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<SEC-DOCUMENT>0000891092-06-000410.txt : 20060215
<SEC-HEADER>0000891092-06-000410.hdr.sgml : 20060215
<ACCEPTANCE-DATETIME>20060215063209
ACCESSION NUMBER:		0000891092-06-000410
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060215
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060215
DATE AS OF CHANGE:		20060215

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:		06619615

	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>e23410_8k.txt
<DESCRIPTION>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): February 15, 2006

                           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 February 15, 2006, Marine Products Corporation issued a press release
entitled "Marine Products Corporation Reports Fourth Quarter and Annual
Results," that announced the financial results for the fourth quarter ended
December 31, 2005.

Item 9.01 Financial Statements and Exhibits.

      (c) Exhibits.

          Exhibit 99 - Press Release dated February 15, 2006.


                                       -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: February 15, 2006                 /s/ BEN M. PALMER
                                        -------------------------------------
                                        Ben M. Palmer
                                        Vice President,
                                        Chief Financial Officer and Treasurer


                                      -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>e23410ex_99.txt
<DESCRIPTION>PRESS RELEASE DATED FEBRUARY 15, 2006
<TEXT>
                                                                      Exhibit 99

[LOGO] MARINE PRODUCTS
       CORPORATION

FOR IMMEDIATE RELEASE

      Marine Products Corporation Reports Fourth Quarter and Annual Results

ATLANTA, February 15, 2006 - Marine Products Corporation (NYSE: MPX) 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
to 12.9 percent of net sales in the prior year.

Net income for the quarter ended December 31, 2005 was $4,185,000, a 23.3
percent decrease compared to $5,457,000 in the prior year. Net income decreased
due to lower operating income, partially offset by a lower effective tax rate
resulting from the benefit of the new manufacturing deduction and a contingency
adjustment, and increased interest income. Diluted earnings per share for the
quarter were $0.11, a 15.4 percent decrease compared to $0.13 diluted earnings
per share in the prior year.

Net sales for the twelve months ended December 31, 2005 were $272,057,000, a 7.8
percent increase compared to 2004. Net income for the year increased 10.4
percent to $26,223,000 or $0.65 diluted earnings per share compared to
$23,743,000 or $0.58 diluted earnings per share last year. Diluted earnings per
share increased because of higher operating income, a lower effective tax rate,
and the impact of fewer shares outstanding due to open market

<PAGE>

Page 2
4th Quarter and Annual 2005 Press Release

repurchases during 2005. The effective tax rate decreased because of higher
deductions including the new manufacturing deduction, and higher tax-exempt
income.

Richard A. Hubbell, Marine Products' Chief Executive Officer stated, "As we
previously discussed one quarter ago, we decreased our production volumes during
the fourth quarter in response to concerns about retail sales arising from the
hurricanes, rising fuel prices, and the potential of declining consumer
confidence. We accomplished this during the fourth quarter, resulting in
improved dealer inventory levels, while at the same time introducing our 2006
models. Our current backlog is comparable to the prior year due to higher
average selling prices of dealer unit orders.

Hubbell continued, "The winter boat show season has started and will be an
important indicator for our retail selling season during 2006. Retail traffic
and sales coming from these shows are generally favorable, and dealers and
retail buyers are also reacting positively to the new Chaparral and Robalo
models that we have introduced for the 2006 model year. Both of these are
positive indicators, given the concerns that we had at the beginning of the
fourth quarter. For these reasons, we have increased production slightly above
our fourth quarter 2005 levels in order to meet this demand. However, we
continue to monitor closely consumer confidence, fuel prices, and other
indicators of retail demand and will adjust production as necessary to maintain
dealer inventories and backlog at appropriate levels."

Marine Products Corporation (NYSE: 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. 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 capitalize on opportunities to increase
market share, generate superior financial performance and build shareholder
value, dealer and retail buyer reaction to our new models, and our ability to
adjust production to maintain dealer inventories and backlog at appropriate
levels. 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,


<PAGE>

Page 3
4th Quarter and Annual 2005 Press Release

increased interest rates, unanticipated changes in consumer demand and
preferences, deterioration in the quality of Marine Products' network of
independent boat dealers or availability of financing of their 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 for the year ending December 31, 2004 filed with the
Securities and Exchange Commission and its Form 10-Q for the quarter ending
September 30, 2005, and its other SEC filings.

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
4th Quarter and Annual 2005 Press Release

<TABLE>
<CAPTION>
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
- -----------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME  (In thousands except per share data)
- --------------------------------------------------------------------------------------------------------------------------------
Periods ended December 31, (Unaudited)       Fourth Quarter                                Twelve Months
- --------------------------------------------------------------------------------------------------------------------------------
                                          2005        2004      BETTER (WORSE)       2005        2004       % BETTER (WORSE)
- --------------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>         <C>             <C>          <C>         <C>                   <C>
Net Sales                                $56,873     $62,684         (9.3)%       $272,057    $252,418              7.8%
Cost of Goods Sold                        43,720      46,909          6.8          202,936     186,832             (8.6)
- ---------------------------------------------------------------------------------------------------------------------------
Gross Profit                              13,153      15,775        (16.6)          69,121      65,586              5.4
Selling, General and
  Administrative Expenses                  7,854       7,680         (2.3)          33,557      29,810            (12.6)
- ---------------------------------------------------------------------------------------------------------------------------
Operating Income                           5,299       8,095        (34.5)          35,564      35,776             (0.6)
Interest Income                              277         215         28.8            1,330         590            125.4
- ---------------------------------------------------------------------------------------------------------------------------
Income Before Income Taxes                 5,576       8,310        (32.9)          36,894      36,366              1.5
Income Tax Provision                       1,391       2,853         51.2           10,671      12,623             15.5
- ---------------------------------------------------------------------------------------------------------------------------
NET INCOME                               $ 4,185     $ 5,457        (23.3)%       $ 26,223    $ 23,743             10.4%
===========================================================================================================================

EARNINGS PER SHARE
   Basic                                 $  0.11     $  0.14        (21.4)%       $   0.69    $   0.62             11.3%
                                        =====================================    ==========================================
   Diluted                               $  0.11     $  0.13        (15.4)%       $   0.65    $   0.58             12.1%
                                        =====================================    ==========================================
AVERAGE SHARES OUTSTANDING
   Basic                                  37,185      38,530                        38,016      38,453
                                        =====================                    =======================
   Diluted                                39,053      40,811                        40,117      40,771
                                        =====================                    =======================
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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