10-Q Filing

MARINE PRODUCTS CORP CIK: 1129155 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-006421`
Period End Date	20220331
Filing Date	20220429
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	mpx-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 24 Cash Flow Statement 48 Stockholders Equity 22 Comprehensive Income 6

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.00K	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$32.35M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.10M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.62M	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$31.88M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.57M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.02M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12 in 2022 and $12 in 2021	`AccountsReceivableNetCurrent`	$3.26M	USD	Point-in-time
Preferred stock, par value (in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12 in 2022 and $12 in 2021	`AccountsReceivableNetCurrent`	$8.56M	USD	Point-in-time
Preferred stock, par value (in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Inventories	`InventoryNet`	$73.26M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Inventories	`InventoryNet`	$78.18M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.71M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$10.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.92M	USD	Point-in-time
Common stock, par value (in dollar per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value (in dollar per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.47M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$93.11M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	74.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$103.99M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	74.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.99M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $32,351 in 2022 and $31,878 in 2021	`PropertyPlantAndEquipmentNet`	$14.10M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.14M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $32,351 in 2022 and $31,878 in 2021	`PropertyPlantAndEquipmentNet`	$14.37M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.99M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.14M	shares	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`	$3.89M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.39M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$17.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$15.92M	USD	Point-in-time
Total assets	`Assets`	$132.84M	USD	Point-in-time
Total assets	`Assets`	$141.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.77M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$11.30M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$12.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.07M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$15.56M	USD	Point-in-time
Pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$14.74M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$740.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$683.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$40.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$34.32M	USD	Point-in-time
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 34,142,479 shares in 2022 and 33,992,054 shares in 2021	`CommonStockValue`	$3.41M	USD	Point-in-time
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 34,142,479 shares in 2022 and 33,992,054 shares in 2021	`CommonStockValue`	$3.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$97.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$100.56M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.55M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$98.53M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$88.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$84.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$101.42M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$141.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$132.84M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$76.61M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$78.38M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$58.22M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$59.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.39M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.44M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.24M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$9.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.03M	USD	1 Quarter
Interest (expense) income	`InvestmentIncomeNet`	$8.00K	USD	1 Quarter
Interest (expense) income	`InvestmentIncomeNet`	$-17.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.14M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.03M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.08M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.94M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.24	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 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$8.10M	USD	1 Quarter
Net income	`ProfitLoss`	$7.06M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$472.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$447.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$610.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$553.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$499.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$154.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.02M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.30M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$1.70M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$551.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.62M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.92M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-557.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$214.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$232.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-1.31M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.77M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.66M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$999.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.03M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$747.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-777.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.13M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.52M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$202.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$236.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-202.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-236.00K	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$3.40M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$4.09M	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`	$702.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.45M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.80M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.44M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-480.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.57M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.02M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.62M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.57M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.02M	USD	Point-in-time
Income Taxes Paid, Net	`IncomeTaxesPaidNet`	$3.40M	USD	1 Quarter
Income Taxes Paid, Net	`IncomeTaxesPaidNet`	$2.53M	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$98.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$84.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$101.42M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	33.99M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	34.14M	shares	Point-in-time
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$553.00K	USD	1 Quarter
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$610.00K	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.05M	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$702.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-22.00K	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$4.09M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$3.40M	USD	1 Quarter
Balance	`StockholdersEquity`	$98.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$88.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$84.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$101.42M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	33.99M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	34.14M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.10M	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-14.00K	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-22.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.11M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.08M	USD	1 Quarter

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