10-Q Filing

MARINE PRODUCTS CORP CIK: 1129155 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-098152`
Period End Date	20210630
Filing Date	20210730
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	mpx-20210630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 50 Cash Flow Statement 48 Stockholders Equity 36 Comprehensive Income 16

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$16.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.61M	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$30.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.61M	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$30.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.80M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12 in 2021 and $16 in 2020	`AccountsReceivableNetCurrent`	$7.94M	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`	$57.11M	USD	Point-in-time
Inventories	`InventoryNet`	$42.31M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$303.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.46M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$80.54M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$96.42M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $30,963 in 2021 and $30,066 in 2020	`PropertyPlantAndEquipmentNet`	$14.58M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $30,963 in 2021 and $30,066 in 2020	`PropertyPlantAndEquipmentNet`	$14.94M	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`	$4.08M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.19M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$17.29M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.10M	USD	Point-in-time
Total assets	`Assets`	$119.42M	USD	Point-in-time
Total assets	`Assets`	$136.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.80M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$17.27M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$15.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$21.66M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$12.52M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$14.44M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$714.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$717.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$45.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$34.90M	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`	$89.56M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.92M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.95M	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`	$76.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$76.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$91.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$88.73M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$136.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$119.42M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$67.26M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$99.94M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$40.82M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$145.63M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$80.00M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$32.99M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$52.65M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$112.56M	USD	2 Qtrs
Gross profit	`GrossProfit`	$33.07M	USD	2 Qtrs
Gross profit	`GrossProfit`	$19.94M	USD	2 Qtrs
Gross profit	`GrossProfit`	$14.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.83M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$15.68M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.01M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.25M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.76M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.36M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.07M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.93M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$17.39M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$15.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$76.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$10.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$18.00K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.41M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.00M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.09M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.37M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$382.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.09M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$1.58M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.52M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.92M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.89M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.17	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.41	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.17	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.17	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.41	USD	2 Qtrs
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.12	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.08	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.20	USD	2 Qtrs
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.22	USD	2 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$5.92M	USD	2 Qtrs
Net income	`ProfitLoss`	$13.89M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.07M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$897.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.12M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.16M	USD	2 Qtrs
Deferred income tax (benefit) provision	`DeferredIncomeTaxExpenseBenefit`	$-125.00K	USD	2 Qtrs
Deferred income tax (benefit) provision	`DeferredIncomeTaxExpenseBenefit`	$142.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.96M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.23M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.64M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$14.80M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$508.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-414.00K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$303.00K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-753.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-79.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.14M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.72M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.82M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.35M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.68M	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$1.90M	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$581.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.70M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.10M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$541.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.03M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-541.00K	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.03M	USD	2 Qtrs
Payment of dividends	`PaymentsOfDividends`	$7.47M	USD	2 Qtrs
Payment of dividends	`PaymentsOfDividends`	$6.77M	USD	2 Qtrs
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$1.05M	USD	2 Qtrs
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$1.08M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.53M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.85M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.81M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.96M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$28.61M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.61M	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`	$19.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$28.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$22.61M	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`	$19.80M	USD	Point-in-time
Income tax payments, net	`IncomeTaxesPaidNet`	$228.00K	USD	2 Qtrs
Income tax payments, net	`IncomeTaxesPaidNet`	$4.18M	USD	2 Qtrs

Stockholders Equity 36 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$84.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$77.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$76.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$76.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$91.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.73M	USD	Point-in-time
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$571.00K	USD	1 Quarter
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$576.00K	USD	1 Quarter
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$581.00K	USD	1 Quarter
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$553.00K	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.00K	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.05M	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$29.00K	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.92M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.89M	USD	2 Qtrs
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-138.00K	USD	2 Qtrs
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-19.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-28.00K	USD	2 Qtrs
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-119.00K	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$4.08M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$3.40M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$2.70M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$4.07M	USD	1 Quarter
Balance	`StockholdersEquity`	$84.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$77.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$76.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$76.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$91.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.73M	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$4.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.92M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.89M	USD	2 Qtrs
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-138.00K	USD	2 Qtrs
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-19.00K	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-28.00K	USD	2 Qtrs
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-119.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.81M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.05M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.92M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.73M	USD	1 Quarter

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