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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): October 25, 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 October 25, 2023, Marine Products Corporation issued a press release
titled “Marine
Products Corporation Reports Third Quarter 2023 Financial Results,” announcing the financial results for the third quarter ended
September 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: October 25, 2023 |
/s/ Michael L. Schmit |
| |
Michael L. Schmit |
| |
Vice President and Chief Financial Officer |
Exhibit 99.1
Marine Products
Corporation Reports
Third Quarter
2023 Financial Results
ATLANTA, October 25, 2023 – Marine
Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended September 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 Sportboats
and SSX Luxury Sportboats, along with the SURF Series. Chaparral’s outboard offerings include OSX Luxury Sportboats and SSi Outboard
Bowriders. Robalo builds an array of outboard sport fishing boats, which include Center Consoles, Dual Consoles and Cayman Bay Boats.
For the quarter ended September 30,
2023, Marine Products generated net sales of $77.8 million, a 22 percent decrease compared to $100.1 million in
the third quarter of the prior year. The decrease in net sales was primarily due to a 24 percent decrease in the number of boats
sold during the quarter, partially offset by a five percent increase in average selling price. Average selling price per boat
increased primarily due to a favorable model mix and, to a lesser extent, price increases to cover higher costs of materials and
components. Unit sales decreased during the quarter compared to the prior year as production has been adjusted to align more with
current demand, including seasonally lower dealer demand during the third quarter of each calendar year. In addition, unit sales
were impacted during the quarter by severe weather-related production shutdowns.
Gross profit for the
third quarter of 2023 was $19.2 million compared to $25.0 million in the third quarter of the prior year. Gross margin as a percentage
of net sales was 24.7 percent in the third quarter of 2023 compared to 25.0 percent in the prior year period. Operating income for the
third quarter of 2023 was $12.4 million, a decrease of 15 percent compared to operating profit of $14.7 million in the third quarter
of the prior year. Selling, general and administrative expenses were $8.8 million in the third quarter of 2023 compared to $10.3 million
in the third quarter of 2022. The decrease in selling, general and administrative expenses was due to costs that vary with sales and
profitability, such as incentive compensation, sales commissions and warranty expense. These expenses were 11.3 percent of net sales
in the third quarter of 2023 compared to 10.3 percent in the third quarter of 2022.
Net gain on the disposition
of assets was $2.0 million during the quarter, which includes $1.8 million related to a real estate transaction. Net interest income
of $860 thousand increased significantly compared to the prior year due to a higher cash balance and higher interest yields.
Page 2
Third Quarter 2023 Earnings Press Release
Net income for
the third quarter of 2023 was $10.4 million, a decrease of 9 percent compared to net income of $11.5 million in the third quarter of
2022. Net income as a percentage of net sales was 13.4 percent in the third quarter of 2023 as compared to 11.5 percent in the prior
year period. Earnings before interest, taxes, depreciation and amortization (EBITDA)1 for
the third quarter of 2023 was $13.0 million, a decrease of 14 percent, compared to $15.2 million in the third quarter of 2022.
EBITDA as a percentage of net sales was 16.7 percent in the third quarter of 2023 as compared to 15.1 percent in the prior year period.
Diluted earnings per share in the third
quarter of 2023 were $0.30, a decrease of 12 percent compared to $0.34 in the third quarter of the prior year. The effective tax rate
was 21.6 percent in the third quarter of 2023 compared to 22.3 percent in the third quarter of 2022.
Net sales for the nine months ended
September 30, 2023 were $312.9 million, an increase of 15 percent compared to the first nine months of 2022. Net income for the nine-month
period was $36.3 million or $1.05 diluted earnings per share, compared to net income of $28.5 million or $0.83 diluted earnings per share
in the comparable prior year period.
“Our third quarter results reflect
the reduction in production and delivery rates due to normalization of retail boat demand that has occurred during 2023, following significant
post-COVID demand. In addition, our production in the third quarter was adversely impacted by Hurricane Idalia,” stated Ben M.
Palmer, Marine Products’ President and Chief Executive Officer. “We were pleased with the orders placed during our annual
dealer conference in August. Dealer inventories are reasonable by historical standards and remain below pre-pandemic levels, and we have
firm production scheduled into 2024. We, along with our dealers, will reassess retail demand during the winter boat shows. While we are
still experiencing some delays in timely receipts of certain components used in our manufacturing operations, these issues are less of
a problem than earlier this year,” concluded Palmer.
Marine Products Corporation will hold
a conference call today, October 25, 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.
1
EBITDA and EBITDA as a percentage of net sales are financial measures which do not conform to GAAP. Additional disclosure regarding
these non-GAAP financial measures and their reconciliations to the nearest GAAP financial measures, is disclosed in Appendix A to this
press release.
Page 3
Third Quarter 2023 Earnings Press Release
Marine
Products Corporation is a leading manufacturer of high-quality fiberglass boats under the brand names Chaparral and Robalo. Chaparral’s
sterndrive models include SSi Sportboats and SSX Luxury Sportboats, and the SURF Series. Chaparral’s outboard offerings
include OSX Luxury Sportboats and the SSi Outboard Bowriders. Robalo builds an array of outboard sport fishing models, which include
Center Consoles, Dual Consoles and Cayman Bay Boats. The Company continues to diversify its product lines through product innovation.
With these 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 build 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 statement regarding our belief that dealer inventories are
reasonable by historical standards and our belief that we are prepared to capitalize on opportunities to increase our market share and
generate superior financial performance to build long-term shareholder value. Risk factors that could cause such future events not to
occur as expected include the following: our manufacturing operations and our supply chain; economic conditions, unavailability of credit
and possible decreases in the level of consumer confidence impacting discretionary spending; business interruptions due to adverse weather
conditions, increased interest rates. 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.
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
Third Quarter 2023 Earnings Press Release
MARINE
PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands except per share data)
| Periods ended September 30, (Unaudited) | |
Third Quarter | | |
Nine Months | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Net sales | |
$ | 77,786 | | |
$ | 100,061 | | |
$ | 312,858 | | |
$ | 272,486 | |
| Cost of goods sold | |
| 58,548 | | |
| 75,056 | | |
| 235,942 | | |
| 206,089 | |
| Gross profit | |
| 19,238 | | |
| 25,005 | | |
| 76,916 | | |
| 66,397 | |
| Selling, general and administrative expenses | |
| 8,789 | | |
| 10,326 | | |
| 35,495 | | |
| 29,449 | |
| Gain on disposition of assets, net | |
| (1,962 | ) | |
| - | | |
| (1,962 | ) | |
| - | |
| Operating income | |
| 12,411 | | |
| 14,679 | | |
| 43,383 | | |
| 36,948 | |
| Interest income, net | |
| 860 | | |
| 76 | | |
| 2,066 | | |
| 52 | |
| Income before income taxes | |
| 13,271 | | |
| 14,755 | | |
| 45,449 | | |
| 37,000 | |
| Income tax provision | |
| 2,868 | | |
| 3,283 | | |
| 9,176 | | |
| 8,510 | |
| Net income | |
$ | 10,403 | | |
$ | 11,472 | | |
$ | 36,273 | | |
$ | 28,490 | |
| | |
| | | |
| | | |
| | | |
| | |
| EARNINGS PER SHARE | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.30 | | |
$ | 0.34 | | |
$ | 1.05 | | |
$ | 0.83 | |
| Diluted | |
$ | 0.30 | | |
$ | 0.34 | | |
$ | 1.05 | | |
$ | 0.83 | |
| | |
| | | |
| | | |
| | | |
| | |
| AVERAGE SHARES OUTSTANDING | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 34,467 | | |
| 34,225 | | |
| 34,435 | | |
| 34,172 | |
| Diluted | |
| 34,467 | | |
| 34,225 | | |
| 34,435 | | |
| 34,172 | |
Page 5
Third Quarter 2023 Earnings Press Release
MARINE
PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
| | |
(in thousands) | |
| | |
SEPTEMBER 30,
2023 | | |
DECEMBER 31,
2022 | |
| | |
(Unaudited) | | |
| |
| ASSETS | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 60,705 | | |
$ | 43,171 | |
| Accounts receivable, net | |
| 10,743 | | |
| 5,340 | |
| Inventories | |
| 69,784 | | |
| 73,015 | |
| Income taxes receivable | |
| 199 | | |
| 28 | |
| Prepaid expenses and other current assets | |
| 3,784 | | |
| 3,444 | |
| Total current assets | |
| 145,215 | | |
| 124,998 | |
| Property, plant and equipment, net | |
| 21,356 | | |
| 14,965 | |
| Goodwill | |
| 3,308 | | |
| 3,308 | |
| Other intangibles, net | |
| 465 | | |
| 465 | |
| Deferred income taxes | |
| 7,833 | | |
| 6,027 | |
| Other assets | |
| 18,556 | | |
| 13,952 | |
| Total assets | |
$ | 196,733 | | |
$ | 163,715 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| Accounts payable | |
$ | 12,066 | | |
$ | 8,250 | |
| Accrued expenses and other liabilities | |
| 16,218 | | |
| 15,340 | |
| Total current liabilities | |
| 28,284 | | |
| 23,590 | |
| Retirement plan liabilities | |
| 16,714 | | |
| 14,440 | |
| Other long-term liabilities | |
| 1,622 | | |
| 1,304 | |
| Total liabilities | |
| 46,620 | | |
| 39,334 | |
| Common stock | |
| 3,447 | | |
| 3,422 | |
| Capital in excess of par value | |
| - | | |
| - | |
| Retained earnings | |
| 146,678 | | |
| 122,954 | |
| Accumulated other comprehensive loss | |
| (12 | ) | |
| (1,995 | ) |
| Total stockholders' equity | |
| 150,113 | | |
| 124,381 | |
| Total liabilities and stockholders' equity | |
$ | 196,733 | | |
$ | 163,715 | |
Page 6
Third Quarter 2023 Earnings Press Release
Appendix A
Marine Products Corporation has used
the non-GAAP financial measures of earnings before interest, taxes, depreciation and amortization (EBITDA) in today's earnings release,
and anticipates using them in today's earnings conference call. They 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 they allow 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. These reconciliations also appears on Marine
Products Corporation’s investor website, which can be found on the Internet at marineproductscorp.com.
(Unaudited)
| Periods ended September 30, | |
Three Months Ended | | |
Nine Months Ended | |
| (In thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Reconciliation of Net Income to EBITDA | |
| | | |
| | | |
| | | |
| | |
| Net Income | |
$ | 10,403 | | |
$ | 11,472 | | |
$ | 36,273 | | |
$ | 28,490 | |
| Add: | |
| | | |
| | | |
| | | |
| | |
| Income tax provision | |
| 2,868 | | |
| 3,283 | | |
| 9,176 | | |
| 8,510 | |
| Depreciation and amortization | |
| 610 | | |
| 480 | | |
| 1,750 | | |
| 1,416 | |
| Less: | |
| | | |
| | | |
| | | |
| | |
| Interest income, net | |
| 860 | | |
| 76 | | |
| 2,066 | | |
| 52 | |
| EBITDA | |
$ | 13,021 | | |
$ | 15,159 | | |
$ | 45,133 | | |
$ | 38,364 | |
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