secwatch.observer — SEC 8-K summary
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Issuer:     MARINE PRODUCTS CORP (MPX)
CIK:        0001129155
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001558370-24-005676
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Marine Products Q1 sales drop 42%; declares $0.70 special dividend
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- Net sales $69.3M, down 42% YoY; net income $4.6M, diluted EPS $0.13 (down 60% and 62% respectively).
- EBITDA $5.9M, down 61%; EBITDA margin 8.5% (down 410 bps); gross margin 20.2% (down 420 bps).
- Board declared $0.14 regular quarterly and $0.70 special dividend, both payable June 10, 2024, returning ~$29M.
- No debt; cash $81.2M; $20M revolver undrawn; free cash flow $15.0M in Q1.
- Management cites higher interest rates and elevated channel inventory; adjusting production and costs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1129155/000155837024005676/0001558370-24-005676-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1129155/000155837024005676/mpx-20240425x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-005676

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