Marine Products Corp. reports 4Q, year-end results

Marine Products Corp. said today that it generated fourth-quarter net sales of nearly $50 million.
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Marine Products Corp. said today that it generated fourth-quarter net sales of nearly $50 million, a 33.2 percent increase from $37.4 million during the same period in 2014.

The company said the increase was attributable to unit sales of its Robalo outboard sportfishing boats and Chaparral Suncoast outboard boats that were higher than in the same quarter the previous year.

Gross profit for the quarter that ended Dec. 31 was $11.1 million, or 22.3 percent of net sales, a 49.5 percent increase from $7.4 million, or 19.9 percent of net sales, in the prior year.

"The fourth quarter of 2015 continued the favorable sales trends that we have reported throughout 2015,” Marine Products president and CEO Richard Hubbell said in a statement. “The 2015 retail selling season was strong, and the dealer and customer reception of many of our new product offerings has been positive.”

“Our profitability improved, compared to the fourth quarter of last year, because we have gained efficiencies from higher production and more efficient manufacturing processes,” Hubbell said. “In addition, we realized some cost savings from lower raw materials prices.”

“Unit sales growth among our Robalo sportfishing boats continues to be strong, particularly in sales of our new Robalo 160 models,” Hubbell added. “Chaparral SunCoast outboard sales continued to grow, as well, and we continue to be optimistic about the SunCoast models that we introduced for the 2016 model year.”

Operating profit for the quarter was $5.4 million, an increase of more than 100 percent from $2.5 million in the previous year’s quarter. Selling, general and administrative expenses were $5.7 million in the quarter, an increase of 16.3 percent from the prior year.

Net income for the quarter was $3.85 million, or 10 cents a diluted share, an increase of $1.8 million, or 88.4 percent, from $2.04 million, or 5 cents a share, the previous year.

Net sales for the full year totaled $207.1 million, an increase of 21.1 percent from 2014. Net profit was $14.3 million, or 39 cents a diluted share, compared with $8.9 million, or 24 cents a share.

"Early results of attendance and sales from the 2016 boat show season are favorable, and our order backlog is higher than at this time last year,” Hubbell said. “I am proud of our innovative efforts, which are driving growth in a broader product offering. Due in part to our confidence in the effort, we have increased production slightly during the first quarter in order to meet dealer and consumer demand as the 2016 retail selling season approaches.”

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