Marine Products(US:MPX)2024-07-25 19:19Financial 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].