Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 Commission File No. 1-16263 MARINE PRODUCTS CORPORATION (exact name of registrant as specified in its charter) Delaware 58-2572419 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 2801 Buford Highway, Suite 300, Atlanta, Geor ...

Marine Products Corporation (NYSE:MPX) Q2 2023 Earnings Conference Call July 26, 2023 8:00 AM ET Company Participants Ben Palmer – President and Chief Executive Officer Mike Schmit – Chief Financial Officer Jim Landers – Vice President of Corporate Services Conference Call Participants Operator Good morning, and thank you for joining us for Marine Products Corporation's Second Quarter 2023 Financial Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Chie ...

FORM 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 Commission File No. 1-16263 MARINE PRODUCTS CORPORATION (exact name of registrant as specified in its charter) Delaware 58-2572419 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 2801 Buford Highway, Suite 300, Atlanta, Geo ...

Marine Products Corporation (NYSE:MPX) Q1 2023 Earnings Conference Call April 26, 2023 8:00 AM ET Company Participants Jim Landers - VP, Corporate Services Ben Palmer - President & CEO Mike Schmit - CFO Conference Call Participants Craig Kennison - Baird Fred Wightman - Wolfe Operator Good morning and thank you for joining us for Marine Products Corporation's First Quarter 2023 Financial Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Chief Financial ...

Financial Performance - Marine Products' net sales increased by $83.0 million or 27.8% in 2022 compared to 2021, driven by a 4.0% increase in the number of boats sold and a 23.7% increase in the average gross selling price per boat [132]. - The total number of boats sold in 2022 was 4,331, with an average gross selling price per boat of $76.8 thousand, compared to 4,165 boats sold in 2021 at an average price of $62.1 thousand [131]. - Gross profit margin improved to 24.6% in 2022 from 22.9% in 2021, while selling, general and administrative expenses as a percentage of net sales increased to 11.0% from 10.7% [131]. - Domestic net sales reached $355.4 million in 2022, a 26.0% increase, while international net sales surged by 61.2% to $25.6 million [132]. Cash and Liquidity - Cash and cash equivalents increased to $43.2 million at December 31, 2022, up from $14.1 million at the end of 2021 [137]. - The Company has approximately $150 million available for capital needs through its shelf registration statement and maintains a strong liquidity position [144]. - As of December 31, 2022, the Company had no outstanding borrowings under its $20 million revolving credit facility, which matures in November 2026 [145]. - The Company's aggregate repurchase obligation with financing institutions was approximately $12.3 million as of December 31, 2022 [151]. Market Presence and Sales - Retail sales in the boating segments increased by approximately 3.5% in 2022 compared to the prior year [124]. - Robalo's market share in the 18 to 36 foot outboard sport fishing boat market was 4.2%, while Chaparral's market share in the 19 to 34 foot sterndrive category was 19.8% [125]. - The company plans to attend more boat shows in 2023 due to the easing of COVID-19 restrictions, which is expected to enhance market presence [128]. Production and Supply Chain - Supply chain disruptions have delayed production and deliveries, impacting working capital requirements significantly since Q3 2021 [129]. Warranty and Internal Controls - Warranty expense as a percentage of net sales was 1.5% in 2022, an increase from 1.2% in 2021 [156]. - The Company has a lifetime limited structural hull warranty, a five-year structural deck warranty, and a one-year limited warranty for all boats sold to dealers [176]. - The warranty liability is considered a critical audit matter due to the high degree of estimation uncertainty related to anticipated future warranty claims [177]. - The audit procedures included evaluating the design and testing the operating effectiveness of controls over the warranty liability estimation process [179]. - The Company maintained effective internal control over financial reporting as of December 31, 2022, according to the independent auditor's report [164]. Corporate Governance and Compliance - The Company has been audited by Grant Thornton LLP since 2004, ensuring compliance with PCAOB standards [179]. - The Company revised its contractual agreement with an employee to a monthly payment of 7% of profits, down from 10% in prior periods [141]. - The Company has a stock buyback program authorizing the repurchase of 8,250,000 shares, with 1,570,428 shares remaining available for repurchase as of December 31, 2022 [142]. - The Company holds no derivative financial instruments and maintains investments primarily in money market funds, indicating low market risk exposure [158]. - The financial statements of Marine Products Corporation for the years ended December 31, 2022, and 2021 present a fair view of the company's financial position and operations [171]. - Total cost of sales incentives recorded as a percentage of gross sales was 5.6% in 2022, down from 6.7% in 2020 [155].

Marine Products Corporation (NYSE:MPX) Q4 2022 Earnings Conference Call January 25, 2023 8:00 AM ET Company Participants Jim Landers - Vice President of Corporate Services Ben Palmer - President and Chief Executive Officer Mike Schmit - Chief Financial Officer Conference Call Participants Craig Kennison - Baird Operator Good morning, and thank you for joining us for Marine Products Corporation's Fourth Quarter and Year End 2022 Financial Earnings Conference Call. Today's call will be hosted by Ben Palmer, P ...

Table of Contents Commission File No. 1-16263 MARINE PRODUCTS CORPORATION (exact name of registrant as specified in its charter) Delaware 58-2572419 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 2801 Buford Highway, Suite 300, Atlanta, Georgia 30329 (Address of principal executive offices) (zip code) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exch ...

Marine Products Corporation (NYSE:MPX) Q3 2022 Earnings Conference Call October 26, 2022 8:00 AM ET Company Participants Jim Landers - Vice President of Corporate Services 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 Marine Product Corporation's Third Quarter 2022 Financial Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Ch ...

Financial Performance - Net sales for the second quarter of 2022 were $95.8 million, a 42.5% increase compared to the second quarter of 2021, driven by a 15.0% increase in units sold and a 22.2% increase in average selling price per boat [74][88]. - Operating income for the second quarter of 2022 increased by 78.1% to $13.1 million from $7.4 million in the same period of 2021 [76][92]. - For the six months ended June 30, 2022, net sales increased by $26.8 million or 18.4% compared to the same period in 2021 [97]. - Operating income for the six months ended June 30, 2022 was $22.3 million, an increase of 28.16% compared to $17.4 million in the same period in 2021 [100]. - Net cash provided by operating activities increased by $11.1 million to $17.2 million for the six months ended June 30, 2022, compared to $6.1 million in the same period in 2021 [103]. - Cash and cash equivalents at June 30, 2022 were $21.6 million, compared to $14.1 million at December 31, 2021 [103]. Sales and Pricing - The average selling price per boat during the second quarter of 2022 was $74.9 thousand, up from $61.3 thousand in the same period of 2021 [87]. - Average selling price per boat for the six months ended June 30, 2022 increased by 25.5% compared to the same period in 2021 [97]. - Domestic net sales increased by 38.0% to $88.0 million, while international net sales surged by 124.5% to $7.8 million in the second quarter of 2022 [89]. Costs and Expenses - Cost of goods sold as a percentage of net sales improved to 76.0% for the second quarter of 2022, down from 78.3% in the same period of 2021 [75][90]. - Selling, general and administrative expenses for the second quarter of 2022 were $9.9 million, a 36.4% increase from $7.2 million in the same period of 2021 [91]. Future Outlook and Strategy - The company plans to continue producing a smaller number of models in the 2023 model year to increase production efficiency [81]. - The company anticipates that inflation and rising interest rates may impact retail demand for recreational boats, but does not expect this to affect production and sales in the near term due to strong dealer order backlogs [126]. - The company expects to continue paying cash dividends to common stockholders, subject to industry conditions and financial performance [112]. Capital and Investments - Capital expenditures for 2022 are expected to be approximately $3.6 million, with $0.8 million spent through June 30, 2022 [109]. - The company declared a quarterly cash dividend of $0.12 per share payable on September 9, 2022, to common stockholders [112]. - 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 June 30, 2022 [111]. - The company believes its liquidity, strong capitalization, and cash generated from operations will be sufficient to meet its requirements for at least the next twelve months [108]. Risks and Challenges - Supply chain disruptions have impacted production and sales, with ongoing challenges expected to continue throughout 2022 [83][85]. - The company faces risks from the COVID-19 pandemic, economic conditions, and supply chain disruptions [130]. - Rising commodity prices, including hydrocarbons, copper, and steel, could negatively impact profit margins [130]. - Higher inflation may lead to increased interest rates, affecting consumer demand for boats [130]. - The company is subject to competition from other boat manufacturers and dealers [130]. - Potential liabilities for personal injury or property damage claims could arise from product use [130]. - The company may encounter challenges in identifying suitable acquisition candidates or strategic partners [130]. - Anti-takeover provisions in governance documents could complicate tender offers or takeover attempts [130]. Market and Financial Instruments - Marine Products does not hold any derivative financial instruments, minimizing exposure to significant market risk [131]. - The company maintains investments primarily in money market funds, which are not subject to interest rate risk exposure [131]. - There are no expected material changes in market risk exposures or management strategies [131].

Marine Products Corporation (NYSE:MPX) Q2 2022 Earnings Conference Call July 27, 2022 8:00 AM ET Company Participants Ben Palmer - President and CEO Mike Schmit - CFO Jim Landers - VP of Corporate Services Conference Call Participants Fred Wightman - Wolfe Research Operator [Call Started Abruptly] Ben Palmer, President and CEO; and Mike Schmit, Chief Financial Officer. Also hosting is Jim Landers, Vice President of Corporate Services. [Operator Instructions] I would like to advise everyone that this confere ...