Marine Products (MPX) 10-Q 26 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-16263
Entity Registrant Name	MARINE PRODUCTS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2572419
Entity Address, Address Line One	2801 Buford Highway
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-7910
Title of 12(b) Security	Common stock
Trading Symbol	MPX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,466,726
Entity Central Index Key	0001129155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 60,705	$ 43,171
Accounts receivable, net of allowance for credit losses of $11 in 2023 and $12 in 2022	10,743	5,340
Inventories	69,784	73,015
Income taxes receivable	199	28
Pension plan assets	113	356
Prepaid expenses and other current assets	3,671	3,088
Total current assets	145,215	124,998
Property, plant and equipment, net of accumulated depreciation of $32,450 in 2023 and $33,055 in 2022	21,356	14,965
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	7,833	6,027
Other assets	18,556	13,952
Total assets	196,733	163,715
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	12,066	8,250
Accrued expenses and other liabilities	16,218	15,340
Total current liabilities	28,284	23,590
Retirement plan liabilities	16,714	14,440
Other long-term liabilities	1,622	1,304
Total liabilities	46,620	39,334
Commitments and contingencies (Note 15)
Stockholders' Equity
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 34,466,726 shares in 2023 and 34,217,582 shares in 2022	3,447	3,422
Retained earnings	146,678	122,954
Accumulated other comprehensive loss	(12)	(1,995)
Total stockholders' equity	150,113	124,381
Total liabilities and stockholders' equity	$ 196,733	$ 163,715

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 11	$ 12
Accumulated depreciation, property plant and equipment	$ 32,450	$ 33,055
Preferred stock, par value (in dollar per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollar per share)	$ 0.10	$ 0.10
Common stock, shares authorized	74,000,000	74,000,000
Common stock, shares issued	34,466,726	34,217,582
Common stock, shares outstanding	34,466,726	34,217,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 77,786	$ 100,061	$ 312,858	$ 272,486
Cost of goods sold	58,548	75,056	235,942	206,089
Gross profit	19,238	25,005	76,916	66,397
Selling, general and administrative expenses	8,789	10,326	35,495	29,449
Gain on disposition of assets, net	(1,962)		(1,962)
Operating income	12,411	14,679	43,383	36,948
Interest income, net	860	76	2,066	52
Income before income taxes	13,271	14,755	45,449	37,000
Income tax provision	2,868	3,283	9,176	8,510
Net income	$ 10,403	$ 11,472	$ 36,273	$ 28,490
Earnings per share
Basic (in dollars per share)	$ 0.30	$ 0.34	$ 1.05	$ 0.83
Diluted (in dollars per share)	0.30	0.34	1.05	0.83
Dividends paid per share (in dollars per share)	$ 0.14	$ 0.12	$ 0.42	$ 0.36

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 10,403	$ 11,472	$ 36,273	$ 28,490
Other comprehensive income, net of taxes:
Pension adjustment		23	1,983	67
Comprehensive income	$ 10,403	$ 11,495	$ 38,256	$ 28,557

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2021	$ 3,399		$ 97,702	$ (2,576)	$ 98,525
Balance (in shares) at Dec. 31, 2021	33,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 21	$ 589			610
Stock issued for stock incentive plans, net (in shares)	211
Stock purchased and retired	$ (6)	(589)	(107)		(702)
Stock purchased and retired (in shares)	(60)
Net income			7,063		7,063
Pension adjustment, net of taxes				22	22
Dividends paid			(4,095)		(4,095)
Balance at Mar. 31, 2022	$ 3,414		100,563	(2,554)	101,423
Balance (in shares) at Mar. 31, 2022	34,144
Balance at Dec. 31, 2021	$ 3,399		97,702	(2,576)	98,525
Balance (in shares) at Dec. 31, 2021	33,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					28,490
Pension adjustment, net of taxes					67
Balance at Sep. 30, 2022	$ 3,422		115,280	(2,509)	116,193
Balance (in shares) at Sep. 30, 2022	34,218
Balance at Mar. 31, 2022	$ 3,414		100,563	(2,554)	101,423
Balance (in shares) at Mar. 31, 2022	34,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 10	810			820
Stock issued for stock incentive plans, net (in shares)	94
Stock purchased and retired		(810)	810
Net income			9,955		9,955
Pension adjustment, net of taxes				22	22
Dividends paid			(4,096)		(4,096)
Balance at Jun. 30, 2022	$ 3,424		107,232	(2,532)	108,124
Balance (in shares) at Jun. 30, 2022	34,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ (2)	680			678
Stock issued for stock incentive plans, net (in shares)	(20)
Stock purchased and retired		(680)	680
Net income			11,472		11,472
Pension adjustment, net of taxes				23	23
Dividends paid			(4,104)		(4,104)
Balance at Sep. 30, 2022	$ 3,422		115,280	(2,509)	116,193
Balance (in shares) at Sep. 30, 2022	34,218
Balance at Dec. 31, 2022	$ 3,422		122,954	(1,995)	124,381
Balance (in shares) at Dec. 31, 2022	34,218
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 29	748			777
Stock issued for stock incentive plans, net (in shares)	289
Stock purchased and retired	$ (7)	(748)	(155)		(910)
Stock purchased and retired (in shares)	(69)
Net income			11,549		11,549
Pension adjustment, net of taxes				1,886	1,886
Dividends paid			(4,817)		(4,817)
Balance at Mar. 31, 2023	$ 3,444		129,531	(109)	132,866
Balance (in shares) at Mar. 31, 2023	34,438
Balance at Dec. 31, 2022	$ 3,422		122,954	(1,995)	124,381
Balance (in shares) at Dec. 31, 2022	34,218
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					36,273
Pension adjustment, net of taxes					1,983
Balance at Sep. 30, 2023	$ 3,447		146,678	(12)	150,113
Balance (in shares) at Sep. 30, 2023	34,467
Balance at Mar. 31, 2023	$ 3,444		129,531	(109)	132,866
Balance (in shares) at Mar. 31, 2023	34,438
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 3	1,230			1,233
Stock issued for stock incentive plans, net (in shares)	29
Stock purchased and retired		(1,230)	1,230
Net income			14,321		14,321
Pension adjustment, net of taxes				97	97
Dividends paid			(4,820)		(4,820)
Balance at Jun. 30, 2023	$ 3,447		140,262	(12)	143,697
Balance (in shares) at Jun. 30, 2023	34,467
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net		834			834
Stock purchased and retired		$ (834)	834
Net income			10,403		10,403
Dividends paid			(4,821)		(4,821)
Balance at Sep. 30, 2023	$ 3,447		$ 146,678	$ (12)	$ 150,113
Balance (in shares) at Sep. 30, 2023	34,467

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 36,273	$ 28,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,750	1,416
Stock-based compensation expense	2,844	2,108
Gain on disposition of assets, net	(1,962)
Deferred income tax benefit	(2,366)	(1,146)
Pension settlement loss	2,277
(Increase) decrease in assets:
Accounts receivable	(5,403)	(8,230)
Income taxes receivable	(171)	(88)
Inventories	3,231	(9,551)
Current pension assets	509
Prepaid expenses and other current assets	514	(64)
Other non-current assets	(4,477)	3,039
Increase (decrease) in liabilities:
Accounts payable	3,816	7,870
Income taxes payable	755	573
Accrued expenses and other liabilities	97	4,202
Other long-term liabilities	2,491	(1,491)
Net cash provided by operating activities	40,178	27,128
INVESTING ACTIVITIES
Capital expenditures	(8,405)	(1,373)
Proceeds from sale of assets	1,129
Net cash used for investing activities	(7,276)	(1,373)
FINANCING ACTIVITIES
Payment of dividends	(14,458)	(12,295)
Cash paid for common stock purchased and retired	(910)	(702)
Net cash used for financing activities	(15,368)	(12,997)
Net increase in cash and cash equivalents	17,534	12,758
Cash and cash equivalents at beginning of period	43,171	14,102
Cash and cash equivalents at end of period	60,705	26,860
Supplemental information:
Income tax payments, net	$ 10,736	$ 8,782

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2023
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated 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 accounting principles generally accepted in the United States of America 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 nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Consolidated Balance Sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the annual report of Marine Products Corporation (“Marine Products,” the “Company” or “MPC”) on Form 10-K for the year ended December 31, 2022. A group that includes Gary W. Rollins, Pamela R. Rollins, Amy Rollins Kreisler and Timothy C. Rollins, each of whom is a director of the Company, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2023
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.

NET SALES

NET SALES	9 Months Ended
	Sep. 30, 2023
NET SALES
NET SALES	3. NET SALES Accounting Policy: MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occurs with the transfer of title of our boats and accessories and parts to our dealers. Net sales are measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 6). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in Net sales in the accompanying Consolidated Statements of Operations and the related costs incurred by the Company are included in Cost of goods sold. Nature of goods: MPC’s performance obligations within its contracts consist of: (1) boats and accessories and (2) parts. The Company transfers control and recognizes revenue on the satisfaction of its performance obligations (point in 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 terms: For most domestic customers, MPC manufactures and delivers boats and accessories and parts ahead of 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 within seven ten When the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the goods have been delivered to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to the Company’s arrangements with its customers. Significant judgments: 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 model year boat sales, total potential program incentive percentage, prior model year results of dealer incentive activity (i.e., incentive earned as a percentage of total incentive potential). ● Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors. Other: Our contracts with dealers do not provide them with a right of return. Accordingly, we do not have any obligations recorded for returns or refunds. ​ Disaggregation of revenues: The following table disaggregates our sales by major source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (in thousands) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Boats and accessories ​ $ 76,155 ​ $ 98,687 ​ $ 308,436 ​ $ 268,358 ​ Parts ​ 1,631 ​ 1,374 ​ 4,422 ​ 4,128 ​ Net sales ​ $ 77,786 ​ $ 100,061 ​ $ 312,858 ​ $ 272,486 ​ ​ The following table disaggregates our revenues between domestic and international: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (in thousands) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Domestic ​ $ 73,227 ​ $ 94,894 ​ $ 292,298 ​ $ 255,435 ​ International ​ 4,559 ​ 5,167 ​ 20,560 ​ 17,051 ​ Net sales ​ $ 77,786 ​ $ 100,061 ​ $ 312,858 ​ $ 272,486 ​ ​ Contract balances: Amounts received from international and certain domestic dealers toward the purchase of boats are classified as deferred revenue and are included in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ (in thousands) 2023 ​ 2022 Deferred revenue ​ $ 1,212 ​ $ 1,989 ​ ​ Substantially all of the amounts of deferred revenue disclosed above were or will be recognized as sales during the immediately following quarters, respectively, when control is transferred.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	4. 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. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2023 2022 2023 2022 Net income available for stockholders: ​ $ 10,403 ​ $ 11,472 ​ $ 36,273 ​ $ 28,490 Less: Adjustments for earnings attributable to participating securities ​ (249) ​ (254) ​ (866) ​ (602) Net income used in calculating earnings per share ​ $ 10,154 ​ $ 11,218 ​ $ 35,407 ​ $ 27,888 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,467 ​ 34,225 ​ 34,435 ​ 34,172 Adjustment for participating securities ​ (839) ​ (768) ​ (833) ​ (737) Shares used in calculating basic and diluted earnings per share ​ 33,628 ​ 33,457 ​ 33,602 ​ 33,435 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. 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 September 30, 2023, there were approximately 777,199 shares available for grant. In the first quarter of 2023, the Company issued time-lapse restricted shares to certain employees that will vest ratably over a period of four years. In addition, the Company granted performance share unit awards to its executive officers that vest based on the achievement of pre-established performance targets. The awards will be issued at different levels based on the performance achieved with a cliff vesting at the end of calendar year 2025. The Company evaluated the portions of the awards that are probable to vest and accordingly has accrued estimated compensation expense equal to 100 percent of the target awards. Stock-based compensation was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2023 2022 2023 2022 Pre – tax cost ​ $ 834 ​ $ 678 ​ $ 2,844 ​ $ 2,108 After tax cost ​ ​ 650 ​ ​ 529 ​ ​ 2,218 ​ ​ 1,644 ​ The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2022 764,170 ​ $ 14.15 Granted 318,348 ​ 13.25 Vested (243,468) ​ 14.16 Non-vested shares at September 30, 2023 839,050 ​ $ 13.81 ​ The total fair value of shares vested was approximately $3,220,000 during the nine months ended September 30, 2023 and approximately $2,241,000 during the nine months ended September 30, 2022. The above table does not include any of the activity related to performance share unit awards since they are not currently issued or vested. For the nine months ended September 30, 2023, approximately $30,000 of excess tax benefit for stock-based compensation awards was recorded as a discrete tax adjustment and classified within Net cash provided by operating activities in the accompanying Consolidated Statements of Cash Flows compared to approximately $44,000 for the nine months ended September 30, 2022.

WARRANTY COSTS

WARRANTY COSTS	9 Months Ended
	Sep. 30, 2023
WARRANTY COSTS
WARRANTY COSTS	6. WARRANTY COSTS Warranty Costs: For its Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty and a transferable one-year limited warranty to the original owner. Chaparral also includes a five-year limited structural deck warranty. Warranties for additional items are provided for periods of one components are available. The five-year transferable hull warranty terminates five years after 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 and administer their own warranties for various lengths of time. An analysis of the warranty accruals for the nine months ended September 30, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2023 2022 Balance at January 1 ​ $ 5,699 ​ $ 4,641 Less: Payments made during the period ​ (3,316) ​ (3,600) Add: Warranty provision for the period ​ 4,704 ​ 3,950 Changes to warranty provision for prior periods ​ 156 ​ 145 Balance at September 30 ​ $ 7,243 ​ $ 5,136 ​ The warranty accruals are reflected in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2023
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION The Company has 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	9 Months Ended
	Sep. 30, 2023
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2023 ​ 2022 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 44,983 ​ $ 37,210 Work in process ​ 11,168 ​ 14,190 Finished goods ​ 13,633 ​ 21,615 Total inventories ​ $ 69,784 ​ $ 73,015 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
INCOME TAXES
INCOME TAXES	9. INCOME TAXES The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is adjusted, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. Income tax provision for the third quarter of 2023 reflects an effective tax rate of 21.6 percent compared to 22.3 percent for the comparable period in the prior year. For the nine months ended September 30, 2023 the income tax provision reflects an effective tax rate of 20.2 percent compared to 23.0 percent for the comparable period in the prior year. The decrease in the effective tax rate is primarily due to favorable permanent adjustments coupled with beneficial discrete tax items.

PENSION AND RETIREMENT PLANS

PENSION AND RETIREMENT PLANS	9 Months Ended
	Sep. 30, 2023
PENSION AND RETIREMENT PLANS
PENSION AND RETIREMENT PLANS	10. PENSION AND RETIREMENT PLANS The Company participates in a multiple employer Retirement Income Plan, a trusteed defined benefit pension plan, sponsored by RPC, Inc. (“RPC”). The following represents the net periodic cost and related components for the plan for the three and nine months ended September 30, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) ​ September 30, ​ September 30, ​ 2023 2022 2023 2022 Interest cost ​ $ — ​ $ 34 ​ $ 4 ​ $ 100 Expected return on plan assets ​ — ​ — ​ — ​ — Amortization of net losses ​ — ​ 28 ​ 22 ​ 84 Settlement loss (1) ​ ​ — ​ — ​ ​ 2,277 ​ ​ — Net periodic cost ​ $ — ​ $ 62 ​ $ 2,303 ​ $ 184 (1) ​ The Company did not contribute to this Plan during the nine months ended September 30, 2023 and 2022. The Company does not expect to make any additional cash contributions. ​ 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 primarily in mutual funds and company-owned life insurance (“COLI”) policies as a funding source to satisfy the obligation of the SERP that have been classified as trading and are stated at fair value totaling approximately $14,405,000 as of September 30, 2023 and $9,881,000 as of December 31, 2022. During the third quarter of 2023, the Company contributed $4.0 million to the SERP assets. Trading losses related to the SERP assets totaled approximately $238,000 during the three months ended September 30, 2023, compared to trading losses of approximately $499,000 during the three months ended September 30, 2022. Trading gains related to the SERP assets totaled approximately $524,000 during the nine months ended September 30, 2023, compared to trading losses of approximately $2,802,000 during the nine months ended September 30, 2022. The SERP assets are reported in Other assets in the accompanying Consolidated Balance Sheets and changes to the fair value of the assets are reported in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The SERP liabilities include participant deferrals net of distributions and are stated at fair value of approximately $16,714,000 as of September 30, 2023 and $14,440,000 as of December 31, 2022. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in Retirement plan liabilities and any change in the fair value is recorded as compensation cost within Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Changes in the fair value of the SERP liabilities represented unrealized losses of approximately $166,000 during the three months ended September 30, 2023, compared to unrealized losses of approximately $475,000 during the three months ended September 30, 2022. Changes in the fair value of the SERP liabilities represented unrealized gains of approximately during the nine months ended September 30, 2022.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
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. Trading securities are comprised of SERP assets, as described in Note 10, and are recorded primarily at their net cash surrender values calculated using their net asset values, which approximate fair value, as provided by the issuing insurance company or investment company. Significant observable inputs, in addition to quoted market prices, are used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. The carrying amount of other financial instruments reported in the accompanying Consolidated Balance Sheets for current assets and current liabilities approximate their fair values because of the short-term maturity 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 COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	12. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of pension adjustments as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ September 30, (in thousands) ​ 2023 ​ 2022 Balance at beginning of the period ​ $ (1,995) ​ $ (2,576) Change during the period: ​ ​ ​ ​ Before-tax amount ​ 244 ​ — Tax provision ​ (54) ​ — Pension settlement loss, net of taxes (1) ​ 1,776 ​ — Reclassification adjustment, net of taxes ​ ​ ​ ​ Amortization of net loss (1) ​ 17 ​ 67 Total activity for the period ​ 1,983 ​ 67 Balance at end of the period ​ $ (12) ​ $ (2,509) (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	13. ACCRUED EXPENSES AND OTHER LIABILITIES ​ Accrued expenses and other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ ​ ​ ​ 2023 2022 Accrued payroll and related expenses ​ ​ ​ ​ $ 3,657 ​ $ 3,753 Accrued sales incentives and discounts ​ ​ ​ ​ 1,599 ​ 2,485 Accrued warranty costs ​ ​ ​ ​ 7,243 ​ 5,699 Deferred revenue ​ ​ ​ ​ 1,212 ​ 1,989 Income taxes payable ​ ​ ​ ​ ​ 1,097 ​ ​ 342 Other ​ ​ ​ ​ 1,410 ​ 1,072 Total accrued expenses and other liabilities ​ ​ ​ ​ $ 16,218 ​ $ 15,340 ​

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	9 Months Ended
	Sep. 30, 2023
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	14. NOTES PAYABLE TO BANKS The Company has a revolving credit agreement with Truist Bank which provides a credit facility of $20.0 million. The facility includes: (i) a $5.0 million sublimit for swingline loans, (ii) a $2.5 million aggregate sublimit for all letters of credit, and (iii) a committed accordion which can increase the aggregate commitments by the greater of $35.0 million and consolidated EBITDA (as calculated under the Credit Agreement) over the most recently completed twelve-month period. The revolving credit facility includes a full and unconditional guarantee by the Company and its consolidated domestic subsidiaries. The facility is secured by a first priority security interest in and lien on substantially all personal property of the Company and the guarantors including, without limitation, certain assets owned by them. The facility will terminate on November 12, 2026. Effective July 1, 2023, revolving borrowings under the facility accrue interest at a rate equal to Term Secured Overnight Financing Rate (SOFR) plus the applicable percentage, as defined. During the second quarter of 2023, the Company was notified by Truist Bank that SOFR replaced LIBOR for all borrowings under the facility. The new applicable percentage is between 150 and 250 basis points for all loans based on MPC’s net leverage ratio plus a SOFR adjustment of 11.45 basis points. In addition, the Company pays facility fees under the agreement ranging from 25 to 45 basis points, based on MPC’s net leverage ratio, on the unused revolving commitment. The credit agreement contains certain financial covenants including: (i) a maximum consolidated leverage ratio of 2.50:1.00 and (ii) a minimum consolidated fixed charge coverage ratio of 1.25:1.00 both determined as of the end of each fiscal quarter. Additionally, the agreement contains customary covenants including affirmative and negative covenants and events of default (each with customary exceptions, thresholds and exclusions). As of September 30, 2023, the Company was in compliance with all covenants. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of $195,000. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance is classified as part of Other assets in the accompanying Consolidated Balance Sheets. MPC had no outstanding borrowings under the revolving credit facility as of September 30, 2023 and December 31, 2022. Interest expense incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, on the credit facility was $23,000 for the three months ended September 30, 2023 and $22,000 for the three months ended September 30, 2022; and interest expense incurred was $67,000 for the nine months ended September 30, 2023 and $67,000 for the nine months ended September 30, 2022. Interest expense paid on the credit facility was $25,000 for the three months ended September 30, 2023 and no interest was paid for the three months ended September 30, 2022. Interest expense paid on the credit facility was

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES 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 financial impact associated with repurchases under these contractual agreements during the nine months ended September 30, 2023 and 2022. 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 based on the highest of the following criteria: (i) a specified percentage of the amount of the average net receivables financed by the floor plan lender for our dealers, (ii) the total average net receivables financed by the floor plan lender for our two highest dealers during the prior three month period, or (iii) $8.0 million, less repurchases during the prior 12 month period. As defined by the agreement, the repurchase limit for this lender was $14.6 million as of September 30, 2023. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $7.4 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 $22.0 million as of September 30, 2023. ​ Short-term Cash Incentive Compensation In addition to recording Short-term Cash Incentive (STCI) compensation expense for executive officers, STCI expense has been recorded for four non-executive employees based on a percentage of Pre-Tax Profit (PTP incentive), defined as pretax income before goodwill adjustments and certain allocated corporate expenses. During 2022 and through the third quarter of 2023, this PTP incentive was 16 percent in the aggregate per year and was subject to either a contractual arrangement or a discretionary determination. The PTP incentive under a contractual agreement with one employee, in the amount of seven percent per year, was discontinued as of September 30, 2023. As a result, effective October 1, 2023, the PTP incentive, subject to a discretionary determination, will be nine percent in the aggregate per year for three employees. Total STCI expense for the reported periods was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2023 2022 2023 2022 STCI expense ​ $ 2,365 ​ $ 3,414 ​ $ 9,650 ​ $ 8,699 ​ These amounts are included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

NET INVESTMENT IN LEASE

NET INVESTMENT IN LEASE	9 Months Ended
	Sep. 30, 2023
NET INVESTMENT IN LEASE
NET INVESTMENT IN LEASE	16. NET INVESTMENT IN LEASE During the second quarter of 2023, the Company entered into a lease agreement related to a warehouse as a lessor for a period of less than a year that provided the lessee with an option to purchase the asset at the end of the lease term. The consideration included required weekly payments with a purchase price of $2,000,000 less lease payments. The lessee was reasonably certain to exercise this purchase option and therefore, the Company concluded that the agreement qualified to be a sales type lease. However, at the commencement of the lease, the Company determined that collectibility was not probable based on an analysis of qualitative factors. Therefore, the amount received as of June 30, 2023 was recorded as a deposit liability. In the third quarter of 2023, the Company determined the collectibility had become probable and recognized a net investment in lease of $1,096,950 consisting of a lease receivable of $1,100,000 less indirect costs. In addition, the Company recognized a gain of approximately $1,800,000 which is reported as part of Gain on disposition of assets, net on the Consolidated Statement of Operations. Net investment in lease is reported as part of Prepaid expenses and other current assets on the Consolidated Balance Sheet.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENT
SUBSEQUENT EVENT	17. SUBSEQUENT EVENT On October 24, 2023, the Board of Directors declared a regular quarterly cash dividend of $0.14 per share payable December 11, 2023 to common stockholders of record at the close of business November 10, 2023.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2023
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.
NET SALES	MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occurs with the transfer of title of our boats and accessories and parts to our dealers. Net sales are measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 6). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in Net sales in the accompanying Consolidated Statements of Operations and the related costs incurred by the Company are included in Cost of goods sold.

NET SALES (Tables)

NET SALES (Tables)	9 Months Ended
	Sep. 30, 2023
NET SALES
Schedule of disaggregation of sales by major source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (in thousands) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Boats and accessories ​ $ 76,155 ​ $ 98,687 ​ $ 308,436 ​ $ 268,358 ​ Parts ​ 1,631 ​ 1,374 ​ 4,422 ​ 4,128 ​ Net sales ​ $ 77,786 ​ $ 100,061 ​ $ 312,858 ​ $ 272,486 ​
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (in thousands) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Domestic ​ $ 73,227 ​ $ 94,894 ​ $ 292,298 ​ $ 255,435 ​ International ​ 4,559 ​ 5,167 ​ 20,560 ​ 17,051 ​ Net sales ​ $ 77,786 ​ $ 100,061 ​ $ 312,858 ​ $ 272,486 ​
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ (in thousands) 2023 ​ 2022 Deferred revenue ​ $ 1,212 ​ $ 1,989 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2023 2022 2023 2022 Net income available for stockholders: ​ $ 10,403 ​ $ 11,472 ​ $ 36,273 ​ $ 28,490 Less: Adjustments for earnings attributable to participating securities ​ (249) ​ (254) ​ (866) ​ (602) Net income used in calculating earnings per share ​ $ 10,154 ​ $ 11,218 ​ $ 35,407 ​ $ 27,888 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,467 ​ 34,225 ​ 34,435 ​ 34,172 Adjustment for participating securities ​ (839) ​ (768) ​ (833) ​ (737) Shares used in calculating basic and diluted earnings per share ​ 33,628 ​ 33,457 ​ 33,602 ​ 33,435 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2023 2022 2023 2022 Pre – tax cost ​ $ 834 ​ $ 678 ​ $ 2,844 ​ $ 2,108 After tax cost ​ ​ 650 ​ ​ 529 ​ ​ 2,218 ​ ​ 1,644
Schedule of summary of the changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2022 764,170 ​ $ 14.15 Granted 318,348 ​ 13.25 Vested (243,468) ​ 14.16 Non-vested shares at September 30, 2023 839,050 ​ $ 13.81

WARRANTY COSTS (Tables)

WARRANTY COSTS (Tables)	9 Months Ended
	Sep. 30, 2023
WARRANTY COSTS
Schedule of analysis of warranty accruals	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2023 2022 Balance at January 1 ​ $ 5,699 ​ $ 4,641 Less: Payments made during the period ​ (3,316) ​ (3,600) Add: Warranty provision for the period ​ 4,704 ​ 3,950 Changes to warranty provision for prior periods ​ 156 ​ 145 Balance at September 30 ​ $ 7,243 ​ $ 5,136

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2023
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2023 ​ 2022 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 44,983 ​ $ 37,210 Work in process ​ 11,168 ​ 14,190 Finished goods ​ 13,633 ​ 21,615 Total inventories ​ $ 69,784 ​ $ 73,015 ​

PENSION AND RETIREMENT PLANS (T

PENSION AND RETIREMENT PLANS (Tables)	9 Months Ended
	Sep. 30, 2023
PENSION AND RETIREMENT PLANS
Schedule of net periodic cost (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) ​ September 30, ​ September 30, ​ 2023 2022 2023 2022 Interest cost ​ $ — ​ $ 34 ​ $ 4 ​ $ 100 Expected return on plan assets ​ — ​ — ​ — ​ — Amortization of net losses ​ — ​ 28 ​ 22 ​ 84 Settlement loss (1) ​ ​ — ​ — ​ ​ 2,277 ​ ​ — Net periodic cost ​ $ — ​ $ 62 ​ $ 2,303 ​ $ 184 (1)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ September 30, (in thousands) ​ 2023 ​ 2022 Balance at beginning of the period ​ $ (1,995) ​ $ (2,576) Change during the period: ​ ​ ​ ​ Before-tax amount ​ 244 ​ — Tax provision ​ (54) ​ — Pension settlement loss, net of taxes (1) ​ 1,776 ​ — Reclassification adjustment, net of taxes ​ ​ ​ ​ Amortization of net loss (1) ​ 17 ​ 67 Total activity for the period ​ 1,983 ​ 67 Balance at end of the period ​ $ (12) ​ $ (2,509) (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ ​ ​ ​ 2023 2022 Accrued payroll and related expenses ​ ​ ​ ​ $ 3,657 ​ $ 3,753 Accrued sales incentives and discounts ​ ​ ​ ​ 1,599 ​ 2,485 Accrued warranty costs ​ ​ ​ ​ 7,243 ​ 5,699 Deferred revenue ​ ​ ​ ​ 1,212 ​ 1,989 Income taxes payable ​ ​ ​ ​ ​ 1,097 ​ ​ 342 Other ​ ​ ​ ​ 1,410 ​ 1,072 Total accrued expenses and other liabilities ​ ​ ​ ​ $ 16,218 ​ $ 15,340 ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
Schedule of STCI expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2023 2022 2023 2022 STCI expense ​ $ 2,365 ​ $ 3,414 ​ $ 9,650 ​ $ 8,699

GENERAL (Details)

GENERAL (Details)	9 Months Ended
	Sep. 30, 2023
Affiliated Entity | RPC
Ownership control
Voting power (in percent)	50%

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	9 Months Ended
	Sep. 30, 2023
Minimum
Net sales:
Revenue satisfaction period	7 days
Maximum
Net sales:
Revenue satisfaction period	10 days

NET SALES - Disaggregate sales

NET SALES - Disaggregate sales by major source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of revenue:
Net sales	$ 77,786	$ 100,061	$ 312,858	$ 272,486
Boats and accessories
Disaggregation of revenue:
Net sales	76,155	98,687	308,436	268,358
Parts
Disaggregation of revenue:
Net sales	$ 1,631	$ 1,374	$ 4,422	$ 4,128

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of revenue:
Net sales	$ 77,786	$ 100,061	$ 312,858	$ 272,486
Domestic
Disaggregation of revenue:
Net sales	73,227	94,894	292,298	255,435
International
Disaggregation of revenue:
Net sales	$ 4,559	$ 5,167	$ 20,560	$ 17,051

NET SALES - Deferred revenue (D

NET SALES - Deferred revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued expenses and other liabilities.
Disaggregation of revenue:
Deferred revenue	$ 1,212	$ 1,989

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
EARNINGS PER SHARE
Net Income (Loss)	$ 10,403	$ 14,321	$ 11,549	$ 11,472	$ 9,955	$ 7,063	$ 36,273	$ 28,490
Less: Adjustments for earnings attributable to participating securities	(249)			(254)			(866)	(602)
Net income used in calculating earnings per share	$ 10,154			$ 11,218			$ 35,407	$ 27,888
Weighted average shares outstanding (including participating securities)	34,467			34,225			34,435	34,172
Adjustment for participating securities	(839)			(768)			(833)	(737)
Shares used in calculating basic earnings per share	33,628			33,457			33,602	33,435
Shares used in calculating diluted earnings per share	33,628			33,457			33,602	33,435

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	9 Months Ended
	Sep. 30, 2023 shares
Stock-based compensation
Stock based compensation award, vesting period	4 years
Stock based compensation award, vesting percentage	100%
Stock Incentive Plans Member
Stock-based compensation
Stock authorized (in shares)	3,000,000
Term (in years)	P10Y
Available for grant (in shares)	777,199

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
STOCK-BASED COMPENSATION
Pre - tax cost	$ 834	$ 678	$ 2,844	$ 2,108
After tax cost	$ 650	$ 529	$ 2,218	$ 1,644

STOCK-BASED COMPENSATION - Non

STOCK-BASED COMPENSATION - Non vested RSU's (Details) - Restricted shares of common stock	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Non-vested shares at beginning | shares	764,170
Granted | shares	318,348
Vested | shares	(243,468)
Non-vested shares at ending | shares	839,050
Weighted Average Grant-Date Fair Value
Non-vested shares at beginning | $ / shares	$ 14.15
Granted | $ / shares	13.25
Vested | $ / shares	14.16
Non-vested shares at ending | $ / shares	$ 13.81

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted shares of common stock
Stock-based compensation
Fair value, shares vested	$ 3,220,000	$ 2,241,000

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted shares of common stock
Stock-based compensation
Tax benefits for compensation expense for restricted stock	$ 30,000	$ 44,000

WARRANTY COSTS - Warranty Costs

WARRANTY COSTS - Warranty Costs (Details)	9 Months Ended
	Sep. 30, 2023
Warranty Costs:
Period of transferable limited warranty to original owner	1 year
Period of transferable hull warranty available to second subsequent owner	5 years
Length of period after original retail purchase the 5-year transferable hull warranty terminates	5 years
Minimum
Warranty Costs:
Period of non-transferable warranty on additional items	1 year
Maximum
Warranty Costs:
Period of non-transferable warranty on additional items	5 years
Chaparral
Warranty Costs:
Period of limited warranty on structural deck	5 years

WARRANTY COSTS - Analysis of wa

WARRANTY COSTS - Analysis of warranty accruals (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Warranty accruals:
Balance at beginning of year	$ 5,699	$ 4,641
Less: Payments made during the period	(3,316)	(3,600)
Add: Warranty provision for the period	4,704	3,950
Changes to warranty provision for prior periods	156	145
Balance at end of year	$ 7,243	$ 5,136

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details)	9 Months Ended
	Sep. 30, 2023 segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
INVENTORIES
Raw materials and supplies	$ 44,983	$ 37,210
Work in process	11,168	14,190
Finished goods	13,633	21,615
Total inventories	$ 69,784	$ 73,015

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME TAXES
Effective tax rate (as a percent)	21.60%	22.30%	20.20%	23%

PENSION AND RETIREMENT PLANS -

PENSION AND RETIREMENT PLANS - Components of net periodic cost (benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
EMPLOYEE BENEFIT PLANS
Settlement loss			$ 2,277
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Retirement Income Plan | RPC | Affiliated Entity
EMPLOYEE BENEFIT PLANS
Interest cost		$ 34	$ 4	$ 100
Amortization of net losses		28	22	84
Settlement loss			2,277
Net periodic cost		$ 62	$ 2,303	$ 184

PENSION AND RETIREMENT PLANS (D

PENSION AND RETIREMENT PLANS (Details) - SERP - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 14,405,000		$ 14,405,000		$ 9,881,000
Trading (losses) gains related to the SERP assets	238,000	$ (499,000)	524,000	$ (2,802,000)
Participant deferrals net of distributions stated at fair value			16,714,000		$ 14,440,000
Change in fair value of liability unrealized gains	(166,000)	$ (475,000)
Change in fair value of liability unrealized gains (losses)			$ 651,000	$ (2,799,000)
Company contribution to SERP assets	$ 4,000,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
AOCI Roll Forward
Balance at beginning of the period	$ (1,995)
Reclassification adjustment, net of taxes
Balance at end of the period	(12)
Pension Adjustment
AOCI Roll Forward
Balance at beginning of the period	(1,995)	$ (2,576)
Change during the period:
Before-tax amount	244	0
Tax provision	(54)	0
Pension settlement loss, net of taxes	1,776	0
Reclassification adjustment, net of taxes
Amortization of net loss (1)	17	67
Total activity for the period	1,983	67
Balance at end of the period	$ (12)	$ (2,509)

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and related expenses	$ 3,657	$ 3,753
Accrued sales incentives and discounts	1,599	2,485
Accrued warranty costs	7,243	5,699
Deferred revenue	1,212	1,989
Income taxes payable	1,097	342
Other	1,410	1,072
Total accrued expenses and other liabilities	$ 16,218	$ 15,340

NOTES PAYABLE TO BANKS (Details

NOTES PAYABLE TO BANKS (Details)		3 Months Ended		9 Months Ended
	Jul. 01, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Maximum debt consolidated leverage ratio				2.50
Minimum debt consolidated fixed charge coverage ratio				1.25
Origination and other debt related costs		$ 195,000		$ 195,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		20,000,000		20,000,000
Increase in the aggregate commitments from committed accordion				35,000,000
Additional interest	0.1145%
Outstanding borrowings		0		0		$ 0
Interest incurred		23,000	$ 22,000	67,000	$ 67,000
Interest expense paid		25,000	$ 0	63,000	$ 32,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Interest rate	1.50%
Facility fee	0.25%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Interest rate	2.50%
Facility fee	0.45%
Swingline loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity		5,000,000		5,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 2,500,000		$ 2,500,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Repurchase Obligations (Details) $ in Millions	Sep. 30, 2023 USD ($)
Repurchase obligations
Total purchase obligation	$ 22
Floor plan lender one
Repurchase obligations
Total purchase obligation	14.6
Floor plan lender one | Minimum
Repurchase obligations
Total purchase obligation	8
Additional floor plan lenders
Repurchase obligations
Total purchase obligation	$ 7.4

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Short-term Cash Incentive Compensation (Details) $ in Thousands		3 Months Ended		9 Months Ended		21 Months Ended
	Oct. 01, 2023 employee	Sep. 30, 2023 USD ($) employee	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) employee	Sep. 30, 2022 USD ($)	Sep. 30, 2023 employee
COMMITMENTS AND CONTINGENCIES
Number of non-executive employee		4		4		4
Pre-tax profit incentive percentage						16%
Number of non-executive employee subject to contractual agreement		1		1		1
Pre-tax profit incentive percentage subject to contractual agreement				7%
Pre-tax profit incentive percentage subject to discretionary determination	9%
Number of non-executive employee, subject to discretionary determination	3
STCI expense | $		$ 2,365	$ 3,414	$ 9,650	$ 8,699

NET INVESTMENT IN LEASE (Detail

NET INVESTMENT IN LEASE (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
NET INVESTMENT IN LEASE
Payments with a purchase price of sales-type lease		$ 2,000,000
Net investment in lease	$ 1,096,950
Lease receivable	1,100,000
Gain on disposition of assets, net	$ 1,800,000

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event.	Oct. 24, 2023 $ / shares
Subsequent Event
Regular cash dividend Payable, Amount Per Share	$ 0.14
Dividend payable, date to be payable	Dec. 11, 2023
Dividends payable, date declared	Nov. 10, 2023

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,403	$ 14,321	$ 11,549	$ 11,472	$ 9,955	$ 7,063	$ 36,273	$ 28,490

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false