MPC reports slightly higher sales for Q1
By IBI Magazine
Marine Products Corp today reported sales of US$65.5 million for the quarter ended March 31, 2008. That represents a 0.9 per cent increase over sales of US$64.97 million a year ago. The company reported net income of US$4.1 million for the quarter, a 5.5 per cent increase compared to US$3.9 million a year ago. The company said in a statement that the increase in sales was due to a 9.0 per cent increase in the average selling price per boat. Its unit sales fell by 8.7 per cent for the quarter. The statement added said that MPC's gross profit as a percentage of net sales fell compared to the same-quarter a year ago because of retail incentive programs designed to clear dealer inventory. "Our financial results for the first quarter of 2008 reflect the continuation of the depressed recreational boating market," said Richard Hubbell, CEO, in the statement. "The winter boat show season was slow in many of our markets, which compels us to be extremely cautious about this year's retail selling season. We believe that the weak market for our products will continue for the immediate future." Hubbell said that Marine Products Corp has "undertaken appropriate cost reduction measures, including some headcount reductions." Hubbell did not specify the number of workers laid off.
(23 April 2008)
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