Skip to main content

Marine Products Corp. reports 2Q results

Marine Products Corp. today reported second-quarter net sales of $38.45 million, a 32.2 percent increase from $29.1 million last year.

Marine Products is the builder of Chaparral and Robalo boats.

The increase in net sales for the quarter that ended June 30 was attributable 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, the company said. Average selling prices reflect the introduction of value-priced Chaparral H2O and Robalo sportfishing boats, which began this model year.

“Overall market conditions continued to improve during the 2012 retail selling season, and Marine Products Corp. participated in this market improvement through the successful introduction of our value-priced Chaparral H2O and Robalo models,” Marine Products CEO Richard A. Hubbell said said in a statement. “We continue to believe that our value-priced Chaparral and Robalo models meet consumers’ desire for a high-quality product and offer a favorable introduction for the first-time buyer to our two brands.”

Gross profit for the quarter was $7.3 million, or 19.0 percent of net sales, compared with a gross profit of $4.9 million, or 16.9 percent of net sales, in the prior year. The increase in gross profit in the second quarter, compared with the prior year, was the result of production efficiencies from higher volumes.

Operating profit for the quarter increased to $2.76 million, compared with $1.22 million in the second quarter of last year because of increased net sales and gross profit, partially offset by higher selling, general and administrative expenses.

Net income for the quarter was $2.17 million, compared with $1.23 million in the prior year. Diluted earnings per share for the quarter were 6 cents a share, compared with 3 cents a share in the prior year.

Click here for the full release.



CMTA Names Managing Director

The trade organization promoted Jen Kawecki, who will help grow its membership and support the Hartford Boat Show.


AIM Announces Connecticut Fall Boat Show

The show, organized by Active Interest Media, will kick off Oct. 7 in Branford at Bruce & Johnsons Marina.


MarineMax to Acquire IGY Marinas

The $480 million transaction gives the company a collection of marina assets and a yacht management platform in key yachting destinations around the world.


BRP Launches Multiple New Products

The company debuted Rotax outboards, new Manitou and Alumacraft models and an electric hydrofoil board.


Everglades Hires Director

Caroline Cozier will lead the company’s sales initiatives in the Northeast, Mid-Atlantic, Great Lakes and Canada.


Three Great Ways To Tick-Off Your Customers

As boat sales normalize, it’s essential to keep the customers you have. Here’s what not to do.


Buck Pegg Turns 80

Flags were flown at the Georgia State and U.S capitols in honor of the Chapparal Boats founder’s birthday.