10-Q Filing

MARINE PRODUCTS CORP CIK: 1129155 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-058735`
Period End Date	20210331
Filing Date	20210430
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	mpx-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 24 Cash Flow Statement 47 Stockholders Equity 18 Comprehensive Income 6

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$16.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.02M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.57M	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$30.51M	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$30.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.06M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12 in 2021 and $16 in 2020	`AccountsReceivableNetCurrent`	$7.73M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12 in 2021 and $16 in 2020	`AccountsReceivableNetCurrent`	$4.71M	USD	Point-in-time
Inventories	`InventoryNet`	$42.31M	USD	Point-in-time
Inventories	`InventoryNet`	$45.93M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$551.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.16M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$91.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$80.54M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $30,514 in 2021 and $30,066 in 2020	`PropertyPlantAndEquipmentNet`	$14.94M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $30,514 in 2021 and $30,066 in 2020	`PropertyPlantAndEquipmentNet`	$14.73M	USD	Point-in-time
Goodwill	`Goodwill`	$3.31M	USD	Point-in-time
Goodwill	`Goodwill`	$3.31M	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$465.00K	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$465.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.92M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.08M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.36M	USD	Point-in-time
Total assets	`Assets`	$119.42M	USD	Point-in-time
Total assets	`Assets`	$130.16M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.85M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$15.58M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$16.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$21.66M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$13.21M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$12.52M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$717.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$791.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$34.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$41.43M	USD	Point-in-time
Common stock	`CommonStockValue`	$3.39M	USD	Point-in-time
Common stock	`CommonStockValue`	$3.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$83.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$87.27M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.95M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.75M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.93M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$76.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$84.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$77.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$88.73M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$130.16M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$119.42M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$78.38M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$59.12M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$59.91M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$47.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.11M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.44M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.25M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.85M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.03M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$61.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$8.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.03M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$707.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.94M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.21M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.24	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.12	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.10	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$4.21M	USD	1 Quarter
Net income	`ProfitLoss`	$8.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$536.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$447.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$553.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$576.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$154.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$528.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.56M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.02M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.62M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.39M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$214.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-614.00K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-174.00K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$551.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$232.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-1.09M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.92M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.77M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$553.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$999.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$747.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-1.18M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.05M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.13M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$665.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$236.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-236.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-665.00K	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$4.07M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$3.40M	USD	1 Quarter
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$1.05M	USD	1 Quarter
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$1.05M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.13M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.45M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.44M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$260.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$35.02M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$31.57M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.02M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$19.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$31.57M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.06M	USD	Point-in-time
Income tax payments, net	`IncomeTaxesPaidNet`	$2.53M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$76.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$84.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$77.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.73M	USD	Point-in-time
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$553.00K	USD	1 Quarter
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$576.00K	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.05M	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.21M	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-119.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$4.07M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$3.40M	USD	1 Quarter
Balance	`StockholdersEquity`	$76.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$84.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$77.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.73M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.21M	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-119.00K	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.11M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.33M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.