ATLANTA (AP) -- Marine Products Corp. said Wednesday that boat sales improved in the fourth quarter, but its net income dropped as expenses rose.
The company earned $1.1 million, or 3 cents per share, for the quarter that ended Dec. 31. That compares with earnings of $3.6 million, or 10 cents per share, in the same quarter of the prior year. It earned 4 cents per share in the prior year on an adjusted basis.
Marine Products' revenue increased 22 percent to $34.2 million. The Atlanta company said it sold 31.5 percent more boats this year than last thanks to the popularity of its value-priced fishing boats. The average price of boats sold dropped by 8.6 percent.
Marine Products' order backlog is significantly higher than at this time last year, and it recently increased production in order to meet dealer demand. This reduced its profitability some in the fourth quarter.
The company's CEO Richard Hubbell said that the company appears to be gaining market share and that based on early indications from the 2013 winter boat show season, the selling environment for boats continues to improve.
Marine Products also increased its quarterly dividend from 2 cents per share to 3 cents per share, payable March 8 to shareholders of record as of Feb. 8.
Shares rose 2 cents to $6.42 in afternoon trading. The stock has ranged from $4.96 to $6.79 in the past 52 weeks.