Marine Products Corp reports 25 per cent drop in units sold for Q2
By IBI Magazine
Marine Products Corp reported sales of US$55.7 million for the quarter ended June 30, 2008, a 17.9 per cent decrease compared to US$67.8 million for the same period a year ago. Net income also declined to US$3.9 million for the quarter, a 26.1 per cent decrease compared to last year. The company said that it sold 24.8 per cent fewer boats during the quarter than the previous year, though that was partially offset by a 6.8 per cent increase in the average selling price per boat. "Our financial results for the second quarter of 2008 reflect the recent acceleration of the decline in the recreational boating market which we have experienced for almost three years," said Richard Hubbell, CEO, in a statement. "Our order backlog is lower than at this time last year, and our dealer inventories are higher." Hubbell said that a "lack of confidence in a rebound in demand" has prompted the company to make further cuts in production.
(24 July 2008)
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