海洋产品 2025年季度报告

Item 1.Financial Statements (Unaudited) (In thousands) Six Months Ended June 30, 2025Capitalin (In thousands) Six months ended June30,2025 The accompanying unaudited consolidated financial statements have been prepared in accordance withaccounting principles generally accepted in the United States of America for interim financial informationand with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include time) as follows: ●Boats and accessories (domestic sales)– upon delivery and acceptance by the dealer●Boats and accessories (international sales)– upon delivery to shipping port●Parts– upon shipment/delivery to carrier payment- i.e., MPC has fulfilled its performance obligations prior to submitting an invoice to the dealer.MPC invoices the customer when the products are delivered and typically receives the payment withinseventotenbusinessdays after invoicing. For some domestic customers and all international customers, MPC and recognized when control has transferred, which generally occurs within three months of receiving the performance obligation) and the date cash consideration is received. Accordingly, there is no financingcomponent to the Company’s arrangements with its customers. Determining the transaction price The transaction price for MPC’s boats and accessories is the invoice price adjusted for dealer incentives. Key inputs and assumptions in determining variable consideration related to dealer incentives include:●Inputs: Current modelyear boat sales, total potential program incentivepercentage, priormodelyear results of dealer incentive activity (i.e., incentive earned as apercentage of total results, adjusted as necessary for dealer purchasing trends or economic factors. Other: 8Our contracts with dealers do not provide them with a right of return. Accordingly, we do not have anyobligations recorded for returns or refunds. MARINE PRODUCTS CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4.EARNINGS PER SHARE based payment awards that contain non-forfeitable rights to dividends and are therefore consideredparticipating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding are as follows:Three months endedSix months ended (in thousands)202520242025Net income available for stockholders:$4,162$5,585$6,368 participating securitiesNet income used in calculating earnings per share Weighted average shares outstanding (includingparticipating securities)34,98534,70834,93134,670Adjustment for participating securities(917)(886)(904)(883)Shares used in calculating basic and diluted earnings per 5.STOCK-BASED COMPENSATIONThe Company has issued various forms of stock incentives, including incentive and non-qualified stock As of June 30, 2025, there were2,556,269shares available for grant under the Company’s 2024 Stock Incentive Plan, which has a10 yearterm. In addition, there were488,299shares available under the 2014Stock Incentive plan that are reserved for the potential vesting of performance stock unit awards granted in 2024 and 2023.6.WARRANTY COSTS For its Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warrantyand a transferableone-yearlimited warranty to the original owner. Chaparral also includes afive-yearlimitedstructural deck warranty. Warranties for additional items are provided for periods ofonetofive yearsand are Thefive-yeartransferable hull warranty terminatesfive yearsafter the date of the original retail purchase.Claim costs related to components are generally absorbed by the original component manufacturer. The manufacturers of the engines, generators, and navigation electronics included on our boats provide andadminister their own warranties for various lengths of time. The warranty accruals are reflected in Accrued expenses and other liabilities in the accompanyingConsolidated Balance Sheets. 7.BUSINESS SEGMENT MPC hasonereportable segment — its Powerboat Manufacturing business. The Chief Operating DecisionMaker (CODM) makes resource allocation and performance assessment decisions based on this segment as awhole. MPC's CODM is the Chief Executive Officer. In addition, the Company’s results of operations and itsfinancial condition are not significantly reliant upon any single customer or product model. expenses(1)Comprised primarily of accessories cost. (2)Includes professional fees, insurance, advertising and promotions, research and development and othercosts. 8.INCOME TAXESThe Company determines its periodic income tax provision based upon the current period income and the Income tax provision for three months ended June 30, 2025 reflects an effective tax rate of21.3% compared to15.7% for the comparable period in the prior year. Income tax provision for six months ended June 30,2025 reflects an effective tax rate of23.7% compared to20.0% for the comparable