# EDGAR Filing Document

**Accession Number:** 0001129155
**File Stem:** 0001104659-25-103980
**Filing Date:** 2025-10
**Character Count:** 24161
**Document Hash:** 55a52bb778ce111b3c1a75a86b945fa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103980.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001104659-25-103980

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARINE PRODUCTS CORP
- **CENTRAL INDEX KEY:** 0001129155
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHIP & BOAT BUILDING & REPAIRING [3730]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 582572419
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16263
- **FILM NUMBER:** 251432095

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 BUFORD HIGHWAY NE, SUITE 300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30329
- **BUSINESS PHONE:** 404-321-2140

**MAIL ADDRESS:**
- **STREET 1:** 2801 BUFORD HIGHWAY NE, SUITE 300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30329

?xml version='1.0' encoding='ASCII'? MARINE PRODUCTS CORPORATION_October 30, 2025

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**<br>

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): October 30, 2025**

**MARINE PRODUCTS CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**1-16263** | &nbsp;&nbsp;**58-2572419** |
| &nbsp;&nbsp;(State or Other Jurisdiction<br>of Incorporation) | &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(IRS Employer<br>Identification No.) |

---

2801 Buford Highway NE, Suite 300, Atlanta, Georgia 30329

(Address of principal executive office) (zip code)

**Registrant's telephone number, including area code: (404) 321-7910**

**N/A**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $0.10 par value** | **MPX** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On October 30, 2025, Marine Products Corporation issued a press release titled "Marine Products Corporation Reports Third Quarter 2025 Financial Results And Declares Regular Quarterly Dividend," announcing the financial results for the third quarter ended September 30, 2025.

**Item 9.01. Financial Statements and Exhibits.**

99.1 [Press Release dated October 30, 2025](mpx-20251030xex99.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Marine Products Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | Marine Products Corporation |
| Date: October 30, 2025 | /s/ Michael L. Schmit |
|  | Michael L. Schmit |
|  | Vice President and Chief Financial Officer |

---

## Ex-99

Third Quarter 2025 Earnings Press Release

**Exhibit 99.1**

![Graphic](mpx-20251030xex99001.jpg)

**Marine Products Corporation Reports Third Quarter 2025 Financial Results And Declares Regular Quarterly Dividend** 

ATLANTA, October 30, 2025 – Marine Products Corporation (NYSE: MPX) (the "Company"), a leading manufacturer of fiberglass boats, announced its unaudited results for the third quarter ended September 30, 2025.

*\** ***Non-GAAP measures****, including EBITDA, EBITDA margin, and free cash flow are reconciled to the most directly comparable GAAP measures in the appendices of this earnings release.*

*\** ***All comparisons*** *are year-over-year to 3Q:24 unless stated otherwise.*

**Third Quarter 2025 Results**

● Net sales increased 7% year-over-year to $53.1 million

● Net income was $2.7 million, down 22% year-over-year, and diluted Earnings Per Share (EPS) was $0.07; Net income margin decreased 180 basis points to 5.0%. The decline was due to higher R&D investments related to new products and cost true-ups

● Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $3.7 million, down 15% year-over-year; EBITDA margin decreased 170 basis points to 6.9%

● The Company generated strong operating and free cashflow ending the quarter with approximately $47.4 million in cash and no debt

● The Company recently launched the 2026 model year Chaparral and Robalo products

**Management Commentary** 

"Third quarter results reflect an increase in sales from the prior year period," stated Ben M. Palmer, Marine Products' President and Chief Executive Officer. "We are cautiously optimistic that we've reached a turning point in the industry as dealer inventory has adjusted to stabilizing demand. We are encouraged by the strong interest in our larger boats and initial positive feedback on our 2026 model year offerings; however, finance buyers continue to be more restrained."

"Economic uncertainty continues to impact the marine industry, but we are encouraged by the potential for lower interest rates helping the finance buyer, as well as improved clarity on potential tariffs not having a significant impact on model year 2026 costs."

"Our team continues to work relentlessly to better position ourselves in this market, including reducing field inventory, focusing on strategic pricing, and targeting new innovations. Our ongoing focus on disciplined management combined with our strong balance sheet affords us the ability to opportunistically invest in the business," concluded Palmer.

**3Q:25 Consolidated Financial Results (year-over-year comparisons versus 3Q:24)**

***Net sales*** were $53.1 million, up 7%. The increase in net sales was primarily due to a price/mix increase of 7%, slightly offset by a slight decrease in the number of boats sold during the quarter. Field inventories have returned to more balanced levels as retail sales have exceeded wholesale

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Third Quarter 2025 Earnings Press Release

shipments. The Company's field unit inventory at the end of 3Q:25 was approximately 6% below 3Q:24.

***Gross profit*** was $10.2 million, up 11%. Gross margin was 19.2%, up 80 basis points versus the prior year period. Gross margin improved with targeted incentives and stabilized production schedules resulting in improved manufacturing cost absorption.

***Selling, general and administrative expenses*** were $7.4 million, up 31%, and represented 13.9% of net sales, up 260 basis points versus 3Q:24. The increase in SG&A expenses was largely due to an increase in new product R&D investments, warranty cost adjustments and other expenses that typically vary with sales.

***Interest income*** of $443 thousand decreased due to lower cash balances.

***Income tax provision*** was $658 thousand, or 19.9% of income before income taxes, up 50 basis points.

***Net income and diluted EPS*** were $2.7 million and $0.07, respectively, down from $3.4 million and $0.10, respectively, in 3Q:24. Net income margin was 5.0%, down 180 basis points.

***EBITDA*** was $3.7 million, down from $4.3 million. EBITDA margin was 6.9%, down 170 basis points from last year's third quarter.

**Balance Sheet, Cash Flow and Capital Allocation**

***Cash and cash equivalents*** were $47.4 million at the end of 3Q:25, with no outstanding borrowings under the Company's $20 million revolving credit facility.

***Net cash provided by operating activities and free cash flow*** were $11.7 million and $10.8 million, respectively, year-to-date through 3Q:25. The Company expects full year 2025 capital expenditures to be approximately $1.0 to $1.5 million.

***Payment of dividends*** totaled $14.7 million year-to-date through 3Q:25. Additionally, the Board of Directors declared a regular cash quarterly dividend of $0.14 per share payable on December 10, 2025, to common stockholders of record at the close of business on November 10, 2025.

**Conference Call Information**

Marine Products Corporation will hold a conference call today, October 30, 2025, at 8:00 a.m. Eastern Time to discuss the results for the quarter. Interested parties may listen in by accessing a live webcast in the investor relations section of Marine Products' website at www.marineproductscorp.com. Additionally, the live conference call can be accessed by calling (888) 660-6357, or (929) 201-6127 for international callers, and using conference ID number 9979064. A replay will be available in the investor relations section of Marine Products' website beginning approximately two hours after the call and for a period of 90 days.

**About Marine Products**

Marine Products Corporation is a leading manufacturer of high-quality fiberglass boats under the brand names Chaparral and Robalo. Chaparral's sterndrive models include SSi Sportboats and SSX Luxury Sportboats, and the Gen Two Series (GTS)/SURF Series. Chaparral's outboard offerings include OSX Luxury Sportboats and the SSi Outboard Bowriders. Robalo builds an array

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Third Quarter 2025 Earnings Press Release

of outboard sport fishing models, which include Center Consoles, Dual Consoles and Cayman Bay Boats. The Company continues to diversify its product lines through product innovation. With these premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and generate superior financial performance to build long-term shareholder value. For more information on Marine Products Corporation visit our website at www.marineproductscorp.com.

**Forward Looking Statements**

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations, hopes or strategies. In particular, such statements include, without limitation: that we are cautiously optimistic and that we've reached a turning point in the industry as dealer inventory has adjusted to stabilizing demand; our encouragement by the strong interest in our larger boats and initial positive feedback on our 2026 model year offerings; our belief that finance buyers continue to be more restrained; our belief that economic uncertainty continues to impact the marine industry; our encouragement related to the potential for lower interest rates helping the finance buyer as well as improved clarity on potential tariffs not having a significant impact on model year 2026 costs; that our team continues to work relentlessly to better position us in our market, including reducing field inventory, focusing on strategic pricing, and targeting new innovations; our belief that our ongoing focus on disciplined management combined with our strong balance sheet affords us the ability to opportunistically invest in the business; that the Company continues to diversify its product lines through product innovation; our belief in our brands' solid capital structure, and a strong independent dealer network; and our belief that the Company is prepared to capitalize on opportunities to increase its market share and generate superior financial performance to build long-term shareholder value. Risk factors that could cause such future events not to occur or our strategies not to succeed as expected include the following: negative economic conditions, including increased tariffs, unavailability of credit and possible decreases in the level of consumer confidence impacting discretionary spending; business interruptions due to, e.g., adverse weather conditions, supply chain disruptions and/or further increased interest rates; our retail incentives and allowances may not successfully increase consumer demand as anticipated; due to negative impacts to the overall economy, industry or competition; our adjustments to production levels may not match demand; increased cost of boat ownership makes it more difficult to raise prices in the future to compensate for increased costs; our new model launches may not match dealer and consumer preferences, which are inherently uncertain; and our ability to manage manufacturing costs may be constrained in light of lower production levels and/or higher materials costs due to unexpected or increased tariffs and/or higher inflation. Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates and expectations are contained in Marine Products' Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the "SEC") for the year ended December 31, 2024.

For information about Marine Products Corporation or this event, please contact:

Joshua Large

Vice President, Corporate Finance and Investor Relations

(404) 321-2152

jlarge@marineproductscorp.com

Michael L. Schmit

Chief Financial Officer

(404) 321-7910

irdept@marineproductscorp.com

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Third Quarter 2025 Earnings Press Release

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS** *(In thousands except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **September 30,**  | **2025** | 2024 | **2025** | 2024 |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Net sales** | $**53148** | $49850 | $**179848** | $188737 |
| &nbsp;&nbsp;Cost of goods sold | **42920** | 40668 | **145758** | 152397 |
| &nbsp;&nbsp;Gross profit | **10228** | 9182 | **34090** | 36340 |
| &nbsp;&nbsp;Selling, general and administrative expenses | **7363** | 5642 | **23801** | 21809 |
| &nbsp;&nbsp;Gain on disposition of assets, net | **—** | (50) | **—** | (51) |
| &nbsp;&nbsp;Operating income | **2865** | 3590 | **10289** | 14582 |
| &nbsp;&nbsp;Interest income, net | **443** | 634 | **1361** | 2364 |
| &nbsp;&nbsp;Income before income taxes | **3308** | 4224 | **11650** | 16946 |
| &nbsp;&nbsp;Income tax provision | **658** | 820 | **2632** | 3360 |
| **Net income** | $**2650** | $3404 | $**9018** | $13586 |
| **EARNINGS PER SHARE** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Basic | $**0.07** | $0.10 | $**0.25** | $0.37 |
| &nbsp;&nbsp;Diluted | $**0.07** | $0.10 | $**0.25** | $0.37 |
| **AVERAGE SHARES OUTSTANDING** <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Basic | **34999** | 34713 | **34954** | 34684 |
| &nbsp;&nbsp;Diluted | **34999** | 34713 | **34954** | 34684 |

---

<sup>(1)</sup> Earnings per share reflects a reduction of $0.01 for the three and nine months ended September 30, 2025, due to the allocation of earnings attributable to participating securities under the two-class method required by GAAP. Participating securities are share-based payment awards with non-forfeitable rights to dividends.

<sup>(2)</sup> Average shares outstanding were reduced by participating securities of 917 and 909 for the three and nine months ended September 30, 2025, respectively, under the two-class method.

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Third Quarter 2025 Earnings Press Release

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | *(in thousands)* | *(in thousands)* |
|  | **September 30,**  | December 31, |
|  | **2025** | 2024 |
|  | (Unaudited) |  |
| **ASSETS** |  |  |
| Cash and cash equivalents | $**47403** | $52379 |
| Accounts receivable, net | **5063** | 4176 |
| Inventories | **61463** | 49960 |
| Income taxes receivable | **2134** | 439 |
| Retirement plan assets | **20305** |  |
| Prepaid expenses and other current assets | **4344** | 3040 |
| &nbsp;&nbsp;Total current assets | **140712** | 109994 |
| Property, plant and equipment, net | **22869** | 24247 |
| Goodwill | **3308** | 3308 |
| Other intangibles, net | **465** | 465 |
| Deferred income taxes | **7086** | 9729 |
| Retirement plan assets | **—** | 18489 |
| Other long-term assets | **5012** | 5015 |
| &nbsp;&nbsp;**Total assets** | $**179452** | $171247 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Liabilities** |  |  |
| Accounts payable | $**13036** | $5499 |
| Retirement plan liabilities | **23548** |  |
| Accrued expenses and other liabilities | **14848** | 13425 |
| &nbsp;&nbsp;Total current liabilities | **51432** | 18924 |
| Retirement plan liabilities | **—** | 21667 |
| Other long-term liabilities | **1764** | 1653 |
| &nbsp;&nbsp;Total liabilities | **53196** | 42244 |
| **Stockholders' Equity** |  |  |
| Preferred stock |  |  |
| Common stock | **3500** | 3471 |
| Capital in excess of par value |  |  |
| Retained earnings | **122756** | 125532 |
| &nbsp;&nbsp;Total stockholders' equity | **126256** | 129003 |
| &nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**179452** | $171247 |

---

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Third Quarter 2025 Earnings Press Release

**MARINE PRODUCTS CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | |
|:---|:---|:---|
|  | *(in thousands)* | *(in thousands)* |
| **Nine Months Ended September 30,**  | **2025** | 2024 |
|  | (Unaudited) | (Unaudited) |
| **OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;**Net income** | $**9018** | $13586 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **2361** | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital | **(6392)** | 7406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | **6755** | 1802 |
| **Net cash provided by operating activities** | **11742** | 24882 |
| **INVESTING ACTIVITIES** |  |  |
| Capital expenditures | **(968)** | (3574) |
| Proceeds from sale of assets | **—** | 51 |
| **Net cash used for investing activities** | **(968)** | (3523) |
| **FINANCING ACTIVITIES** |  |  |
| Payment of dividends | **(14695)** | (38845) |
| Cash paid for common stock purchased and retired | **(1055)** | (933) |
| **Net cash used for financing activities** | **(15750)** | (39778) |
| Net decrease in cash and cash equivalents | **(4976)** | (18419) |
| Cash and cash equivalents at beginning of period | **52379** | 71952 |
| **Cash and cash equivalents at end of period** | $**47403** | $53533 |

---

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Third Quarter 2025 Earnings Press Release

**Non-GAAP Measures**

Marine Products Corporation has used the non-GAAP financial measures of EBITDA, EBITDA margin, and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting EBITDA and EBITDA margin enables investors to compare our operating performance consistently over various time periods without regard to changes in our capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating Marine Products' liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, Marine Products' definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows.

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on Marine Products Corporation's investor website, which can be found on the Internet at www.marineproductscorp.com.

**Appendix A**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  | September 30,  | September 30,  | **September 30,**  | **September 30,**  | September 30,  | September 30,  |
| *(In thousands)* | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
| **Reconciliation of Net Income to EBITDA** |  |  |  |  |  |  |  |  |
| Net income | **$** | **2650** | $| 3404 | **$** | **9018** | $| 13586 |
| Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Add: Income tax provision |  | **658** |  | 820 |  | **2632** |  | 3360 |
| &nbsp;&nbsp;Add: Depreciation and amortization |  | **785** |  | 704 |  | **2361** |  | 2088 |
| &nbsp;&nbsp;Less: Interest income, net |  | **443** |  | 634 |  | **1361** |  | 2364 |
| EBITDA | **$** | **3650** | $ | 4294 | **$** | **12650** | $ | 16670 |
| Net sales | **$** | **53148** | $ | 49850 | **$** | **179848** | $ | 188737 |
| Net income margin<sup>(1)</sup> |  | **5.0%** |  | 6.8% |  | **5.0%** |  | 7.2% |
| EBITDA margin<sup>(1)</sup> |  | **6.9%** |  | 8.6% |  | **7.0%** |  | 8.8% |

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<sup>(1)</sup> Net income margin is calculated as Net income divided by Net sales. EBITDA margin is calculated as EBITDA divided by Net sales.

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Third Quarter 2025 Earnings Press Release

**Appendix B**

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| | | |
|:---|:---|:---|
| (Unaudited) | **Nine months ended**  | **Nine months ended**  |
|  | **September 30,**  | **September 30,**  |
| *(In thousands)* | **2025** | 2024 |
| **Reconciliation of Operating Cash Flow to Free Cash Flow** |  |  |
| Net cash provided by operating activities | $**11742** | $24882 |
| Capital expenditures | **(968)** | (3574) |
| &nbsp;&nbsp;Free cash flow | $**10774** | $21308 |

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