Marine Products (MPX) 10-Q 29 Apr 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 18, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'MARINE PRODUCTS CORP	'
Entity Central Index Key	'0001129155	'
Trading Symbol	'mpx	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	38,205,676
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$8,663	$5,114
Marketable securities	8,439	5,639
Accounts receivable, net	3,000	2,021
Inventories	26,548	28,859
Income taxes receivable	416	692
Deferred income taxes	1,162	1,096
Prepaid expenses and other current assets	1,193	1,839
Total current assets	49,421	45,260
Property, plant and equipment, net	11,164	11,265
Goodwill	3,308	3,308
Other intangibles, net	465	465
Marketable securities	32,164	30,949
Deferred income taxes	2,882	3,177
Other assets	8,351	8,129
Total assets	107,755	102,553
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Accounts payable	8,409	5,569
Accrued expenses and other liabilities	10,762	8,993
Total current liabilities	19,171	14,562
Pension liabilities	6,288	6,420
Other long-term liabilities	87	88
Total liabilities	25,546	21,070
Common stock	3,821	3,810
Capital in excess of par value	3,455	3,583
Retained earnings	75,776	74,943
Accumulated other comprehensive loss	-843	-853
Total stockholders' equity	82,209	81,483
Total liabilities and stockholders' equity	$107,755	$102,553

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement	'	'
Net sales	$47,702	$44,283
Cost of goods sold	38,864	37,171
Gross profit	8,838	7,112
Selling, general and administrative expenses	6,070	5,640
Operating income	2,768	1,472
Interest income	122	149
Income before income taxes	2,890	1,621
Income tax provision	912	172
Net income	$1,978	$1,449
Earnings per share	'	'
Basic (in dollars per share)	$0.05	$0.04
Diluted (in dollars per share)	$0.05	$0.04
Dividends paid per share (in dollars per share)	$0.03	$0.03
Average shares outstanding	'	'
Basic (in share)	36,958	36,795
Diluted (in shares)	37,255	37,003

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income and Comprehensive Income	'	'
Net income	$1,978	$1,449
Other comprehensive income, net of taxes	'	'
Pension adjustment	6	11
Unrealized gain on securities, net of reclassification adjustments	4	13
Comprehensive income	$1,988	$1,473

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (USD $)	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
In Thousands, unless otherwise specified
Balance at Dec. 31, 2013	$3,810	$3,583	$74,943	($853)	$81,483
Balance (in shares) at Dec. 31, 2013	38,095	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Stock issued for stock incentive plans, net	21	423	'	'	444
Stock issued for stock incentive plans, net (in shares)	213	'	'	'	'
Stock purchased and retired	-10	-835	'	'	-845
Stock purchased and retired (in shares)	-102	'	'	'	'
Net income	'	'	1,978	'	1,978
Pension adjustment, net of taxes	'	'	'	6	6
Unrealized gain on securities, net of taxes and reclassification adjustment	'	'	'	4	4
Dividends declared	'	'	-1,145	'	-1,145
Excess tax benefits for share based payments	'	284	'	'	284
Balance at Mar. 31, 2014	$3,821	$3,455	$75,776	($843)	$82,209
Balance (in shares) at Mar. 31, 2014	38,206	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
OPERATING ACTIVITIES	'	'
Net income	$1,978	$1,449
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	181	186
Gain on sale of equipment and property	-12	'
Stock-based compensation expense	444	415
Excess tax benefits for share-based payments	-284	-82
Deferred income tax provision	223	193
(Increase) decrease in assets:	'	'
Accounts receivable	-979	-1,344
Inventories	2,311	1,642
Prepaid expenses and other current assets	646	555
Income taxes receivable	276	-572
Other non-current assets	-213	-152
Increase (decrease) in liabilities:	'	'
Accounts payable	2,840	2,948
Income taxes payable	312	104
Accrued expenses and other liabilities	1,741	1,189
Other long-term liabilities	-133	187
Net cash provided by operating activities	9,331	6,718
INVESTING ACTIVITIES	'	'
Capital expenditures	-102	-72
Proceeds from sale of assets	34	'
Purchases of marketable securities	-6,867	-2,955
Sales of marketable securities	2,459	2,599
Maturities of marketable securities	400	'
Net cash used for investing activities	-4,076	-428
FINANCING ACTIVITIES	'	'
Payment of dividends	-1,145	-1,141
Excess tax benefits for share-based payments	284	82
Cash paid for common stock purchased and retired	-845	-534
Net cash used for financing activities	-1,706	-1,593
Net increase in cash and cash equivalents	3,549	4,697
Cash and cash equivalents at beginning of period	5,114	1,648
Cash and cash equivalents at end of period	8,663	6,345
Supplemental information:	'	'
Income tax payments, net	$100	$451

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2014
General [Abstract]	'
GENERAL	'
	1	GENERAL
		The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
		The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
		For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013.
		A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2014
RECENT ACCOUNTING PRONOUNCEMENTS	'
RECENT ACCOUNTING PRONOUNCEMENTS	'
	2	RECENT ACCOUNTING PRONOUNCEMENTS
		Recently Adopted Accounting Pronouncements:
		Accounting Standards Update 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  The amendments in this ASU requires an unrecognized tax benefit, or a portion of thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward.  The only exception would be if the deferred taxes related to these items are not available to settle any additional income taxes that would result from the disallowance of a tax position either by statute or at the entity’s choosing.   In such cases, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets.  The Company adopted these provisions in the first quarter of 2014 and adoption did not have a material impact on the Company’s consolidated financial statements.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2014
Earnings Per Share	'
EARNINGS PER SHARE	'
	3	EARNINGS PER SHARE
		Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.
		A reconciliation of weighted average shares outstanding is as follows:
			Three months ended
			March 31,
	(In thousands except per share data )		2014				2013
	Net income available for stockholders:		$	1,978			$	1,449
	Less:  Dividends paid			(1,145	)			(1,141	)
	Undistributed earnings		$	833			$	308
	Average basic shares outstanding:
	Common stock			35,746				35,549
	Restricted shares of common stock			1,212				1,246
				36,958				36,795
	Diluted shares outstanding:
	Common stock			35,746				35,549
	Dilutive effect of stock based awards			297				208
				36,043				35,757
	Restricted shares of common stock			1,212				1,246
				37,255				37,003
		Inclusion of all participating securities in the computation of earnings per share (EPS) under the two-class method had no impact on the basic EPS amounts reported.
		The effect of the Company’s stock options as shown below have been excluded from the computation of diluted earnings per share for the following periods, as their effect would have been anti-dilutive:
			Three months ended March 31,
	(in thousands)		2014			2013
	Stock options		42			42

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2014
STOCK-BASED COMPENSATION	'
STOCK-BASED COMPENSATION	'
		4	STOCK-BASED COMPENSATION
		The Company reserved 2,250,000 shares of common stock under the 2004 Stock Incentive Plan with a term of ten years-expiring in April 2014.  This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted shares.  As of March 31, 2014, there were approximately 43,000 shares available for grant.  Subsequently, at the annual meeting held on April 22, 2014, stockholders approved the 2014 stock incentive plan authorizing the issuance of 3,000,000 shares.  All future equity compensation awards by the Company will be issued under the 2014 plan.
		Stock-based compensation for the three months ended March 31, 2014 and 2013 were as follows:
	(in thousands)		Three months ended
			March 31,
			2014			2013
	Pre – tax cost		$	444		$	415
	After tax cost		$	287		$	268
	Stock Options
	Transactions involving Marine Products stock options for the three months ended March 31, 2014 were as follows:
			Shares			Weighted		Weighted		Aggregate
						Average		Average		Intrinsic
						Exercise		Remaining		Value
						Price		Contractual
								Life in years
	Outstanding at December 31, 2013			41,600		$	12.47		0.33
	Granted			-			-		N/A
	Exercised			-			-		N/A
	Forfeited			-			-		N/A
	Expired			-			-		N/A
	Outstanding at March 31, 2014			41,600		$	12.47		0.08	N/A
	There were no stock options exercised during the three months ended March 31, 2014 or March 31, 2013.
	Restricted Stock
	The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2014:
			Shares			Weighted
						Average
						Grant-Date
						Fair Value
	Non-vested shares at December 31, 2013			1,268,200		$	6.01
	Granted			213,000			7.95
	Vested			(276,100	)		5.76
	Forfeited			(3,550	)		4.41
	Non-vested shares at March 31, 2014			1,201,550		$	6.41
	The total fair value of shares vested was approximately $2,356,000 during the three months ended March 31, 2014 and $1,457,000 during the three months ended March 31, 2013. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $284,000 for the three months ended March 31, 2014 and $82,000 for the three months ended March 31, 2013 were credited to capital in excess of par value and classified as financing cash flows.
	Other Information
	As of March 31, 2014, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,485,000.  This cost is expected to be recognized over a weighted-average period of 4.0 years.

MARKETABLE_SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2014
Available-For-Sale Securities	'
MARKETABLE SECURITIES	'
		5	MARKETABLE SECURITIES
	Marine Products marketable securities are held with a large, well-capitalized financial institution.  Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date.  Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity.  The cost of securities sold is based on the specific identification method.  Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income.
	The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows:
			Three months ended
			March 31,
	(in thousands)		2014		2013
	Net realized gains		$	2	$	23
	Reclassification of net realized gains from other comprehensive income		$	2	$	23
	Gross unrealized gains (losses) on marketable securities are as follows:
			31-Mar-14					31-Dec-13
			Gross unrealized					Gross unrealized
	(in thousands)		Gains		(Losses)			Gains		(Losses)
	Municipal Obligations		$	240	$	(23	)	$	223	$	(16	)
	Corporate Obligations			5		(2	)		6		-
			$	245	$	(25	)	$	229	$	(16	)
	The amortized cost basis, fair value and net unrealized gains on the available-for-sale securities are as follows:
			31-Mar-14							31-Dec-13
	Type of Securities		Amortized		Fair			Net		Amortized			Fair		Net
			Cost Basis		Value			Unrealized		Cost Basis			Value		Unrealized
								Gains							Gains
	(in thousands)
	Municipal Obligations		$	38,517		38,734			217	$	35,925		$	36,132	$	207
	Corporate Obligations			1,866		1,869			3		450			456		6
	Total		$	40,381		40,603			220	$	36,375		$	36,588	$	213
	Municipal obligations consist primarily of municipal notes rated A3 or higher ranging in maturity from less than one year to over 10 years.  Corporate obligations consist primarily of debentures and notes issued by other companies ranging in maturity from one to two years.  These securities are rated A2 or higher.  Investments with remaining maturities of less than 12 months are considered to be current marketable securities.  Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2015 and 2025.

WARRANTY_COSTS_AND_OTHER_CONTI

WARRANTY COSTS AND OTHER CONTINGENCIES	3 Months Ended
	Mar. 31, 2014
WARRANTY COSTS AND OTHER CONTINGENCIES	'
WARRANTY COSTS AND OTHER CONTINGENCIES	'
	6	WARRANTY COSTS AND OTHER CONTINGENCIES
	Warranty Costs
	The Company warrants components of the boat, excluding the engine, against defects in materials and workmanship for a period of one year.  Cockpit upholstery is warranted for 2 years.  The Company also warrants the structural hull, including its bulkhead and supporting stringer system, against defects in materials and workmanship for as long as the purchaser owns the boat.  The structural deck is warranted for a period of 5 years to the original purchaser. An analysis of the warranty accruals for the three months ended March 31, 2014 and 2013 is as follows:
	(in thousands)		2014			2013
	Balance at beginning of period		$	3,410		$	2,522
	Less: Payments made during the period			(309	)		(496	)
	Add:  Warranty provision for the period			731			662
	Changes to warranty provision for prior periods			70			87
	Balance at March 31		$	3,902		$	2,775
	The warranty accruals are reflected in accrued expenses and other liabilities on the consolidated balance sheet.
	Repurchase Obligations
	The Company is a party to various agreements with third party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory.  The Company’s obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third party lender.  The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company’s assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. The Company had no material repurchases of inventory during the year ended December 31, 2013 or during the three months ended March 31, 2014.
	Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time.
	The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is to not exceed 16 percent of the amount of the average net receivables financed by the floor plan lender for dealers during the prior 12 month period, which was $7.3 million as of March 31, 2014.  The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $7.0 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of approximately $14.3 million as of March 31, 2014.

BUSINESS_SEGMENT_INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2014
BUSINESS SEGMENT INFORMATION	'
BUSINESS SEGMENT INFORMATION	'
		7	BUSINESS SEGMENT INFORMATION
		The Company has only one reportable segment, its powerboat manufacturing business; therefore, the majority of segment-related disclosures are not relevant to the Company.  In addition, the Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2014
INVENTORIES	'
INVENTORIES	'
	8	INVENTORIES
	Inventories consist of the following:
	(in thousands)		March 31,		December 31,
			2014		2013
	Raw materials and supplies		$	14,576	$	15,901
	Work in process			6,968		7,435
	Finished goods			5,004		5,523
	Total inventories		$	26,548	$	28,859

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2014
INCOME TAXES	'
INCOME TAXES	'
		9	INCOME TAXES
	The Company determines its periodic income tax provision (benefit) based upon the current period income and the annual estimated tax rate for the Company adjusted for any change to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate.
	For the first quarter of 2014, the income tax provision reflects an effective tax rate of 31.6 percent, compared to an effective tax rate of 10.6 percent for the comparable period in the prior year.  The effective rate for the three months ended March 31, 2014 is the result of continued beneficial permanent differences including tax-exempt interest income and a favorable U.S. manufacturing deduction.  The 2013 effective tax rate reflects both the 2013 research and experimentation credit and the full year impact of the 2012 research and experimentation credit which was retroactively enacted into law in 2013.

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2014
EMPLOYEE BENEFIT PLANS	'
EMPLOYEE BENEFIT PLANS	'
		10	EMPLOYEE BENEFIT PLANS
	The Company participates in a multiple employer pension plan.  The following represents the net periodic benefit (credit) cost and related components for the plan:
	(in thousands)		Three months ended
			March 31,
			2014			2013
	Interest cost		$	65		$	59
	Expected return on plan assets			(102	)		(92	)
	Amortization of net losses			9			17
	Net periodic benefit		$	(28	)	$	(16	)
	The Company made contributions to this plan of $135 thousand during the three months ended March 31, 2014.
	The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”).  The Company maintains certain securities in the SERP that have been classified as trading.  The SERP assets are marked to market and totaled $6,423,000 as of March 31, 2014 and $6,388,000 as of December 31, 2013.  The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations.
	Trading gains or losses related to the SERP assets totaled approximately $36,000 during the three months ended March 31, 2014 and approximately $146,000 during the three months ended March 31, 2013.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2014
FAIR VALUE MEASUREMENTS	'
FAIR VALUE MEASUREMENTS	'
		11	FAIR VALUE MEASUREMENTS
	The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs).  The hierarchy consists of three broad levels as follows:
	1.           Level 1 – Quoted market prices in active markets for identical assets or liabilities.
	2.           Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	3.           Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.
	The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of March 31, 2014 and December 31, 2013:
			Fair Value Measurements at March 31, 2014 with:
	(in thousands)		Quoted prices		Significant		Significant
			in active		other observable		unobservable
			markets for		inputs		inputs
			identical
			assets
			(Level 1)		(Level 2)		(Level 3)
	Assets:
	Trading securities		$	-	$	6,423	$	-
	Available-for-sale securities:
	Municipal obligations		$	-	$	38,734	$	-
	Corporate obligations			-		1,869		-
			$	-	$	40,603	$	-
			Fair Value Measurements at December 31, 2013 with:
	(in thousands)		Quoted		Significant		Significant
			prices in		other		unobservable
			active		observable		inputs
			markets for		inputs
			identical
			assets
			(Level 1)		(Level 2)		(Level 3)
	Assets:
	Trading securities		$	-	$	6,388	$	-
	Available-for-sale securities:
	Municipal obligations		$	-	$	36,132	$	-
	Corporate obligations			-		456		-
			$	-	$	36,588	$	-
	The carrying amount of other financial instruments reported in the consolidated balance sheet for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether or not it will elect this option for financial instruments it may acquire in the future.

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	'
ACCUMULATED OTHER COMPREHENSIVE LOSS	'
		12	ACCUMULATED OTHER COMPREHENSIVE  LOSS
	Accumulated other comprehensive loss consists of the following:
	(in thousands)		Pension			Unrealized			Total
			Adjustment			Gain On
						Securities
	Balance at December 31, 2013		$	(990	)	$	137		$	(853	)
	Change during the period ended March 31, 2014:
	Before-tax amount		_				7			7
	Tax benefit		_				(4	)		(4	)
	Reclassification adjustment,  net of taxes
	Amortization of net loss (1)			6			-			6
	Net realized gain (2)			-			1			1
	Total activity for the period			6			4			10
	Balance at March 31, 2014		$	(984	)	$	141		$	(843	)
			Pension			Unrealized			Total
	(in thousands)		Adjustment			Gain On
						Securities
	Balance at December 31, 2012		$	(1,771	)	$	199		$	(1,572	)
	Change during the period
	ended March 31, 2013:
	Before-tax amount		_				(3	)		(3	)
	Tax  benefit		_				1			1
	Reclassification adjustment,  net of taxes
	Amortization of net loss (1)			11			-			11
	Net realized gain (2)			-			15			15
	Total activity for the period			11			13			24
	Balance at March 31, 2013		$	(1,760	)	$	212		$	(1,548	)
		-1	Reported as part of selling, general and administrative expenses.
		-2	Reported as part of interest income.

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share	'
Schedule of reconciliation of weighted average shares outstanding	'
		Three months ended
		March 31,
	(In thousands except per share data )	2014				2013
	Net income available for stockholders:	$	1,978			$	1,449
	Less:  Dividends paid		(1,145	)			(1,141	)
	Undistributed earnings	$	833			$	308
	Average basic shares outstanding:
	Common stock		35,746				35,549
	Restricted shares of common stock		1,212				1,246
			36,958				36,795
	Diluted shares outstanding:
	Common stock		35,746				35,549
	Dilutive effect of stock based awards		297				208
			36,043				35,757
	Restricted shares of common stock		1,212				1,246
			37,255				37,003
Schedule of stock option excluded from computation of diluted earnings per share	'
		Three months ended March 31,
	(in thousands)	2014			2013
	Stock options	42			42

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2014
STOCK-BASED COMPENSATION	'
Schedule of stock-based compensation	'
	(in thousands)	Three months ended
		March 31,
		2014			2013
	Pre – tax cost	$	444		$	415
	After tax cost	$	287		$	268
Schedule of transactions of stock options	'
		Shares			Weighted		Weighted		Aggregate
					Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price		Contractual
							Life in years
	Outstanding at December 31, 2013		41,600		$	12.47		0.33
	Granted		-			-		N/A
	Exercised		-			-		N/A
	Forfeited		-			-		N/A
	Expired		-			-		N/A
	Outstanding at March 31, 2014		41,600		$	12.47		0.08	N/A
Schedule of summary of the changes in non-vested restricted shares	'
		Shares			Weighted
					Average
					Grant-Date
					Fair Value
	Non-vested shares at December 31, 2013		1,268,200		$	6.01
	Granted		213,000			7.95
	Vested		(276,100	)		5.76
	Forfeited		(3,550	)		4.41
	Non-vested shares at March 31, 2014		1,201,550		$	6.41

MARKETABLE_SECURITIES_Tables

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Available-For-Sale Securities	'
Schedule of net realized gains and reclassification of net realized gains from other comprehensive income	'
		Three months ended
		March 31,
	(in thousands)	2014		2013
	Net realized gains	$	2	$	23
	Reclassification of net realized gains from other comprehensive income	$	2	$	23
Schedule of gross unrealized gains (losses) on marketable securities	'
		31-Mar-14					31-Dec-13
		Gross unrealized					Gross unrealized
	(in thousands)	Gains		(Losses)			Gains		(Losses)
	Municipal Obligations	$	240	$	(23	)	$	223	$	(16	)
	Corporate Obligations		5		(2	)		6		-
		$	245	$	(25	)	$	229	$	(16	)
Schedule of amortized cost basis, fair value and net unrealized gains on available-for-sale securities	'
		31-Mar-14							31-Dec-13
	Type of Securities	Amortized		Fair			Net		Amortized			Fair		Net
		Cost Basis		Value			Unrealized		Cost Basis			Value		Unrealized
							Gains							Gains
	(in thousands)
	Municipal Obligations	$	38,517		38,734			217	$	35,925		$	36,132	$	207
	Corporate Obligations		1,866		1,869			3		450			456		6
	Total	$	40,381		40,603			220	$	36,375		$	36,588	$	213

WARRANTY_COSTS_AND_OTHER_CONTI1

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2014
WARRANTY COSTS AND OTHER CONTINGENCIES	'
Schedule of analysis of warranty accruals	'
	(in thousands)	2014			2013
	Balance at beginning of period	$	3,410		$	2,522
	Less: Payments made during the period		(309	)		(496	)
	Add:  Warranty provision for the period		731			662
	Changes to warranty provision for prior periods		70			87
	Balance at March 31	$	3,902		$	2,775

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2014
INVENTORIES	'
Schedule of Inventory	'
	(in thousands)	March 31,		December 31,
		2014		2013
	Raw materials and supplies	$	14,576	$	15,901
	Work in process		6,968		7,435
	Finished goods		5,004		5,523
	Total inventories	$	26,548	$	28,859

EMPLOYEE_BENEFIT_PLANS_Tables

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2014
EMPLOYEE BENEFIT PLANS	'
Schedule of net periodic benefit cost (credit) and related components for the plan	'
	(in thousands)	Three months ended
		March 31,
		2014			2013
	Interest cost	$	65		$	59
	Expected return on plan assets		(102	)		(92	)
	Amortization of net losses		9			17
	Net periodic benefit	$	(28	)	$	(16	)

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
FAIR VALUE MEASUREMENTS	'
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	'
		Fair Value Measurements at March 31, 2014 with:
	(in thousands)	Quoted prices		Significant		Significant
		in active		other observable		unobservable
		markets for		inputs		inputs
		identical
		assets
		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Trading securities	$	-	$	6,423	$	-
	Available-for-sale securities:
	Municipal obligations	$	-	$	38,734	$	-
	Corporate obligations		-		1,869		-
		$	-	$	40,603	$	-
		Fair Value Measurements at December 31, 2013 with:
	(in thousands)	Quoted		Significant		Significant
		prices in		other		unobservable
		active		observable		inputs
		markets for		inputs
		identical
		assets
		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Trading securities	$	-	$	6,388	$	-
	Available-for-sale securities:
	Municipal obligations	$	-	$	36,132	$	-
	Corporate obligations		-		456		-
		$	-	$	36,588	$	-

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	'
Schedule of accumulated other comprehensive (loss) income	'
	(in thousands)		Pension			Unrealized			Total
			Adjustment			Gain On
						Securities
	Balance at December 31, 2013		$	(990	)	$	137		$	(853	)
	Change during the period ended March 31, 2014:
	Before-tax amount		_				7			7
	Tax benefit		_				(4	)		(4	)
	Reclassification adjustment,  net of taxes
	Amortization of net loss (1)			6			-			6
	Net realized gain (2)			-			1			1
	Total activity for the period			6			4			10
	Balance at March 31, 2014		$	(984	)	$	141		$	(843	)
			Pension			Unrealized			Total
	(in thousands)		Adjustment			Gain On
						Securities
	Balance at December 31, 2012		$	(1,771	)	$	199		$	(1,572	)
	Change during the period
	ended March 31, 2013:
	Before-tax amount		_				(3	)		(3	)
	Tax  benefit		_				1			1
	Reclassification adjustment,  net of taxes
	Amortization of net loss (1)			11			-			11
	Net realized gain (2)			-			15			15
	Total activity for the period			11			13			24
	Balance at March 31, 2013		$	(1,760	)	$	212		$	(1,548	)
		-1	Reported as part of selling, general and administrative expenses.
		-2	Reported as part of interest income.

EARNINGS_PER_SHARE_Reconciliat

EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share	'	'
Net income available for stockholders:	$1,978	$1,449
Less: Dividends paid	-1,145	-1,141
Undistributed earnings	$833	$308
Average basic shares outstanding:	'	'
Common stock	35,746	35,549
Restricted shares of common stock	1,212	1,246
Basic shares outstanding, Total	36,958	36,795
Diluted shares outstanding:	'	'
Common stock	35,746	35,549
Dilutive effect of stock based awards	297	208
Diluted shares outstanding excluding restricted shares of common stock, Total	36,043	35,757
Restricted shares of common stock	1,212	1,246
Diluted shares outstanding, Total	37,255	37,003

EARNINGS_PER_SHARE_Antidilutiv

EARNINGS PER SHARE - Antidilutive securities excluded from computation of earnings per share (Details 1) (Stock Options)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Stock Options	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Stock options	42	42

STOCKBASED_COMPENSATION_Summar

STOCK-BASED COMPENSATION - Summary of stock-based compensation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
STOCK-BASED COMPENSATION	'	'
Pre - tax cost	$444	$415
After tax cost	$287	$268

STOCKBASED_COMPENSATION_Transa

STOCK-BASED COMPENSATION - Transactions involving Marine Products stock options (Details 1) (Stock Options, USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Stock Options	'	'
Shares	'	'
Outstanding at December 31, 2013	41,600	'
Granted	'	'
Exercised	'	'
Forfeited	'	'
Expired	'	'
Outstanding at March 31, 2014	41,600	41,600
Weighted Average Exercise Price	'	'
Outstanding at December 31, 2013	$12.47	'
Granted	'	'
Exercised	'	'
Forfeited	'	'
Expired	'	'
Outstanding at March 31, 2014	$12.47	$12.47
Weighted Average Remaining Contractual Life in years	'0.08 Years	'0.33 Years
Aggregate Intrinsic Value, Outstanding at March 31, 2014	'	'

STOCKBASED_COMPENSATION_Summar1

STOCK-BASED COMPENSATION - Summary of changes in non vested restricted shares (Details 2) (Restricted Stock, USD $)	3 Months Ended
	Mar. 31, 2014
Restricted Stock	'
Shares	'
Non-vested shares at December 31, 2013	1,268,200
Granted	213,000
Vested	-276,100
Forfeited	-3,550
Non-vested shares at March 31, 2014	1,201,550
Weighted Average Grant-Date Fair Value	'
Non-vested shares at December 31, 2013	$6.01
Granted	$7.95
Vested	$5.76
Forfeited	$4.41
Non-vested shares at March 31, 2014	$6.41

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Detail Textuals)	3 Months Ended
	Mar. 31, 2014	Apr. 22, 2014
	2004 Stock Incentive Plan	2014 Stock Incentive Plan
		Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Reserved shares of common stock	2,250,000	3,000,000
Period of common stock issued	'10 years	'
Number of shares available for grants	43,000	'

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Detail Textuals 1) (Restricted Stock, USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Restricted Stock	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total fair value of shares vested	$2,356,000	$1,457,000
Tax benefits for compensation tax deductions in excess of compensation expense	$284,000	$82,000

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Detail Textuals 2) (Restricted Stock, USD $)	3 Months Ended
	Mar. 31, 2014
Restricted Stock	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation cost related to non-vested restricted shares	$7,485,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	'4.0 Years

MARKETABLE_SECURITIES_Net_real

MARKETABLE SECURITIES - Net realized gains and reclassification (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Available-For-Sale Securities	'		'
Net realized gains	$2		$23
Reclassification of net realized gains from other comprehensive income	$2	[1]	$23	[1]
[1]	Reported as part of interest income.

MARKETABLE_SECURITIES_Gross_un

MARKETABLE SECURITIES - Gross unrealized gains (losses) on marketable securities (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Gross unrealized Gains	$245	$229
Gross unrealized (Losses)	-25	-16
Municipal Obligations	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Gross unrealized Gains	240	223
Gross unrealized (Losses)	-23	-16
Corporate obligations	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Gross unrealized Gains	5	6
Gross unrealized (Losses)	($2)	'

MARKETABLE_SECURITIES_Amortize

MARKETABLE SECURITIES - Amortized cost basis, fair value and net unrealized gains on available-for-sale securities (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost Basis	$40,381	$36,375
Fair Value	40,603	36,588
Net Unrealized Gains	220	213
Municipal Obligations	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost Basis	38,517	35,925
Fair Value	38,734	36,132
Net Unrealized Gains	217	207
Corporate obligations	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost Basis	1,866	450
Fair Value	1,869	456
Net Unrealized Gains	$3	$6

MARKETABLE_SECURITIES_Detail_T

MARKETABLE SECURITIES (Detail Textuals)	3 Months Ended
	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]	'
Period of current marketable securities	'less than 12 months
Period of non-current marketable securities	'greater than 12 months
Maturity term of non-current marketable securities	'2015 and 2025
Municipal Obligations | A3 or higher	'
Schedule of Available-for-sale Securities [Line Items]	'
Period of maturity of debt obligations	'less than one year to over 10 years
Corporate Obligations | A2 or higher	'
Schedule of Available-for-sale Securities [Line Items]	'
Period of maturity of debt obligations	'one to two years

WARRANTY_COSTS_AND_OTHER_CONTI2

WARRANTY COSTS AND OTHER CONTINGENCIES - Analysis of warranty accruals (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]	'	'
Balance at beginning of period	$3,410	$2,522
Less: Payments made during the period	-309	-496
Add: Warranty provision for the period	731	662
Changes to warranty provision for prior periods	70	87
Balance at March 31	$3,902	$2,775

WARRANTY_COSTS_AND_OTHER_CONTI3

WARRANTY COSTS AND OTHER CONTINGENCIES (Details Textuals) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
WARRANTY COSTS AND OTHER CONTINGENCIES	'
Period of warranty provided by company to entire boat	'1 year
Term of warranty for cockpit upholstery	'2 years
Period of warranty provided by company to structural deck	'5 years
Contractual repurchase limit (% of average net receivable) - one lender	16.00%
Maximum repurchase obligation - one lender	$7.30
Maximum repurchase obligation - additional lenders	7
Aggregate repurchase obligation	$14.30

BUSINESS_SEGMENT_INFORMATION_D

BUSINESS SEGMENT INFORMATION (Detail Textuals)	3 Months Ended
	Mar. 31, 2014
	Reportable_Segment
BUSINESS SEGMENT INFORMATION	'
Number of reportable segment	1

INVENTORIES_Summary_of_invento

INVENTORIES - Summary of inventories (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
INVENTORIES	'	'
Raw materials and supplies	$14,576	$15,901
Work in process	6,968	7,435
Finished goods	5,004	5,523
Total inventories	$26,548	$28,859

INCOME_TAXES_Detail_Textuals

INCOME TAXES (Detail Textuals)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
INCOME TAXES	'	'
Income tax provision effective tax rate	31.60%	10.60%

EMPLOYEE_BENEFIT_PLANS_Net_per

EMPLOYEE BENEFIT PLANS- Net periodic benefit cost (credit) and related components (Details) (Multiple employer pension plan, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Multiple employer pension plan	'	'
Multiemployer Plans [Line Items]	'	'
Interest cost	$65	$59
Expected return on plan assets	-102	-92
Amortization of net losses	9	17
Net periodic benefit	($28)	($16)

EMPLOYEE_BENEFIT_PLANS_Detail_

EMPLOYEE BENEFIT PLANS (Detail Textuals) (Multiple employer pension plan, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Multiple employer pension plan	'
Multiemployer Plans [Line Items]	'
Cash contribution to plan	$135

EMPLOYEE_BENEFIT_PLANS_Detail_1

EMPLOYEE BENEFIT PLANS (Detail Textuals 1) (Supplemental Executive Retirement Plan (SERP), USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Supplemental Executive Retirement Plan (SERP)	'	'	'
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]	'	'	'
Supplemental executive retirement plan, assets	$6,423,000	'	$6,388,000
Trading gains related to SERP	$36,000	$146,000	'

FAIR_VALUE_MEASUREMENTS_Summar

FAIR VALUE MEASUREMENTS - Summary of valuation of financial instruments measured at fair value on recurring basis (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Available-for-sale securities	'	'
Fair Value	$40,603	$36,588
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1	'	'
Assets:	'	'
Trading securities	'	'
Available-for-sale securities	'	'
Total	'	'
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1 | Municipal Obligations	'	'
Available-for-sale securities	'	'
Fair Value	'	'
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1 | Corporate Obligations	'	'
Available-for-sale securities	'	'
Fair Value	'	'
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2	'	'
Assets:	'	'
Trading securities	6,423	6,388
Available-for-sale securities	'	'
Total	40,603	36,588
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2 | Municipal Obligations	'	'
Available-for-sale securities	'	'
Fair Value	38,734	36,132
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2 | Corporate Obligations	'	'
Available-for-sale securities	'	'
Fair Value	1,869	456
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3	'	'
Assets:	'	'
Trading securities	'	'
Available-for-sale securities	'	'
Total	'	'
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3 | Municipal Obligations	'	'
Available-for-sale securities	'	'
Fair Value	'	'
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3 | Corporate Obligations	'	'
Available-for-sale securities	'	'
Fair Value	'	'

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'
Balance	($853)		($1,572)
Change during period:	'		'
Before-tax amount	7		-3
Tax benefit	-4		1
Reclassification adjustment, net of taxes	'		'
Amortization of net loss	6	[1]	11	[1]
Net realized gain	1	[2]	15	[2]
Total activity in period	10		24
Balance	-843		-1,548
Pension Adjustment	'		'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'
Balance	-990		-1,771
Change during period:	'		'
Before-tax amount	'		'
Tax benefit	'		'
Reclassification adjustment, net of taxes	'		'
Amortization of net loss	6	[1]	11	[1]
Net realized gain	'	[2]	'	[2]
Total activity in period	6		11
Balance	-984		-1,760
Unrealized Gain on Securities	'		'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'
Balance	137		199
Change during period:	'		'
Before-tax amount	7		-3
Tax benefit	-4		1
Reclassification adjustment, net of taxes	'		'
Amortization of net loss	'	[1]	'	[1]
Net realized gain	1	[2]	15	[2]
Total activity in period	4		13
Balance	$141		$212
[1]	Reported as part of selling, general and administrative expenses.
[2]	Reported as part of interest income.