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, 2025 ☐ 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 (404) 321-7910 (Address of principal executive offices and registrant's telephone number) (Exact name of registrant as sp ...

Core Viewpoint - The law firm Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Marine Products Corporation (MPX) to MasterCraft Boat, which involves a cash payment of $2.43 per share and 0.232 shares of MasterCraft common stock for each MPX share, valuing MPX shares at $7.97 based on MasterCraft's recent stock price [1][2]. Group 1 - The sale was approved by a special committee of the MPX board, raising concerns about potential conflicts of interest among board members [2]. - The proposed sale price is significantly lower than MPX's 52-week high of $10.08 per share, indicating a potentially opportunistic acquisition [2]. - Several MPX shareholders have publicly expressed dissatisfaction with the sale price, with comments suggesting that the board has acted against shareholder interests [3]. Group 2 - Wohl & Fruchter LLP is examining whether the Special Committee acted in the best interests of MPX shareholders, including the independence of its members and the fairness of the sale price [4]. - The investigation will also assess whether all material information regarding the transaction has been fully disclosed to shareholders [4].

Group 1 - The proposed sale of Marine Products Corporation (NYSE: MPX) to MasterCraft Boat Holdings, Inc. (NasdaqGM: MCFT) is under investigation by former Attorney General of Louisiana Charles C. Foti, Jr. and the law firm Kahn Swick & Foti, LLC [1] - Shareholders of Marine Products will receive $2.43 in cash and 0.232 shares of MasterCraft common stock for each share of Marine Products they own as part of the transaction [1]

Core Viewpoint - Marine Products Corporation is under investigation by Monteverde & Associates PC regarding its proposed sale to MasterCraft Boat Holdings, Inc., with shareholders expected to receive $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share of Marine [1] Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has recovered millions for shareholders [1] - The firm is headquartered in the Empire State Building, New York City, and specializes in class action securities litigation [2] Group 2: Transaction Details - Under the terms of the proposed transaction, Marine shareholders will receive a combination of cash and stock from MasterCraft [1] - The specific compensation for Marine shareholders includes $2.43 in cash and 0.232 shares of MasterCraft common stock for each share of Marine [1]

Core Insights - Marine Products Corporation (MPX) reported earnings for Q4 and full year 2025, missing EPS estimates but exceeding revenue expectations [1] Financial Performance - MPX achieved a 35% increase in net sales for Q4 2025, reaching $64.6 million, driven by a 12% increase in price/mix and a 22% rise in the number of boats sold [2][6] - The company reported a 39% increase in gross profit, totaling $12.7 million, with a gross margin of 19.6%, up 40 basis points from the previous year [3][6] Valuation Metrics - MPX has a price-to-earnings (P/E) ratio of 25.65 and a price-to-sales ratio of 1.18, indicating investor confidence in its future earnings potential [4] - The enterprise value to sales ratio stands at 1.00, and the enterprise value to operating cash flow ratio is 14.89, reflecting efficient cash generation relative to market value [4] Liquidity and Investment Appeal - The company has a strong current ratio of 5.37, showcasing its ability to cover short-term liabilities with short-term assets [5][6] - An earnings yield of 3.90% provides a reasonable return on investment for shareholders, enhancing the company's attractiveness in the fiberglass boat industry [5]

Core Viewpoint - Ademi LLP is investigating Marine Products for potential breaches of fiduciary duty and other legal violations related to its transaction with Texas Instruments [1]. Transaction Details - Marine Products stockholders will receive $2.43 in cash and 0.232 shares of MasterCraft common stock for each share owned, valuing Marine Products shares at approximately $7.79 based on MasterCraft's closing price of $23.12 on February 4, 2026 [2]. - Insiders of Marine Products are set to receive significant benefits as part of the change of control arrangements [2]. Board Conduct and Shareholder Rights - The transaction agreement imposes a significant penalty on Marine Products for accepting competing bids, which raises concerns about the board's fulfillment of fiduciary duties to all shareholders [3]. - The investigation focuses on the conduct of the Marine Products board of directors regarding their responsibilities to shareholders [3].

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the sale of Marine Products Corporation to MasterCraft Boat Holdings, Inc. for $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share of Marine [1] Group 1 - The sale price offered is $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share of Marine Products Corporation [1] - The investigation aims to determine if the transaction is fair to Marine shareholders [1]

Financial Performance - Net sales for Q4 2025 were $64.6 million, representing a 35% increase year-over-year, driven by a 12% price/mix increase and a 22% rise in the number of boats sold[6]. - Net income for Q4 2025 was $2.4 million, down 45% year-over-year, with diluted EPS at $0.07, reflecting a net income margin decrease of 520 basis points to 3.7%[7]. - Adjusted net income for Q4 2025 was $3.4 million, with adjusted diluted EPS at $0.10, impacted by taxes related to the liquidation of company-owned life insurance policies[7]. - EBITDA for Q4 2025 was $4.5 million, a 3% increase year-over-year, while the EBITDA margin decreased by 220 basis points to 7.0%[7]. - Full year 2025 net sales increased to $244.4 million, a 3% rise from 2024, while net income decreased to $11.4 million, down 36% year-over-year[7]. - Gross profit for Q4 2025 was $12.7 million, up 39%, with a gross margin of 19.6%, an increase of 40 basis points compared to the prior year[8]. - Selling, general and administrative expenses rose to $8.9 million in Q4 2025, up 61%, representing 13.9% of net sales, an increase of 230 basis points[8]. - For Q4 2025, Marine Products Corporation reported a net income of $2,365,000, a decrease from $4,267,000 in Q4 2024[22]. - Adjusted net income for Q4 2025 was $3,404,000, compared to $4,267,000 in Q4 2024, reflecting a decline in performance[22]. - The diluted earnings per share for Q4 2025 was $0.07, down from $0.12 in Q4 2024, while adjusted diluted earnings per share was $0.10, unchanged from the previous year[23]. - The net income margin for Q4 2025 was 3.7%, down from 8.9% in Q4 2024, indicating a decline in profitability[24]. - Marine Products Corporation's EBITDA margin for the year ended December 31, 2025, was 7.0%, compared to 8.9% in 2024, indicating a decline in operational profitability[24]. Cash Flow and Liquidity - The company ended Q4 2025 with approximately $43.5 million in cash and no debt, generating strong operating cash flow of $16.5 million year-to-date[11]. - Cash and cash equivalents decreased from $52.4 million at the end of 2024 to $43.5 million at the end of Q4 2025, reflecting a net decrease of $8.9 million[18]. - Free cash flow for the year ended December 31, 2025, was $14,923,000, a decrease from $24,930,000 in 2024, reflecting reduced cash generation capabilities[25]. - The company emphasizes the importance of free cash flow as a measure of liquidity, despite its limitations in reflecting discretionary cash availability[22]. Strategic Developments - The company announced a proposed transaction with MasterCraft Boat Holdings, which may impact future operations and market positioning[14].

MASTERCRAFT + MARINE PRODUCTS TO COMBINE F E B R U A R Y 5 , 2 0 2 6 1 DISCLAIMER Forward Looking Statements This presentation includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can often be identified by such words and phrases as "believes," "anticipates," "expects," "intends," "estimates," "may," "will," "should," "continue," and similar expressions and comparable terminology, or the negative thereof. Forward-lo ...

Core Viewpoint Marine Products Corporation reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting significant growth in net sales but a decline in net income and earnings per share due to increased expenses and tax provisions related to the liquidation of company-owned life insurance policies. Fourth Quarter 2025 Results - Net sales reached $64.6 million, representing a 35% increase year-over-year, driven by a 12% price/mix increase and a 22% rise in the number of boats sold [5][10] - Gross profit was $12.7 million, up 39%, with a gross margin of 19.6%, an increase of 40 basis points compared to the prior year [5] - Selling, general and administrative expenses rose to $8.9 million, a 61% increase, accounting for 13.9% of net sales, up 230 basis points from 4Q:24 [6] - Net income was $2.4 million, down 45% year-over-year, with diluted EPS at $0.07, a decrease from $0.12 in 4Q:24 [7][10] - EBITDA was $4.5 million, a slight increase of 3% year-over-year, with an EBITDA margin of 7.0%, down 220 basis points from the previous year [8][10] Full Year 2025 Results - Total net sales for the year were $244.4 million, a 3% increase from $236.6 million in 2024 [10] - Net income for the year was $11.4 million, down 36% from $17.9 million in 2024, with diluted EPS at $0.32, down from $0.50 [10] - Adjusted net income was $12.4 million, with adjusted diluted EPS at $0.35 [10] - EBITDA for the year was $17.2 million, down 18% year-over-year, with an EBITDA margin of 7.0%, a decrease of 190 basis points [10] Balance Sheet, Cash Flow and Capital Allocation - Cash and cash equivalents at the end of 4Q:25 were approximately $43.5 million, with no outstanding debt [11] - Net cash provided by operating activities was $16.5 million, and free cash flow was $14.9 million year-to-date through 4Q:25 [11] - Total liabilities decreased to $22.3 million from $42.2 million in the previous year, while total stockholders' equity was $125.0 million, down from $129.0 million [18]