2025 EBITDA: $3.4 million, down from $5.9 million in Q1 2024Q1 2025 Operating Cash Flow: $10.8 million Q1 2025 Free Cash Flow ...

Marine Products Corporation (NYSE:MPX) Q1 2025 Earnings Conference Call April 24, 2025 8:00 AM ET Company Participants Ben Palmer – President and Chief Executive Officer Mike Schmit – Chief Financial Officer Conference Call Participants Operator Good morning, and thank you for joining us for the Marine Products Corporation's First Quarter 2025 Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO, and Michael Schmit, Chief Financial Officer. At this time, all participants ar ...

Core Viewpoint - Marine Products Corporation reported a challenging first quarter in 2025, with a 15% decline in net sales year-over-year, primarily due to lower boat sales and cautious dealer ordering behavior [3][4][7]. Financial Results - Net sales for 1Q:25 were $59.0 million, down 15% from $69.3 million in 1Q:24, attributed to a 19% decrease in the number of boats sold, partially offset by a 4% price/mix increase [4][7]. - Gross profit decreased to $11.0 million, down 22%, with a gross margin of 18.6%, reflecting a decline of 160 basis points year-over-year [5][7]. - Net income was $2.2 million, a 52% decrease from $4.6 million in 1Q:24, resulting in a diluted EPS of $0.06, down from $0.13 [7][8]. Operational Insights - The company experienced a significant reduction in sales decline compared to over 30% in 2024, indicating a potential easing of market pressures [4]. - Field inventories were approximately 18% lower than in 1Q:24, suggesting improved inventory management [4]. Management Commentary - The CEO highlighted ongoing challenges in the marine industry, including economic uncertainty and potential cost increases due to tariffs, which may affect consumer spending and pricing strategies [3][7]. - The company plans to adopt a conservative approach to inventory management and product rollouts while continuing to innovate [3][7]. Cash Flow and Capital Allocation - Cash and cash equivalents at the end of 1Q:25 were $57.1 million, with no debt, and the company generated strong operating cash flow of $10.8 million [10][20]. - The company declared a quarterly dividend of $0.14 per share, totaling $4.9 million in dividend payments for the quarter [11][20]. Industry Context - The marine industry continues to face demand softness, with macroeconomic uncertainties impacting visibility and consumer confidence [7][8].

ATLANTA, April 3, 2025 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) announced today that it will release its financial results for the first quarter ended March 31, 2025 on Thursday, April 24, 2025 before the market opens. In conjunction with its earnings release, the Company will host a conference call to review the Company's financial and operating results on Thursday, April 24, 2025 at 8:00 a.m. Eastern Time. Individuals wishing to participate in the conference call should dial toll-free (888) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE TRANSITION PERIOD FROM ___ __ TO ___ __ Commission File No. 1-16263 MARINE PRODUCTS CORPORATION (Exact name of registrant as specified in its charter) Delaware (State of Incorporation) 58-2 ...

Page 1 Fourth Quarter 2024 Earnings Press Release Exhibit 99.1 Marine Products Corporation Reports Fourth Quarter And Full Year 2024 Financial Results And Declares Regular Quarterly Dividend ATLANTA, January 30, 2025 – Marine Products Corporation (NYSE: MPX) (the "Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the fourth quarter and full year ended December 31, 2024. * Non-GAAP measures, including EBITDA, EBITDA margin, and free cash flow are reconciled to the mos ...

ATLANTA, Jan. 30, 2025 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) (the "Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the fourth quarter and full year ended December 31, 2024. * Non-GAAP measures, including EBITDA, EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release. * All comparisons are year-over-year to 4Q:23 unless stated otherwise. Fourth Quarter 2024 Results N ...

ATLANTA, Jan. 7, 2025 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) announced today that it will release its financial results for the fourth quarter ended December 31, 2024 on Thursday, January 30, 2025 before the market opens. In conjunction with its earnings release, the Company will host a conference call to review the Company's financial and operating results on Thursday, January 30, 2025 at 8:00 a.m. Eastern Time.Individuals wishing to participate in the conference call should dial toll-free ...

NEW YORK and TORONTO, Dec. 4, 2024 /PRNewswire/ - iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE: IAN) (OTCQB: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, provides an update to the previously disclosed legal proceedings involving Ninth Square Capital Corporation ("Ninth Square"). Ninth Square served a statement of claim on August 8, 2019 against iAnthus, MPX Bioceutical ULC ("MPX ULC"), a wholly-owned subsidiary of iAnthus, and MPX ...