Marine Products Corp. (MPX, Financial) filed Quarterly Report for the period ended 2012-06-30.
Marine Products Corp. has a market cap of $212.6 million; its shares were traded at around $5.49 with a P/E ratio of 33.1 and P/S ratio of 2. The dividend yield of Marine Products Corp. stocks is 1.4%.
Selling, general and administrative expenses for the second quarter ended June 30, 2012 were $4.5 million compared to $3.7 million for second quarter in 2011, an increase of $0.8 million or 23.0 percent. This increase was due to expenses that vary with sales and profitability, such as incentive compensation, sales commissions and warranty expense coupled with increased advertising costs. Selling, general and administrative expenses, as a percentage of net sales, decreased primarily due to leverage of fixed costs over higher net sales. Warranty expense was 1.5 percent of net sales for the three months ended June 30, 2012 compared to 1.6 percent in the prior year quarter.
Cost of goods sold for the six months ended June 30, 2012 was $62.0 million compared to $46.9 million for the six months ended June 30, 2011, an increase of $15.1 million or 32.3 percent. Cost of goods sold, as a percentage of net sales, decreased primarily due to production efficiencies related to higher production volumes during the second quarter of 2012 compared to the same period in 2011.
Selling, general and administrative expenses for the six months ended June 30, 2012 were $9.5 million compared to $7.5 million for the six months ended June 30, 2011, an increase of $1.9 million or 25.6 percent. This increase was due to expenses that vary with sales and profitability, such as incentive compensation, sales commissions and warranty expense coupled with increased advertising costs. Selling, general and administrative expenses, as a percentage of net sales, decreased primarily due to leverage of fixed costs over higher net sales. Warranty expense was 1.6 percent of net sales for the six months ended June 30, 2012 compared to 1.8 percent in the prior year quarter.
Operating income for the six months ended June 30, 2012 increased $3.0 million compared to the six months ended June 30, 2011 due to increased net sales and gross profit during the first six months of 2012 compared to the first six months of 2011, partially offset by higher selling, general and administrative expenses.
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Marine Products Corp. has a market cap of $212.6 million; its shares were traded at around $5.49 with a P/E ratio of 33.1 and P/S ratio of 2. The dividend yield of Marine Products Corp. stocks is 1.4%.
Highlight of Business Operations:
Cost of goods sold for the second quarter ended June 30, 2012 was $31.2 million compared to $24.2 million for the second quarter in 2011, an increase of $7.0 million or 28.8 percent. Cost of goods sold, as a percentage of net sales, decreased primarily due to production efficiencies related to higher production volumes during the second quarter of 2012 compared to the same period in 2011.Selling, general and administrative expenses for the second quarter ended June 30, 2012 were $4.5 million compared to $3.7 million for second quarter in 2011, an increase of $0.8 million or 23.0 percent. This increase was due to expenses that vary with sales and profitability, such as incentive compensation, sales commissions and warranty expense coupled with increased advertising costs. Selling, general and administrative expenses, as a percentage of net sales, decreased primarily due to leverage of fixed costs over higher net sales. Warranty expense was 1.5 percent of net sales for the three months ended June 30, 2012 compared to 1.6 percent in the prior year quarter.
Cost of goods sold for the six months ended June 30, 2012 was $62.0 million compared to $46.9 million for the six months ended June 30, 2011, an increase of $15.1 million or 32.3 percent. Cost of goods sold, as a percentage of net sales, decreased primarily due to production efficiencies related to higher production volumes during the second quarter of 2012 compared to the same period in 2011.
Selling, general and administrative expenses for the six months ended June 30, 2012 were $9.5 million compared to $7.5 million for the six months ended June 30, 2011, an increase of $1.9 million or 25.6 percent. This increase was due to expenses that vary with sales and profitability, such as incentive compensation, sales commissions and warranty expense coupled with increased advertising costs. Selling, general and administrative expenses, as a percentage of net sales, decreased primarily due to leverage of fixed costs over higher net sales. Warranty expense was 1.6 percent of net sales for the six months ended June 30, 2012 compared to 1.8 percent in the prior year quarter.
Operating income for the six months ended June 30, 2012 increased $3.0 million compared to the six months ended June 30, 2011 due to increased net sales and gross profit during the first six months of 2012 compared to the first six months of 2011, partially offset by higher selling, general and administrative expenses.
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