Marine Products (MPX) 10-Q 24 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Securities Act 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, par value $0.10
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		34,713,004
Entity Central Index Key	0001129155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 53,533	$ 71,952
Accounts receivable, net of allowance for credit losses of $11 in 2024 and $11 in 2023	5,445	2,475
Inventories	52,599	61,611
Income taxes receivable	217	361
Prepaid expenses and other current assets	3,696	2,847
Total current assets	115,490	139,246
Property, plant and equipment, net of accumulated depreciation of $34,534 in 2024 and $32,789 in 2023	23,942	22,456
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	9,936	8,590
Retirement plan assets	18,117	15,379
Other long-term assets	5,058	4,358
Total assets	176,316	193,802
Liabilities
Accounts payable	8,060	6,071
Accrued expenses and other liabilities	16,576	16,496
Total current liabilities	24,636	22,567
Retirement plan liabilities	21,206	17,998
Other long-term liabilities	1,683	1,649
Total liabilities	47,525	42,214
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 - 34,713,004 shares in 2024 and 34,466,726 shares in 2023	3,471	3,447
Retained earnings	125,320	148,141
Total stockholders' equity	128,791	151,588
Total liabilities and stockholders' equity	$ 176,316	$ 193,802

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 11	$ 11
Accumulated depreciation, property plant and equipment	$ 34,534	$ 32,789
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	34,713,004	34,466,726
Common stock, shares outstanding	34,713,004	34,466,726

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 49,850	$ 77,786	$ 188,737	$ 312,858
Cost of goods sold	40,668	58,548	152,397	235,942
Gross profit	9,182	19,238	36,340	76,916
Selling, general and administrative expenses	5,642	8,789	21,809	35,495
Gain on disposition of assets, net	(50)	(1,962)	(51)	(1,962)
Operating income	3,590	12,411	14,582	43,383
Interest income, net	634	860	2,364	2,066
Income before income taxes	4,224	13,271	16,946	45,449
Income tax provision	820	2,868	3,360	9,176
Net income	$ 3,404	$ 10,403	$ 13,586	$ 36,273
Earnings per share
Basic (in dollars per share)	$ 0.10	$ 0.30	$ 0.37	$ 1.05
Diluted (in dollars per share)	$ 0.10	$ 0.30	$ 0.37	$ 1.05

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 3,404	$ 10,403	$ 13,586	$ 36,273
Other comprehensive income, net of taxes:
Pension settlement and adjustment, net of tax				1,983
Comprehensive income	$ 3,404	$ 10,403	$ 13,586	$ 38,256

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, 2022	$ 3,422		$ 122,954	$ (1,995)	$ 124,381
Balance (in shares) at Dec. 31, 2022	34,218
Increase (Decrease) in Stockholders' Equity
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
Cash dividends			(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
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
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
Cash dividends			(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
Stock issued for stock incentive plans, net		834			834
Stock purchased and retired		(834)	834
Net income			10,403		10,403
Cash dividends			(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
Balance at Dec. 31, 2023	$ 3,447		148,141		151,588
Balance (in shares) at Dec. 31, 2023	34,467
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 30	926			956
Stock issued for stock incentive plans, net (in shares)	301
Stock purchased and retired	$ (8)	(926)	27		(907)
Stock purchased and retired (in shares)	(85)
Net income			4,597		4,597
Cash dividends			(4,852)		(4,852)
Balance at Mar. 31, 2024	$ 3,469		147,913		151,382
Balance (in shares) at Mar. 31, 2024	34,683
Balance at Dec. 31, 2023	$ 3,447		148,141		151,588
Balance (in shares) at Dec. 31, 2023	34,467
Increase (Decrease) in Stockholders' Equity
Net income					13,586
Balance at Sep. 30, 2024	$ 3,471		125,320		128,791
Balance (in shares) at Sep. 30, 2024	34,713
Balance at Mar. 31, 2024	$ 3,469		147,913		151,382
Balance (in shares) at Mar. 31, 2024	34,683
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 3	1,424			1,427
Stock issued for stock incentive plans, net (in shares)	35
Stock purchased and retired		(1,424)	1,424
Net income			5,585		5,585
Cash dividends			(29,138)		(29,138)
Balance at Jun. 30, 2024	$ 3,472		125,784		129,256
Balance (in shares) at Jun. 30, 2024	34,718
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net		1,012			1,012
Stock issued for stock incentive plans, net (in shares)	(2)
Stock purchased and retired	$ (1)	$ (1,012)	987		(26)
Stock purchased and retired (in shares)	(3)
Net income			3,404		3,404
Cash dividends			(4,855)		(4,855)
Balance at Sep. 30, 2024	$ 3,471		$ 125,320		$ 128,791
Balance (in shares) at Sep. 30, 2024	34,713

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividend per share	$ 0.14	$ 0.84	$ 0.14	$ 0.14	$ 0.14	$ 0.14

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 13,586	$ 36,273
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,088	1,750
Stock-based compensation expense	3,395	2,844
Gain on disposition of assets, net	(51)	(1,962)
Deferred income tax provision	(1,346)	(2,366)
Pension settlement loss		2,277
(Increase) decrease in assets:
Accounts receivable	(2,970)	(5,403)
Income taxes receivable	144	(171)
Inventories	9,012	3,231
Current pension assets		509
Prepaid expenses and other current assets	(849)	514
Other long-term assets	(3,438)	(4,477)
Increase (decrease) in liabilities:
Accounts payable	1,989	3,816
Income taxes payable	1,136	755
Accrued expenses and other liabilities	(1,056)	97
Other long-term liabilities	3,242	2,491
Net cash provided by operating activities	24,882	40,178
INVESTING ACTIVITIES
Capital expenditures	(3,574)	(8,405)
Proceeds from sale of assets	51	1,129
Net cash used for investing activities	(3,523)	(7,276)
FINANCING ACTIVITIES
Payment of dividends	(38,845)	(14,458)
Cash paid for common stock purchased and retired	(933)	(910)
Net cash used for financing activities	(39,778)	(15,368)
Net (decrease) increase in cash and cash equivalents	(18,419)	17,534
Cash and cash equivalents at beginning of period	71,952	43,171
Cash and cash equivalents at end of period	53,533	60,705
Supplemental information:
Income tax payments, net	$ 3,372	$ 10,736

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2024
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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Consolidated Balance Sheet at December 31, 2023 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, 2023. 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, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2024
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The FASB issued the following Accounting Standards Updates (ASUs): Recently Issued Accounting Standards Not Yet Adopted: ​ ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require an entity to disclose the title and position of the Chief Operating Decision Maker (CODM) and the significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. These amendments are effective for annual disclosures beginning in 2024 and interim disclosures beginning in the first quarter of 2025, with early adoption permitted. These amendments are effective retrospectively to all prior periods presented in the financial statements. The Company has ​ ASU No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ​ Securities and Exchange Commission (SEC) Final Rules: Climate related Disclosure: T he SEC adopted final rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The new rules require disclosures relating to climate-related risks and risk management as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements and disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. On April 4, 2024, the SEC stayed its climate disclosure rules to “facilitate the orderly judicial resolution” of pending legal challenges. If litigation is resolved in favor of the SEC, a majority of the final rules will be effective for MPC beginning in the year 2026. ​ ​

NET SALES

NET SALES	9 Months Ended
	Sep. 30, 2024
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 titled Warranty Costs). 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, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Boats and accessories ​ $ 48,674 ​ $ 76,155 ​ $ 185,303 ​ $ 308,436 ​ Parts ​ 1,176 ​ 1,631 ​ 3,434 ​ 4,422 ​ Net sales ​ $ 49,850 ​ $ 77,786 ​ $ 188,737 ​ $ 312,858 ​ ​ The following table disaggregates our revenues between domestic and international: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Domestic ​ $ 47,625 ​ $ 73,227 ​ $ 177,308 ​ $ 292,298 ​ International ​ 2,225 ​ 4,559 ​ 11,429 ​ 20,560 ​ Net sales ​ $ 49,850 ​ $ 77,786 ​ $ 188,737 ​ $ 312,858 ​ ​ 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) 2024 ​ 2023 Deferred revenue ​ $ 477 ​ $ 654 ​ ​ 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, 2024
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) 2024 2023 2024 2023 Net income available for stockholders: ​ $ 3,404 ​ $ 10,403 ​ $ 13,586 ​ $ 36,273 ​ Less: Adjustments for earnings attributable to participating securities ​ (118) ​ (249) ​ (957) ​ (866) ​ Net income used in calculating earnings per share ​ $ 3,286 ​ $ 10,154 ​ $ 12,629 ​ $ 35,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,713 ​ 34,467 ​ 34,684 ​ 34,435 ​ Adjustment for participating securities ​ (876) ​ (839) ​ (880) ​ (833) ​ Shares used in calculating basic and diluted earnings per share ​ 33,837 ​ 33,628 ​ 33,804 ​ 33,602 ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION The Company has issued various forms of stock incentives, including, incentive and non-qualified stock options, time-lapse restricted shares and performance stock unit awards under its Stock Incentive Plans to officers, selected employees and non-employee directors. As of September 30, 2024, there were 2,965,216 shares available for grant under the Company’s 2024 Stock Incentive Plan.

WARRANTY COSTS

WARRANTY COSTS	9 Months Ended
	Sep. 30, 2024
WARRANTY COSTS
WARRANTY COSTS	6. 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 ​ An analysis of the warranty accruals for the nine months ended September 30, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2024 2023 Balance at January 1 ​ $ 7,078 ​ $ 5,699 Less: Payments made during the period ​ (3,374) ​ (3,316) Add: Warranty provision for the period ​ 2,909 ​ 4,704 Changes to warranty provision for prior periods ​ (11) ​ 156 Balance at September 30 ​ $ 6,602 ​ $ 7,243 ​ 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, 2024
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, 2024
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 31,213 ​ $ 40,340 Work in process ​ 9,953 ​ 10,601 Finished goods ​ 11,433 ​ 10,670 Total inventories ​ $ 52,599 ​ $ 61,611 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
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 revised, if necessary, at the end of each successive interim period to the Company's current annual estimated tax rate. For the three months ended September 30, 2024, the effective rate reflects a provision of 19.4 percent compared to a provision of 21.6 percent for the comparable period in the prior year. For the nine months ended September 30, 2024, the effective rate reflects a provision of 19.8 percent compared to a provision of 20.2 percent for the comparable period in the prior year. The decrease in the effective tax rate is primarily due to the impact of favorable permanent differences.

RETIREMENT PLANS

RETIREMENT PLANS	9 Months Ended
	Sep. 30, 2024
RETIREMENT PLANS
RETIREMENT PLANS	10. RETIREMENT PLANS The multiemployer Retirement Income Plan (“Plan”), a trusteed defined benefit pension plan, sponsored by RPC, Inc. (“RPC”), that the Company participated in was fully terminated in 2023. Amounts related to prior year are disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, (in thousands) 2023 2023 Interest cost ​ ​ $ — ​ $ 4 Expected return on plan assets ​ ​ — ​ — Amortization of net losses ​ ​ — ​ 22 Settlement loss ​ ​ — ​ ​ 2,277 Net periodic cost (1) ​ ​ $ — ​ $ 2,303 (1) ​ 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 $18.1 million as of September 30, 2024 and $15.4 million as of December 31, 2023. Trading gains related to the SERP assets totaled $753 thousand during the three months ended September 30, 2024, compared to trading losses of $238 thousand during the three months ended September 30, 2023. Trading gains related to the SERP assets totaled $2.7 million during the nine months ended September 30, 2024, compared to trading gains of $524 thousand during the three months ended September 30, 2023. The SERP assets are reported in Retirement plan 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 $21.2 million as of September 30, 2024 and $18.0 million as of December 31, 2023. 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 was the result of an increase of $850 thousand due to unrealized gains on participant balances during the three months ended September 30, 2024, compared to a decrease of $166 thousand due to unrealized losses on participant balances during the three months ended September 30, 2023. Changes in the fair value of the SERP liabilities was the result of an increase of $3.0 million due to unrealized gains on participant balances during the nine months ended September 30, 2024, compared to an increase of $524 thousand due to unrealized gains on participant balances during the nine months ended September 30, 2023. ​ Effective October 22, 2024, the termination of the SERP was approved by the Board of Directors. The Internal Revenue Service (IRS) rules require a 12 month waiting period before liquidating the SERP after termination has been approved.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
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 the note titled Retirement Plans, 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, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	12. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss in the prior year quarter consists of pension adjustments as follows: ​ ​ ​ ​ ​ Nine months ended ​ September 30, (in thousands) 2023 Balance at beginning of the period $ (1,995) 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 Total activity for the period 1,983 Balance at end of the period $ (12) (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The pension plan was terminated in 2023 and therefore was no activity was recorded in accumulated other comprehensive loss for the nine months ended September 30, 2024.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2024
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, ​ ​ 2024 2023 (in thousands) ​ ​ ​ Accrued payroll and related expenses ​ $ 2,368 ​ $ 2,591 Accrued sales incentives and discounts ​ 3,545 ​ 4,517 Accrued warranty costs ​ 6,602 ​ 7,078 Deferred revenue ​ 477 ​ 654 Income taxes payable ​ ​ 1,136 ​ ​ — Other ​ 2,448 ​ 1,656 Total accrued expenses and other liabilities ​ $ 16,576 ​ $ 16,496 ​

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	9 Months Ended
	Sep. 30, 2024
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 adjusted 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 MPC and the guarantors including, without limitation, certain assets owned by the Company. The facility is scheduled to mature 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, 2024, 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 thousand. 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, 2024 and December 31, 2023. 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 thousand for both the three months ended September 30, 2024 and September 30, 2023; interest expense incurred was $67 thousand for both the nine months ended September 30, 2024 and September 30, 2023. Interest expense paid on the credit facility was $25 thousand for both the three months ended September 30, 2024 and September 30, 2023. Interest expense paid on the credit facility was $25 thousand for the nine months ended September 30, 2024 and $63 thousand for the nine months ended September 30, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
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, 2024 and September 30, 2023. 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 $20.5 million as of September 30, 2024. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of $6.1 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of $26.6 million as of September 30, 2024. ​ Subsequent to September 30, 2024, the Company has entered into a three-year floor plan financing agreement with a single third-party floor plan lender which will be phased in to replace a majority of the existing agreements with the current third-party lenders. The agreement is substantially similar to the current arrangements with the existing third-party floor plan lenders and provides for certain additional incentives to the Company and qualifying dealers over the term of the agreement. ​ 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. Through the third quarter of 2023, this PTP incentive was 16% 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 at the end of the third quarter of 2023. Effective October 1, 2023, the PTP incentive, subject to a discretionary determination, is 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) 2024 2023 ​ 2024 2023 ​ STCI expense ​ $ 436 ​ $ 2,365 ​ $ 1,949 ​ $ 9,650 ​ ​ These amounts are included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENT S On October 15, 2024, the Company notified its current third-party floor plan financing lenders of phased in changes to their existing arrangements, according to the terms of each of their existing agreements. See section titled Repurchase Obligations included in note titled Commitments and Contingencies, for additional information. On October 22, 2024, the Board of Directors approved the following actions: ● Termination of the SERP; see note titled Retirement Plans for additional information; and ● Declaration of a regular quarterly dividend of $0.14 per share payable December 10, 2024 , to common shareholders of record at the close of business on November 11, 2024 . Also, effective October 22, 2024, the Executive Committee of the Board of Directors approved the formation of a captive insurance company wholly owned by Chaparral, to efficiently manage its insurance costs. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,404	$ 5,585	$ 4,597	$ 10,403	$ 14,321	$ 11,549	$ 13,586	$ 36,273

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2024
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	The FASB issued the following Accounting Standards Updates (ASUs): Recently Issued Accounting Standards Not Yet Adopted: ​ ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require an entity to disclose the title and position of the Chief Operating Decision Maker (CODM) and the significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. These amendments are effective for annual disclosures beginning in 2024 and interim disclosures beginning in the first quarter of 2025, with early adoption permitted. These amendments are effective retrospectively to all prior periods presented in the financial statements. The Company has ​ ASU No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ​ Securities and Exchange Commission (SEC) Final Rules: Climate related Disclosure: T he SEC adopted final rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The new rules require disclosures relating to climate-related risks and risk management as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements and disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. On April 4, 2024, the SEC stayed its climate disclosure rules to “facilitate the orderly judicial resolution” of pending legal challenges. If litigation is resolved in favor of the SEC, a majority of the final rules will be effective for MPC beginning in the year 2026. ​ ​
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 titled Warranty Costs). 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, 2024
NET SALES
Schedule of disaggregation of sales by major source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Boats and accessories ​ $ 48,674 ​ $ 76,155 ​ $ 185,303 ​ $ 308,436 ​ Parts ​ 1,176 ​ 1,631 ​ 3,434 ​ 4,422 ​ Net sales ​ $ 49,850 ​ $ 77,786 ​ $ 188,737 ​ $ 312,858 ​
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Domestic ​ $ 47,625 ​ $ 73,227 ​ $ 177,308 ​ $ 292,298 ​ International ​ 2,225 ​ 4,559 ​ 11,429 ​ 20,560 ​ Net sales ​ $ 49,850 ​ $ 77,786 ​ $ 188,737 ​ $ 312,858 ​
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ (in thousands) 2024 ​ 2023 Deferred revenue ​ $ 477 ​ $ 654 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2024 2023 2024 2023 Net income available for stockholders: ​ $ 3,404 ​ $ 10,403 ​ $ 13,586 ​ $ 36,273 ​ Less: Adjustments for earnings attributable to participating securities ​ (118) ​ (249) ​ (957) ​ (866) ​ Net income used in calculating earnings per share ​ $ 3,286 ​ $ 10,154 ​ $ 12,629 ​ $ 35,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,713 ​ 34,467 ​ 34,684 ​ 34,435 ​ Adjustment for participating securities ​ (876) ​ (839) ​ (880) ​ (833) ​ Shares used in calculating basic and diluted earnings per share ​ 33,837 ​ 33,628 ​ 33,804 ​ 33,602 ​ ​

WARRANTY COSTS (Tables)

WARRANTY COSTS (Tables)	9 Months Ended
	Sep. 30, 2024
WARRANTY COSTS
Schedule of analysis of warranty accruals	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2024 2023 Balance at January 1 ​ $ 7,078 ​ $ 5,699 Less: Payments made during the period ​ (3,374) ​ (3,316) Add: Warranty provision for the period ​ 2,909 ​ 4,704 Changes to warranty provision for prior periods ​ (11) ​ 156 Balance at September 30 ​ $ 6,602 ​ $ 7,243

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2024
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 31,213 ​ $ 40,340 Work in process ​ 9,953 ​ 10,601 Finished goods ​ 11,433 ​ 10,670 Total inventories ​ $ 52,599 ​ $ 61,611 ​

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
	Sep. 30, 2024
RETIREMENT PLANS
Schedule of net periodic cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, (in thousands) 2023 2023 Interest cost ​ ​ $ — ​ $ 4 Expected return on plan assets ​ ​ — ​ — Amortization of net losses ​ ​ — ​ 22 Settlement loss ​ ​ — ​ ​ 2,277 Net periodic cost (1) ​ ​ $ — ​ $ 2,303 (1)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ Nine months ended ​ September 30, (in thousands) 2023 Balance at beginning of the period $ (1,995) 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 Total activity for the period 1,983 Balance at end of the period $ (12) (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, 2024
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 2023 (in thousands) ​ ​ ​ Accrued payroll and related expenses ​ $ 2,368 ​ $ 2,591 Accrued sales incentives and discounts ​ 3,545 ​ 4,517 Accrued warranty costs ​ 6,602 ​ 7,078 Deferred revenue ​ 477 ​ 654 Income taxes payable ​ ​ 1,136 ​ ​ — Other ​ 2,448 ​ 1,656 Total accrued expenses and other liabilities ​ $ 16,576 ​ $ 16,496 ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
Schedule of STCI expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ (in thousands) 2024 2023 ​ 2024 2023 ​ STCI expense ​ $ 436 ​ $ 2,365 ​ $ 1,949 ​ $ 9,650 ​

GENERAL (Details)

GENERAL (Details)	9 Months Ended
	Sep. 30, 2024
Affiliated Entity | RPC, Inc
Ownership control
Voting power (in percent)	50%

RECENT ACCOUNTING STANDARDS (De

RECENT ACCOUNTING STANDARDS (Details)	9 Months Ended
	Sep. 30, 2024 segment
RECENT ACCOUNTING STANDARDS
Number of reportable segments	1

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	9 Months Ended
	Sep. 30, 2024
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of revenue
Net sales	$ 49,850	$ 77,786	$ 188,737	$ 312,858
Boats and accessories
Disaggregation of revenue
Net sales	48,674	76,155	185,303	308,436
Parts
Disaggregation of revenue
Net sales	$ 1,176	$ 1,631	$ 3,434	$ 4,422

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of revenue
Net sales	$ 49,850	$ 77,786	$ 188,737	$ 312,858
Domestic
Disaggregation of revenue
Net sales	47,625	73,227	177,308	292,298
International
Disaggregation of revenue
Net sales	$ 2,225	$ 4,559	$ 11,429	$ 20,560

NET SALES - Deferred revenue (D

NET SALES - Deferred revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued expenses and other liabilities
Disaggregation of revenue
Deferred revenue	$ 477	$ 654

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
EARNINGS PER SHARE
Net Income (Loss)	$ 3,404	$ 5,585	$ 4,597	$ 10,403	$ 14,321	$ 11,549	$ 13,586	$ 36,273
Less: Adjustments for earnings attributable to participating securities	(118)			(249)			(957)	(866)
Net income used in calculating earnings per share	$ 3,286			$ 10,154			$ 12,629	$ 35,407
Weighted average shares outstanding (including participating securities)	34,713			34,467			34,684	34,435
Adjustment for participating securities	(876)			(839)			(880)	(833)
Shares used in calculating basic earnings per share	33,837			33,628			33,804	33,602
Shares used in calculating diluted earnings per share	33,837			33,628			33,804	33,602

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	Sep. 30, 2024 shares
2024 Stock Incentive Plan
Stock-based compensation
Available for grant (in shares)	2,965,216

WARRANTY COSTS - Warranty Costs

WARRANTY COSTS - Warranty Costs (Details)	9 Months Ended
	Sep. 30, 2024
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, 2024	Sep. 30, 2023
Warranty accruals
Balance at beginning of year	$ 7,078	$ 5,699
Less: Payments made during the period	(3,374)	(3,316)
Add: Warranty provision for the period	2,909	4,704
Changes to warranty provision for prior periods	(11)	156
Balance at end of year	$ 6,602	$ 7,243

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details)	9 Months Ended
	Sep. 30, 2024 segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
INVENTORIES
Raw materials and supplies	$ 31,213	$ 40,340
Work in process	9,953	10,601
Finished goods	11,433	10,670
Total inventories	$ 52,599	$ 61,611

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES
Effective tax rate (as a percent)	19.40%	21.60%	19.80%	20.20%

RETIREMENT PLANS - Components o

RETIREMENT PLANS - Components of net periodic cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
EMPLOYEE BENEFIT PLANS
Settlement loss		$ 2,277
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
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
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
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
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
Retirement Income Plan | Affiliated Entity | RPC
EMPLOYEE BENEFIT PLANS
Interest cost		$ 4
Amortization of net losses		22
Settlement loss		2,277
Net periodic cost		$ 2,303

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 18,117		$ 18,117		$ 15,379
Supplemental Executive Retirement Plan (SERP)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	18,100		18,100		15,400
Trading (losses) gains related to the SERP assets	753	$ (238)	2,700	$ 524
Participant deferrals net of distributions stated at fair value			21,200		$ 18,000
Change in fair value of liability unrealized gains (losses)	$ 850	$ (166)	$ 3,000	$ 524

ACCUMULATED OTHER COMPREHENSI_3

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

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and related expenses	$ 2,368	$ 2,591
Accrued sales incentives and discounts	3,545	4,517
Accrued warranty costs	6,602	7,078
Deferred revenue	477	654
Income taxes payable	1,136
Other	2,448	1,656
Total accrued expenses and other liabilities	$ 16,576	$ 16,496

NOTES PAYABLE TO BANKS (Details

NOTES PAYABLE TO BANKS (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 01, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility
Maximum debt consolidated leverage ratio				2.50
Minimum debt consolidated fixed charge coverage ratio				1.25
Origination and other debt related costs		$ 195		$ 195
Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity		20,000		20,000
Increase in the aggregate commitments from committed accordion				35,000
Additional interest	0.1145%
Outstanding borrowings		0		0		$ 0
Interest incurred		23	$ 23	67	$ 67
Interest expense paid		25	$ 25	25	$ 63
Revolving Credit Facility | Minimum
Line of Credit Facility
Interest rate	1.50%
Facility fee	0.25%
Revolving Credit Facility | Maximum
Line of Credit Facility
Interest rate	2.50%
Facility fee	0.45%
Swingline loans
Line of Credit Facility
Maximum borrowing capacity		5,000		5,000
Letter of Credit
Line of Credit Facility
Maximum borrowing capacity		$ 2,500		$ 2,500

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Repurchase Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Repurchase obligations
Total purchase obligation	$ 26.6
Floor plan lender one
Repurchase obligations
Total purchase obligation	20.5
Floor plan lender one | Minimum
Repurchase obligations
Total purchase obligation	8
Additional floor plan lenders
Repurchase obligations
Total purchase obligation	$ 6.1

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Short term cash incentive compensation (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 01, 2023 employee	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($) employee	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($) employee
COMMITMENTS AND CONTINGENCIES
Number of non-executive employee		4		4
Pre-tax profit incentive percentage			16%
Number of non-executive employee subject to contractual agreement			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 | $		$ 436	$ 2,365	$ 1,949	$ 9,650

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares				3 Months Ended
	Dec. 10, 2024	Nov. 09, 2024	Oct. 22, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Subsequent Event
Regular quarterly dividend declared				$ 0.14	$ 0.84	$ 0.14	$ 0.14	$ 0.14	$ 0.14
Subsequent Event | O2024 Q4 Dividend
Subsequent Event
Dividends payable, date declared			Oct. 22, 2024
Regular quarterly dividend declared			$ 0.14
Dividend payable, date to be payable	Dec. 10, 2024
Dividends payable, date of record		Nov. 11, 2024