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<SEC-DOCUMENT>0000891092-06-003248.txt : 20061025
<SEC-HEADER>0000891092-06-003248.hdr.sgml : 20061025
<ACCEPTANCE-DATETIME>20061025073137
ACCESSION NUMBER:		0000891092-06-003248
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20061025
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061025
DATE AS OF CHANGE:		20061025

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:		061161502

	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>e25377_8k.htm
<DESCRIPTION>FORM 8-K
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>UNITED STATES<BR>
                                        SECURITIES AND EXCHANGE COMMISSION<BR>
                                              WASHINGTON, D.C. 20549 </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K </B></FONT></P>

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<hr size=1 noshade align=CENTER width=150>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>CURRENT REPORT<BR>
                                      PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
                                          SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Date of Report (Date
of earliest event reported): October 25, 2006 </B></FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><font size="4">MARINE PRODUCTS CORPORATION </font></B><br>
  (Exact name of registrant as specified in its
charter) </FONT> </P>

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<FONT SIZE="2"><B>Delaware </B><BR>
(State or Other Jurisdiction
of Incorporation) </FONT>
</td>
    <td width=5%>&nbsp;&nbsp;</td>
    <td width=30%>
<FONT SIZE="2"><B>1-16263 </B><BR>
(Commission File Number) </FONT>

</td>
    <td width=5%>&nbsp;&nbsp;</td>
    <td width=30%>
<FONT SIZE="2"><B>58-2572419 </B><BR>
(IRS Employer
Identification No.) </FONT>

</td>
  </tr>
 </table>






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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2170 Piedmont Road, NE,
Atlanta, Georgia 30324               <BR>                  (Address of principal executive
office) (zip code) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Registrant&#146;s
telephone number, including area code: (404) 321-7910 </B></FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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): </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 2.02  Results of
Operations and Financial Condition. </b></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October 25, 2006, Marine Products
Corporation issued a press release titled &#147;Marine Products Corporation Reports 2006 Third
Quarter Financial Results,&#148; that announced the financial results for the third quarter
ended September 30, 2006. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 9.01  Financial
Statements and Exhibits. </b></FONT></P>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(c)
Exhibits. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exhibit
99 - Press Release dated October 25, 2006. </FONT></TD>
</TR>
</TABLE>
<BR>


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<br>&nbsp;
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURES </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

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    <td width=50%><font size=2>Marine Products Corporation.</font></td>
  </tr>
  <tr align="left" valign=top>
    <td width=50%>&nbsp;</td>
    <td width=50%>&nbsp;</td>
  </tr>
  <tr align="left" valign=top>
    <td width=50%><font size=2>Date:  October 25, 2006 </font></td>
    <td width=50%><font size=2>                                                                       /s/ Ben M. Palmer<BR>

</font>
      <hr size="1" width="225" align="left">
      <font size=2>Ben M. Palmer<BR>
                                                                       Vice President,<BR>
                                                                       Chief Financial Officer and Treasurer
</font></td>
  </tr>

</table>

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<br>&nbsp;
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>e25377ex_99.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99 </FONT></P>


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<P ALIGN=left><img src="image001.gif" width="202" height="47"></P>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u>MARINE PRODUCTS
CORPORATION REPORTS THIRD QUARTER RESULTS </u></b></FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA, October 25, 2006 - Marine
Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended
September 30, 2006. Marine Products is a leading manufacturer of fiberglass boats under
two brand names: sterndrive and inboard pleasure boats by Chaparral, including SSi
Sportboats, SSX Sportdecks, Sunesta Deckboats, and Signature Cruisers, and outboard sport
fishing boats by Robalo. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the quarter ended September 30,
2006, Marine Products generated net sales of $64,002,000, a 1.6 percent decrease compared
to $65,032,000 last year. The decrease in net sales was due to a 12.5 percent decrease in
the number of boats sold, partially offset by an 11.6 percent increase in the average
gross selling price per boat. Gross profit for the quarter was $14,705,000, or 23.0
percent of net sales, compared to $17,145,000, or 26.4 percent of net sales, in the prior
year. The reduction in gross profit as a percentage of net sales was due to increased raw
materials and component costs and production inefficiencies due to lower unit production
volumes, partially offset by higher average selling prices due to the increased focus on
selling larger boats and price increases instituted at the beginning of the 2007 model
year, which began in the third quarter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income for the quarter was
$6,677,000, a 28.6 percent decrease compared to the third quarter last year primarily due
to lower gross profit. Operating income was 10.4 percent of net sales for the quarter
compared to 14.4 percent of net sales in the prior year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the quarter ended
September 30, 2006 was $4,562,000, a 37.2 percent decrease compared to $7,265,000 in the
prior year. Net income decreased due to lower operating income and a higher income tax
provision, partially offset by higher interest income. The effective tax rate for the
third quarter reflects adjustments to increase the tax provision and the effect of the
research and development tax credit not being renewed, whereas the prior year reflects
adjustments to reduce the tax provision. Diluted earnings per share for the quarter were
$0.12, a 33.3 percent decrease compared to $0.18 diluted earnings per share in the prior
year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net sales for the nine months ended
September 30, 2006 were $205,698,000, a 4.4 percent decrease compared to the first nine
months of 2005. Net income for the nine-month period decreased 24.6 percent to
$16,627,000 or $0.43 diluted earnings per share compared to $22,038,000 or $0.54 diluted
earnings per share in the prior year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard A. Hubbell, Marine Products&#146;
Chief Executive Officer stated, &#147;The third quarter of 2006 continued the trend of lower
retail demand that we have seen for the last year.  </FONT></P>

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<font size="2">Page 2
<br>
3rd Quarter 2006 Press Release


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Higher interest rates and fuel
prices have increased the cost of owning a boat, and consumers impacted by higher costs
of ownership have reacted by delaying their purchases, especially in the market segment
that purchases smaller boats. We continue to be pleased with our increase in average
selling prices, which is principally due to a favorable model mix, resulting from our
increased focus on designing and selling larger boats, while still providing exciting
models across our entire product line-up. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hubbell continued, &#147;We are pleased
to report that Chaparral is continuing to gain market share. According to
recently-released data published by Statistical Surveys, Chaparral&#146;s market share in the
18- to 35-foot category increased to 8.53 percent of retail unit sales for the six months
ending June 30, 2006 compared to 8.27 percent during all of 2005. We are very pleased
with this, and believe it is good evidence of the quality of our products and our
customers&#146; satisfaction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hubbell continued, &#147;During this soft
retail selling environment, we are using our financial strength and management talent to
develop better approaches to design and produce innovative new models with efficiency and
high quality. We are encouraged by a few signs that lower fuel prices and a calm 2006
hurricane season may be beneficial for demand, and are eager to see the results of the
2007 winter boat show season, which begins in a few months. Our dealer inventories are
down compared to this time last year, and our backlog in sales dollars and weeks of
production has increased. These favorable dealer inventory and order flow statistics
indicate that our dealer network is prepared to sell our new models when retail demand
increases.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 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 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain statements and information
included in this press release constitute &#147;forward-looking statements&#148; within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements
include statements regarding our ability to use our financial strength and management
talent to develop better approaches to design and produce innovative new models with
efficiency and high quality, our belief that a few signs that lower fuel prices and a
calm 2006 hurricane season may be beneficial for demand, and out belief that favorable
dealer inventory and order flow statistics indicate that our dealer network is prepared
to sell our new models when retail demand increases.  </FONT></P>

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<font size="2">Page 3
<br>
3rd Quarter 2006 Press Release</font>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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, increased interest rates, changes
in consumer preferences, deterioration in the quality of Marine Products&#146; network of
independent boat dealers or availability of financing of their inventory, and competition
from other boat manufacturers and dealers. Additional discussion of factors that could
cause the actual results to differ materially from management&#146;s projections, forecasts,
estimates and expectations is contained in Marine Products&#146; Form 10-K, filed with the
Securities and Exchange Commission for the year ending December 31, 2005. </FONT></P>




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<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For information contact: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BEN M. PALMER <BR>Chief Financial
Officer <BR>404.321.7910 <BR>irdept@marineproductscorp.com </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JIM LANDERS <BR>Corporate Finance<BR>
404.321.2162 <BR>jlanders@marineproductscorp.com </FONT></P>

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<p><font size="2">Page 4
<br>
3rd Quarter 2006 Press Release</font>
</p>
<p>

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  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="14"><font face="Times New Roman, Times, Serif" size="2"><b>MARINE PRODUCTS CORPORATION AND
SUBSIDIARIES</b></font>
      <hr noshade size="1" width="495" align="left">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="14"><font face="Times New Roman, Times, Serif" size="2"><b>CONSOLIDATED STATEMENTS OF INCOME</b>
<i>(In thousands except per share data) </i></font>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">Periods ended September 30, (Unaudited)</font>

    </TD>
    <TD ALIGN=center colspan="4"><b><font size="2">Third Quarter</font></b></TD>
    <TD ALIGN=center colspan="3"><b></b></TD>
    <TD ALIGN=center colspan="4"><b><font size="2">Nine Months</font>

    </b></TD>
    <TD ALIGN=center colspan="2">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="14">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=center colspan="2"><font size="2" face="Times New Roman, Times, serif"><b>2006</b></font></TD>
    <TD ALIGN=center colspan="2"><font size="2" face="Times New Roman, Times, serif">2005</font></TD>
    <TD ALIGN=center colspan="3"><font size="2" face="Times New Roman, Times, serif">BETTER<br>
       (WORSE)</font></TD>
    <TD ALIGN=center colspan="2"><font size="2" face="Times New Roman, Times, serif"><b>2006</b></font>

    </TD>
    <TD ALIGN=center colspan="2"><font size="2" face="Times New Roman, Times, serif">2005</font>

    </TD>
    <TD ALIGN=center colspan="2"><font size="2" face="Times New Roman, Times, serif">BETTER<br>
       (WORSE)</font>

    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="14">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2"><b>Net Sales</b></font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>$64,002</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">$65,032</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(1.6</font></TD>
    <TD ALIGN=LEFT><font size="2">)%</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>$205,698</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">$215,184</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(4.4</font></TD>
    <TD ALIGN=LEFT><font size="2">)%</font></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">Cost of Goods Sold</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>49,297</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">47,887</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(2.9</font></TD>
    <TD ALIGN=LEFT><font size="2">)</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>158,039</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">159,216</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">0.7</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="14">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">Gross Profit</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>14,705</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">17,145</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(14.2</font></TD>
    <TD ALIGN=LEFT><font size="2">)</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>47,659</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">55,968</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(14.</font></TD>
    <TD ALIGN=LEFT><font size="2">8)</font></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">Selling, General and Administrative Expenses</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>8,028</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">7,789</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(3.1</font></TD>
    <TD ALIGN=LEFT><font size="2">)</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>25,103</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">25,625</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">2.0</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="14">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">Operating Income</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>6,677</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">9,356</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(28.6</font></TD>
    <TD ALIGN=LEFT><font size="2">)</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>22,556</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">30,343</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(25.</font></TD>
    <TD ALIGN=LEFT><font size="2">7)</font></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">Interest Income</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>664</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">314</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">111.5</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>1,698</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">975</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">74.2</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="14">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">Income Before Income Taxes</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>7,341</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">9,670</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(24.1</font></TD>
    <TD ALIGN=LEFT><font size="2">)</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>24,254</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">31,318</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(22.</font></TD>
    <TD ALIGN=LEFT><font size="2">6)</font></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">Income Tax Provision</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>2,779</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">2,405</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(15.6</font></TD>
    <TD ALIGN=LEFT><font size="2">)</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>7,627</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">9,280</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">17.8</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT colspan="14">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2"><b>NET INCOME</b></font></td>
    <td align=RIGHT><font size="2"><b>$&nbsp;&nbsp;4,562</b></font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;7,265</font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">(37.2</font></td>
    <td align=LEFT><font size="2">)%</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT><font size="2"><b>$&nbsp;&nbsp;16,627</b></font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;22,038</font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">(24.</font></td>
    <td align=LEFT><font size="2">6)%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="14">
      <hr noshade size="2">
    </td>
  </tr>


  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2"><b>EARNINGS PER SHARE</b></font></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">&nbsp;&nbsp;&nbsp;Basic</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;0.12</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;0.19</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(36.8</font></TD>
    <TD ALIGN=LEFT><font size="2">)%</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">(22.</font></TD>
    <TD ALIGN=LEFT><font size="2">4)%</font></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="6">
      <hr noshade size="2">
      </td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT colspan="6">
      <hr noshade size="2">
    </td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=RIGHT><font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;0.12</b></font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;0.18</font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">(33.3</font></td>
    <td align=LEFT><font size="2">)%</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT><font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43</b></font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54</font></td>
    <td align=LEFT><font size="2">&nbsp;</font></td>
    <td align=RIGHT><font size="2">(20.</font></td>
    <td align=LEFT><font size="2">4)%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="6">
      <hr noshade size="2">
      </td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT colspan="6">
      <hr noshade size="2">
    </td>
  </tr>

  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2"><b>AVERAGE SHARES OUTSTANDING</b></font></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">&nbsp;&nbsp;&nbsp;Basic</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>37,361</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">37,756</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>37,361</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">38,293</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="4">
      <hr noshade size="2">
    </TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="4">
      <hr noshade size="2">
    </TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><font size="2">&nbsp;&nbsp;Diluted</font></TD>
    <TD ALIGN=RIGHT><font size="2"><b>38,815</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">39,757</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="2"><b>38,995</b></font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">40,459</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="4">
      <hr noshade size="2">
    </TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="4">
      <hr noshade size="2">
    </TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain prior year balances have
been reclassified to conform with current year presentation. </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>&nbsp;
<table width=100%><tr><td width=20% align=left><font size=1>&nbsp;</font></td><td width=60% align=center><font size="2">
</font></td><td width=20% align=right><font size="1">&nbsp;</font></td></tr></table><hr size=5 noshade width=100% align=LEFT>




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 33; page: 33" -->

<font size="2">Page 5
<br>
3rd Quarter 2006 Press Release


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
</font>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>  </b></FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=640 align="center">
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size=2><b>MARINE PRODUCTS
CORPORATION AND SUBSIDIARIES </b></font></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=center colspan="4">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
      <font face="Times New Roman, Times, Serif" size=2><b>CONSOLIDATED BALANCE
SHEETS</b></font>
      <hr noshade size="1">
    </TD>
  </TR>




  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">At September 30, (Unaudited)</font>
</TD>
    <TD ALIGN=LEFT><font size="2"></font></TD>
    <TD ALIGN=center colspan="4"><font size="2">(in thousands)</font>
</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=center colspan="2"><b><font size="2">2006</font></b><b></b></TD>
    <TD ALIGN=center colspan="2"><font size="2">2005</font><font size="1"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><b>ASSETS</b></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;51,690</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;35,389</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Marketable securities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>405</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>217</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Accounts receivable, net</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>6,038</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>6,120</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Inventories</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>28,922</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>32,431</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Income taxes receivable</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>300</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>634</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Deferred income taxes</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>2,879</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,238</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Prepaid expenses and other current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>1,553</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,390</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>91,787</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>79,419</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Property, plant and equipment, net</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>17,028</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>17,340</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Goodwill</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>3,308</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,308</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Marketable securities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>4,508</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>5,806</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Deferred income taxes</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>1,250</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>866</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Other assets</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>5,231</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>4,590</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <tr valign=Bottom>

    <td align=LEFT><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;Total assets</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><b><font size=2>$&nbsp;123,112</font></b></td>
    <td align=LEFT><b><font size=2>&nbsp;</font></b></td>
    <td align=RIGHT><font size=2>$&nbsp;111,329</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="2">
    </TD>
  </TR>


  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><b>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</b></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Accounts payable</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,408</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,106</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Accrued expenses and other liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>12,430</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>12,205</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>18,838</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>19,311</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>

  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Pension liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>4,787</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>4,339</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>521</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>1,604</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>24,146</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>25,254</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Common stock</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>3,790</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>3,781</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Capital in excess of par value</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>13,059</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>17,522</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Deferred compensation</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>&#151;</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(3,795</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Retained earnings</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>83,183</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>69,490</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>(1,066</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(923</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>98,966</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>86,075</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>$&nbsp;123,112</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;111,329</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="2">
    </TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain prior year balances have
been reclassified to conform with current year presentation. </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>&nbsp;
<table width=100%><tr><td width=20% align=left><font size=1>&nbsp;</font></td><td width=60% align=center><font size="2">
</font></td><td width=20% align=right><font size="1">&nbsp;</font></td></tr></table><hr size=5 noshade width=100% align=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 34; page: 34" -->

<font size="2">Page 6
<br>
3rd Quarter 2006 Press Release</font>


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b> </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 align="center" WIDTH=640>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size=2><b>MARINE PRODUCTS
CORPORATION AND SUBSIDIARIES</b></font></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="4">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
      <font face="Times New Roman, Times, Serif" size=2><b>CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS </b></font>
      <hr noshade size="1">
    </TD>
  </TR>


  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2"><b>NINE MONTHS ENDED SEPTEMBER 30,</b> (Unaudited)</font>
</TD>
    <TD ALIGN=LEFT><font size="2"></font></TD>
    <TD ALIGN=center colspan="4"><font size="2">(in thousands)</font>
      </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2"></font></TD>
    <TD ALIGN=LEFT><font size="2"></font></TD>
    <TD ALIGN=center colspan="2"><b><font size="2">2006</font>
      </b></TD>
    <TD ALIGN=center colspan="2"><font size="2">2005</font>
      <font size="2"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><b>Operating Activities:</b></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=center>&nbsp;</TD>
    <TD ALIGN=center><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=center><FONT SIZE=2></FONT></TD>
    <TD ALIGN=center><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;Net income</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>$&nbsp;16,627</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;22,038</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;Depreciation, amortization and other non-cash charges</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>2,751</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>2,266</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;Other net changes in operating activities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>263</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(11,390</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <tr valign=Bottom>

    <td align=LEFT><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><b><font size=2>19,641</font></b></td>
    <td align=LEFT><b><font size=2>&nbsp;</font></b></td>
    <td align=RIGHT><font size=2>12,914</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>


  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><b>Investing Activities:</b></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Capital expenditures</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>(1,415</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(645</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Other investing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>2,379</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>283</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <tr valign=Bottom>

    <td align=LEFT><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) investing activities</font></td>
    <td align=LEFT><font size=2>&nbsp;</font></td>
    <td align=RIGHT><b><font size=2>964</font></b></td>
    <td align=LEFT><b><font size=2>&nbsp;</font></b></td>
    <td align=RIGHT><font size=2>(362</font></td>
    <td align=LEFT><font size=2>)</font></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>


  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><b>Financing Activities:</b></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Payment of dividends</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>(5,635</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(4,590</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Cash paid for common stock purchased and retired</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>(1,337</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(19,514</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;Other financing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>455</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>326</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>(6,517</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(23,778</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Net increase (decrease)  in cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>14,088</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>(11,226</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2>Cash and cash equivalents at beginning of period</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>37,602</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>46,615</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="1">
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT SIZE=2><b>Cash and cash equivalents at end of period</b></FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT SIZE=2>$&nbsp;51,690</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT SIZE=2>$&nbsp;35,389</FONT></TD>
    <TD ALIGN=LEFT><FONT SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="6">
      <hr noshade size="2">
    </TD>
  </TR>
</TABLE>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
