Marine Products Corporation Plans to Announce Second Quarter 2008 Financial Results and Host a Conference Call on July 23, 2008
ATLANTA, July 8, 2008 -- Marine Products Corporation (NYSE: MPX) announced today that it will release its financial results for the second quarter ended June 30, 2008 on Wednesday, July 23, 2008 before the market opens. In conjunction with its earnings release, the Company will host a conference call to review the Company's financial and operating results on Wednesday, July 23, 2008 at 8 a.m. Eastern Time.
Individuals wishing to participate in the conference call should dial (866) 864-9123 or (706) 679-5285 for international callers and use Conference ID# 55240035. For interested individuals unable to join the call, a replay will be available until on July 31, 2008 by dialing (800) 642-1687 or (706) 645-9291. This call also will be broadcast and archived on the company's investor Web site at http://www.marineproductscorp.com. Interested parties are encouraged to click on the webcast link 10-15 minutes prior to the start of the conference call.
Marine Products is a leading manufacturer of fiberglass boats, including Chaparral pleasure boats and Robalo sport fishing boats. Marine Products Corporation's investor Web site can be found on the Internet at www.marineproductscorp.com.
For information about Marine Products Corporation and/or this event, please contact:
Certain statements and information included within this Web site contain and constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding our belief that our dealer inventory and current production levels are conservative as we participate in the 2012 winter boat show season; our belief that our smaller models will increase unit sales in a segment in which we have an opportunity to increase market share; our hope to capture additional market share as purchasers of these entry-level models purchase larger Chaparral or Robalo models in the future; our belief that these entry-level Chaparral and Robalo models will maintain our profitability because of higher production volumes which increase manufacturing efficiencies; our intention to continue seeking the most advantageous purchasing arrangements from our suppliers; our ability to execute our marketing strategy to increase market share by expanding our presence by building dedicated sales, marketing and distribution systems; our intention to continue to strengthen our dealer network and build brand loyalty with dealers and customers; our ability to locate and complete strategic acquisitions that will complement our existing product lines, expand our geographic presence and strengthen our capabilities; our belief that our corporate infrastructure and marketing and sales capabilities, in addition to our cost structure and nationwide presence, enable us to compete effectively; our belief that we do not currently anticipate that any material expenditures will be required to continue to comply with existing environmental or safety regulations; our belief that the increase in prices of certain commodities is likely to lead to higher costs in 2012 and that we may not be able to increase prices to compensate for increased costs and that the Company may not be able to implement manufacturing strategies that will significantly reduce usage of raw materials that will compensate for these increased costs; our belief that it is likely that these increased commodity prices will negatively impact our operating results in 2012 compared to 2011; our belief that our product liability insurance will be adequate; our belief that we have not suffered an increased risk of default among our municipal securities investments; our intention to pursue acquisitions and form strategic alliances that will enable us to acquire complementary skills and capabilities, offer new products, expand our customer base and obtain other competitive advantages; our belief that the ultimate outcome of litigation arising in the ordinary course of business will not have a material adverse effect on our liquidity, financial condition or results of operations; our ability to execute stated business and financial strategies in the future to better manage our Company; our belief that net sales will increase moderately in 2012 compared to 2011 and that our operating results will improve; our belief that indications are that retail demand in recreational boating has stabilized and may be increasing; our belief that our operating results should moderately improve due to higher volumes and an improved gross margin from improved product efficiencies and cost absorption; our belief that retail sales will increase in 2012 and that such increase will be modest due to slowly improving consumer confidence; our belief that advertising and consumer targeting efforts will benefit the industry and Marine Products; our anticipation that the Company will continue to be challenged by the effect of an uncertain level of consumer demand; our belief that emphasizing entry-level models in our Chaparral and Robalo product lines will appeal to value-conscious boaters who want to buy a new boat, as well as first-time boat buyers who are interested in a smaller investment in boat ownership; our belief that these new products will increase our net sales and enhance our profitability by improving our cost absorption; our belief that these models will increase our sales in market segments in which we would like to increase our market share, and that these models will encourage consumers of these products to purchase larger, more expensive boats from us in the future; our belief that we do not expect to report any gains similar to those reported as Other Income during 2011 in 2012; expectations about the amount of contributions to our defined benefit plan and capital expenditures during 2012 and the purpose of those capital expenditures; the adequacy of the Company’s capital resources; the amount and timing of future contractual obligations; judgments about the Company’s critical accounting policies; and the effect of various recent accounting pronouncements on the Company, its operating results and financial condition. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Marine Products Corporation to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. These risks involve the outcome of current and future litigation, the impact of interest rates, economic conditions, fuel costs and weather on our business, our dependence on a network of independent boat dealers, the possibility of defaults by our dealers in their obligations to third-party dealer floor plan lenders, and our reliance on third-party suppliers. Additional discussion of factors that could cause the actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in Marine Products' Form 10-K, filed with the Securities and Exchange Commission for the year ending December 31, 2011.