Core Viewpoint - Marine Products Corporation is set to release its financial results for Q4 2024 on January 30, 2025, and will host a conference call to discuss these results [1][2]. Company Overview - Marine Products Corporation is a leading manufacturer of high-quality fiberglass boats, operating under the brands Chaparral and Robalo [3]. - The product lineup includes Chaparral's sterndrive models such as SSi Sportboats and SSX Luxury Sportboats, as well as outboard offerings like OSX Luxury Sportboats and SSi Outboard Bowriders [3]. - Robalo specializes in outboard sport fishing models, including Center Consoles, Dual Consoles, and Cayman Bay Boats [3]. - The company is focused on diversifying its product lines through innovation and aims to increase market share and generate superior financial performance to enhance long-term shareholder value [3].

Core Viewpoint - iAnthus Capital Holdings has reached a settlement agreement with Ninth Square Capital Corporation regarding ongoing legal proceedings, involving the issuance of 5 million common shares at a deemed price of C$0.01 per share [2][3]. Group 1: Legal Proceedings - Ninth Square filed a statement of claim against iAnthus and its subsidiaries in August 2019, alleging oppressive conduct related to an arrangement with MPX Bioceutical Corporation [1]. - The settlement agreement does not include any admission of wrongdoing or liability by iAnthus or its subsidiaries, and the company continues to contest the allegations [3]. Group 2: Settlement Details - The settlement involves the issuance of 5,000,000 common shares to Ninth Square, valued at C$0.01 per share [2]. - The shares will be issued under a prospectus exemption in Canada and will not be registered under the U.S. Securities Act, making them "restricted securities" [4]. Group 3: Company Overview - iAnthus operates licensed cannabis cultivation, processing, and dispensary facilities across the United States [5].

Company Overview - Marine Products Corporation (NYSE: MPX) reported Q3 results on October 24, indicating weakness due to a persistently weak industry backdrop [1] - The outlook for the company remains uncertain, with better retail sales still lagging behind [1] Industry Context - The overall industry is experiencing challenges that are impacting the performance of Marine Products Corporation [1]

Financial Performance - Consolidated net sales for Q3 2024 were $49.9 million, a decrease of 35.9% compared to $77.8 million in Q3 2023, primarily due to a 40% decrease in unit sales [59][66]. - Gross profit for Q3 2024 decreased to $9.2 million from $19.2 million in Q3 2023, resulting in a gross profit margin of 18.4%, down from 24.7% [59][65]. - Operating income for Q3 2024 was $3.6 million, a decline from $12.4 million in Q3 2023, with diluted earnings per share dropping to $0.10 from $0.30 [59][66]. - For the nine months ended September 30, 2024, net sales decreased by $124.1 million or 39.7% compared to the same period in 2023, driven by a 40% decrease in unit sales [71]. - Net income for Q3 2024 was $3.4 million, down from $10.4 million in Q3 2023, with the effective tax provision rate decreasing to 19.4% from 21.6% [59][70]. Cost Management - Cost of goods sold for the nine months ended September 30, 2024 was $152.4 million, a decrease of 35.4% from $235.9 million in the same period of 2023, with COGS as a percentage of net sales at 80.7% [71]. - Selling, general and administrative expenses for the nine months ended September 30, 2024 were $21.8 million, down 38.6% from $35.5 million in the same period of 2023 [72]. - RPC charged the company $858 thousand for administrative costs for the nine months ended September 30, 2024, compared to $786 thousand for the same period in 2023 [82]. Cash Flow and Liquidity - Cash provided by operating activities for the nine months ended September 30, 2024 was $24.9 million, a decrease of $15.3 million compared to $40.2 million in the same period of 2023 [75]. - The company expects that the liquidity provided by existing cash, cash equivalents, and marketable securities will be sufficient to meet its requirements for at least the next twelve months [88]. Production and Market Strategy - The company has adjusted production levels to align with expected demand due to softening consumer demand and higher interest rates impacting boat ownership costs [61][64]. - The company has reinstituted certain retail incentives to attract consumers and help reduce channel inventory [61]. - The company believes that the recent increase in interest rates has reduced retail demand for smaller boats, impacting sales [86]. - The company anticipates that year-over-year comparisons of net sales will likely remain soft in the near term [88]. Shareholder Returns - Capital expenditures for 2024 are expected to be approximately $5.0 million, with $3.6 million spent through September 30, 2024 [77]. - 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 September 30, 2024 [77]. - A regular quarterly dividend of $0.14 per share has been declared, payable on December 10, 2024, to common stockholders of record as of November 11, 2024 [78]. - The company has a maximum repurchase obligation of $26.6 million with various floor plan financing institutions as of September 30, 2024 [81]. Risk Management - The company plans to continue monitoring the risk of defaults and adjust guarantee liabilities based on information from third-party lenders [90]. - The company does not expect any material changes in market risk exposures or how those risks are managed [92].

Financial Data and Key Metrics Changes - For Q3 2024, sales decreased by 36% to $49.9 million, driven by a 40% decrease in the number of boats sold, although price and mix contributed positively with a 4% increase [7] - Gross profit fell to $9.2 million, with a gross margin of 18.4%, down 630 basis points compared to the previous year [7] - Diluted EPS was $0.10, down from $0.30 in the previous year, which included a $0.04 per share gain from a real estate transaction [8] - EBITDA decreased to $4.3 million from $13 million last year, which included a $1.8 million gain from a real estate transaction [8] - Year-to-date operating cash flow was $24.9 million, and free cash flow was $21.3 million [8] Business Line Data and Key Metrics Changes - The company has reduced costs through manufacturing headcount reductions and scaled back production to manage showroom inventories [4] - Dealer inventory levels have decreased, with field units down 13% sequentially compared to Q2 and down 4% year-over-year [5] Market Data and Key Metrics Changes - The company noted a cautious approach from dealers regarding new orders, despite some positive developments in channel inventory levels and interest rates [4] - The first interest rate cut in several years occurred in September, with a 50-basis-point reduction by the Fed, which is expected to lower dealer carrying costs and consumer borrowing costs [5] Company Strategy and Development Direction - The company is focused on managing costs and production while preparing for a potential recovery in consumer demand [4] - The company is enhancing its promotional programs and third-party floor plan financing to support dealers and incentivize consumers [5] - The management is optimistic about future M&A opportunities as they see potential deals emerging in the marine industry [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the weak end-market demand but emphasized their commitment to navigate through this challenging period [9] - The company remains cautious about the retail environment in Q4, which is typically weaker, but is looking forward to winter boat shows and spring demand [15] - Management is monitoring interest rates and their potential impact on retail demand but is not basing production levels solely on rate cuts [20] Other Important Information - The company has maintained a strong cash position, ending Q3 with over $53 million in cash, allowing for liquidity during the current down cycle [9] - Minimal damage was reported at the company's production facility due to recent hurricanes, and they are supporting affected communities [10] Q&A Session Summary Question: How did retail cadence play out throughout the quarter? - Management noted a decline in field inventory, indicating that more boats were sold at retail than shipped to dealers, which is a positive sign [12][13] Question: Are dealer inventory levels a broader trend? - Management expressed comfort with current dealer inventory levels and noted that dealers are stepping up to take on 2025 models [14][15] Question: How is the company handling promotions in the current retail environment? - Management stated that their promotional programs are more traditional and not overly aggressive, aiming for a balanced approach [16][17] Question: What is the outlook on the M&A market within the marine industry? - Management is optimistic about potential M&A opportunities and believes there will be favorable deals for companies with strong balance sheets [18] Question: When do interest rate cuts start impacting retail demand? - Management indicated that they are monitoring the situation and believe additional cuts could help, but they are not setting production levels based on rate cuts [19][21]

Page 1 Third Quarter 2024 Earnings Press Release Exhibit 99.1 Marine Products Corporation Reports Third Quarter 2024 Financial Results And Declares Regular Quarterly Dividend ATLANTA, October 24, 2024 – Marine Products Corporation (NYSE: MPX) (the "Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the third quarter ended September 30, 2024. * Non-GAAP measures, including EBITDA, EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in ...

Core Viewpoint - Marine Products Corporation will release its financial results for Q3 2024 on October 24, 2024, before market opens, and will host a conference call to discuss these results [1] Group 1: Financial Results Announcement - The financial results for the third quarter ended September 30, 2024, will be announced on October 24, 2024 [1] - A conference call to review the financial and operating results will take place on the same day at 8:00 a.m. Eastern Time [1] Group 2: Conference Call Participation - Individuals can participate in the conference call by dialing toll-free (888) 660-6357 or (929) 201-6127 for international callers, using conference ID number 9979064 [2] - The call will also be broadcast and archived for 90 days on the Company's investor website for those unable to join by telephone [2] Group 3: Company Overview - Marine Products Corporation is a leading manufacturer of high-quality fiberglass boats under the brands Chaparral and Robalo [3] - The company offers a variety of models including SSi Sportboats, SSX Luxury Sportboats, and Robalo's outboard sport fishing models [3] - Marine Products Corporation aims to diversify its product lines through innovation and has a strong capital structure and dealer network to enhance market share and financial performance [3]

Financial Performance - Net sales for the six months ended June 30, 2024 decreased by $96.2 million or 40.9% compared to the same period in 2023, primarily due to a 40% decrease in unit sales volumes [139]. - Cost of goods sold for the six months ended June 30, 2024 was $111.7 million, a decrease of $65.7 million or 37.0% compared to $177.4 million in the same period in 2023 [141]. - Operating income for the six months ended June 30, 2024 was $11.0 million compared to $31.0 million in the same period in 2023 [143]. - Cash provided by operating activities for the six months ended June 30, 2024 decreased by $21.0 million compared to the same period in 2023 [145]. Expenses - Selling, general and administrative expenses for the three months ended June 30, 2024 were $7.4 million, a decrease of $4.7 million or 39.0% compared to $12.2 million in the same period in 2023 [138]. Capital Expenditures and Liabilities - The Company expects capital expenditures in 2024 to be approximately $5.0 million, with $1.7 million spent through June 30, 2024 [171]. - The Company had a total accrued expenses and other liabilities of $16.598 million as of June 30, 2024, compared to $16.496 million as of December 31, 2023 [126]. Dividends and Obligations - The Company declared a regular quarterly dividend of $0.14 per share payable on September 10, 2024 [174]. - The Company has contractual repurchase obligations with an aggregate maximum of $27.3 million as of June 30, 2024 [179]. Interest Income and Risk - Interest income, net for the six months ended June 30, 2024 increased to $1.7 million from $1.2 million in the same period of the prior year [144]. - As of June 30, 2024, there were no outstanding interest-bearing advances on the credit facility, which bears interest at a floating rate [187]. - The company is subject to interest rate risk exposure through borrowings on its credit facility [187].

Financial Data and Key Metrics Changes - EBITDA decreased to $6.5 million from $17.1 million, with EBITDA margin down 540 basis points to 9.3% [1] - Year-to-date operating cash flow was $20 million and free cash flow was $18 million [1] - Sales for Q2 2024 were down 40% to $69.5 million, driven by a 41% decrease in boats sold [13] - Gross profit decreased 54% to $13.2 million, with a gross profit margin of 18.9%, down 580 basis points [14] - Diluted EPS was $0.14, down from $0.42 last year [16] Business Line Data and Key Metrics Changes - SG&A expenses were $7.4 million, down 39% or $4.7 million compared to last year [15] - Field inventory declined over 15% in the second quarter, indicating improved inventory management [3] Market Data and Key Metrics Changes - The company noted that high dealer inventories remain an issue, particularly in categories where it does not compete [3] - The company is experiencing dealer hesitation to order boats aggressively due to the need to clear existing inventory [25] Company Strategy and Development Direction - The company is focusing on managing costs and production schedules during the current soft period [10] - Plans for increased CapEx in the second half of the year, with expectations of approximately $5 million for the full year [2] - The company is committed to supporting dealers with promotions to stimulate demand amid elevated financing costs [4] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding potential interest rate relief, which could improve consumer sentiment [5] - The company is taking actions to preserve business health and is positioned for success when market demand improves [28] Other Important Information - The company remains debt-free and has accumulated significant cash, allowing for substantial cash returns to investors through dividends [23] - The upcoming Annual Conference in August will celebrate the Chaparral brand's 60th anniversary and is expected to generate enthusiasm for new models [6][7] Q&A Session Summary Question: Can you talk about the cadence of retail throughout the quarter and the drop in June? - Management noted that they did not see a significant unusual change in sales cadence and that field inventory had declined [30][37] Question: What are you hearing from dealers regarding their appetite for new model year units? - Management indicated that dealers are cautious due to existing inventory but are expected to place more orders during the upcoming Dealer Conference [41][44] Question: Is there a possibility for more aggressive promotions? - Management stated that they are comfortable with the current promotion levels and will continue to support sales [46] Question: What data points would give confidence to return production to a more normalized level? - Management emphasized that it will depend on dealer projections and overall inventory status as they work collaboratively to smooth production [49][50] Question: What is the current M&A environment? - Management expressed interest in M&A but noted a lack of good opportunities in the current market [52][53]

Certain statements and information included in this press release constitute "forwardlooking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations, hopes or strategies. In particular, such statements include, without limitation: our belief that we continue to navigate a challenging environment impacted by high inventory levels in the dealer channel rela ...