GENERAL	3 Months Ended
Mar. 31, 2020
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. During March of 2020, the COVID-19 pandemic resulted in an abrupt and steep decline in economic activity which caused a severe disruption in the 2020 retail recreational boat selling season, and some orders were cancelled. At the end of the quarter, we temporarily suspended our manufacturing operations out of concern for the well-being of our employees and their families, and at the recommendation of local and state authorities. At this time, we are not certain when we will resume production or to what level we will resume production. This decision will be influenced by the recommendations of state and local authorities, our assessment of our production supply chain, our dealers' indications of demand in their particular markets, and the availability of floorplan financing for our dealers and retail financing for consumers. The Company considered the impact of these disruptions on the assumptions and estimates used in preparing the condensed consolidated financial statements. The Company's business, results of operations and financial condition have been and will likely continue to be impacted by future developments related to these disruptions. For further information, refer to the consolidated financial statements and footnotes thereto included in the annual report of Marine Products Corporation (“Marine Products,” the “Company” or “MPC”) on Form 10-K for the year ended December 31, 2019. A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

GENERAL

3 Months Ended

Mar. 31, 2020

1. GENERAL

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

The consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

During March of 2020, the COVID-19 pandemic resulted in an abrupt and steep decline in economic activity which caused a severe disruption in the 2020 retail recreational boat selling season, and some orders were cancelled. At the end of the quarter, we temporarily suspended our manufacturing operations out of concern for the well-being of our employees and their families, and at the recommendation of local and state authorities. At this time, we are not certain when we will resume production or to what level we will resume production. This decision will be influenced by the recommendations of state and local authorities, our assessment of our production supply chain, our dealers' indications of demand in their particular markets, and the availability of floorplan financing for our dealers and retail financing for consumers. The Company considered the impact of these disruptions on the assumptions and estimates used in preparing the condensed consolidated financial statements. The Company's business, results of operations and financial condition have been and will likely continue to be impacted by future developments related to these disruptions.

For further information, refer to the consolidated financial statements and footnotes thereto included in the annual report of Marine Products Corporation (“Marine Products,” the “Company” or “MPC”) on Form 10-K for the year ended December 31, 2019.

A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.