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<SEC-DOCUMENT>0000891092-07-001564.txt : 20070425
<SEC-HEADER>0000891092-07-001564.hdr.sgml : 20070425
<ACCEPTANCE-DATETIME>20070425060834
ACCESSION NUMBER:		0000891092-07-001564
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070207
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070425
DATE AS OF CHANGE:		20070425

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:		07786005

	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>e27057_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">UNITED STATES
                                        <br>
  SECURITIES AND EXCHANGE COMMISSION
                                              <br>
  </font>WASHINGTON, D.C. 20549 </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">FORM 8-K </font></B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><font size="3">CURRENT REPORT
                                      <br>
  PURSUANT TO SECTION 13 OR 15(d) OF THE
                                          <br>
  SECURITIES EXCHANGE ACT OF 1934 </font></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): February 7, 2007 </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><br>
  </B>(Exact name of registrant as specified in its
charter) </FONT></P>

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  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%><FONT SIZE=2><b>Delaware
                                </b><br>
      (State or Other Jurisdiction              <br>
      of Incorporation)
                                                            </FONT></TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=30%><FONT SIZE=2><b>&nbsp;1-16263 </b><br>
      (Commission File Number)

                                   </FONT></TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=30%><FONT SIZE=2><b>58-2572419&nbsp;</b><br>
      (IRS Employer <br>
      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,
<br>
  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><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 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 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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<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>


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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 February 7, 2007, Marine Products
Corporation issued a press release titled &#147;Marine Products Corporation Reports 2006 Fourth Quarter and
Annual Results,&#148; that announced the financial results for the fourth quarter ended
December 31, 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=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 February 7, 2007 </FONT></TD>
</TR>
</TABLE>
<BR>

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<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">-2-
</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>




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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>
<table width=100%>
  <tr align="left" valign=top>
    <td width=50%>&nbsp;</td>
    <td width=50%><font face="Times New Roman, Times, Serif" 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>
</font><font face="Times New Roman, Times, Serif" size=2>Date: February 7, 2007</font><font size=2> </font></td>
    <td width=50%><font size=2>
</font><font face="Times New Roman, Times, Serif" size=2>/s/ BEN M. PALMER</font><font size=2>           </font>
      <hr noshade align="left" width="250" size="1">
      <font face="Times New Roman, Times, Serif" size=2>Ben M. Palmer
                                                                       <br>
      Vice President,
                                                                       <br>
      Chief Financial
Officer and Treasurer </font></td>
  </tr>

</table>
<br>
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=60% ALIGN=center><FONT SIZE="2">-3-
</FONT></TD>
    <TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>e27057ex99.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<TITLE></TITLE>
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<P ALIGN=right><font size="2"><b>Exihbit 99</b></font></P>
<P ALIGN=left><img src="mpclogo.jpg" width="264" height="72"></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Marine Products
Corporation Reports 2007 First Quarter Financial Results </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA, April 25, 2007 &#150; Marine
Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended
March 31, 2007.  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, SSX Sportdecks, 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 March 31,
2007, Marine Products generated net sales of $64,976,000, a 7.1 percent decrease compared
to $69,957,000 in the first quarter of last year.  The change in net sales was caused by
a 7.1 percent decrease in the number of boats sold and a 1.8 percent decrease in the
average gross selling price per boat. Gross profit for the quarter was $13,964,000, or
21.5 percent of net sales, compared to $16,818,000, or 24.0 percent of net sales, in the
prior year.  The decrease in gross profit as a percentage of net sales was primarily the
result of cost inefficiencies due to lower production volumes, as well as higher raw
materials costs compared to the prior year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income for the quarter was
$5,521,000, a 32.5 percent decrease compared to the first quarter last year, due to lower
gross profit, partially offset by slightly lower selling, general and administrative
expenses. Operating income was 8.5 percent of net sales for the quarter, compared to 11.7
percent in the prior year. Selling, general and administrative expenses decreased because
many of these costs vary directly with sales and profitability. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the quarter ended
March 31, 2007 was $3,917,000, a 32.2 percent decrease compared to $5,776,000 in the
prior year.  Net income decreased due to lower operating income and a higher effective
income tax rate compared to the prior year.  Diluted earnings per share for the quarter
were $0.10, a decrease of $0.05, or 33.3 percent, compared to 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;Our results for the first quarter of 2007 reflect continued
weakness in the recreational boating market.  Although attendance and sales during the
winter boat show season were relatively comparable to last year, we are continuing to see
weak demand as the retail selling season begins.  We believe that the weak housing
market, especially in vacation homes, has deepened the downturn in our business, and that
rising fuel prices are also discouraging consumers from buying boats at this time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Page 2 <br>
1<sup>st</sup> Quarter 2007 Press Release </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hubbell continued, &#147;In this
environment, we are pleased to report higher unit sales of our larger SSi Sportboats and
SSX Sportdecks.  The larger Sportboats are the models for which we have won several
awards, and the Sportdeck is our new offering for the 2007 model year, so their success
is important.  Although average sales prices among this model improved slightly compared
to the prior year, the overall average selling prices of these boats are lower than our
larger cruisers and the Robalo sport fishing boats, so our overall average sales prices
fell during the quarter compared to the prior year.  As we have reported since the fourth
quarter of 2005, we continue to monitor dealer inventories and backlog.  Our dealer
inventories are comparable to this time last year, and we continue to be well positioned
to increase production if there is an increase in demand.  Over the next several months,
we will be preparing for the 2008 model year through the development of exciting new
models, as well as watching for indicators of future demand as the retail selling season
continues.&#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 seeks to continue 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. </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 belief that certain
factors indicate a healthy selling environment for our products,  our ability to continue
to  diversify  our product  line though  product  innovation  and  strategic
 acquisition,  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,  increased interest rates,  unanticipated  changes in
consumer demand and preferences,  deterioration in the quality of Marine Products&#146;
 network of independent  boat dealers or  availability  of financing of their  inventory,
 our ability to insulate  our  financial  results  against  increasing  commodity
 prices,  our  ability to  identify,  complete or successfully  integrate  acquisitions,
 the impact of rising  gasoline prices and a weak housing market 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&#146;s  projections,  forecasts, estimates and  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Page 3 <br>
1<sup>st</sup> Quarter 2007 Press Release </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>expectations is contained in Marine
 Products&#146; Form 10-K for the year ending December 31, 2006 filed with the Securities and
Exchange Commission.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For information about Marine
Products Corporation, please contact: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=50%><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></TD>
    <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JIM LANDERS <br>
      Corporate Finance <br>
      404.321.2162
<br>
      jlanders@marineproductscorp.com </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Page 4 <br>
1<sup>st</sup> Quarter 2007 Press Release </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom align="left">
    <TD COLSPAN=8><font size="2"><b>MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
</b></font></TD>
  </TR>
  <TR VALIGN=Bottom align="left">
    <TD COLSPAN=8>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom align="left">
    <TD COLSPAN=8><font size="2"><b>CONSOLIDATED STATEMENTS OF INCOME </b><i>(In thousands except per share data)
</i></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=8 align="left">
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=2 align="left"><font size="2">Periods ended March 31, (Unaudited) </font></TD>
    <TD COLSPAN=4 align="center"><b><font size="2">First Quarter
</font></b></TD>
    <TD COLSPAN=2 align="center">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=8>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD COLSPAN=2>&nbsp;</TD>
    <TD COLSPAN=2 align="center"><font face="Times New Roman, Times, serif" size="2"><b>2007 </b></font></TD>
    <TD COLSPAN=2 align="center"><font face="Times New Roman, Times, serif" size="2">2006 </font></TD>
    <TD COLSPAN=2 align="center"><font face="Times New Roman, Times, serif" size="2">BETTER (WORSE) </font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="8">
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT WIDTH=371><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Net Sales</b></FONT></TD>
    <TD ALIGN=LEFT WIDTH=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=69><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;64,976</FONT></b></TD>
    <TD ALIGN=LEFT WIDTH=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=60><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;69,957</FONT></TD>
    <TD ALIGN=LEFT WIDTH=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=45><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7</FONT></TD>
    <TD ALIGN=LEFT WIDTH=43><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1)<b>%</b></FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of Goods Sold</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51,012</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53,139</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.0</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=8>




      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross Profit</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,964</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,818</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.0)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling, General and Administrative Expenses</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,443</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,638</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=8>
      <HR noshade COLOR=#000000 SIZE=1>




    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating Income</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,521</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,180</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.5)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest Income</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>726</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>446</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.8</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=8>
      <HR noshade COLOR=#000000 SIZE=1>




    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Before Income Taxes</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,247</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,626</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(27</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.6)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Tax Provision</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,330</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,850</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=8>
      <HR noshade COLOR=#000000 SIZE=1>




    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>NET INCOME</b></FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;3,917</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;5,776</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.2)<b>%</b></FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=8>
      <HR noshade COLOR=#000000 SIZE=2>




    </TD>
  </TR>
  <TR>

    <TD COLSPAN=2></TD>
    <TD COLSPAN=2><b></b></TD>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2></TD>
  </TR>

  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>EARNINGS PER SHARE</b></FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(33</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3)<b>%</b></FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=2></TD>
    <TD ALIGN=RIGHT colspan="6">
      <HR noshade COLOR=#000000 SIZE=2>




    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="45"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(33</FONT></TD>
    <TD ALIGN=LEFT width="43"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.3)<b>%</b></FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=2></TD>
    <TD ALIGN=RIGHT colspan="6">
      <HR noshade COLOR=#000000 SIZE=2>




    </TD>
  </TR>
  <TR>

    <TD COLSPAN=2></TD>
    <TD COLSPAN=2><b></b></TD>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>AVERAGE SHARES OUTSTANDING</b></FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,500</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,309</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=2></TD>
    <TD COLSPAN=4><b></b>
      <HR noshade COLOR=#000000 SIZE=2>
    </TD>
    <TD ALIGN=RIGHT width="45">&nbsp;

    </TD>
    <TD width="43"></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="371"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="69"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,819</FONT></b></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="60"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,091</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=2></TD>
    <TD COLSPAN=4>
      <HR noshade COLOR=#000000 SIZE=2>
    </TD>
    <TD ALIGN=RIGHT width="45">&nbsp;

    </TD>
    <TD width="43"></TD>
  </TR>
  <TR>

    <TD COLSPAN=2></TD>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2></TD>
  </TR>
</TABLE>


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<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>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Page 5 <br>
1st Quarter 2007 Press Release </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6><font size="2"><b>MARINE PRODUCTS CORPORATION AND SUBSIDIARIES</b></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6><font size="2"><b>CONSOLIDATED BALANCE  SHEETS</b></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=2><font size="2">At March 31, (Unaudited)                                                                   </font></TD>
    <TD COLSPAN=4 align="center"><font size="2">(in thousands)
</font><font size="2"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>


  <TR VALIGN=Bottom>

    <TD COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
    <TD COLSPAN=2 align="center"><b><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2007 </FONT></b></TD>
    <TD COLSPAN=2 align="center"><b><font face="Times New Roman, Times, serif" size="2">2006 </font></b></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=100% ALIGN=LEFT colspan="6">
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=65% ALIGN=LEFT height="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ASSETS</b></FONT></TD>
    <TD WIDTH=4% ALIGN=LEFT height="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT height="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=5% ALIGN=LEFT height="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT height="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT height="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;56,235</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;44,350</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marketable securities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>864</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,681</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts receivable, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,141</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,836</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventories</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,366</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,596</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income taxes receivable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,679</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>989</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income taxes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,271</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,079</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prepaid expenses and other current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>925</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,461</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,481</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,992</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property, plant and equipment, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,635</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,154</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Goodwill</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,308</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,308</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marketable securities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,232</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,573</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income taxes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,361</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,263</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,997</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,042</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;129,014</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;118,332</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=2>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</b></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,887</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,366</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accrued expenses and other liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,022</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,370</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total current liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,909</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,736</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pension liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,941</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,506</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other long-term liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>728</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,121</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,578</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,363</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common stock</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,801</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,804</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital in excess of par value</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,847</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,163</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retained earnings</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86,496</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76,102</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated other comprehensive loss</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(708</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>)</b></FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,100</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,436</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91,969</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total liabilities and stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;129,014</FONT></b></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;118,332</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
  </TR>
</TABLE>


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</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Page 6 <br>
1st Quarter 2007 Press Release </FONT></P>








<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6><font size="2"><b>MARINE PRODUCTS CORPORATION AND SUBSIDIARIES</b></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6><font size="2"><b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=2><font size="2"><b>THREE MONTHS ENDED MARCH 31,</b> (Unaudited)                                                                 </font></TD>
    <TD COLSPAN=4 align="center"><font size="2">(in thousands)</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD COLSPAN=6>
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD COLSPAN=2>&nbsp;</TD>
    <TD COLSPAN=2 align="center"><font face="Times New Roman, Times, serif"><i><FONT SIZE=2><b>2007 </b></FONT></i></font></TD>
    <TD COLSPAN=2 align="center"><font face="Times New Roman, Times, serif"><i><FONT SIZE=2>2006 </FONT></i></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=100% ALIGN=LEFT colspan="6">
      <hr noshade color=#000000 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Operating Activities:</b></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=5% ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net income</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;3,917</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;5,776</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Depreciation, amortization and other non-cash charges</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>897</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>909</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Other net changes in operating activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,462</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,411</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,276</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,096</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Investing Activities:</b></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Capital expenditures</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(518</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(430</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other investing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>286</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(45</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(232</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(475</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Financing Activities:</b></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Payment of dividends</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,296</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,864</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Cash paid for common stock purchased and retired</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,392</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(275</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other financing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>423</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>266</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,265</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,873</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net increase in cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,779</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,748</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents at beginning of period</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,456</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,602</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Cash and cash equivalents at end of period</b></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;56,235</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;44,350</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD COLSPAN=6>
      <HR noshade COLOR=#000000 SIZE=1>


    </TD>
  </TR>
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end
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