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Marine Products Reports Record 3rd Qtr Results; Stock Now up 261%

10/29/03 Today Marine Products Corp. reported record 3rd quarter results. Recommended for our Primary Stock Portfolio in June 2001, the stock is now up 261%. The company's earnings release follows:

ATLANTA, Oct. 29 /PRNewswire-FirstCall/ -- Marine Products Corporation (Amex: MPX) announced its unaudited results for the quarter and nine months ended September 30, 2003. Marine Products is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including SSi Sportboats, Sunesta Deckboats, and Signature Cruisers, and sport fishing boats by Robalo.

For the quarter ended September 30, 2003, Marine Products generated net sales of $44,903,000, the highest third quarter net sales in its history, and an 8.1 percent increase compared to $41,551,000 last year. The increase in net sales was due to a 6.6 percent increase in the average selling price per boat and parts and accessories sales, and a 1.5 percent increase in the number of boats sold. The increase in average selling prices was due to a favorable model mix and price increases implemented in the new model year. Gross profit for the quarter was $11,503,000, an 18.6 percent increase over the same period in 2002. Gross profit as a percentage of sales was 25.6 percent, an increase of 2.3 percentage points compared to the third quarter of 2002. The improvement in gross profit as a percentage of net sales was due to higher unit sales volumes of larger boats during the period and the effect of price increases.

Operating income for the quarter was $6,566,000, a 26.0 percent increase compared to the third quarter last year. This increase over the prior year was due to higher gross profit, partially offset by higher selling, general and administrative expenses during the period. The increases in selling, general and administrative expenses include warranty expense, which has increased during the past year and varies with net sales, as well as advertising and sales commission expenses.

The complete press release can be found at www.marineproductscorp.com.

SOURCE: Marine Products Corporation

 




 

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