10-Q Filing

MARINE PRODUCTS CORP CIK: 1129155 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-007231`
Period End Date	20230331
Filing Date	20230428
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	mpx-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 24 Cash Flow Statement 49 Stockholders Equity 18 Comprehensive Income 6

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableNoncurrent`	$12.00K	USD	Point-in-time
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableNoncurrent`	$12.00K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.10M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$62.60M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.17M	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$33.05M	USD	Point-in-time
Accumulated depreciation, property plant and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$33.58M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.62M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $12 in 2023 and 2022	`AccountsReceivableNetCurrent`	$5.34M	USD	Point-in-time
Preferred stock, par value (in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.10	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 credit losses of $12 in 2023 and 2022	`AccountsReceivableNetCurrent`	$10.92M	USD	Point-in-time
Inventories	`InventoryNet`	$66.84M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Inventories	`InventoryNet`	$73.02M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$174.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$28.00K	USD	Point-in-time
Pension plan assets	`AssetDefinedBenefitPensionPlanCurrent`	$356.00K	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
Pension plan assets	`AssetDefinedBenefitPensionPlanCurrent`	$227.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	74.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	74.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.20M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$125.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$142.97M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.44M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.22M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $33,578 in 2023 and $33,055 in 2022	`PropertyPlantAndEquipmentNet`	$14.96M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $33,578 in 2023 and $33,055 in 2022	`PropertyPlantAndEquipmentNet`	$16.23M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.44M	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`	$6.93M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$6.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$14.27M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$13.95M	USD	Point-in-time
Total assets	`Assets`	$184.18M	USD	Point-in-time
Total assets	`Assets`	$163.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.53M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$21.70M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$15.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$23.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.23M	USD	Point-in-time
Retirement plan liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$15.54M	USD	Point-in-time
Retirement plan liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$14.44M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.55M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$39.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$51.31M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	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 - 34,437,678 shares in 2023 and 34,217,582 shares in 2022	`CommonStockValue`	$3.42M	USD	Point-in-time
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 34,437,678 shares in 2023 and 34,217,582 shares in 2022	`CommonStockValue`	$3.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$122.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$129.53M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-109.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$98.53M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$101.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$124.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$132.87M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$163.72M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$184.18M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$118.91M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$76.61M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$58.22M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$89.89M	USD	1 Quarter
Gross profit	`GrossProfit`	$29.02M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.39M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.24M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$14.53M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$9.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$14.49M	USD	1 Quarter
Interest income (expense), net	`InvestmentIncomeNet`	$483.00K	USD	1 Quarter
Interest income (expense), net	`InvestmentIncomeNet`	$-17.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$14.97M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.14M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.42M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.08M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.06M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.34	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.12	USD	1 Quarter
Dividends paid per share	`CommonStockDividendsPerShareCashPaid`	$0.14	USD	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$7.06M	USD	1 Quarter
Net income	`ProfitLoss`	$11.55M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$472.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$523.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$777.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$610.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$499.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-1.13M	USD	1 Quarter
Pension settlement loss	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	$-2.09M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.58M	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$146.00K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$1.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-6.18M	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`	$-1.03M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$321.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-1.31M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.28M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.66M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$6.36M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.03M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$1.34M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-777.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.52M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$26.95M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$202.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.79M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.79M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-202.00K	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$4.09M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$4.82M	USD	1 Quarter
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$702.00K	USD	1 Quarter
Cash paid for common stock purchased and retired	`PaymentsForRepurchaseOfCommonStock`	$910.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.80M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.73M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-480.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$19.43M	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`	$62.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.17M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.62M	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`	$62.60M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.17M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.62M	USD	Point-in-time
Income tax payments, net	`IncomeTaxesPaidNet`	$355.00K	USD	1 Quarter
Income tax payments, net	`IncomeTaxesPaidNet`	$3.40M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$98.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$101.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$124.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$132.87M	USD	Point-in-time
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$777.00K	USD	1 Quarter
Stock issued for stock incentive plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$610.00K	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$910.00K	USD	1 Quarter
Stock purchased and retired	`StockRepurchasedAndRetiredDuringPeriodValue`	$702.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.06M	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-22.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.89M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$4.82M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$4.09M	USD	1 Quarter
Balance	`StockholdersEquity`	$98.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$101.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$124.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$132.87M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$11.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.06M	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-22.00K	USD	1 Quarter
Pension adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.89M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.08M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.44M	USD	1 Quarter

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