Marine Products Corporation (MPX), a manufacturer of inboard pleasure boats, Wednesday, reported a much wider net loss for the fourth quarter, reflecting a 41.5% decline in sales as well as lower selling prices.
Net loss for the quarter widened to $2.76 million or $0.08 per share from $1.13 million or $0.03 per share in the prior-year period.
Net sales for the quarter fell to $13.31 million from $22.76 million in the prior-year quarter, primarily due to a 37.8% decrease in the number of boats sold, as the company produced less number of boats in the quarter in response to weak industry conditions.
Average selling price per boat dropped 5.8%, attributable to unfavorable model mix of smaller boats sold in the quarter compared to the year-ago quarter. Gross profit declined to $0.93 million from $2.35 million in the same quarter last year.
Operating loss for the quarter was $4.76 million compared to an operating loss of $1.83 million in the year-ago quarter. The loss was mainly due to lower gross profit and higher selling, general and administrative expenses.
For the full year, net loss was $10.70 million or $0.30 per share compared to a net profit of $7.59 million or $0.21 per share in the prior year. Net sales for the twelve-month period was $48.47 million, down 72.4% from $175.62 million in the previous year.
Richard Hubbell, Chief Executive Officer stated,"--in this environment of historically low dealer inventories, we are uniquely positioned to meet dealer and customer demand for new products and adjust production appropriately. By the end of the first quarter, our unit production will be almost 100% higher than in the third and fourth quarters of 2009 to satisfy current dealer demand for 2010 models."
MPX shares closed Tuesday's regular trading at $5.16 on the NYSE.
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