Boat Sales Up in Q1 Reports Marine Products Corp

Press Release
Thursday, April 26, 2012

Marine Products Corporation Reports First Quarter 2012 Financial Results

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 March 31, 2012, Marine Products generated net sales of $37,849,000, a 39.4 percent increase, compared to $27,148,000 last year. The increase in net sales was due to a 54.1 percent increase in the number of boats sold, partially offset by an 11.3 percent decrease in the average selling price per boat. Unit sales increased dramatically due to the recent introduction of our Chaparral H2O Sport and Fish & Ski Boats, as well as our value-priced Robalo 180 and 200 outboard sport fishing boats. The sales of these smaller models resulted in the decrease in overall average selling prices during the quarter as compared to the first quarter of 2011.  

Gross profit for the quarter was $6,996,000, or 18.5 percent of net sales, compared to a gross profit of $4,460,000, or 16.4 percent of net sales, in the prior year.  The increase in gross profit in the first quarter of 2012 compared to the prior year was the result of higher net sales and improved profitability.  Gross profit as a percentage of net sales improved due to production efficiencies related to higher production volumes.

Operating income for the quarter was $2,053,000 compared to $604,000 in the first quarter of last year. The Company's operating income improved compared to the prior year due primarily to higher net sales and gross profit. Selling, general and administrative expenses increased 28.2 percent over the prior year due to expenses that vary with sales and profitability, such as incentive compensation and sales commissions, as well as increased advertising costs.

However, these expenses declined from 14.2 percent of net sales in the first quarter of 2011 to 13.1 percent of net sales in the first quarter of this year due to leverage of fixed costs over higher sales volumes. Interest income was approximately the same in the first quarter of 2011 and 2012. 

Net income for the quarter ended March 31, 2012 was $1,632,000 compared to $666,000 in the prior year.  Earnings per share for the quarter were $0.04 compared to $0.02 per share in the prior year. 

Maritime Today


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

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

People & Company News

Construction of new Stockholm Norvik Port Begins

For Hutchison Port Holdings (HPH), one of the world’s leading container terminal operators, Stockholm is strategically important. In April the final permit was

The Odd Trio: HMM, Maersk and MSC

In one of the more bizarre twists in the container shipping market it emerged last week that financially troubled carrier South Korean Hyundai Merchant Marine

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Workboats

Silver Ships Delivers Fire/Rescue Boat

Silver Ships, Inc. has recently delivered a 34-foot custom designed and purpose-built all-welded aluminum fire/rescue boat to the Islip Fire District on Long Island, New York.

Alabama Pilots Order High-speed Launch from Gladding-Hearn

The Alabama Pilot, Inc., in Mobile, Ala., has ordered a Chesapeake Class pilot boat from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery of the new 53-footer is scheduled for mid-2017.

SeaPro FourStroke Making Gains in the Commercial Market

Mercury Marine’s family of SeaPro FourStroke outboard engines is suited for high-hour applications and harsh environments, according to the manufacturer, who said

Finance

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

 
 
Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1095 sec (9 req/sec)