Marine Products Corp. sees big gains in Q4
January 25, 2012
Filed under News, Top Stories
ATLANTA – Net sales for Marine Products Corporation increased 34.2 percent in the fourth quarter compared to the previous year and net income excluding other income increased by $1,143,000.
The company said in a release that the increase in net sales for the fourth quarter, from $20,814,000 in Q4 2010 to $27,937,000 in the same period of 2011, was due to a 37.4 percent increase in the number of boats sold.
MPC said unit sales increased for most of its products lines, helped by improved sales due to Chaparral’s H2O Sport and Fish & Ski Boats as well as the introduction of the entry-level Robalo 180 and 200.
“During the fourth quarter of 2011, Marine Products Corporation generated increased sales compared to the prior quarter and prior year for the first time in several quarters,” Richard A. Hubbell, CEO of Marine Products Corp., said in a release. “A significant percentage of our net sales increase was due to sales of our new Chaparral H2O. Our dealers were enthusiastic about this entry-level model at our annual dealer conference, and during the fourth quarter we experienced strong consumer interest for this model as well.”
Net sales for the twelve months ending on Dec. 31, 2011, were up 5.4 percent to $106,437,000, compared to $101,011,000 over the same period of 2010.
Click here for the complete release: Marine Products Corporation Reports Fourth Quarter and Annual 2011 Financial Results
