Marine Products Corp. (MPX: Quote) reported that its fourth-quarter net income was $1.06 million or $0.03 per share, down from $3.64 million or $0.10 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share for the quarter. Analysts’ estimates typically exclude special items.
Net income, excluding other income, for the prior year quarter was $1.61 million or $0.04 per share.
The company generated net sales of $34.15 million, a 22.2 percent increase compared to $27.94 million last year. The increase in net sales was due to a 31.5 percent increase in the number of boats sold, partially offset by an 8.6 percent decrease in the average selling price per boat.
The company also announced that its Board declared a 50.0 percent increase to the regular quarterly cash dividend from $0.02 per share to $0.03 per share payable March 8, 2013 to common stockholders of record at the close of business on February 8, 2013.
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by RTT Staff Writer
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