Marine Products Corp Files 2023 10-K Report

TL;DR

<b>Marine Products Corp filed its 2023 10-K, reporting $336.1 million in net sales.</b>

AI Summary

MARINE PRODUCTS CORP (MPX) filed a Annual Report (10-K) with the SEC on February 28, 2024. Marine Products Corp reported net sales of $336.1 million for the fiscal year ended December 31, 2023. The company's fiscal year 2023 saw a slight increase in net sales compared to $334.4 million in fiscal year 2022. Selling, General and Administrative expenses were $33.312 million for the fiscal year 2023. Marine Products Corp is incorporated in Delaware and headquartered in Atlanta, GA. The company's stock is traded on the NYSE under the ticker MPX.

Why It Matters

For investors and stakeholders tracking MARINE PRODUCTS CORP, this filing contains several important signals. The filing provides detailed financial statements and disclosures for the fiscal year 2023, offering investors insight into the company's performance and financial health. Key financial metrics and risk factors are outlined, allowing stakeholders to assess the company's operational landscape and potential challenges.

Risk Assessment

Risk Level: medium — MARINE PRODUCTS CORP shows moderate risk based on this filing. The company operates in the boat building and repairing industry, which can be cyclical and sensitive to economic downturns, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's performance drivers and potential headwinds for the upcoming fiscal year.

Financial Highlights

debt To Equity

0.20

revenue

33609000

total Assets

34466726

revenue Growth

0.50

Key Numbers

• 33609000 — Net Sales (fiscal year ended December 31, 2023)
• 33440000 — Net Sales (fiscal year ended December 31, 2022)
• 33312000 — Selling General and Administrative Expense (fiscal year ended December 31, 2023)
• 001-16263 — SEC File Number (SEC FILE NUMBER)
• 582572419 — IRS Number (IRS NUMBER)
• 34466726 — Total Assets (as of December 31, 2023)
• 34217582 — Total Assets (as of December 31, 2022)
• 0.20 — Debt-to-Equity Ratio (fiscal year 2023)

Key Players & Entities

• MARINE PRODUCTS CORP (company) — COMPANY CONFORMED NAME
• MPX (company) — tk
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-28 (date) — FILED AS OF DATE
• SHIP & BOAT BUILDING & REPAIRING (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (location) — STATE OF INCORPORATION
• ATLANTA (location) — CITY
• GA (location) — STATE

FAQ

Risk Factors

• Economic Conditions [medium — market]: The company's financial performance is susceptible to general economic conditions, which can impact consumer demand for recreational boats.

Industry Context

Marine Products Corp operates in the recreational boat manufacturing industry, a sector influenced by consumer discretionary spending and economic cycles.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the revenue trends and growth drivers for fiscal year 2023.
2. Evaluate the company's risk factors, particularly those related to market conditions and economic sensitivity.
3. Review executive compensation details if available in the full filing.

Year-Over-Year Comparison

Net sales for fiscal year 2023 were $336.1 million, a slight increase from $334.4 million reported for fiscal year 2022.

Key Financial Figures

• $0.10 — t: Title of each class COMMON STOCK, $0.10 PAR VALUE Trading Symbol MPX Name
• $16.86 — York Stock Exchange on June 30, 2023 of $16.86 per share. Marine Products Corporation
• $5.0 million — tures during 2024 will be approximately $5.0 million; the Company's expectation that the red
• $150 million — y's ability to sell up to approximately $150 million in shares of its common stock under the
• $1,000 — design with a retail price of less than $1,000. Over time Chaparral grew by offering e
• $48,000 — Chaparral – SSi Sport Boats 7 19-23 $48,000 - $107,000 Fiberglass sterndrive and o
• $107,000 — – SSi Sport Boats 7 19-23 $48,000 - $107,000 Fiberglass sterndrive and outboard pow
• $128,000 — Chaparral – SSX Sport Boats 5 24-34 $128,000 - $564,000 Fiberglass sterndrive and o
• $564,000 — – SSX Sport Boats 5 24-34 $128,000 - $564,000 Fiberglass sterndrive and outboard pow
• $76,000 — ps. Chaparral – Surf Series 5 21-30 $76,000 - $338,000 This model line features a
• $338,000 — rral – Surf Series 5 21-30 $76,000 - $338,000 This model line features a forward-fac
• $140,000 — Chaparral – OSX Sport Boats 4 25-30 $140,000 - $483,000 Fiberglass, multipurpose sp
• $483,000 — OSX Sport Boats 4 25-30 $140,000 - $483,000 Fiberglass, multipurpose sport boats w
• $46,000 — . Robalo – Center Consoles 11 18-36 $46,000 - $654,000 Fiberglass outboard sport f
• $654,000 — – Center Consoles 11 18-36 $46,000 - $654,000 Fiberglass outboard sport fishing boat

Filing Documents

• mpx-20231231x10k.htm (10-K) — 1826KB
• mpx-20231231xex23.htm (EX-23) — 3KB
• mpx-20231231xex24.htm (EX-24) — 15KB
• mpx-20231231xex31d1.htm (EX-31.1) — 10KB
• mpx-20231231xex31d2.htm (EX-31.2) — 9KB
• mpx-20231231xex32d1.htm (EX-32.1) — 7KB
• mpx-20231231xex97d1.htm (EX-97.1) — 72KB
• mpx-20231231x10k001.jpg (GRAPHIC) — 57KB
• mpx-20231231xex97d1001.jpg (GRAPHIC) — 10KB
• 0001558370-24-001992.txt (&nbsp;) — 9318KB
• mpx-20231231.xsd (EX-101.SCH) — 60KB
• mpx-20231231_cal.xml (EX-101.CAL) — 73KB
• mpx-20231231_def.xml (EX-101.DEF) — 238KB
• mpx-20231231_lab.xml (EX-101.LAB) — 502KB
• mpx-20231231_pre.xml (EX-101.PRE) — 443KB
• mpx-20231231x10k_htm.xml (XML) — 1697KB

Forward-Looking Statements

Forward-Looking Statements Certain statements made in this report that are not historical facts are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements regarding: the Company's belief that it intends to remain a leading manufacturer of recreational powerboats for sale to a broad range of consumers worldwide; the Company's belief that Chaparral will continue to expand the range of its offerings through insightful, innovative product design and quality manufacturing processes to reach an increasingly discerning recreational boating market; the Company's belief that there is currently an adequate supply of engines, resins and fiberglass available in the market; the Company's belief that relevant supply chains will continue to be less constrained than they were immediately following the COVID-19 pandemic; the Company's plans to continue purchasing sterndrive engines through the American Boatbuilders Association ("ABA") on a voluntary basis in order to receive volume-based purchase discounts and expectation that such discounts will continue to be made available; the Company's intention to continue to assess demand and dealer management to manage production at appropriate levels, and its expectation that it will be able to do so; and the Company's belief that dealer inventories of its boat models are more than sufficient to meet the current level of retail customer demand; its estimates of sales order backlogs; the Company's belief that increases in the cost of certain components, international tariffs, operating costs, and the impact of environmental regulation have increased the cost of boats and boat ownership in recent years and that these trends may continue; the Company's belief that it is well positioned to take advantage of industry conditions; the Company's strategies described under "Business – Strategies," including but not limited to its goals of c

Business

Item 1. Business Marine Products manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. Marine Products' product offerings include Chaparral sterndrive and outboard pleasure boats and Robalo outboard sport fishing boats. Organization and Overview Marine Products is a Delaware corporation incorporated on August 31, 2000, in connection with a spin-off from RPC, Inc. (NYSE: RES) ("RPC"). Effective February 28, 2001, RPC accomplished the spin-off by contributing 100% of the issued and outstanding stock of Chaparral to Marine Products, a newly formed, wholly owned subsidiary of RPC, and then distributing the common stock of Marine Products to RPC stockholders. Marine Products designs, manufactures and sells recreational fiberglass powerboats in the sport boat and sport fishing boat markets. The Company sells its products to a network of 203 domestic and 87 international independent authorized dealers. Marine Products' mission is to enhance its customers' boating experience by providing them with high quality, innovative powerboats. The Company intends to remain a leading manufacturer of recreational powerboats for sale to a broad range of consumers worldwide. Chaparral was founded in 1965 in Ft. Lauderdale, Florida. Chaparral's first boat was a 15-foot tri-hull design with a retail price of less than $1,000. Over time Chaparral grew by offering exceptional quality and consumer value. In 1976, Chaparral moved to Nashville, Georgia, where a manufacturing facility of a former boat manufacturing company was available for purchase. This provided Chaparral an opportunity to obtain additional manufacturing space and access to a trained workforce. With over 58 years of boatbuilding experience, Chaparral continues to expand the range of its offerings through insightful, innovative product design and quality manufacturing processes in order to reach an increasingly discerning recreational boating market. The Company manufactu

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View this 10-K filing on SEC EDGAR