Financial Data and Key Metrics Changes - First quarter sales decreased by 15% year over year to $59 million, driven by a 19% decrease in the number of boats sold, although price and mix contributed positively by 4% [5][12] - Gross profit fell to $11 million with a gross profit margin of 18.6%, down 160 basis points due to lower volumes and reduced fixed cost absorption [13] - Diluted EPS was $0.06, down from $0.13 in the previous year, while EBITDA decreased to $3.4 million from $5.9 million [14] Business Line Data and Key Metrics Changes - The company reported a sequential sales increase of 23% compared to the fourth quarter of 2024, indicating signs of stabilization after significant declines in previous quarters [5] - Channel inventories were down 18% compared to the same quarter last year, reflecting progress in managing inventory levels [7] Market Data and Key Metrics Changes - The marine industry is facing challenges with elevated levels of channel inventory and an unclear interest rate environment, impacting overall demand [6][10] - The company is closely monitoring tariff impacts on key input costs, including engines and materials, which could lead to model price increases [9] Company Strategy and Development Direction - The company remains focused on managing costs and production levels while positioning for improved demand in the future [6] - There is an active pursuit of acquisitions to expand the business, with a focus on boat categories where the company currently lacks products [16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about reaching a trough in sales declines and anticipates potential year-over-year sales growth in the second half of 2025 [5][6] - The company acknowledges the uncertainty surrounding interest rates and tariffs but is committed to maintaining open communication with stakeholders [10] Other Important Information - The company filed an S3 registration statement with the SEC for the Rollins family Control Group shares, which is viewed as good corporate housekeeping [15] - Recent board changes include the election of Steve Lewis and the retirement of Gary Rollins and Pam Rollins, reflecting ongoing governance updates [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call concluded without a detailed Q&A segment [18][21]