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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT
OF 1934
Date of Report (Date of earliest event reported): July 26, 2023
MARINE PRODUCTS CORPORATION
(Exact name of registrant as specified in
its charter)
_________________________
Delaware |
1-16263 |
58-2572419 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
2801 Buford Highway NE, Suite 300, Atlanta, Georgia 30329
(Address of principal executive office) (zip code)
Registrant's telephone
number, including area code: (404) 321-7910
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.10 par value |
|
MPX |
|
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial
Condition.
On July 26, 2023, Marine Products Corporation issued a press release
titled "Marine
Products Corporation Reports Second Quarter 2023 Financial Results," announcing the financial results for the second quarter ended
June 30, 2023.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Marine Products Corporation has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
|
Marine Products Corporation |
|
|
Date: July 26, 2023 |
/s/ Michael L. Schmit |
|
Michael L. Schmit |
|
Vice President and Chief Financial Officer |
Exhibit 99.1
Marine Products Corporation Reports Second
Quarter 2023 Financial Results
ATLANTA, July 26, 2023 – Marine Products Corporation (NYSE: MPX)
announced its unaudited results for the quarter ended June 30, 2023. Marine Products is a leading manufacturer of fiberglass boats under
the brand names of Chaparral and Robalo. Chaparral’s sterndrive models include SSi and SSX, along with the Chaparral Surf Series.
Chaparral’s outboard offerings include OSX Luxury Sportboats and SSi outboard models. Robalo builds an array of outboard sport fishing
boats, which include center consoles, dual consoles and Cayman Bay Boat models.
For the quarter ended June 30, 2023, Marine Products generated net
sales of $116.2 million, a 21 percent increase compared to $95.8 million in the same quarter of the prior year.
The increase in net sales was due to an 11 percent increase in the number of boats sold during the quarter and a 10 percent increase in
the average selling price per boat, as well as an increase in parts and accessories sales. Unit sales increased during the quarter compared
to the prior year as we continued to clear inventory of partially completed units caused by supply chain disruptions. These deliveries
also helped to satisfy our dealers’ inventory needs during the retail selling season. Average selling prices increased primarily
due to a favorable model mix and price increases to cover increased costs including primarily materials and components. Unit sales increased
within both our Chaparral and Robalo brands.
Gross profit for the second quarter of 2023 was $28.7
million compared to $23.0 million in the second quarter of the prior year. Gross margin as a percentage of net sales was 24.7 percent
in the second quarter of 2023 compared to 24.0 percent in the prior year period. The increase in gross margin was due to improved operating
efficiencies and a favorable model mix. Operating profit for the second quarter of 2023 was $16.5 million, an increase of 26 percent compared
to operating profit of $13.1 million in the second quarter of the prior year. Selling, general and administrative expenses were $12.2
million in the second quarter of 2023 compared to $9.9 million in the second quarter of 2022. These expenses were 10.5 percent of net
sales in the second quarter of 2023 compared to 10.3 percent in the second quarter of 2022. Selling, general and administrative expenses
increased due to costs that vary with sales and profitability, such as incentive compensation, sales commissions and warranty expense.
Net interest income of $723 thousand increased significantly compared to the prior year due to a higher cash balance and higher interest
yields. Net income for the second quarter of 2023 was $14.3 million, an increase of 44 percent compared to net income of $10.0 million
in the second quarter of 2022. Earnings before interest, taxes, depreciation and amortization (EBITDA)1
for the second quarter of 2023 was $17.1 million, or 14.7 percent of net sales, an increase of $3.5 million or 26 percent, compared to
the second quarter of 2022.
Diluted earnings per share in the second quarter of 2023 were
$0.42, an increase of 45 percent compared to $0.29 in the second quarter of the prior year. The effective tax rate was 16.8 percent
in the second quarter of 2023 compared to 24.0 percent in the second quarter of 2022. The decrease in the effective tax rate is
primarily due to favorable permanent adjustments as well as beneficial discrete adjustments.
1 EBITDA is a financial measure which does not conform
to GAAP. Additional disclosure regarding this non-GAAP financial measure and its reconciliation to net income, the nearest GAAP financial
measure, is disclosed in Appendix A to this press release.
Page 2
Second Quarter 2023 Earnings Press Release
Net sales for the six months ended June 30, 2023 were $235.1 million,
an increase of 36 percent compared to the first six months of 2022. Net income for the six-month period was $25.9 million or $0.75 diluted
earnings per share, compared to net income of $17.0 million or $0.50 diluted earnings per share in the comparable prior year period.
“Second quarter trends remained favorable, although the retail
selling season started later than normal due to colder weather in many parts of the country,” stated Ben M. Palmer, Marine Products’
President and Chief Executive Officer. “Dealer inventories remain at the lower end of historical ranges at this time of the year
which allow dealers to meet current demand and place orders for 2024 models. Indicators of dealer demand continue to be positive regarding
the upcoming model year but there are concerns over consumer sentiment arising from higher interest rates and the possibility of an economic
slowdown.
“Our supply chain and logistical issues remain a challenge in
specific components but have improved compared to recent years. These improvements allowed us to ship more units than we produced during
the quarter and are reflected in our higher unit sales, lower inventory balance, and our strong cash balance at the end of the second
quarter,” concluded Palmer.
Marine Products Corporation will hold a conference call today, July
26, 2023, at 8:00 a.m. Eastern Time to discuss the results for the quarter. Interested parties may listen in by accessing a live webcast
in the investor relations section of Marine Products’ website at marineproductscorp.com. Additionally, the live conference call
can be accessed by calling (888) 660-6357, or (929) 201-6127 for international callers, and using conference ID number 9979064. A replay
will be available in the investor relations section of Marine Products’ website beginning approximately two hours after the call.
Marine
Products Corporation (NYSE: MPX) designs, manufactures and distributes premium-branded Chaparral sterndrive and outboard pleasure boats,
and Robalo outboard sport fishing boats. The Company continues to diversify its product lines through product innovation. With premium
brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities
to increase its market share and generate superior financial performance to continue building long-term shareholder value. For more
information on Marine Products Corporation visit our website at MarineProductsCorp.com.
Certain statements and information included in this press release constitute
“forward-looking 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 or hopes. In particular, such
statements include, without limitation, the statements regarding (i) our belief that the retail selling season was negatively impacted
by colder weather in many parts of the country, (ii) low dealer inventories allow dealers to place orders for 2024 models, and (iii) indicators
of dealer demand remain positive but there are concerns over consumer sentiment arising from higher interest rates or an economic slowdown.
Additional discussion of factors that could cause the actual results to differ materially from management’s projections, forecasts,
estimates and expectations is contained in Marine Products’ Annual Report on Form 10-K, filed with the U.S. Securities and Exchange
Commission (the “SEC”) for the year ended December 31, 2022.
Page 3
Second Quarter 2023 Earnings Press Release
For information about Marine Products Corporation
or this event, please contact:
Michael L. Schmit
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com
Jim Landers
Vice President Corporate Services
(404) 321-2162
jlanders@marineproductscorp.com
Page 4
Second Quarter 2023 Earnings Press Release
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data) | |
| | |
| | |
| |
| |
| | |
| | |
| |
Periods ended June 30, (Unaudited) | |
Second Quarter | | |
BETTER | | |
Six Months | | |
BETTER | |
| |
2023 | | |
2022 | | |
(WORSE) | | |
2023 | | |
2022 | | |
(WORSE) | |
Net sales | |
$ | 116,158 | | |
$ | 95,813 | | |
| 21.2 | % | |
$ | 235,072 | | |
$ | 172,425 | | |
| 36.3 | % |
Cost of goods sold | |
| 87,502 | | |
| 72,816 | | |
| (20.2 | ) | |
| 177,394 | | |
| 131,033 | | |
| (35.4 | ) |
Gross profit | |
| 28,656 | | |
| 22,997 | | |
| 24.6 | | |
| 57,678 | | |
| 41,392 | | |
| 39.3 | |
Selling, general and administrative expenses | |
| 12,173 | | |
| 9,883 | | |
| (23.2 | ) | |
| 26,706 | | |
| 19,123 | | |
| (39.7 | ) |
Operating profit | |
| 16,483 | | |
| 13,114 | | |
| 25.7 | | |
| 30,972 | | |
| 22,269 | | |
| 39.1 | |
Interest income (expense) | |
| 723 | | |
| (7 | ) | |
| N/M | | |
| 1,206 | | |
| (24 | ) | |
| N/M | |
Income before income taxes | |
| 17,206 | | |
| 13,107 | | |
| 31.3 | | |
| 32,178 | | |
| 22,245 | | |
| 44.7 | |
Income tax provision | |
| 2,885 | | |
| 3,152 | | |
| 8.5 | | |
| 6,308 | | |
| 5,227 | | |
| (20.7 | ) |
Net income | |
$ | 14,321 | | |
$ | 9,955 | | |
| 43.9 | % | |
$ | 25,870 | | |
$ | 17,018 | | |
| 52.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
EARNINGS PER SHARE | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.42 | | |
$ | 0.29 | | |
| 44.8 | % | |
$ | 0.75 | | |
$ | 0.50 | | |
| 50.0 | % |
Diluted | |
$ | 0.42 | | |
$ | 0.29 | | |
| 44.8 | % | |
$ | 0.75 | | |
$ | 0.50 | | |
| 50.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
AVERAGE SHARES OUTSTANDING | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 34,458 | | |
| 34,191 | | |
| | | |
| 34,419 | | |
| 34,146 | | |
| | |
Diluted | |
| 34,458 | | |
| 34,191 | | |
| | | |
| 34,419 | | |
| 34,146 | | |
| | |
Page 5
Second Quarter 2023 Earnings Press Release
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES | |
| |
| |
| | |
| |
CONSOLIDATED BALANCE SHEETS | |
| | |
| |
| |
(in thousands) | |
| |
JUNE 30,
2023 | | |
DECEMBER 31,
2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Cash and cash equivalents | |
$ | 66,215 | | |
$ | 43,171 | |
Accounts receivable, net | |
| 12,354 | | |
| 5,340 | |
Inventories | |
| 61,496 | | |
| 73,015 | |
Income taxes receivable | |
| 230 | | |
| 28 | |
Prepaid expenses and other current assets | |
| 2,473 | | |
| 3,444 | |
Total current assets | |
| 142,768 | | |
| 124,998 | |
Property, plant and equipment, net | |
| 21,019 | | |
| 14,965 | |
Goodwill | |
| 3,308 | | |
| 3,308 | |
Other intangibles, net | |
| 465 | | |
| 465 | |
Deferred income taxes | |
| 7,919 | | |
| 6,027 | |
Other assets | |
| 14,798 | | |
| 13,952 | |
Total assets | |
$ | 190,277 | | |
$ | 163,715 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Accounts payable | |
$ | 8,565 | | |
$ | 8,250 | |
Accrued expenses and other liabilities | |
| 19,852 | | |
| 15,340 | |
Total current liabilities | |
| 28,417 | | |
| 23,590 | |
Retirement plan liabilities | |
| 16,514 | | |
| 14,440 | |
Other long-term liabilities | |
| 1,649 | | |
| 1,304 | |
Total liabilities | |
| 46,580 | | |
| 39,334 | |
Common stock | |
| 3,447 | | |
| 3,422 | |
Capital in excess of par value | |
| - | | |
| - | |
Retained earnings | |
| 140,262 | | |
| 122,954 | |
Accumulated other comprehensive loss | |
| (12 | ) | |
| (1,995 | ) |
Total stockholders' equity | |
| 143,697 | | |
| 124,381 | |
Total liabilities and stockholders' equity | |
$ | 190,277 | | |
$ | 163,715 | |
Page 6
Second Quarter 2023 Earnings Press Release
Appendix A
Marine Products Corporation has used
the non-GAAP financial measure of earnings before interest, taxes, depreciation and amortization (EBITDA) in today's earnings release,
and anticipates using EBITDA in today's earnings conference call. EBITDA should not be considered in isolation or as a substitute for
operating income, net income or other performance measures prepared in accordance with GAAP.
Marine Products Corporation uses EBITDA
as a measure of operating performance because it allows us to compare performance consistently over various periods without regard to
changes in our capital structure.
A non-GAAP financial measure is a numerical
measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that
have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance
with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments
that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Set
forth below is a reconciliation of EBITDA with Net Income, the most comparable GAAP measure. This reconciliation also appears on Marine
Products Corporation’s investor website, which can be found on the Internet at marineproductscorp.com.
(Unaudited) | |
| | |
| | |
| | |
| |
Periods ended June 30, | |
Three Months Ended | | |
Six Months Ended | |
(In thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Reconciliation of Net Income to EBITDA | |
| | | |
| | | |
| | | |
| | |
Net Income | |
$ | 14,321 | | |
$ | 9,955 | | |
$ | 25,870 | | |
$ | 17,018 | |
Add: | |
| | | |
| | | |
| | | |
| | |
Income tax provision | |
| 2,885 | | |
| 3,152 | | |
| 6,308 | | |
| 5,227 | |
Depreciation and amortization | |
| 617 | | |
| 464 | | |
| 1,140 | | |
| 936 | |
Less: | |
| | | |
| | | |
| | | |
| | |
Interest income (expense) | |
| 723 | | |
| (7 | ) | |
| 1,206 | | |
| (24 | ) |
EBITDA | |
$ | 17,100 | | |
$ | 13,578 | | |
$ | 32,112 | | |
$ | 23,205 | |
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Marine Products (NYSE:MPX)
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Von Mai 2024 bis Jun 2024
Marine Products (NYSE:MPX)
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Von Jun 2023 bis Jun 2024