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Marine Products Corporation Reports Fourth Quarter and Annual Results.

Article Excerpt
ATLANTA, Feb. 15 /PRNewswire-FirstCall/ -- Marine Products Corporation announced its unaudited results for the quarter and year ended December 31, 2005. Marine Products Corporation is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including SSi Sportboats, Sunesta Deckboats, and Signature Cruisers, and outboard sport fishing boats by Robalo.

For the quarter ended December 31, 2005, Marine Products generated net sales of $56,873,000, a 9.3 percent decrease compared to $62,684,000 last year. The decrease in net sales was due to a 21.3 percent decrease in the number of boats sold, partially offset by an 11.8 percent increase in the average gross selling price per boat. The increase in average gross selling price was due to a favorable model mix. Gross profit for the quarter was $13,153,000, or 23.1 percent of net sales, compared to $15,775,000, or 25.2 percent of net sales, in the prior year. The decrease in gross profit as percent of net sales was primarily the result of increased raw materials costs which were not offset by price increases.

Operating income for the quarter was $5,299,000, a 34.5 percent decrease compared to the fourth quarter last year due primarily to lower gross profit as selling, general and administrative expenses were approximately the same in both quarters. Operating income was 9.3 percent of net sales for the quarter compared...