10-Q Filing

MARINE PRODUCTS CORP CIK: 1129155 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001188112-11-002079`
Period End Date	20110630
Filing Date	20110801
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	mpx-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 52 Cash Flow Statement 60 Stockholders Equity 13

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.96M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$13.17M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$12.83M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.18M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.93M	USD	Point-in-time
Inventories	`InventoryNet`	$21.03M	USD	Point-in-time
Inventories	`InventoryNet`	$21.88M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$481.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$17.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$984.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$920.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.45M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$48.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$42.92M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.42M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$11.99M	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
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$30.01M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$39.95M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$3.15M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$3.24M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.12M	USD	Point-in-time
Total assets	`Assets`	$106.90M	USD	Point-in-time
Total assets	`Assets`	$102.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.37M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$8.62M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$9.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.41M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$5.58M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$5.50M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$422.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$423.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$16.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.34M	USD	Point-in-time
Common stock	`CommonStockValue`	$3.71M	USD	Point-in-time
Common stock	`CommonStockValue`	$3.74M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$604.00K	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$371.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$85.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$83.22M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-901.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-996.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$86.31M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$88.56M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$102.81M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$106.90M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$29.10M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$56.17M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$56.25M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$31.68M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$46.13M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$46.88M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$24.19M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$25.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.04M	USD	2 Qtrs
Gross profit	`GrossProfit`	$9.37M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.91M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.54M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.69M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.53M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.13M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$1.22M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.82M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$598.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$272.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$290.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$508.00K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.82M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.49M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.33M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.73M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$342.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$357.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$436.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$262.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.90M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.38M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.05	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.07	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.07	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.05	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.39M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.18M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.16M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.34M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.65M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.85M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.78M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.70M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.90M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.38M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$480.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$567.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$855.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$718.00K	USD	2 Qtrs
Excess tax benefits for share-based payment	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$77.00K	USD	2 Qtrs
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-886.00K	USD	2 Qtrs
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-156.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.75M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.18M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$6.47M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-848.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-113.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.59M	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-541.00K	USD	2 Qtrs
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-6.38M	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-117.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$19.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.49M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.18M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$33.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$432.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.74M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$390.00K	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-59.00K	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-292.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.41M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.44M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$53.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$68.00K	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$14.49M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$17.17M	USD	2 Qtrs
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$4.42M	USD	2 Qtrs
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$964.00K	USD	2 Qtrs
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$8.36M	USD	2 Qtrs
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$6.04M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.21M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.78M	USD	2 Qtrs
Excess tax benefit for share-based payments	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$77.00K	USD	2 Qtrs
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$244.00K	USD	2 Qtrs
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$447.00K	USD	2 Qtrs
Proceeds received upon exercise of stock options	`ProceedsFromStockOptionsExercised`	$54.00K	USD	2 Qtrs
Proceeds received upon exercise of stock options	`ProceedsFromStockOptionsExercised`	$6.00K	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-316.00K	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-238.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.08M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.39M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.57M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.54M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.96M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.57M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.54M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.96M	USD	Point-in-time
Income tax payments (refunds), net	`IncomeTaxesPaidNet`	$32.00K	USD	2 Qtrs
Income tax payments (refunds), net	`IncomeTaxesPaidNet`	$-5.59M	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$86.31M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$88.56M	USD	Point-in-time
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$762.00K	USD	2 Qtrs
Stock purchased and retired	`StockValueRepurchasedAndRetiredDuringPeriod`	$573.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.90M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.38M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeMinimumPensionLiabilityNetAdjustmentNetOfTax`	$-12.00K	USD	2 Qtrs
Unrealized gain on securities, net of reclassification adjustment	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$83.00K	USD	2 Qtrs
Excess tax benefits for share-based payments	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$77.00K	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$86.31M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$88.56M	USD	Point-in-time

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