Marine Products Corp Reports Successful Q2 2012 Financial Results
U.S. based Marine Products Corporation release its unaudited results for the quarter ended June 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 June 30, 2012, Marine Products generated net sales of $38,454,000, a 32.2 percent increase compared to $29,098,000 last year. The increase in net sales was due to a 58.6 percent increase in the number of boats sold, partially offset by an 18.1 percent decrease in the average selling price per boat.
Gross profit for the quarter was $7,295,000, or 19.0 percent of net sales, compared to a gross profit of $4,907,000, or 16.9 percent of net sales, in the prior year. The increase in gross profit in the second quarter of 2012 compared to the prior year was the result of production efficiencies from higher production volumes.
Richard A. Hubbell, Marine Products' Chief Executive Officer stated, "Overall market conditions continued to improve during the 2012 retail selling season, and Marine Products Corporation participated in this market improvement through the successful introduction of our value-priced Chaparral H2O and Robalo models. In general, we believe that the selling conditions for our products have improved, due to moderately stronger consumer sentiment and lower fuel prices."