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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ClassNK Holds LNG Fuel Technologies Seminars

ClassNk held LNG-Fuelled Vessel Technologies seminars in Shanghai and Singapore on 22 July and 24, July 2014, respectively. With the industry looking to adopt

USCG Change of Command in Galveston

A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday.

Miller Rejoins TITAN as Salvage Master

Captain Stuart Miller has rejoined Crowley Maritime Corporation’s TITAN Salvage operations team as salvage master, bringing with him over 30 years of worldwide,

Workboats

HydroComp to Hold Propeller 'Mini-Workshop'

A special version of HydroComp's intensive Propeller Workshops will be brought to Tampa before the start of IBEX 2014.   The Mini-Workshop is a special version

Crowley Christens New DP2 Tugboat

Crowley Maritime Corp. said that the third of four tugboats in the Ocean-class series, Ocean Sky, has been christened in Houston. The ceremony served to formally

Samudra Containership Rationalisation Hits Revenues

Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.

Finance

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

Gas Prices Help Offset Statoil's Output Drop

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Yachts

Homecoming Scotland 2014 Fireball Championships

Lerwick Harbour is ready for an exciting week of sailing with the 2014 Fireball European Championships taking place at the port next week. As a warm-up to the main event,

DMC Builds the Smallest Ever Nozzle

Damen Marine Components (DMC), part of Damen Shipyards Group, announced it has smashed its propeller nozzle world record by 33 percent downwards. This downsizing

RCCNZ Praised for Missing Schooner Search Effort

The search for the missing schooner 'Nina' by the Rescue Coordination Centre New Zealand (RCCNZ) in June-July 2013 went beyond what many overseas authorities would have conducted,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1541 sec (6 req/sec)