Marine Products Corporation, parent company of Chaparral Boats and Robalo boats, announced today that its net sales for the quarter ended March 31, 2011 were more than 10 percent higher than net sales for Q1 of 2010.
The company generated net sales of $27,148,000 compared to $24,493,000 last year, an increase of 10.8 percent )all figures $US). The increase in net sales was due to a 4.6 percent increase in the number of boats sold, coupled with a 6.4 percent increase in the average selling price per boat.
Gross profit for the quarter was reported as $4,460,000, or 16.4 percent of net sales, compared to a gross profit of $3,445,000, or 14.1 percent of net sales, in the prior year. Operating income forQ1 2011 was $604,000 compared to an operating loss of $403,000 in the first quarter of 2010.
Richard A. Hubbell, Marine Products' Chief Executive Officer, attributes the company's strong start to the year to improved traffic and sales at this winter's boat shows. “Attendance at the winter boat show season improved moderately compared to last year, and we have experienced an increase in the number of smaller boats sold to our dealers, which is traditionally a sign of impending improvement in demand. Also, our new, award-winning 327 SSX Sportboat, which we recently introduced for the 2011 model year, enjoyed a strong reception during the boat show season and robust sales thus far during the retail selling season.”