MARINE PRODUCTS GROUP, LLC

Listed Company

MPXCIK 0001129155NYSEAcceleratedShip & Boat Building & RepairingDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$11.38M

Total Assets

—

Equity

—

Shares Out

34.23M

Op. Cash Flow

$16.46M

Business

MARINE PRODUCTS CORP manufactures recreational fiberglass motorized boats for the sport boat and sport fishing markets. It offers Chaparral sterndrive and outboard pleasure boats and Robalo outboard sport fishing boats across multiple model lines, including SSi, SSX, Surf, OSX, center consoles, Cayman bay and dual consoles. The company designs, tests and assembles boats at a primary manufacturing facility and manages product development, warranties, supplier relationships and research and development. Products are sold through a network of domestic and international independent authorized dealers, supported by dealer incentives, floor‑plan financing arrangements and boat show and marketing programs.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	244	237	384	381	298
Cost of goods sold	198	191	293	287	230
Gross profit	47	45	90	94	68
Selling, general and administrative expenses	33	27	43	42	32
Gain on disposition of assets, net	—	−144,000	−2	—	—
Operating income	14	18	49	52	36
Interest income, net	2	3	3	338,000	16,000
Income before income taxes	16	21	52	52	36
Income tax provision	4	3	10	12	7
Net income	11	18	42	40	29
Basic (in dollars per share)	0.32	0.5	1.21	1.18	0.85
Diluted (in dollars per share)	0.32	0.5	1.21	1.18	0.85

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	44	52	72	43	14
Accounts receivable, net	7	4	2	5	3
Inventories	55	50	62	73	73
Income taxes receivable	2	439,000	361,000	28,000	10,000
Prepaid expenses and other current assets	3	3	3	3	2
Total current assets	111	110	139	125	93
Property, plant and equipment, net	23	24	22	15	14
Goodwill	3	3	3	3	3
Other intangibles, net	465,000	465,000	465,000	465,000	465,000
Deferred income taxes	5	10	9	6	4
Retirement plan assets	—	18	—	—	—
Other long-term assets	5	5	4	4	17
Total assets	147	171	194	164	133
Accounts payable	7	5	6	8	7
Accrued expenses and other liabilities	14	13	16	15	11
Total current liabilities	21	19	23	24	18
Retirement plan liabilities	—	22	18	14	16
Other long-term liabilities	2	2	2	1	683,000
Total liabilities	22	42	42	39	34
Commitments and contingencies (Note 10)	—	—	—	—	—
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued	—	—	—	—	—
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 34,998,034 shares in 2025 and 34,707,304 shares in 2024	4	3	3	3	3
Retained earnings	121	126	148	123	98
Total stockholders' equity	125	129	152	124	99
Total liabilities and stockholders' equity	147	171	194	164	133

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	11	18	42	40	29
Depreciation and amortization	3	3	2	2	2
Stock-based compensation expense	5	4	4	3	2
Deferred income tax benefit	5	−1	−3	−2	−140,000
Pension settlement loss	—	—	2	1	—
Accounts receivable	−3	−2	3	−2	1
Income taxes receivable	−2	−78,000	−333,000	−18,000	−10,000
Inventories	−5	12	11	246,000	−31
Current retirement plan assets	−2	—	—	—	—
Prepaid expenses and other current assets	−262,000	−193,000	792,000	−614,000	−527,000
Other long-term assets	−561,000	−4	−6	3	−2
Accounts payable	1	−572,000	−2	1	692,000
Current retirement plan liabilities	2	—	—	—	—
Accrued expenses and other liabilities	532,000	−3	1	4	−4
Other long-term liabilities	581,000	4	4	−725,000	3
Net cash provided by operating activities	16	30	57	49	457,000
Capital expenditures	−2	−5	−10	−3	−1
Proceeds from benefit plan financing arrangement	21	—	—	—	—
Distribution from benefit plan financing arrangement	−24	—	—	—	—
Proceeds from sale of assets	—	163,000	2	—	—
Net cash used for investing activities	−5	−4	−8	−3	−1
Payment of dividends	−20	−44	−19	−17	−16
Cash paid for common stock purchased and retired	−1	−933,000	−910,000	−702,000	−1
Net cash used for financing activities	−21	−45	−20	−18	−17
Net (decrease) increase in cash and cash equivalents	−9	−20	29	29	−17
Income tax payments, net	2	5	14	13	8

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