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.

 


People & Company News

MN100: Klüber Lubrication NA LP

The Company: Klüber Lubrication is one of the world’s leading manufacturers of specialty lubricants, offering high-end tribological solutions to virtually all industries and markets worldwide.

Grand Bahama Shipyard Adds Four Executives

Grand Bahama Shipyard Limited (GBSL), a Caribbean shipyard providing retrofit, refurbishment and revitalization to cruise and commercial vessels, has added four

MN100: Voith Turbo

The Company: Voith Turbo specializes in the design, manufacture and servicing of high performance driveline equipment. From drive components to electronic drive systems,

Finance

Singapore's SembMarine to Take Full Control of PPL Shipyard

Singaporean rig builder Sembcorp Marine Ltd said it had agreed to buy the 15 percent of PPL Shipyard Pte Ltd it did not already own for about $115 million from

Pressure Mounting on VLGCs Rates - Drewry

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.

Investors to Acquire $1.5 bln Shipping Portfolio from NORD/LB

NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Sonar
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: 0.1413 sec (7 req/sec)