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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