MARINE PRODUCTS CORP

CIK:0001129155|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 66,533	$ 59,002
Cost of goods sold	55,462	48,049
Gross profit	11,071	10,953
Selling, general and administrative expenses	8,824	8,340
Merger related costs	4,966
Operating (loss) income	(2,719)	2,613
Interest income, net	325	442
(Loss) income before income taxes	(2,394)	3,055
Income tax (benefit) provision	(329)	849
Net (loss) income	$ (2,065)	$ 2,206
(Loss) earnings per share
Basic (in dollars per share)	$ (0.06)	$ 0.06
Diluted (in dollars per share)	$ (0.06)	$ 0.06

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES
Net (loss) income	$ (2,065)	$ 2,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	785	789
Stock-based compensation expense	1,424	1,141
Gain on disposition of assets, net	4
Deferred income tax provision (benefit)	327	(76)
(Increase) decrease in assets:
Accounts receivable	1,664	(3,617)
Income taxes receivable	(657)	378
Inventories	(412)	(2,904)
Prepaid expenses and other current assets	(898)	(1,751)
Other long-term assets	2	392
Increase (decrease) in liabilities:
Accounts payable	7,842	13,110
Accrued expenses and other liabilities	1,040	1,477
Other long-term liabilities	(5)	(376)
Net cash provided by operating activities	9,051	10,769
INVESTING ACTIVITIES
Capital expenditures	(496)	(96)
Net cash used for investing activities	(496)	(96)
FINANCING ACTIVITIES
Payment of dividends	(4,933)	(4,894)
Cash paid for common stock purchased and retired	(1,335)	(1,055)
Net cash used for financing activities	(6,268)	(5,949)
Net increase in cash and cash equivalents	2,287	4,724
Cash and cash equivalents at beginning of period	43,512	52,379
Cash and cash equivalents at end of period	$ 45,799	$ 57,103

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 45,799	$ 43,512
Accounts receivable, net	5,201	6,865
Inventories	55,103	54,691
Income taxes receivable	2,865	2,208
Prepaid expenses and other current assets	4,200	3,302
Total current assets	113,168	110,578
Property, plant and equipment, net	22,357	22,650
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	4,890	5,217
Other long-term assets	5,012	5,014
Total assets	149,200	147,232
Liabilities
Accounts payable	14,490	6,648
Accrued expenses and other liabilities	15,000	13,960
Total current liabilities	29,490	20,608
Other long-term liabilities	1,654	1,659
Total liabilities	31,144	22,267
Commitments and contingencies (Note 15)
Stockholders' Equity
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 - 35,234,398 shares in 2026 and 34,998,034 shares in 2025	3,523	3,500
Retained earnings	114,533	121,465
Total stockholders' equity	118,056	124,965
Total liabilities and stockholders' equity	$ 149,200	$ 147,232