Quick Hits: July 30, 2020

Author:
Publish date:

The National Marine Manufacturers Association continues to monitor the reauthorization of the Sport Fish Restoration and Boating Trust Fund as lawmakers go into the August recess. The bill supports approximately $650 million a year in conservation, fishery restoration and stocking programs, as well as studies on boating access and other infrastructure. Trust fund revenue streams, spending and other facts about are available here.

The National Marine Distributors Association said in a statement that Land ‘N’ Sea president Mike Conners was elected president of its board of directors, Paxton Co.’s Jim Beale was named vice president, and Ryan Barber of CWR Distribution is secretary and treasurer chair. “Mike Conners has been an integral and active member of the board for several years,” NMDA executive director Nancy Cueroni said. “Jim Beale and Ryan Barber bring specific expertise from their outlook on the aftermarket, as well.” Each will serve two-year terms.

Orlando Business Journal reported that Merritt Island Boat Works, Ocean Alexander’s stateside production facility, would eliminate 103 positions following financial challenges and a temporary pandemic shutdown, according to a Florida Worker Adjustment and Retraining Notification letter filed earlier this month. The reduction is expected to take place in phases during September, October and December.

Patrick Industries reported a 30.8 percent second-quarter sales decrease to $424 million, primarily due to production shutdowns by OEM customers in April and May. Operating income was $12.1 million, a 73.2 percent decrease from the second quarter of 2019. The marine segment, which accounts for 14 percent of sales, had revenue of $59 million, a 34 percent drop, while powerboat wholesale unit shipments decreased about 39 percent. “Despite the ongoing uncertainty caused by the pandemic, we are optimistic about our business outlook, given the trajectory of our end markets and our flexible, highly variable cost structure,” president and CEO Andy Nemeth said.

Related