Marine Products Splits Stock & Increases
Dividend 50%
01/27/2004
How Marine Products has done for us: +367% in 31.8 months
(an annualized rate of 79%). This boating company's stock
has done so well that they are increasing their dividend by
50% and splitting the stock 3-for-2. Today's press release
from the company follows:
ATLANTA, January 27, 2004 -- Marine Products
Corporation (AMEX: MPX) today announced that its Board of
Directors has approved a three-for-two split of the Company's
outstanding common stock. The split will be effected by issuing
one additional share of common stock for every two shares
of common stock held. The additional shares of common stock
will be distributed on March 10, 2004 to holders of record
at the close of business on February 10, 2004. No fractional
shares will be issued. Fractional share amounts resulting
from the split will be paid to shareholders in cash.
The Board of Directors has also declared
a quarterly dividend increase of 50 percent to $0.06 per share
payable March 10, 2004 to common shareholders of record at
the close of business February 10, 2004. The cash dividend
that was declared today will be paid on the pre-split shares.
Richard A. Hubbell, Marine Products’ Chief
Executive Officer stated, " Given the sustained strength
in the company's stock price, we are able to make Marine Products'
stock more widely available to potential investors. We are
pleased that shareholders can benefit from our results through
a stock split. We believe that increasing the cash dividend
and splitting the stock are not only a way to reward our current
stockholders, but may also potentially increase the liquidity
and investment appeal of our common stock."
Marine Products is a leading manufacturer
of fiberglass boats, including Chaparral pleasure boats and
Robalo sport fishing boats. Marine Products Corporation's
investor Web site can be found on the Internet at www.marineproductscorp.com.
Forward-looking statements:
Certain statements made in this report that are not historical
facts are “forward-looking statements” under the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
may include, without limitation, statements that relate to
our business strategy, plans and objectives and our beliefs
and expectations regarding future demand for our products
and services and other events and conditions that may influence
our performance in the future. The words “may,” “should,”
“will,” “expect,” “believe,” “anticipate,” “intend,” “plan,”
“believe,” “seek,” “project,” “estimate,” and similar expressions
used in this document that do not relate to historical facts
are intended to identify forward-looking statements. Such
statements are based on certain assumptions and analyses made
by our management in light of its experience and its perception
of historical trends, current conditions, expected future
developments and other factors it believes to be appropriate.
We caution you that such statements are only predictions and
not guarantees of future performance and that actual results,
developments and business decisions may differ from those
envisioned by the forward-looking statements.
SOURCE: Marine Products Corp.
|
