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<SEC-DOCUMENT>0000891092-05-000820.txt : 20050427
<SEC-HEADER>0000891092-05-000820.hdr.sgml : 20050427
<ACCEPTANCE-DATETIME>20050427163403
ACCESSION NUMBER:		0000891092-05-000820
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050427
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050427
DATE AS OF CHANGE:		20050427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARINE PRODUCTS CORP
		CENTRAL INDEX KEY:			0001129155
		STANDARD INDUSTRIAL CLASSIFICATION:	SHIP & BOAT BUILDING & REPAIRING [3730]
		IRS NUMBER:				582572419
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16263
		FILM NUMBER:		05776806

	BUSINESS ADDRESS:	
		STREET 1:		2170 PIEDMONT ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30324
		BUSINESS PHONE:		4043212140

	MAIL ADDRESS:	
		STREET 1:		2170 PIEDMONT ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30324
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e20801_8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>
================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                    FORM 8-K

                                   ----------

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): April 27, 2005

                           MARINE PRODUCTS CORPORATION
             (Exact name of registrant as specified in its charter)

                                   ----------

          Delaware                       1-16263                  58-2572419
(State or Other Jurisdiction    (Commission File Number)        (IRS Employer
      of Incorporation)                                      Identification No.)

                 2170 Piedmont Road, NE, Atlanta, Georgia 30324
               (Address of principal executive office) (zip code)

       Registrant's telephone number, including area code: (404) 321-7910

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))

================================================================================

<PAGE>

Item 2.02 Results of Operations and Financial Condition.

On April 27, 2005, Marine Products Corporation issued a press release entitled
"Marine Products Corporation Reports 2005 First Quarter Financial Results," that
announced the financial results for the first quarter ended March 31, 2005.

Item 9.01 Financial Statements and Exhibits.

      (c) Exhibits.

      Exhibit 99 - Press Release dated April 27, 2005.


                                      -2-
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Marine
Products Corporation has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

                                           Marine Products Corporation.

Date: April 27, 2005                       /s/ BEN M. PALMER
                                           -------------------------------------
                                           Ben M. Palmer
                                           Vice President,
                                           Chief Financial Officer and Treasurer


                                      -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>e20801ex99.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                      Exhibit 99

[LOGO] MARINE PRODUCTS
       CORPORATION

    Marine Products Corporation Reports 2005 First Quarter Financial Results

o     Net sales for the quarter increased 17.4 percent over prior year

o     Diluted earnings per share for the quarter increased 21.4 percent over
      prior year

ATLANTA, April 27, 2005 - Marine Products Corporation (AMEX: MPX) announced its
unaudited results for the quarter ended March 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 March 31, 2005, Marine Products generated net sales of
$72,586,000, a 17.4 percent increase compared to $61,830,000 in the first
quarter of last year. The increase in net sales was primarily due to an 11.2
percent increase in the number of boats sold, a 5.9 percent increase in the
average selling price per boat, and an increase in parts and accessories sales.
The increase in unit sales was highlighted by increases in the sales of Robalo
sport fishing boats and Sunesta deckboats. The increase in average selling price
was primarily due to sales of larger SSi Sportboats and Signature Cruisers.
Gross profit for the quarter was $18,948,000, or 26.1 percent of net sales,
compared to $15,723,000, or 25.4 percent of net sales, in the prior year. The
increase in gross profit as a percent of sales was the result of efficiencies
from higher production volumes and a favorable model mix.

Operating income for the quarter was $10,101,000, a 17.9 percent increase
compared to the first quarter last year due to higher gross profit, partially
offset by higher selling, general and administrative expenses. Operating income
was 13.9 percent of net sales for the quarter, the same as in the prior year.
Selling, general and administrative expenses increased primarily due to the
variable nature of many of these costs. The increase was primarily due to an
increase in incentive compensation and sales commissions, which resulted from
the higher gross margin as a percentage of net sales and higher operating
profit. In addition, expenses associated with public company compliance
increased.

Net income for the quarter ended March 31, 2005 was $6,817,000, a 20.7 percent
increase compared to $5,646,000 in the prior year. Net income increased due to
higher operating income and increased interest income compared to the prior
year. Diluted earnings per share for the quarter were $0.17, representing a 21.4
percent increase compared to $0.14 diluted earnings per share in the prior year.

<PAGE>

Page 2
1st Quarter 2005 Press Release


Richard A. Hubbell, Marine Products' Chief Executive Officer stated, "The first
quarter sales continued to reflect strong demand for our products. All of our
lines sold well this quarter, and our overall model mix improved average selling
prices as well. The winter boat show season was strong for pleasure boat
manufacturers such as Marine Products Corporation, so we are continuing with
high production levels that will meet demand through the remainder of the retail
selling season.

Hubbell continued, "In the first quarter of 2005 we increased our production and
realized efficiencies in our operations, which yielded strong sales and a higher
gross margin as a percentage of net sales than in the fourth quarter of 2004 and
the same period last year. At the end of the quarter, our unit backlog was lower
than at this time last year due to higher production levels in the last several
months compared to one year ago, and our dealer inventories were higher to
support retail sales. While we are comfortable with these levels due to the
strong boat show season this year, we are closely monitoring these key
indicators as well as macroeconomic indicators such as consumer confidence and
interest rates."

Marine Products Corporation (AMEX: MPX) designs, manufactures and distributes
premium-branded Chaparral sterndrive and inboard pleasure boats and Robalo sport
fishing boats, and continues to diversify its product line through product
innovation and strategic acquisition. With premium brands, a solid capital
structure, and a strong independent dealer network, Marine Products Corporation
is prepared to capitalize on opportunities to strategically increase its market
share and to generate superior financial performance to build long-term
shareholder value. For more information on Marine Products Corporation visit our
website at www.marineproductscorp.com.

Certain statements and information included in this press release constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements include
statements regarding our ability to meet dealer demand for the remainder of the
selling season, our ability to design innovative products and make strategic
acquisitions, and our beliefs regarding the appropriate levels of backlog and
dealer inventory and continued strong demand and the outlook for the remainder
of the year. These statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Marine Products Corporation to be materially different from any future results,
performance or achievements expressed or implied in such forward-looking
statements. These risks include possible decreases in the level of consumer
confidence impacting discretionary spending, business interruptions due to
adverse weather conditions, increased interest rates, changes in consumer
preferences, deterioration in the quality of Marine Products' network of
independent boat dealers or availability of financing of their

<PAGE>

Page 3
1st Quarter 2005 Press Release


inventory, our ability to insulate our financial results against increasing
commodity prices, the impact of rising gasoline prices on consumer demand for
our products, and competition from other boat manufacturers and dealers.
Additional discussion of factors that could cause the actual results to differ
materially from management's projections, forecasts, estimates and expectations
is contained in Marine Products' Form 10-K, filed with the Securities and
Exchange Commission for the year ending December 31, 2004.

For information about Marine Products Corporation, please contact:

BEN M. PALMER
Chief Financial Officer
404.321.7910
irdept@marineproductscorp.com

JIM LANDERS
Corporate Finance
404.321.2162
jlanders@marineproductscorp.com

<PAGE>

Page 4
1st Quarter 2005 Press Release


MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME  (In thousands except per share data)
- ------------------------------------------------------------------------------------------------------------------------------------
Periods ended March 31, (Unaudited)                                                          First Quarter
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             BETTER
                                                                                       2005               2004               (WORSE)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>                 <C>                  <C>
Net Sales                                                                            $72,586             $61,830              17.4%

Cost of Goods Sold                                                                    53,638              46,107             (16.3)
- ------------------------------------------------------------------------------------------------------------------------------------
Gross Profit                                                                          18,948              15,723              20.5

Selling, General and Administrative Expenses                                           8,847               7,159             (23.6)
- ------------------------------------------------------------------------------------------------------------------------------------
Operating Income                                                                      10,101               8,564              17.9

Interest Income                                                                          291                 122             138.5
- ------------------------------------------------------------------------------------------------------------------------------------
Income Before Income Taxes                                                            10,392               8,686              19.6

Income Tax Provision                                                                   3,575               3,040             (17.6)
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCOME                                                                           $ 6,817             $ 5,646              20.7%
====================================================================================================================================

EARNINGS PER SHARE
   Basic                                                                             $  0.18             $  0.15              20.0%
                                                                                     ===============================================
   Diluted                                                                           $  0.17             $  0.14              21.4%
                                                                                     ===============================================

AVERAGE SHARES OUTSTANDING
   Basic                                                                              38,602              38,240
                                                                                     ============================
   Diluted                                                                            40,930              40,659
                                                                                     ============================
</TABLE>


<PAGE>

Page 5
1st Quarter 2005 Press Release


MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

- --------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------
At March 31, (Unaudited)                                    (in thousands)
- --------------------------------------------------------------------------------
                                                          2005           2004
- --------------------------------------------------------------------------------
ASSETS
Cash and cash equivalents                              $  49,161      $  32,933
Marketable securities                                      2,686          3,735
Accounts receivable, net                                   4,588          8,045
Inventories                                               29,189         19,678
Income taxes receivable                                      275             --
Deferred income taxes                                      3,169          2,519
Prepaid expenses and other current assets                  1,816          1,264
- --------------------------------------------------------------------------------
  Total current assets                                    90,884         68,174
- --------------------------------------------------------------------------------
Property, plant and equipment, net                        17,968         18,197
Goodwill and other intangibles, net                        3,768          3,808
Marketable securities                                      5,911          5,433
Other assets                                               3,359          2,024
- --------------------------------------------------------------------------------
  Total assets                                         $ 121,890      $  97,636
================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable                                       $  10,038      $   6,883
Other accrued expenses                                    13,151         11,426
- --------------------------------------------------------------------------------
  Total current liabilities                               23,189         18,309
Pension liabilities                                        3,424          2,023
Deferred income taxes                                        745          1,091
Other long-term liabilities                                1,709          1,579
- --------------------------------------------------------------------------------
  Total liabilities                                       29,067         23,002
- --------------------------------------------------------------------------------
Common stock                                               3,920          3,869
Capital in excess of par value                            36,722         34,421
Retained earnings                                         57,317         37,023
Accumulated other comprehensive loss                        (939)          (476)
Deferred compensation                                     (4,197)          (203)
- --------------------------------------------------------------------------------
  Total stockholders' equity                              92,823         74,634
- --------------------------------------------------------------------------------
  Total liabilities and stockholders' equity           $ 121,890      $  97,636
================================================================================

Certain prior year balances have been reclassified to conform with current year
presentation.



<PAGE>

Page 6
1st Quarter 2005 Press Release


MARINE PRODUCTS CORPORATION AND SUBSIDIARIES

- --------------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
- --------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31, (Unaudited)                   (in thousands)
- --------------------------------------------------------------------------------
                                                         2005            2004
- --------------------------------------------------------------------------------

Operating Activities:
  Net income                                           $  6,817        $  5,646
  Depreciation, amortization and
    other non-cash charges                                  735             589
  Other net changes in operating
    activities                                           (1,027)          4,299
- --------------------------------------------------------------------------------
    Net cash provided by operating
      activities                                          6,525          10,534
- --------------------------------------------------------------------------------

Investing Activities:
  Capital expenditures                                     (163)           (989)
  Other investing activities                             (2,319)         (1,819)
- --------------------------------------------------------------------------------
    Net cash used for investing
      activities                                         (2,482)         (2,808)
- --------------------------------------------------------------------------------

Financing Activities:
  Payment of dividends                                   (1,541)         (1,032)
  Cash paid for common stock
    purchased and retired                                   (45)           (169)
  Other financing activities                                 89             164
- --------------------------------------------------------------------------------
    Net cash used for financing
      activities                                         (1,497)         (1,037)
- --------------------------------------------------------------------------------

Net increase in cash and cash
  equivalents                                             2,546           6,689
Cash and cash equivalents at
  beginning of period                                    46,615          26,244
- --------------------------------------------------------------------------------
Cash and cash equivalents at
  end of period                                        $ 49,161        $ 32,933
================================================================================
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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