Marine Products Corp. reports 1Q results

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Marine Products Corp. today reported a 39.4 percent increase in first-quarter net sales.

The builder of Chaparral and Robalo boats reported net sales of $37.85 million for the quarter that ended March 31, compared with $27.15 million in the same quarter last year.

The company said the gain was attributable 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.

Gross profit for the quarter was $7 million, or 18.5 percent of net sales, compared with a gross profit of $4.46 million, or 16.4 percent of net sales, last year.

Operating income for the quarter was $2.05 million, compared with $604,000 last year. Net income for the quarter was $1.63 million, or 4 cents a share, compared with $666,000, or 2 cents a share, last year.

“During the first quarter of 2012 our financial results benefited from the new Chaparral and Robalo models developed for the value-conscious and first-time boat buyer,” Marine Products CEO Richard A. Hubbell said. “We introduced these products for the 2012 model year during the third quarter of 2011 and I am pleased to report that they have become very popular with our dealers and consumers during the 2012 retail selling season. These smaller, affordable models have increased our share in the smaller-size range of our market, and because of their quality and style they represent a favorable introduction to our two brands for the first-time buyer.”

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