US Leisure Boat Manufacturer's Sales Soar in Q3 2012

Press Release
Thursday, October 25, 2012

Marine Products Corp. announce unaudited results for the quarter ended September 30, 2012.

Marine Products is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including H2O Sport and Fish & Ski Boats, SSi and SSX Sportboats, Sunesta Sportdecks, Xtreme Towboats, Signature Cruisers and Premiere Sport Yachts, and outboard sport fishing boats by Robalo.

For the quarter ended September 30, 2012, they generated net sales of $38,494,000, a 73.0 percent increase compared to $22,254,000 last year.  The increase in net sales was due to a 125.1 percent increase in the number of boats sold, partially offset by a 23.9 percent decrease in the average selling price per boat.  Average selling prices reflect significantly higher unit sales of our value-priced Chaparral H2O and Robalo sport fishing boats.  Both of these products carry lower average selling prices than the other models in our lineup.

Gross profit for the quarter was $7,374,000, or 19.2 percent of net sales, compared to a gross profit of $4,634,000, or 20.8 percent of net sales, in the prior year.  Gross profit in the third quarter of 2012 increased compared to the prior year due to higher sales.  As a percentage of net sales, however, gross profit decreased due to higher materials costs as a percentage of net sales for our value-priced Chaparral H2O and Robalo sport fishing boats, partially offset by increased efficiencies from higher production volumes.

Operating profit for the quarter increased by 85.6 percent to $2,773,000 compared to $1,494,000 in the third quarter of last year due to increased net sales and gross profit, partially offset by higher selling, general and administrative expenses.  Selling, general and administrative expenses increased due to increases in expenses that vary with sales and profitability, such as incentive compensation, sales commissions and warranty expense.

Net income for the quarter ended September 30, 2012 was $2,110,000 compared to net income of $1,200,000 in the prior year.  Diluted earnings per share for the quarter were $0.06 compared to $0.03 per share in the prior year.

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1005 sec (10 req/sec)