Marine Products (MPX) 10-K 27 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 13, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	MARINE PRODUCTS CORP
Entity Central Index Key	1129155
Trading Symbol	mpx
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Well-Known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		38,328,101
Entity Public Float			$87,986,049
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$4,072	$5,114
Marketable securities	3,653	5,639
Accounts receivable, net	2,369	2,021
Inventories	28,819	28,859
Income taxes receivable	123	692
Deferred income taxes	2,480	1,096
Prepaid expenses and other current assets	1,706	1,839
Current assets	43,222	45,260
Property, plant and equipment, net	9,890	11,265
Goodwill	3,308	3,308
Other intangibles, net	465	465
Marketable securities	33,831	30,949
Deferred income taxes	3,214	3,177
Other assets	9,893	8,129
Total assets	103,823	102,553
Liabilities
Accounts payable	3,577	5,569
Accrued expenses and other liabilities	9,631	8,993
Current liabilities	13,208	14,562
Pension liabilities	7,039	6,420
Other long-term liabilities	82	88
Total liabilities	20,329	21,070
Commitments and contingencies (Note 9)
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 - 38,130,862 shares in 2014, 38,095,322 shares in 2013	3,813	3,810
Capital in excess of par value	3,895	3,583
Retained earnings	77,755	74,943
Accumulated other comprehensive loss	-1,969	-853
Total stockholders' equity	83,494	81,483
Total liabilities and stockholders' equity	$103,823	$102,553

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
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
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	38,130,862	38,095,322
Common stock, shares outstanding	38,130,862	38,095,322

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement
Net sales	$171,050	$168,293	$148,950
Cost of goods sold	138,379	138,480	121,746
Gross profit	32,671	29,813	27,204
Selling, general and administrative expenses	20,665	20,307	18,443
Operating income	12,006	9,506	8,761
Interest income	521	524	960
Income before income taxes	12,527	10,030	9,721
Income tax provision	3,613	2,502	2,742
Net income	$8,914	$7,528	$6,979
EARNINGS PER SHARE
Basic (in dollars per share)	$0.24	$0.20	$0.19
Diluted (in dollars per share)	$0.24	$0.20	$0.19
Dividends paid per share (in dollars per share)	$0.16	$0.15	$0.63

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement Of Income and Comprehensive Income
Net income	$8,914	$7,528	$6,979
Other comprehensive income, net of taxes:
Pension adjustment	-1,034	781	-105
Unrealized loss on securities, net of reclassification adjustments	-82	-62	-9
Comprehensive income	$7,798	$8,247	$6,865

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2011	$3,738	$1,185	$89,953	($1,458)	$93,418
Balance (in shares) at Dec. 31, 2011	37,375,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	76	2,604			2,680
Stock issued for stock incentive plans, net (in shares)	767,000
Stock purchased and retired	-32	-1,751			-1,783
Stock purchased and retired (in shares)	-321,000
Net income			6,979		6,979
Pension adjustment, net of taxes				-105	-105
Unrealized loss on securities, net of taxes and reclassification adjustments				-9	-9
Excess tax benefits for share-based payments		379			379
Dividends declared			-23,812		-23,812
Balance at Dec. 31, 2012	3,782	2,417	73,120	-1,572	77,747
Balance (in shares) at Dec. 31, 2012	37,821,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	37	1,597			1,634
Stock issued for stock incentive plans, net (in shares)	364,000
Stock purchased and retired	-9	-567			-576
Stock purchased and retired (in shares)	-90,000
Net income			7,528		7,528
Pension adjustment, net of taxes				781	781
Unrealized loss on securities, net of taxes and reclassification adjustments				-62	-62
Excess tax benefits for share-based payments		136			136
Dividends declared			-5,705		-5,705
Balance at Dec. 31, 2013	3,810	3,583	74,943	-853	81,483
Balance (in shares) at Dec. 31, 2013	38,095,000				38,095,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	25	1,729			1,754
Stock issued for stock incentive plans, net (in shares)	260,000
Stock purchased and retired	-22	-1,759			-1,781
Stock purchased and retired (in shares)	-224,000
Net income			8,914		8,914
Pension adjustment, net of taxes				-1,034	-1,034
Unrealized loss on securities, net of taxes and reclassification adjustments				-82	-82
Excess tax benefits for share-based payments		342			342
Dividends declared			-6,102		-6,102
Balance at Dec. 31, 2014	$3,813	$3,895	$77,755	($1,969)	$83,494
Balance (in shares) at Dec. 31, 2014	38,131,000				38,130,862

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Net income	$8,914	$7,528	$6,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	712	726	768
Loss (gain) on sale of equipment and property	31	-15
Stock-based compensation expense	1,754	1,702	1,495
Excess tax benefits for share-based payments	-342	-136	-379
Deferred income tax (benefit) provision	-805	78	-498
(Increase) decrease in assets:
Accounts receivable	-348	-227	415
Inventories	40	-700	-3,252
Prepaid expenses and other current assets	133	-232	-147
Income taxes receivable	569	-298	-394
Other non-current assets	790	-184	456
Increase (decrease) in liabilities:
Accounts payable	-1,992	1,323	1,254
Income taxes payable	342	134	-14
Other accrued expenses	638	-5	1,731
Other long-term liabilities	-990	186	-232
Net cash provided by operating activities	9,446	9,880	8,182
INVESTING ACTIVITIES
Capital expenditures	-451	-521	-354
Proceeds from sale of assets	1,083	15
Investment in joint venture	-2,554
Sales and maturities of marketable securities	20,085	14,576	51,247
Purchases of marketable securities	-21,110	-14,339	-34,082
Net cash (used for) provided by investing activities	-2,947	-269	16,811
FINANCING ACTIVITIES
Payment of dividends	-6,102	-5,705	-23,812
Cash paid for common stock purchased and retired	-1,781	-576	-960
Repayment of capital lease obligation			-375
Excess tax benefits for share-based payments	342	136	379
Proceeds received upon exercise of stock options			467
Net cash used for financing activities	-7,541	-6,145	-24,301
Net (decrease) increase in cash and cash equivalents	-1,042	3,466	692
Cash and cash equivalents at beginning of year	5,114	1,648	956
Cash and cash equivalents at end of year	$4,072	$5,114	$1,648

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1: SIGNIFICANT ACCOUNTING POLICIES
	Basis of Consolidation and Presentation — The consolidated financial statements include the accounts of Marine Products Corporation (a Delaware corporation) and its wholly owned subsidiaries (“Marine Products” or the “Company”). Marine Products, through Chaparral Boats, Inc. (“Chaparral”) and Robalo Acquisition Company LLC (“Robalo”), operates as a manufacturer of fiberglass powerboats and related products and services to a broad range of consumers worldwide.
	The consolidated financial statements included herein may not necessarily be indicative of the future results of operations, financial position and cash flows of Marine Products.
	The Company has only one reportable segment — its Powerboat Manufacturing business. The Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model. No single dealer accounted for more than 10 percent of net sales during 2014, 2013 or 2012. Net sales to the Company’s international dealers were approximately $26 million in 2014, $29 million in 2013, and $30 million in 2012.
	Nature of Operations — Marine Products is principally engaged in manufacturing powerboats and providing related products and services. Marine Products distributes fiberglass recreational boats through a network of domestic and international independent dealers.
	Common Stock — Marine Products is authorized to issue 74,000,000 shares of common stock, $0.10 par value. Holders of common stock are entitled to receive dividends when, as, and if declared by our Board of Directors out of legally available funds. Each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights. In the event of any liquidation, dissolution or winding up of the Company, holders of common stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders.
	Preferred Stock — Marine Products is authorized to issue up to 1,000,000 shares of preferred stock, $0.10 par value. As of December 31, 2014, there were no shares of preferred stock issued. The Board of Directors is authorized, subject to any limitations prescribed by law, to provide for the issuance of preferred stock as a class without series or, if so determined from time to time, in one or more series, and by filing a certificate pursuant to the applicable laws of the state of Delaware and to fix the designations, powers, preferences and rights, exchangeability for shares of any other class or classes of stock. Any preferred stock to be issued could rank prior to the common stock with respect to dividend rights and rights on liquidation.
	Share Repurchases — The Company records the cost of share repurchases in stockholders’ equity as a reduction to common stock to the extent of par value of the shares acquired and the remainder is allocated to capital in excess of par value or retained earnings if capital in excess of par value has been depleted.
	Dividend — On January 27, 2015, the Board of Directors approved a quarterly dividend of $0.04 per common share payable March 10, 2015 to stockholders of record at the close of business on February 10, 2015.
	Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are used in the determination of sales incentives and discounts, warranty costs, and income taxes.
	Sales Recognition — Marine Products recognizes sales when a fully executed agreement exists, prices are established, products are delivered to the dealer in the case of domestic dealers and collectability is reasonably assured. See “Deferred Revenue” below for recognition of sales to international dealers.
	Deferred Revenue — Marine Products requires payment from international dealers, other than Canada, prior to shipment of products to these dealers. Amounts received from international dealers toward the purchase of boats are classified as deferred revenue and recognized as sales when the products are shipped.
	Shipping and Handling Charges — The shipping and handling of the Company’s products to dealers is handled through a combination of third-party marine transporters and a company owned fleet of delivery trucks. 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.
	Advertising — Advertising expenses are charged to expense during the period in which they are incurred. Expenses associated with product brochures and other inventoriable marketing materials are deferred and amortized over the related model year which approximates the consumption of these materials. As of December 31, 2014 and 2013 the Company had approximately $303,000 and $264,000 in prepaid expenses related to unamortized product brochure costs. Advertising expenses totaled approximately $2,291,000 in 2014, $2,113,000 in 2013 and $2,000,000 in 2012 and are recorded in selling, general and administrative expenses.
	Sales Incentives and Discounts — Sales incentives including dealer discounts and retail sales promotions are provided for and recorded as a reduction of sales or as a cost of sales as appropriate. The Company records the estimated cost of these incentives at the later of the recognition of the related sales or the announcement of a promotional program.
	Cash and Cash Equivalents — Highly liquid investments with original maturities of three months or less when acquired are considered to be cash equivalents. The Company maintains its cash in bank accounts, which at times, may exceed federally insured limits.
	Marketable Securities — Marine Products maintains investments at a large, well-capitalized financial institution. Marine Products’ investment policy does not allow investment in any securities rated less than “investment grade” by national rating services.
	Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designations as of each balance sheet date. Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of taxes, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income. Net realized gains on marketable securities totaled $57,000 in 2014, $61,000 in 2013, and $290,000 in 2012. Of the total gains realized, reclassification from other comprehensive income totaled approximately $57,000 in 2014, $61,000 in 2013, and $290,000 in 2012. Gross unrealized gains on marketable securities totaled $122,000 as of December 31, 2014 and $229,000 as of December 31, 2013. Gross unrealized losses on marketable securities totaled $37,000 as of December 31, 2014 and $16,000 as of December 31, 2013. The amortized cost basis, fair value and net unrealized gains of the available-for-sale securities are as follows:
	December 31,	2014												2013
	Type of Securities	Amortized				Fair				Net				Amortized			Fair			Net
		Cost Basis				Value				Unrealized				Cost			Value			Unrealized
										Gain				Basis						Gain
	(in thousands)
	Municipal Obligations		$	31,990			$	32,080			$	90			$	35,925		$	36,132		$	207
	Corporate Obligations			5,409				5,404				(5	)			450			456			6
	Total		$	37,399			$	37,484			$	85			$	36,375		$	36,588		$	213
	Municipal debt obligations consist primarily of municipal notes rated A- or higher ranging in maturity from less than one year to over 10 years. Corporate obligations consist primarily of debentures and notes issued by other companies ranging in maturity from one to five years. These securities are rated A- or higher. Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities as of December 31, 2014 are scheduled to mature between 2016 and 2037.
	Accounts Receivable — The majority of the Company’s accounts receivable are due from dealers located in markets throughout the United States. Approximately 59 percent of Marine Products’ domestic shipments are made pursuant to “floor plan financing” programs in which Marine Products’ subsidiaries participate on behalf of their dealers with various major third-party financing institutions. Under these arrangements, a dealer establishes lines of credit with one or more of these third-party lenders for the purchase of boat inventory for sales to retail customers in their show room or during boat show exhibitions. When a dealer purchases and takes delivery of a boat pursuant to a floor plan financing arrangement, it draws against its line of credit and the lender pays the invoice cost of the boat directly to Marine Products within approximately ten business days. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes-off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance.
	Inventories — Inventories are stated at the lower of cost (determined on a first-in, first-out basis) or market value. Market value is determined based on replacement cost for raw materials and net realizable value for work in process and finished goods.
	Property, Plant and Equipment — Property, plant and equipment is carried at cost. Depreciation is provided principally on a straight-line basis over the estimated useful lives of the assets. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal with the resulting gain or loss credited or charged to income. Expenditures for additions, major renewals, and betterments are capitalized while expenditures for routine maintenance and repairs are expensed as incurred. Depreciation expense on operating equipment used in production is included in cost of goods sold in the accompanying consolidated statements of operations. All other depreciation is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Property, plant and equipment are reviewed for impairment when indicators of impairment exist.
	Goodwill and Other Intangibles — Intangibles consist primarily of goodwill and trade names related to businesses acquired. Goodwill represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $3,308,000 as of December 31, 2014 and 2013. The Company evaluates whether goodwill is impaired by comparing its market capitalization based on its closing stock price (Level 1 input) to the book value of its equity on the annual evaluation date. Based on this evaluation, the Company concluded that no impairment of its goodwill has occurred for the years ended December 31, 2014, 2013 and 2012.
	Investments — The Company maintains certain securities in the non-qualified Supplemental Executive Retirement Plan that have been classified as trading. See Note 10 for further information regarding these securities.
	Warranty Costs — The Company warrants the entire boat, excluding the engine, against defects in materials and workmanship for a period of one year. The Company also warrants the entire deck and hull, including its bulkhead and supporting stringer system, against defects in materials and workmanship for periods extending up to a lifetime. The Company accrues for estimated future warranty costs at the time of the sale based on its historical claims experience. An analysis of the warranty accruals for the years ended December 31, 2014 and 2013 is as follows:
	(in thousands)		2014				2013
	Balance at beginning of year		$	3,410			$	2,522
	Less: Payments made during the year			(1,551	)			(1,558	)
	Add: Warranty provision for the current year			1,863				2,511
	Changes to warranty provision for prior years			114				(65	)
	Balance at end of year		$	3,836			$	3,410
	Insurance Accruals — The Company fully insures its risks related to general liability, product liability, workers’ compensation, and vehicle liability, whereas the health insurance plan is self-funded up to a maximum annual claim amount for each covered employee and related dependents. The estimated cost of claims under the self-insurance program is accrued as the claims are incurred and may subsequently be revised based on developments relating to such claims.
	Research and Development Costs — The Company expenses research and development costs for new products and components as incurred. Research and development costs are included in selling, general and administrative expenses and totaled $743,000 in 2014, $1,069,000 in 2013, and $768,000 in 2012.
	Repurchase Obligations — The Company has entered into agreements with third-party floor plan lenders where it has agreed, in the event of default by the dealer, to repurchase MPC boats repossessed from the dealer. These arrangements are subject to maximum repurchase amounts and the associated risk is mitigated by the value of the boats repurchased. The Company accrues estimated losses when a loss, due primarily to the default of one of our dealers, is determined to be probable and the amount of the loss is reasonably estimable.
	Income Taxes — Deferred tax liabilities and assets are determined based on the difference between the financial and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance against the carrying value of deferred tax assets if the Company concludes that it is more likely than not that the asset will not be realized through future taxable income.
	Stock-Based Compensation — Stock-based compensation expense is recognized for all share-based payment awards, net of an estimated forfeiture rate. Thus, compensation cost is amortized for those shares expected to vest on a straight-line basis over the requisite service period of the award. See Note 10 for additional information.
	Earnings per Share —Financial Accounting Standards Board (FASB) Auditing Standards Codification (ASC) Topic 260-10 “Earnings Per Share-Overall,” requires a basic earnings per share and diluted earnings per share presentation. See Note 10 for further information on restricted stock granted to employees.
	Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.
	A reconciliation of weighted average shares outstanding along with the earnings per share attributable to restricted shares of common stock (participating securities) is as follows:
	(In thousands except per share data)		2014				2013				2012
	Net income available for stockholders:		$	8,914			$	7,528			$	6,979
	Less: Dividends paid
	Common Stock			(5,911	)			(5,525	)			(23,135	)
	Restricted shares of common stock			(191	)			(180	)			(677	)
	Undistributed earnings (loss)		$	2,812			$	1,823			$	(16,833	)
	Allocation of undistributed earnings (loss):
	Common Stock		$	2,720			$	1,762			$	(16,329	)
	Restricted shares of common stock			92				61				(504	)
	Basic shares outstanding:
	Common Stock			35,691				35,556				35,530
	Restricted shares of common stock			1,246				1,264				1,126
				36,937				36,820				36,656
	Diluted shares outstanding:
	Common Stock			35,691				35,556				35,530
	Dilutive effect of options			291				324				148
				35,982				35,880				35,678
Restricted shares of common stock			1,246				1,264				1,126
			37,228				37,144				36,804
Basic earnings per share:
Common Stock:
Distributed earnings		$	0.16			$	0.15			$	0.65
Undistributed earnings (loss)			0.08				0.05				(0.46	)
		$	0.24			$	0.2			$	0.19
Restricted shares of common stock:
Distributed earnings		$	0.15			$	0.14			$	0.6
Undistributed earnings (loss)			0.08				0.05				(0.45	)
		$	0.23			$	0.19			$	0.15
Diluted earnings per share:
Common Stock:
Distributed earnings		$	0.16			$	0.15			$	0.65
Undistributed earnings (loss)			0.08				0.05				(0.46	)
		$	0.24			$	0.2			$	0.19
Fair Value of Financial Instruments — The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and marketable securities. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values because of the short-term nature of such instruments. The Company’s marketable securities are classified as available-for-sale securities with the exception of investments held in the non-qualified Supplemental Executive Retirement Plan (“SERP”) which are classified as trading securities. All of these securities are carried at fair value in the accompanying consolidated balance sheets. See Note 8 for further information regarding the fair value measurement of assets and liabilities.
Concentration of Suppliers — The Company purchases a significant number of its sterndrive engines from only two available suppliers. This concentration of suppliers could impact our sales and profitability in the event of a sudden interruption in the delivery of these engines.
Recent Accounting Pronouncements
During the year ended December 31, 2014, the FASB issued the following Accounting Standards Updates (ASU):
Recently Adopted Accounting Pronouncements:
·	Accounting Standards Update 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this ASU requires an unrecognized tax benefit, or a portion of thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward. The only exception would be if the deferred taxes related to these items are not available to settle any additional income taxes that would result from the disallowance of a tax position either by statute or at the entity’s choosing. In such cases, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The Company adopted these provisions in the first quarter of 2014 with no material impact.
Recently Issued Accounting Pronouncements Not Yet Adopted:
·	Accounting Standards Update No. 2015-01, Income Statement —Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, then the extraordinary item needs to be segregated from the results of ordinary operations and disclosed separately in the income statement, net of tax, after income from continuing operations Disclosure of all applicable income taxes and presentation or disclosure of earnings-per-share data applicable to the extraordinary item is required. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company plans to adopt the provisions for the year ending December 31, 2016 and currently does not expect the adoption to have a material impact on its consolidated financial statements.
·	Accounting Standards Update No. 2014-15, Presentation of Financial Statements —Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The provisions in this ASU are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Currently, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. This going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. This ASU provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and the related footnote disclosures. The amendments are effective for the year ending December 31, 2016, and for interim periods beginning the first quarter of 2017, with early application permitted. The Company plans to adopt the provisions for the year ending December 31, 2016 and will provide such disclosures as required if there are conditions and events that raise substantial doubt about its ability to continue as a going concern. The Company currently does not expect the adoption to have a material impact on its consolidated financial statements.
·	Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply a five step process – (i) identifying the contract(s) with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations in the contract and (v) recognizing revenue when (or as) the entity satisfies a performance obligation. The Company plans to adopt these provisions in the first quarter of 2017 and is currently evaluating the impact of these provisions on its financial statements. Early adoption is not permitted.
·	Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in the ASU require that only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective in the first quarter of 2015 with early adoption permitted. The Company plans to adopt these provisions in the first quarter of 2015 and does not expect the adoption to have a material impact on the Company’s consolidated financial statements.

ACCOUNTS_RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2014
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 2: ACCOUNTS RECEIVABLE
	Accounts receivable consist of the following:
	December 31,	2014			2013
	(in thousands)
	Trade receivables	$	1,741		$	1,668
	Other		653			378
	Total		2,394			2,046
	Less: allowance for doubtful accounts		(25	)		(25	)
	Net accounts receivable	$	2,369		$	2,021
	Trade receivables consist primarily of balances related to the sales of boats which are shipped pursuant to “floor-plan financing” programs with qualified lenders. Other receivables consist primarily of rebate receivables from various suppliers.  Changes in the Company’s allowance for doubtful accounts are disclosed in Schedule II on page 62 of this report.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2014
INVENTORIES
INVENTORIES	NOTE 3: INVENTORIES
	Inventories consist of the following:
	December 31,	2014		2013
	(in thousands)
	Raw materials	$	16,996	$	15,901
	Work in process		6,602		7,435
	Finished goods		5,221		5,523
	Total inventories	$	28,819	$	28,859

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2014
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 4: PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment are presented at cost, net of accumulated depreciation, and consist of the following:
	December 31,	Estimated		2014			2013
		Useful Lives
	(in thousands)
	Land		N/A	$	657		$	657
	Buildings		Jul-40		17,237			17,113
	Operating equipment and property		15-Mar		9,981			9,768
	Furniture and fixtures		7-May		1,978			1,915
	Vehicles		10-May		4,217			6,422
	Gross property, plant and equipment				34,070			35,875
	Less: accumulated depreciation				(24,180	)		(24,610	)
	Net property, plant and equipment			$	9,890		$	11,265
	Depreciation expense was $712,000 in 2014, $726,000 in 2013 and $768,000 in 2012.

ACCRUED_EXPENSES_AND_OTHER_LIA

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2014
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 5: ACCRUED EXPENSES AND OTHER LIABILITIES
	Accrued expenses and other liabilities consist of the following:
	December 31,	2014		2013
	(in thousands)
	Accrued payroll and related expenses	$	1,935	$	1,393
	Accrued sales incentives and discounts		2,671		3,025
	Accrued warranty costs		3,836		3,410
	Deferred revenue		706		836
	Other		483		329
	Total accrued expenses and other liabilities	$	9,631	$	8,993

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
INCOME TAXES
INCOME TAXES	NOTE 6: INCOME TAXES
	The following table lists the components of the provision for income taxes:
	Years ended December 31,	2014			2013			2012
	(in thousands)
	Current provision:
	Federal	$	4,275		$	2,325		$	3,146
	State		143			99			94
	Deferred (benefit) provision:
	Federal		(762	)		57			(493	)
	State		(43	)		21			(5	)
	Total income tax provision	$	3,613		$	2,502		$	2,742
	A reconciliation between the federal graduated statutory rate and Marine Products’ effective tax rate is as follows:
	Years ended December 31,	2014			2013			2012
	Federal statutory rate		35	%		34	%		34	%
	State income taxes, net of federal benefit		0.7			0.7			0.5
	Research and experimentation credit		(2.1	)		(4.9	)		—
	Tax-exempt interest		(1.1	)		(1.4	)		(2.3	)
	Tax-exempt gain on SERP assets		(0.5	)		(1.2	)		(0.6	)
	Manufacturing deduction		(3.3	)		(2.7	)		(3.0	)
	Change in valuation allowance		—			0.2			—
	Other		0.1			0.2			(0.4	)
	Effective tax rate		28.8	%		24.9	%		28.2
	Significant components of the Company’s deferred tax assets and liabilities are as follows:
	December 31,	2014			2013
	(in thousands)
	Deferred tax assets:
	Warranty costs	$	1,362		$	1,211
	Sales incentives and discounts		512			542
	Stock-based compensation		996			938
	Pension		2,499			1,919
	All others		444			268
	State credits and NOL’s		4,674			4,634
	Valuation allowance		(4,401	)		(4,359	)
	Total deferred tax assets		6,086			5,153
	Deferred tax liabilities:
	Depreciation and amortization expense		(392	)		(880	)
	Net deferred tax assets	$	5,694		$	4,273
	Total net income tax payments were $3,509,000 in 2014, $2,600,000 in 2013 and $3,655,000 in 2012.  As of December 31, 2014 the Company had net operating loss carry forwards related to state income taxes and credits of approximately $19.1 million that will expire between 2015 and 2034.  As of December 31, 2014 the Company has a valuation allowance of approximately $4.4 million, representing the tax affected amount of state tax credits and loss carry forwards that the Company does not expect to utilize, against the corresponding deferred tax asset.
	The Company’s policy is to record interest and penalties related to income tax matters as income tax expense. Accrued interest and penalties were immaterial as of December 31, 2014 and 2013.
	In accordance with the accounting guidance relating to the accounting for uncertainty in income tax reporting, which provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions, the Company did not recognize a material adjustment in the liability for unrecognized income tax benefits.
	As of December 31, 2014 and 2013, our liability for unrecognized tax benefits was $14,000 and $11,000, respectively, all of which would affect our effective rate if recognized.
	It is reasonably possible that the amount of the unrecognized benefits with respect to our unrecognized tax positions will increase or decrease in the next 12 months. These changes may be the result of, among other things, state tax settlements under voluntary disclosure agreements. However, quantification of an estimated range cannot be made at this time.
	The Company and its subsidiaries are subject to U.S. federal and state income tax in multiple jurisdictions. In many cases our uncertain tax positions are related to tax years that remain open and subject to examination by the relevant taxing authorities. The Company’s 2011 through 2014 tax years remain open to examination.  Additional years may be open to the extent attributes are being carried forward to an open year.
	The Tax Increase Prevention Act of 2014 ("Act") was signed into law on December 19, 2014 and retroactively reinstated the provisions of the bonus depreciation deduction and the research and experimentation credits ("R&E credits") for 2014. As a result of the retroactive extension, the Company's effective rate for 2014 included a tax benefit due to the combined effect from the bonus depreciation and manufacturing deduction and the R&E credits attributable to the year.
	In September 2013, the U.S. Department of the Treasury issued final regulations under Internal Revenue Code Sections 162(a), 263(a), and 168 that provide guidance on the deduction and capitalization of expenditures related to tangible property.  Adoption of these regulations requires certain mandatory and elective accounting methods with respect to property and equipment, inventory and supplies.  MPC adopted these regulations as of January 1, 2014 and adoption of these provisions did not have a material impact on the results of operations or financial position.

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	NOTE 7: ACCUMULATED OTHER COMPREHENSIVE LOSS
	Accumulated other comprehensive loss consists of the following:
		Pension			Unrealized			Total
		Adjustment			Gain on
					Securities
	(in thousands)
	Balance at December 31, 2012	$	(1,771	)	$	199		$	(1,572	)
	Change during 2013:
	Before-tax amount		—			(190	)		(190	)
	Tax provision		—			67			67
	Reclassification adjustment, net of taxes
	Amortization of net gain		781			—			781
	Net realized gain		—			61			61
	Total activity in 2013		781			(62	)		719
	Balance at December 31, 2013	$	(990	)	$	137		$	(853	)
	Change during 2014:
	Before-tax amount		—			(213	)		(213	)
	Tax provision		—			74			74
	Reclassification adjustment, net of taxes
	Amortization of net loss		(1,034	)		—			(1,034	)
	Net realized gain		—			57			57
	Total activity in 2014		(1,034	)		(82	)		(1,116	)
	Balance at December 31, 2014	$	(2,024	)	$	55		$	(1,969	)

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2014
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 8: FAIR VALUE MEASUREMENTS
	The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows:
		1	Level 1 – Quoted market prices in active markets for identical assets or liabilities.
		2	Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
		3	Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.
	The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of December 31, 2014 and 2013:
		Fair Value Measurements at December 31, 2014 with:
	(in thousands)	Quoted prices in			Significant other			Significant
		active markets for			observable inputs			unobservable
		identical assets						inputs
		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Trading securities		$	—		$	6,575		$	—
	Available-for-sale securities:									—
	Municipal Obligations		$	—		$	32,080			—
	Corporate Obligations			—			5,404			—
	Total		$	—		$	37,484		$	—
		Fair Value Measurements at December 31, 2013 with:
	(in thousands)	Quoted prices in			Significant other			Significant
		active markets for			observable inputs			unobservable
		identical assets						inputs
		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Trading securities		$	—		$	6,388		$	—
	Available-for-sale securities:									—
	Municipal Obligations		$	—		$	36,132			—
	Corporate Obligations			—			456			—
	Total		$	—		$	36,588		$	—
	The Company determines the fair value of the marketable securities that are available-for-sale through quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. The trading securities are comprised of the SERP assets, as described in Note 10, and are recorded primarily at their net cash surrender values, which approximates fair value, as provided by the issuing insurance company. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. As a result, the Company classified these investments as using level 2 inputs. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods.  For the year ended December 31, 2014 there were no significant transfers in or out of levels 1, 2 or 3.
	The carrying amount of other financial instruments reported in the balance sheet 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.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 9: COMMITMENTS AND CONTINGENCIES
	Lawsuits — The Company is a defendant in certain lawsuits which allege that plaintiffs have been damaged as a result of the use of the Company’s products. The Company is vigorously contesting these actions. Management, after consultation with legal counsel, is of the opinion that the outcome of these lawsuits will not have a material adverse effect on the financial position, results of operations or liquidity of Marine Products.
	Dealer Floor Plan Financing — To assist dealers in obtaining financing for the purchase of its boats for inventory, the Company has entered into agreements with various dealers and selected third-party floor plan lenders to guarantee varying amounts of qualifying dealers’ debt obligations. 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 lender.
	As a result of dealer defaults, the Company became contractually obligated to repurchase inventory for approximately $1.1 million during the fourth quarter of 2014, none of which remains outstanding as of December 31, 2014.  The Company recorded costs in connection with these repurchases of approximately $75 thousand during 2014 as a reduction of net sales.  As of December 31, 2014, there were no repossessed boats remaining in inventory as the Company redistributed all of these boats among existing and replacement dealers.  There were no material repurchases of inventory under contractual agreements during 2013.  Management continues to monitor the risk of additional defaults and resulting repurchase obligations based in part on information provided by the third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time.
	The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is to not exceed 16 percent of the average net receivables financed by the floor plan lender for dealers during the prior 12 month period, which was $8.2 million as of December 31, 2014.  The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $4.5 million, with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all financing institutions of approximately $12.7 million as of December 31, 2014. This repurchase obligation risk is mitigated by the value of the boat repurchased.
	Lease Obligations — In June 2001, the Company entered into a lease transaction for existing boat manufacturing space located in Valdosta, Georgia.  This lease was accounted for as a capital lease and was paid in full in 2012, and is reflected in the financing section of the statement of cash flows.
	Minimum annual operating lease obligations with terms in excess of one year, in effect at December 31, 2014, are summarized in the following table:
	(in thousands)
	2015	$	157
	2016		161
	2017		144
	2018		134
	2019		—-
	Thereafter		—-
	Total rental commitments	$	596
	Total rent expense charged to operations was approximately $118,000 in 2014, $140,000 in 2013 and $106,000 in 2012.
	Income Taxes — The amount of income taxes the Company pays is subject to ongoing audits by federal and state tax authorities, which often result in proposed assessments. Other long-term liabilities included the Company’s estimated liabilities for these probable assessments and totaled approximately $44,000 as of December 31, 2014 and $45,000 as of December 31, 2013.
	Employment Agreements — The Company has agreements with two employees, which provide for a monthly payment to each of the employees equal to 10 percent of profits (defined as pretax income before goodwill adjustments and certain allocated corporate expenses) in addition to a base salary. The expense under these agreements totaled approximately $4,225,000 in 2014, $3,421,000 in 2013 and $3,294,000 in 2012 and is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

EMPLOYEE_BENEFIT_PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2014
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 10: EMPLOYEE BENEFIT PLANS
	Supplemental Executive Retirement Plan (SERP)
	The Company permits selected highly compensated employees to defer a portion of their compensation into the SERP.  The SERP assets are invested primarily in company-owned life insurance (“COLI”) policies as a funding source to satisfy the obligation of the SERP.  The assets are subject to claims by creditors, and the Company can designate them to another purpose at any time.  Investments in COLI policies consist of variable life insurance policies of $8.2 million as of December 31, 2014 and December 31, 2013.  In the COLI policies, the Company is able to allocate assets across a set of choices provided by the insurance company, including fixed income securities and equity funds. The COLI policies are recorded at their net cash surrender values, which approximates fair value, as provided by the issuing insurance company, whose Standard & Poor’s credit rating was A+.
	The Company classifies the SERP assets as trading securities as described in Note 1.  The fair value of these assets totaled $6,575,000 as of December 31, 2014 and $6,388,000 as of December 31, 2013. The SERP assets are reported in other assets on the consolidated balance sheets and changes related to the fair value of the assets are included in selling, general and administrative expenses in the consolidated statements of operations. Trading gains (losses) related to the SERP assets totaled $187,000 in 2014, $361,000 in 2013 and $181,000 in 2012. The SERP liabilities are recorded on the balance sheet in pension liabilities with any change in the fair value of the SERP liabilities recorded as selling, general and administrative expenses in the consolidated statements of operations.
	Retirement Income Plan — Marine Products participates in the tax-qualified, defined benefit, noncontributory, trusteed retirement income plan sponsored by RPC, Inc. (“RPC”) that covers substantially all employees with at least one year of service prior to 2002.
	The Company’s projected benefit obligation exceeded the fair value of the plan assets for its Retirement Income Plan by $341,000 and thus the plan was under-funded as of December 31, 2014. The increase in projected benefit obligation resulted from the adoption of new mortality tables reflecting longer life expectancies, and lower discount rates.
	The following table sets forth the funded status of the Retirement Income Plan and the amounts recognized in Marine Products’ consolidated balance sheets:
	December 31,		2014				2013
	(in thousands)
	ACCUMULATED BENEFIT OBLIGATION, END OF YEAR		$	6,355			$	4,873
	CHANGE IN PROJECTED BENEFIT OBLIGATION:
	Benefit obligation at beginning of year		$	4,873			$	5,695
	Service cost			—				—
	Interest cost			261				235
	Actuarial loss (gain)			1,450				(828	)
	Benefits paid			(229	)			(229	)
	Projected benefit obligation at end of year		$	6,355			$	4,873
	CHANGE IN PLAN ASSETS:
	Fair value of plan assets at beginning of year		$	5,887			$	5,282
	Actual return on plan assets			221				684
	Employer contributions			135				150
	Benefits paid			(229	)			(229	)
	Fair value of plan assets at end of year		$	6,014			$	5,887
	Funded status at end of year		$	(341	)		$	1,014
	December 31,	2014				2013
	(in thousands)
	AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
	Noncurrent assets		$	—			$	1,014
	Current liabilities			—				—
	Noncurrent liabilities			(341	)			—
			$	(341	)		$	1,014
	The funded status of the Retirement Income Plan was recorded in the consolidated balance sheets in pension liabilities as of December 31, 2014 and in other assets as of December 31, 2013.
	December 31,	2014				2013
	(in thousands)
	AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
	Net loss		$	3,139			$	1,537
	Prior service cost (credit)			—				—
	Net transition obligation (asset)			—				—
			$	3,139			$	1,537
	The accumulated benefit obligation for the Retirement Income Plan as of December 31, 2014 and 2013 has been disclosed above. The Company uses a December 31 measurement date for this qualified plan.
	Amounts recorded in the consolidated balance sheet as pension liabilities consist of:
	December 31,	2014				2013
	(in thousands)
	SERP liability		$	(6,698	)		$	(6,420	)
	Funded status			(341	)			—
	Pension liabilities		$	(7,039	)		$	(6,420	)
	Marine Products’ funding policy is to contribute to the Retirement Income Plan the amount required, if any, under the Employee Retirement Income Security Act of 1974. Contributions to the plan totaled $135,000 during 2014 and $150,000 during 2013.
	The components of net periodic benefit cost are summarized as follows:
	Years ended December 31,	2014				2013				2012
	(in thousands)
	Service cost for benefits earned during the period		$	—			$	—			$	—
	Interest cost on projected benefit obligation			261				235				253
	Expected return on plan assets			(411	)			(369	)			(328	)
	Amortization of net loss			37				68				61
			$	(113	)		$	(66	)		$	(14	)
	The Company recognized a pre-tax decrease to the funded status in accumulated other comprehensive income of $1,602,000 in 2014 compared to a pre-tax increase of $1,211,000 in 2013 and a pre-tax decrease of $163,000 in 2012. There were no previously unrecognized prior service costs during 2014, 2013 and 2012. The pre-tax amounts recognized in other comprehensive income for the years ended December 31, 2014, 2013 and 2012 are summarized as follows:
	(in thousands)		2014				2013				2012
	Net loss (gain)		$	1,639			$	(1,143	)		$	224
	Amortization of net loss			(37	)			(68	)			(61	)
	Net transition obligation (asset)			—				—				—
	Amount recognized in accumulated other comprehensive income		$	1,602			$	(1,211	)		$	163
	The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2015 are as follows:
	(in thousands)		2015
	Amortization of net loss		$	77
Prior service cost (credit)			—
Net transition obligation (asset)			—
Estimated net periodic cost		$	77
The weighted average assumptions as of December 31 used to determine the projected benefit obligation and net benefit cost were as follows:
December 31,		2014				2013				2012
PROJECTED BENEFIT OBLIGATION:
Discount rate			4.25	%			5.35	%			4.34	%
Rate of compensation increase			N/A				N/A				N/A
NET BENEFIT COST:
Discount rate			5.35	%			4.34	%			5.09	%
Expected return on plan assets			7	%			7	%			7	%
Rate of compensation increase			N/A				N/A				N/A
The Company’s expected return on assets assumption is derived from a detailed periodic assessment by its management and investment advisor. It includes a review of anticipated future long-term performance of individual asset classes and consideration of the appropriate asset allocation strategy given the anticipated requirements of the plan to determine the average rate of earnings expected on the funds invested to provide for the pension plan benefits. While the assessment gives appropriate consideration to recent fund performance and historical returns, the rate of return assumption is derived primarily from a long-term, prospective view. Based on its recent assessment, the Company has concluded that its expected long-term return assumption of seven percent is reasonable.
The plan’s weighted average asset allocation at December 31, 2014 and 2013 by asset category along with the target allocation for 2015 are as follows:
Asset Category		Target				Percentage of				Percentage of
		Allocation				Plan Assets as of				Plan Assets as of
		for 2015				December 31,				December 31,
						2014				2013
Cash and Cash Equivalents			0% - 5	%			1	%			0.6	%
Debt Securities – Core Fixed Income			15% - 50	%			24.3				25.3
Domestic Equity Securities			0% - 40	%			37				26.6
International Equity Securities			0% - 30	%			22.8				31.4
Real Estate			0% - 20	%			10.5				8.3
Real Return			0% - 20	%			1.6				7.8
Alternative/Opportunistic/Special			0% - 20	%			2.8				—
Total			100	%			100	%			100	%
The Company’s overall investment strategy is to achieve a mix of approximately 70 percent of investments for long-term growth and 30 percent for near-term benefit payments, with a wide diversification of asset types, fund strategies and fund managers. Equity securities primarily include investments in large-cap and small-cap companies domiciled domestically and internationally. Fixed-income securities include corporate bonds, mortgage-backed securities, sovereign bonds and U.S. Treasuries. Other types of investments include real estate funds and private equity funds that follow several different investment strategies. For each of the asset categories in the pension plan, the investment strategy is identical – maximize the long-term rate of return on plan assets with an acceptable level of risk in order to minimize the cost of providing pension benefits. The investment policy establishes a target allocation for each asset class which is rebalanced as required.  The plan utilizes a number of investment approaches, including but not limited to individual market securities, equity and fixed income funds in which the underlying securities are marketable, and debt funds to achieve this target allocation.  Company management expects to make a contribution to the pension plan of approximately $150,000 during fiscal year 2015.
Some of our assets, primarily our private equity and real estate funds, do not have readily determinable market values given the specific investment structures involved and the nature of the underlying investments. For plan asset reporting as of December 31, 2014, publicly traded asset pricing was used where possible. For assets without readily determinable values, estimates were derived from investment manager statements combined with discussions focusing on underlying fundamentals and significant events.  Additionally, these investments are categorized as level 3 investments and are valued using significant non-observable inputs which do not have a readily determinable fair value.  In accordance with ASU No. 2009-12 “Investments In Certain Entities That Calculate Net Asset Value per Share (Or Its Equivalent),” these investments are valued based on the net asset value per share calculated by the funds in which the plan has invested. These valuations are subject to judgments and assumptions of the funds which may prove to be incorrect, resulting in risks of incorrect valuation of these investments. The Company seeks to mitigate these risks by evaluating the appropriateness of the funds’ judgments and assumptions by reviewing the financial data included in the funds’ financial statements for reasonableness.
The following tables present our plan assets using the fair value hierarchy as of December 31, 2014 and 2013. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See Note 8 for a brief description of the three levels under the fair value hierarchy.
Fair Value Hierarchy as of December 31, 2014:
Investments (in thousands)					Total				Level 1				Level 2			Level 3
Cash and Cash Equivalents			(1	)		$	61			$	61			$	—		$	—
Fixed Income Securities			(2	)			1,459				589				870			—
Domestic Equity Securities			(3	)			2,226				797				1,429			—
International Equity Securities			(4	)			1,372				—				1,372			—
Real Estate			(5	)			631				—				—			631
Real Return			(6	)			95				—				95			—
Alternative/Opportunistic/Special			(7	)			170				—				—			170
						$	6,014			$	1,447			$	3,766		$	801
Fair Value Hierarchy as of December 31, 2013:
Investments (in thousands)					Total				Level 1				Level 2			Level 3
Cash and Cash Equivalents			(1	)		$	38			$	38			$	—		$	—
Fixed Income Securities			(2	)			1,490				—				1,490			—
Domestic Equity Securities			(3	)			1,559				1,559				—			—
International Equity Securities			(4	)			1,850				—				1,850			—
Real Estate			(5	)			491				—				—			491
Real Return			(6	)			459				—				459			—
Alternative/Opportunistic/Special			(7	)			—				—				—			—
						$	5,887			$	1,597			$	3,799		$	491
-1	Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
-2	Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
-3	Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
-4	International equity securities are valued using a market approach based on the quoted market prices of similar instruments in their respective markets.
-5	Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data.
-6	Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets.
-7	Alternative/Opportunistic/Special funds can invest across the capital structure in both liquid and illiquid securities that are valued using a market approach based on the quoted market prices of identical instruments, or if no market price is available, instruments will be held at their fair market value (which may be cost) as reasonably determined by the investment manager, independent dealers, or pricing services.
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2014:
Investments		Balance at				Net Realized and				Net Purchases,				Net Transfers			Balance at
		December 31,				Unrealized				Issuances and				In to (Out of)			December 31,
		2013				Gains/(Losses)				Settlements				Level 3			2014
(in thousands)
Real Estate		$	491			$	34			$	106			$	—		$	631
Alternative/Opportunistic/Special			—				4				166				—			170
		$	491			$	38			$	272			$	—		$	801
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2013:
Investments	Balance at				Net Realized and				Net Purchases,				Net Transfers			Balance at
	December 31,				Unrealized				Issuances and				In to (Out of)			December 31,
	2012				Gains/(Losses)				Settlements				Level 3			2013
(in thousands)
Real Estate		$	489			$	39			$	(37	)		$	—		$	491
		$	489			$	39			$	(37	)		$	—		$	491
The Company expects to contribute approximately $150,000 to the Retirement Income Plan in 2015.
The Company estimates that the future benefits payable for the Retirement Income Plan over the next ten years are as follows:
(in thousands)
2015		$	265
2016			276
2017			256
2018			244
2019			253
2020-2024		$	1,476
401(k) Plan— Marine Products participates in a defined contribution 401(k) plan sponsored by RPC that is available to substantially all full-time employees with more than 90 days of service. This plan allows employees to make tax-deferred contributions of up to 25 percent of their annual compensation, not exceeding the permissible deduction imposed by the Internal Revenue Code. The Company matches 50 percent of each employee’s contributions that do not exceed six percent of the employee’s compensation, as defined by the 401(k) plan. Employees vest in the Company’s contributions after three years of service. The charges to expense for Marine Products’ contributions to the 401(k) plan were approximately $194,000 in 2014, $203,000 in 2013 and $164,000 in 2012.
Stock Incentive Plan— 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.  All future equity compensation awards by the Company will be issued under the 2014 plan. 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 December 31, 2014, there were approximately 2,940,000 shares available for grant.
The Company recognizes compensation expense for the unvested portion of awards outstanding over the remainder of the service period. The compensation cost recorded for these awards will be based on their fair value at grant date less the cost of estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. Cash flows related to share-based awards to employees that result in tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows.
Pre-tax stock-based employee compensation expense was approximately $1,754,000 ($1,131,000 after tax) for 2014, $1,702,000 ($1,098,000 after tax) for 2013 and $1,495,000 ($964,000 after tax) for 2012.
Stock Options— Stock options are granted at an exercise price equal to the fair market value of the Company’s common stock at the date of grant except for grants of incentive stock options to owners of greater than 10 percent of the Company’s voting securities which must be made at 110 percent of the fair market value of the Company’s common stock. Options generally vest ratably over a period of five years and expire in 10 years, except to owners of greater than 10 percent of the Company’s voting securities, which expire in five years.
The Company estimates the fair value of stock options as of the date of grant using the Black-Scholes option pricing model. The Company has not granted stock options to employees since 2004. Transactions involving the Marine Products stock options for the year ended December 31, 2014 were as follows:
		Shares				Weighted Average			Weighted Average					Aggregate Intrinsic
						Exercise Price			Remaining					Value
									Contractual Life
Outstanding at January 1, 2014			41,600			$	12.47		0.33 years
Granted			—				—				N/A
Exercised			—				—				N/A
Forfeited			—				—				N/A
Expired			(41,600	)			12.47				N/A
Outstanding and exercisable at			—			$	—				—		$	N/A
31-Dec-14
There were no options exercised in 2014 or 2013. The total intrinsic value of share options exercised was approximately $941,000 in 2012.  There was no tax benefit associated with the exercise of non-qualified stock options during 2014, 2013 or 2012.
Restricted Stock— Marine Products grants selected employees time lapse restricted stock. Time lapse restricted shares vest after a certain stipulated number of years from the grant date, depending on the terms of the issue. Prior to 2004, the Company issued time lapse restricted shares that vest over ten years. Beginning in 2004, the Company issued time lapse restricted shares that vest in 20 percent increments starting with the second anniversary of the grant, over the six year period beginning on the date of grant. During these years, grantees receive all dividends declared and retain voting rights for the shares.
The agreements under which the restricted stock is issued provide that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have lapsed. Upon termination of employment from the Company (other than due to death, disability or retirement on or after age 65), shares with restrictions are forfeited in accordance with the plan.
The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2014:
		Shares				Weighted Average
						Grant-Date Fair
						Value
Non-vested shares at January 1, 2014			1,268,200			$	6.01
Granted			273,000				7.9
Vested			(276,100	)			5.76
Forfeited			(13,700	)			6.6
Non-vested shares at December 31, 2014			1,251,400			$	6.47
The fair value of restricted stock awards is based on the market price of the Company’s stock on the date of grant and is amortized to compensation expense on a straight line basis over the requisite service period. The weighted average grant date fair value of these restricted stock awards was $7.90 in 2014, $6.40 in 2013 and $5.59 in 2012. The total fair value of shares vested was approximately $2,295,000 in 2014, $1,457,000 in 2013 and $1,169,000 during 2012. Tax benefits for compensation tax deductions in excess of compensation expense related to restricted shares credited to capital in excess of par value was approximately $342,000 in 2014, $136,000 in 2013 and $379,000 in 2012.  The excess tax deductions are classified as financing cash flows in the accompanying consolidated statements of cash flows.
Other Information— As of December 31, 2014 total unrecognized compensation cost related to non-vested restricted shares was approximately $6,638,000 which is expected to be recognized over a weighted-average period of 3.4 years.
There were no options exercised in 2014 and 2013. The Company received cash from options exercised of $467,000 in 2012. These cash receipts are classified as financing cash flows in the accompanying consolidated statements of cash flows. The fair value of shares tendered to exercise employee stock options totaled approximately $823,000 in 2012 and have been excluded from the consolidated statements of cash flows.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 11: RELATED PARTY TRANSACTIONS
	In conjunction with its spin-off from RPC in 2001, the Company and RPC entered into various agreements that define the companies’ relationship after the spin-off.
	The Transition Support Services Agreement provides for RPC to provide certain services, including financial reporting and income tax administration, acquisition assistance, etc., to Marine Products until the agreement is terminated by either party. Marine Products reimbursed RPC for its estimated allocable share of administrative costs incurred for services rendered on behalf of Marine Products totaling $663,000 in 2014, $670,000 in 2013 and $544,000 in 2012. The Company’s liability to RPC for these services was approximately $47,000 as of December 31, 2014 and $145,000 as of December 31, 2013. The Company’s directors are also directors of RPC and all of the Company’s executive officers with the exception of one are employees of both the Company and RPC.
	The Employee Benefits Agreement provides for, among other things, the Company’s employees to continue participating subsequent to the spin-off in two RPC sponsored benefit plans, specifically, the defined contribution 401(k) plan and the defined benefit retirement income plan.
	During the year ended December 31, 2014, the Company purchased 100,000 shares for total consideration of $775,000, from one of its directors who is also an executive officer.  The purchase was completed under the stock buyback program approved by the Board of Directors that is currently in effect.
	During the year ended December 31, 2014, RPC and Marine Products entered into a joint venture creating a limited liability company called 255 RC, LLC that is owned 50 percent each for the purchase and ownership of a corporate aircraft.  255 RC, LLC was funded with a contribution of approximately $2,554,000 each from RPC and Marine Products.  The purchase of the aircraft was completed in January 2015 and each of RPC and Marine Products have entered into an operating lease agreement with 255 RC, LLC for a period of five years.
	A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

VALUATION_AND_QUALIFYING_ACCOU

VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2014
VALUATION AND QUALIFYING ACCOUNTS
VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
	MARINE PRODUCTS CORPORATION AND SUBSIDIARIES (in thousands of dollars)
		For the years ended December 31, 2014, 2013 and 2012
	Description	Balance at		Charged to		Net			Balance
		Beginning		Costs and		(Write-Offs)/			at End of
		of Period		Expenses		Recoveries			Period
	Year ended December 31, 2014
	Allowance for doubtful accounts	$	25	$	—	$	—		$	25
	Deferred tax asset valuation allowance	$	4,359	$	42	$	—		$	4,401
	Year ended December 31, 2013
	Allowance for doubtful accounts	$	22	$	—	$	3		$	25
	Deferred tax asset valuation allowance	$	4,155	$	204	$	—		$	4,359
	Year ended December 31, 2012
	Allowance for doubtful accounts	$	27	$	—	$	(5	)	$	22
	Deferred tax asset valuation allowance	$	3,783	$	372	$	—		$	4,155

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation — The consolidated financial statements include the accounts of Marine Products Corporation (a Delaware corporation) and its wholly owned subsidiaries (“Marine Products” or the “Company”). Marine Products, through Chaparral Boats, Inc. (“Chaparral”) and Robalo Acquisition Company LLC (“Robalo”), operates as a manufacturer of fiberglass powerboats and related products and services to a broad range of consumers worldwide.
	The consolidated financial statements included herein may not necessarily be indicative of the future results of operations, financial position and cash flows of Marine Products.
	The Company has only one reportable segment — its Powerboat Manufacturing business. The Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model. No single dealer accounted for more than 10 percent of net sales during 2014, 2013 or 2012.  Net sales to the Company’s international dealers were approximately $26 million in 2014, $29 million in 2013, and $30 million in 2012.
Common Stock	Common Stock — Marine Products is authorized to issue 74,000,000 shares of common stock, $0.10 par value. Holders of common stock are entitled to receive dividends when, as, and if declared by our Board of Directors out of legally available funds. Each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights. In the event of any liquidation, dissolution or winding up of the Company, holders of common stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders.
Preferred Stock	Preferred Stock — Marine Products is authorized to issue up to 1,000,000 shares of preferred stock, $0.10 par value. As of December 31, 2014, there were no shares of preferred stock issued. The Board of Directors is authorized, subject to any limitations prescribed by law, to provide for the issuance of preferred stock as a class without series or, if so determined from time to time, in one or more series, and by filing a certificate pursuant to the applicable laws of the state of Delaware and to fix the designations, powers, preferences and rights, exchangeability for shares of any other class or classes of stock. Any preferred stock to be issued could rank prior to the common stock with respect to dividend rights and rights on liquidation.
Share Repurchases	Share Repurchases — The Company records the cost of share repurchases in stockholders’ equity as a reduction to common stock to the extent of par value of the shares acquired and the remainder is allocated to capital in excess of par value or retained earnings if capital in excess of par value has been depleted.
Dividend	Dividend — On January 27, 2015, the Board of Directors approved a quarterly dividend of $0.04 per common share payable March 10, 2015 to stockholders of record at the close of business on February 10, 2015.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are used in the determination of sales incentives and discounts, warranty costs, and income taxes.
Sales Recognition	Sales Recognition — Marine Products recognizes sales when a fully executed agreement exists, prices are established, products are delivered to the dealer in the case of domestic dealers and collectability is reasonably assured. See “Deferred Revenue” below for recognition of sales to international dealers.
Deferred Revenue	Deferred Revenue — Marine Products requires payment from international dealers, other than Canada, prior to shipment of products to these dealers. Amounts received from international dealers toward the purchase of boats are classified as deferred revenue and recognized as sales when the products are shipped.
Shipping and Handling Charges	Shipping and Handling Charges — The shipping and handling of the Company’s products to dealers is handled through a combination of third-party marine transporters and a company owned fleet of delivery trucks. 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.
Advertising	Advertising — Advertising expenses are charged to expense during the period in which they are incurred. Expenses associated with product brochures and other inventoriable marketing materials are deferred and amortized over the related model year which approximates the consumption of these materials.  As of December 31, 2014 and 2013 the Company had approximately $303,000 and $264,000 in prepaid expenses related to unamortized product brochure costs. Advertising expenses totaled approximately $2,291,000 in 2014, $2,113,000 in 2013 and $2,000,000 in 2012 and are recorded in selling, general and administrative expenses.
Sales Incentives and Discounts	Sales Incentives and Discounts — Sales incentives including dealer discounts and retail sales promotions are provided for and recorded as a reduction of sales or as a cost of sales as appropriate.  The Company records the estimated cost of these incentives at the later of the recognition of the related sales or the announcement of a promotional program.
Cash and Cash Equivalents	Cash and Cash Equivalents — Highly liquid investments with original maturities of three months or less when acquired are considered to be cash equivalents. The Company maintains its cash in bank accounts, which at times, may exceed federally insured limits.
Marketable Securities	Marketable Securities — Marine Products maintains investments at a large, well-capitalized financial institution. Marine Products’ investment policy does not allow investment in any securities rated less than “investment grade” by national rating services.
	Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designations as of each balance sheet date.  Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity.  Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of taxes, reported as a separate component of stockholders’ equity.  The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income.  Net realized gains on marketable securities totaled $57,000 in 2014, $61,000 in 2013, and $290,000 in 2012.  Of the total gains realized, reclassification from other comprehensive income totaled approximately $57,000 in 2014, $61,000 in 2013, and $290,000 in 2012.  Gross unrealized gains on marketable securities totaled $122,000 as of December 31, 2014 and $229,000 as of December 31, 2013.  Gross unrealized losses on marketable securities totaled $37,000 as of December 31, 2014 and $16,000 as of December 31, 2013.  The amortized cost basis, fair value and net unrealized gains of the available-for-sale securities are as follows:
	December 31,	2014												2013
	Type of Securities	Amortized				Fair				Net				Amortized			Fair			Net
		Cost Basis				Value				Unrealized				Cost			Value			Unrealized
										Gain				Basis						Gain
	(in thousands)
	Municipal Obligations		$	31,990			$	32,080			$	90			$	35,925		$	36,132		$	207
	Corporate Obligations			5,409				5,404				(5	)			450			456			6
	Total		$	37,399			$	37,484			$	85			$	36,375		$	36,588		$	213
	Municipal debt obligations consist primarily of municipal notes rated A- or higher ranging in maturity from less than one year to over 10 years.  Corporate obligations consist primarily of debentures and notes issued by other companies ranging in maturity from one to five years.  These securities are rated A- or higher.  Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities as of December 31, 2014 are scheduled to mature between 2016 and 2037.
Accounts Receivable	Accounts Receivable — The majority of the Company’s accounts receivable are due from dealers located in markets throughout the United States. Approximately 59 percent of Marine Products’ domestic shipments are made pursuant to “floor plan financing” programs in which Marine Products’ subsidiaries participate on behalf of their dealers with various major third-party financing institutions. Under these arrangements, a dealer establishes lines of credit with one or more of these third-party lenders for the purchase of boat inventory for sales to retail customers in their show room or during boat show exhibitions. When a dealer purchases and takes delivery of a boat pursuant to a floor plan financing arrangement, it draws against its line of credit and the lender pays the invoice cost of the boat directly to Marine Products within approximately ten business days. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes-off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance.
Inventories	Inventories — Inventories are stated at the lower of cost (determined on a first-in, first-out basis) or market value. Market value is determined based on replacement cost for raw materials and net realizable value for work in process and finished goods.
Property, Plant and Equipment	Property, Plant and Equipment — Property, plant and equipment is carried at cost. Depreciation is provided principally on a straight-line basis over the estimated useful lives of the assets. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal with the resulting gain or loss credited or charged to income. Expenditures for additions, major renewals, and betterments are capitalized while expenditures for routine maintenance and repairs are expensed as incurred. Depreciation expense on operating equipment used in production is included in cost of goods sold in the accompanying consolidated statements of operations. All other depreciation is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Property, plant and equipment are reviewed for impairment when indicators of impairment exist.
Goodwill and Other Intangibles	Goodwill and Other Intangibles — Intangibles consist primarily of goodwill and trade names related to businesses acquired. Goodwill represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $3,308,000 as of December 31, 2014 and 2013. The Company evaluates whether goodwill is impaired by comparing its market capitalization based on its closing stock price (Level 1 input) to the book value of its equity on the annual evaluation date.  Based on this evaluation, the Company concluded that no impairment of its goodwill has occurred for the years ended December 31, 2014, 2013 and 2012.
Investments	Investments — The Company maintains certain securities in the non-qualified Supplemental Executive Retirement Plan that have been classified as trading.  See Note 10 for further information regarding these securities.
Warranty Costs	Warranty Costs — The Company warrants the entire boat, excluding the engine, against defects in materials and workmanship for a period of one year. The Company also warrants the entire deck and hull, including its bulkhead and supporting stringer system, against defects in materials and workmanship for periods extending up to a lifetime. The Company accrues for estimated future warranty costs at the time of the sale based on its historical claims experience. An analysis of the warranty accruals for the years ended December 31, 2014 and 2013 is as follows:
	(in thousands)		2014				2013
	Balance at beginning of year		$	3,410			$	2,522
	Less: Payments made during the year			(1,551	)			(1,558	)
	Add: Warranty provision for the current year			1,863				2,511
	Changes to warranty provision for prior years			114				(65	)
	Balance at end of year		$	3,836			$	3,410
Insurance Accruals	Insurance Accruals — The Company fully insures its risks related to general liability, product liability, workers’ compensation, and vehicle liability, whereas the health insurance plan is self-funded up to a maximum annual claim amount for each covered employee and related dependents. The estimated cost of claims under the self-insurance program is accrued as the claims are incurred and may subsequently be revised based on developments relating to such claims.
Research and Development Costs	Research and Development Costs — The Company expenses research and development costs for new products and components as incurred. Research and development costs are included in selling, general and administrative expenses and totaled $743,000 in 2014, $1,069,000 in 2013, and $768,000 in 2012.
Repurchase Obligations	Repurchase Obligations — The Company has entered into agreements with third-party floor plan lenders where it has agreed, in the event of default by the dealer, to repurchase MPC boats repossessed from the dealer. These arrangements are subject to maximum repurchase amounts and the associated risk is mitigated by the value of the boats repurchased. The Company accrues estimated losses when a loss, due primarily to the default of one of our dealers, is determined to be probable and the amount of the loss is reasonably estimable.
Income Taxes	Income Taxes — Deferred tax liabilities and assets are determined based on the difference between the financial and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance against the carrying value of deferred tax assets if the Company concludes that it is more likely than not that the asset will not be realized through future taxable income.
Stock-Based Compensation	Stock-Based Compensation — Stock-based compensation expense is recognized for all share-based payment awards, net of an estimated forfeiture rate.  Thus, compensation cost is amortized for those shares expected to vest on a straight-line basis over the requisite service period of the award.  See Note 10 for additional information.
Earnings per Share	Earnings per Share —Financial Accounting Standards Board (FASB) Auditing Standards Codification (ASC) Topic 260-10 “Earnings Per Share-Overall,” requires a basic earnings per share and diluted earnings per share presentation.  See Note 10 for further information on restricted stock granted to employees.
	Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.
	A reconciliation of weighted average shares outstanding along with the earnings per share attributable to restricted shares of common stock (participating securities) is as follows:
	(In thousands except per share data)		2014				2013				2012
	Net income available for stockholders:		$	8,914			$	7,528			$	6,979
	Less: Dividends paid
	Common Stock			(5,911	)			(5,525	)			(23,135	)
	Restricted shares of common stock			(191	)			(180	)			(677	)
	Undistributed earnings (loss)		$	2,812			$	1,823			$	(16,833	)
	Allocation of undistributed earnings (loss):
	Common Stock		$	2,720			$	1,762			$	(16,329	)
	Restricted shares of common stock			92				61				(504	)
	Basic shares outstanding:
	Common Stock			35,691				35,556				35,530
	Restricted shares of common stock			1,246				1,264				1,126
				36,937				36,820				36,656
	Diluted shares outstanding:
	Common Stock			35,691				35,556				35,530
	Dilutive effect of options			291				324				148
				35,982				35,880				35,678
	Restricted shares of common stock			1,246				1,264				1,126
				37,228				37,144				36,804
	Basic earnings per share:
	Common Stock:
	Distributed earnings		$	0.16			$	0.15			$	0.65
	Undistributed earnings (loss)			0.08				0.05				(0.46	)
			$	0.24			$	0.2			$	0.19
	Restricted shares of common stock:
	Distributed earnings		$	0.15			$	0.14			$	0.6
	Undistributed earnings (loss)			0.08				0.05				(0.45	)
			$	0.23			$	0.19			$	0.15
	Diluted earnings per share:
	Common Stock:
	Distributed earnings		$	0.16			$	0.15			$	0.65
	Undistributed earnings (loss)			0.08				0.05				(0.46	)
			$	0.24			$	0.2			$	0.19
Fair Value of Financial Instruments	Fair Value of Financial Instruments — The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and marketable securities.  The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values because of the short-term nature of such instruments.  The Company’s marketable securities are classified as available-for-sale securities with the exception of investments held in the non-qualified Supplemental Executive Retirement Plan (“SERP”) which are classified as trading securities.  All of these securities are carried at fair value in the accompanying consolidated balance sheets.  See Note 8 for further information regarding the fair value measurement of assets and liabilities.
Concentration of Suppliers	Concentration of Suppliers — The Company purchases a significant number of its sterndrive engines from only two available suppliers.  This concentration of suppliers could impact our sales and profitability in the event of a sudden interruption in the delivery of these engines.
New Accounting Standards	Recent Accounting Pronouncements
	During the year ended December 31, 2014, the FASB issued the following Accounting Standards Updates (ASU):
	Recently Adopted Accounting Pronouncements:
	·	Accounting Standards Update 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  The amendments in this ASU requires an unrecognized tax benefit, or a portion of thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward.  The only exception would be if the deferred taxes related to these items are not available to settle any additional income taxes that would result from the disallowance of a tax position either by statute or at the entity’s choosing.   In such cases, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets.  The Company adopted these provisions in the first quarter of 2014 with no material impact.
	Recently Issued Accounting Pronouncements Not Yet Adopted:
	·	Accounting Standards Update No. 2015-01, Income Statement —Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, then the extraordinary item needs to be segregated from the results of ordinary operations and disclosed separately in the income statement, net of tax, after income from continuing operations Disclosure of all applicable income taxes and presentation or disclosure of earnings-per-share data applicable to the extraordinary item is required. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company plans to adopt the provisions for the year ending December 31, 2016 and currently does not expect the adoption to have a material impact on its consolidated financial statements.
	·	Accounting Standards Update No. 2014-15, Presentation of Financial Statements —Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.  The provisions in this ASU are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Currently, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. This going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. This ASU provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and the related footnote disclosures. The amendments are effective for the year ending December 31, 2016, and for interim periods beginning the first quarter of 2017, with early application permitted.  The Company plans to adopt the provisions for the year ending December 31, 2016 and will provide such disclosures as required if there are conditions and events that raise substantial doubt about its ability to continue as a going concern.  The Company currently does not expect the adoption to have a material impact on its consolidated financial statements.
	·	Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606).  This ASU affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply a five step process – (i) identifying the contract(s) with a customer, (ii)  identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations in the contract and (v) recognizing revenue when (or as) the entity satisfies a performance obligation.  The Company plans to adopt these provisions in the first quarter of 2017 and is currently evaluating the impact of these provisions on its financial statements. Early adoption is not permitted.
	·	Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.  The amendments in the ASU require that only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment.  In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective in the first quarter of 2015 with early adoption permitted.  The Company plans to adopt these provisions in the first quarter of 2015 and does not expect the adoption to have a material impact on the Company’s consolidated financial statements.

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES
Schedule of amortized cost basis, fair value and net unrealized gains on the available-for-sale securities	December 31,	2014												2013
	Type of Securities	Amortized				Fair				Net				Amortized			Fair			Net
		Cost Basis				Value				Unrealized				Cost			Value			Unrealized
										Gain				Basis						Gain
	(in thousands)
	Municipal Obligations		$	31,990			$	32,080			$	90			$	35,925		$	36,132		$	207
	Corporate Obligations			5,409				5,404				(5	)			450			456			6
	Total		$	37,399			$	37,484			$	85			$	36,375		$	36,588		$	213
Schedule of analysis of warranty accruals
	(in thousands)		2014				2013
	Balance at beginning of year		$	3,410			$	2,522
	Less: Payments made during the year			(1,551	)			(1,558	)
	Add: Warranty provision for the current year			1,863				2,511
	Changes to warranty provision for prior years			114				(65	)
	Balance at end of year		$	3,836			$	3,410
Schedule of reconciliation of weighted average shares outstanding
	(In thousands except per share data)		2014				2013				2012
	Net income available for stockholders:		$	8,914			$	7,528			$	6,979
	Less: Dividends paid
	Common Stock			(5,911	)			(5,525	)			(23,135	)
	Restricted shares of common stock			(191	)			(180	)			(677	)
	Undistributed earnings (loss)		$	2,812			$	1,823			$	(16,833	)
	Allocation of undistributed earnings (loss):
	Common Stock		$	2,720			$	1,762			$	(16,329	)
	Restricted shares of common stock			92				61				(504	)
	Basic shares outstanding:
	Common Stock			35,691				35,556				35,530
	Restricted shares of common stock			1,246				1,264				1,126
				36,937				36,820				36,656
	Diluted shares outstanding:
	Common Stock			35,691				35,556				35,530
	Dilutive effect of options			291				324				148
				35,982				35,880				35,678
	Restricted shares of common stock			1,246				1,264				1,126
				37,228				37,144				36,804
	Basic earnings per share:
	Common Stock:
	Distributed earnings		$	0.16			$	0.15			$	0.65
	Undistributed earnings (loss)			0.08				0.05				(0.46	)
			$	0.24			$	0.2			$	0.19
	Restricted shares of common stock:
	Distributed earnings		$	0.15			$	0.14			$	0.6
	Undistributed earnings (loss)			0.08				0.05				(0.45	)
			$	0.23			$	0.19			$	0.15
	Diluted earnings per share:
	Common Stock:
	Distributed earnings		$	0.16			$	0.15			$	0.65
	Undistributed earnings (loss)			0.08				0.05				(0.46	)
			$	0.24			$	0.2			$	0.19

ACCOUNTS_RECEIVABLE_Tables

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2014
ACCOUNTS RECEIVABLE
Schedule of accounts receivable
	December 31,	2014			2013
	(in thousands)
	Trade receivables	$	1,741		$	1,668
	Other		653			378
	Total		2,394			2,046
	Less: allowance for doubtful accounts		(25	)		(25	)
	Net accounts receivable	$	2,369		$	2,021

INVENTORIES_Tables

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2014
INVENTORIES
Schedule of Inventory
	December 31,	2014		2013
	(in thousands)
	Raw materials	$	16,996	$	15,901
	Work in process		6,602		7,435
	Finished goods		5,221		5,523
	Total inventories	$	28,819	$	28,859

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2014
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment
	December 31,	Estimated		2014			2013
		Useful Lives
	(in thousands)
	Land		N/A	$	657		$	657
	Buildings		Jul-40		17,237			17,113
	Operating equipment and property		15-Mar		9,981			9,768
	Furniture and fixtures		7-May		1,978			1,915
	Vehicles		10-May		4,217			6,422
	Gross property, plant and equipment				34,070			35,875
	Less: accumulated depreciation				(24,180	)		(24,610	)
	Net property, plant and equipment			$	9,890		$	11,265

ACCRUED_EXPENSES_AND_OTHER_LIA1

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2014
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities
	December 31,	2014		2013
	(in thousands)
	Accrued payroll and related expenses	$	1,935	$	1,393
	Accrued sales incentives and discounts		2,671		3,025
	Accrued warranty costs		3,836		3,410
	Deferred revenue		706		836
	Other		483		329
	Total accrued expenses and other liabilities	$	9,631	$	8,993

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
INCOME TAXES
Schedule of components of the provision for income taxes
	Years ended December 31,	2014			2013			2012
	(in thousands)
	Current provision:
	Federal	$	4,275		$	2,325		$	3,146
	State		143			99			94
	Deferred (benefit) provision:
	Federal		(762	)		57			(493	)
	State		(43	)		21			(5	)
	Total income tax provision	$	3,613		$	2,502		$	2,742
Schedule of reconciliation between the federal statutory rate and Marine Products' effective tax rate
	Years ended December 31,	2014			2013			2012
	Federal statutory rate		35	%		34	%		34	%
	State income taxes, net of federal benefit		0.7			0.7			0.5
	Research and experimentation credit		(2.1	)		(4.9	)		—
	Tax-exempt interest		(1.1	)		(1.4	)		(2.3	)
	Tax-exempt gain on SERP assets		(0.5	)		(1.2	)		(0.6	)
	Manufacturing deduction		(3.3	)		(2.7	)		(3.0	)
	Change in valuation allowance		—			0.2			—
	Other		0.1			0.2			(0.4	)
	Effective tax rate		28.8	%		24.9	%		28.2	%
Schedule of components of deferred tax assets and liabilities
	December 31,	2014			2013
	(in thousands)
	Deferred tax assets:
	Warranty costs	$	1,362		$	1,211
	Sales incentives and discounts		512			542
	Stock-based compensation		996			938
	Pension		2,499			1,919
	All others		444			268
	State credits and NOL’s		4,674			4,634
	Valuation allowance		(4,401	)		(4,359	)
	Total deferred tax assets		6,086			5,153
	Deferred tax liabilities:
	Depreciation and amortization expense		(392	)		(880	)
	Net deferred tax assets	$	5,694		$	4,273

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	12 Months Ended
	Dec. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income
		Pension			Unrealized			Total
		Adjustment			Gain on
					Securities
	(in thousands)
	Balance at December 31, 2012	$	(1,771	)	$	199		$	(1,572	)
	Change during 2013:
	Before-tax amount		—			(190	)		(190	)
	Tax provision		—			67			67
	Reclassification adjustment, net of taxes
	Amortization of net gain		781			—			781
	Net realized gain		—			61			61
	Total activity in 2013		781			(62	)		719
	Balance at December 31, 2013	$	(990	)	$	137		$	(853	)
	Change during 2014:
	Before-tax amount		—			(213	)		(213	)
	Tax provision		—			74			74
	Reclassification adjustment, net of taxes
	Amortization of net loss		(1,034	)		—			(1,034	)
	Net realized gain		—			57			57
	Total activity in 2014		(1,034	)		(82	)		(1,116	)
	Balance at December 31, 2014	$	(2,024	)	$	55		$	(1,969	)

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
FAIR VALUE MEASUREMENTS
Schedule of the valuation of financial instruments measured at fair value on a recurring basis
		Fair Value Measurements at December 31, 2014 with:
	(in thousands)	Quoted prices in			Significant other			Significant
		active markets for			observable inputs			unobservable
		identical assets						inputs
		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Trading securities		$	—		$	6,575		$	—
	Available-for-sale securities:									—
	Municipal Obligations		$	—		$	32,080			—
	Corporate Obligations			—			5,404			—
	Total		$	—		$	37,484		$	—
		Fair Value Measurements at December 31, 2013 with:
	(in thousands)	Quoted prices in			Significant other			Significant
		active markets for			observable inputs			unobservable
		identical assets						inputs
		(Level 1)			(Level 2)			(Level 3)
	Assets:
	Trading securities		$	—		$	6,388		$	—
	Available-for-sale securities:									—
	Municipal Obligations		$	—		$	36,132			—
	Corporate Obligations			—			456			—
	Total		$	—		$	36,588		$	—

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
Schedule of annual operating lease obligations with terms in excess of one year	(in thousands)
	2015	$	157
	2016		161
	2017		144
	2018		134
	2019		—-
	Thereafter		—-
	Total rental commitments	$	596

EMPLOYEE_BENEFIT_PLANS_Tables

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2014
EMPLOYEE BENEFIT PLANS
Schedule of funded status of the retirement income plan
	December 31,		2014				2013
	(in thousands)
	ACCUMULATED BENEFIT OBLIGATION, END OF YEAR		$	6,355			$	4,873
	CHANGE IN PROJECTED BENEFIT OBLIGATION:
	Benefit obligation at beginning of year		$	4,873			$	5,695
	Service cost			—				—
	Interest cost			261				235
	Actuarial loss (gain)			1,450				(828	)
	Benefits paid			(229	)			(229	)
	Projected benefit obligation at end of year		$	6,355			$	4,873
	CHANGE IN PLAN ASSETS:
	Fair value of plan assets at beginning of year		$	5,887			$	5,282
	Actual return on plan assets			221				684
	Employer contributions			135				150
	Benefits paid			(229	)			(229	)
	Fair value of plan assets at end of year		$	6,014			$	5,887
	Funded status at end of year		$	(341	)		$	1,014
	December 31,	2014				2013
	(in thousands)
	AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
	Noncurrent assets		$	—			$	1,014
	Current liabilities			—				—
	Noncurrent liabilities			(341	)			—
			$	(341	)		$	1,014
	The funded status of the Retirement Income Plan was recorded in the consolidated balance sheets in pension liabilities as of December 31, 2014 and in other assets as of December 31, 2013.
	December 31,	2014				2013
	(in thousands)
	AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
	Net loss		$	3,139			$	1,537
	Prior service cost (credit)			—				—
	Net transition obligation (asset)			—				—
			$	3,139			$	1,537
Schedule of amounts recorded in the consolidated balance sheet	December 31,	2014				2013
	(in thousands)
	SERP liability		$	(6,698	)		$	(6,420	)
	Funded status			(341	)			—
	Pension liabilities		$	(7,039	)		$	(6,420	)
Schedule of net periodic benefit cost
	Years ended December 31,	2014				2013				2012
	(in thousands)
	Service cost for benefits earned during the period		$	—			$	—			$	—
	Interest cost on projected benefit obligation			261				235				253
	Expected return on plan assets			(411	)			(369	)			(328	)
	Amortization of net loss			37				68				61
			$	(113	)		$	(66	)		$	(14	)
Schedule of amounts recognized in other comprehensive loss
	(in thousands)		2014				2013				2012
	Net loss (gain)		$	1,639			$	(1,143	)		$	224
	Amortization of net loss			(37	)			(68	)			(61	)
	Net transition obligation (asset)			—				—				—
	Amount recognized in accumulated other comprehensive income		$	1,602			$	(1,211	)		$	163
Schedule of components of net periodic benefit
	(in thousands)		2015
	Amortization of net loss		$	77
	Prior service cost (credit)			—
	Net transition obligation (asset)			—
	Estimated net periodic cost		$	77
Schedule of weighted average assumptions
	December 31,		2014				2013				2012
	PROJECTED BENEFIT OBLIGATION:
	Discount rate			4.25	%			5.35	%			4.34	%
	Rate of compensation increase			N/A				N/A				N/A
	NET BENEFIT COST:
	Discount rate			5.35	%			4.34	%			5.09	%
	Expected return on plan assets			7	%			7	%			7	%
	Rate of compensation increase			N/A				N/A				N/A
Schedule of allocation of plan assets	The plan’s weighted average asset allocation at December 31, 2014 and 2013 by asset category along with the target allocation for 2015 are as follows:
	Asset Category		Target				Percentage of				Percentage of
			Allocation				Plan Assets as of				Plan Assets as of
			for 2015				December 31,				December 31,
							2014				2013
	Cash and Cash Equivalents			0% - 5	%			1	%			0.6	%
	Debt Securities – Core Fixed Income			15% - 50	%			24.3				25.3
	Domestic Equity Securities			0% - 40	%			37				26.6
	International Equity Securities			0% - 30	%			22.8				31.4
	Real Estate			0% - 20	%			10.5				8.3
	Real Return			0% - 20	%			1.6				7.8
	Alternative/Opportunistic/Special			0% - 20	%			2.8				—
	Total			100	%			100	%			100	%
Schedule of plan assets using the fair value hierarchy	Fair Value Hierarchy as of December 31, 2014:
	Investments (in thousands)					Total				Level 1				Level 2			Level 3
	Cash and Cash Equivalents			(1	)		$	61			$	61			$	—		$	—
	Fixed Income Securities			(2	)			1,459				589				870			—
	Domestic Equity Securities			(3	)			2,226				797				1,429			—
	International Equity Securities			(4	)			1,372				—				1,372			—
	Real Estate			(5	)			631				—				—			631
	Real Return			(6	)			95				—				95			—
	Alternative/Opportunistic/Special			(7	)			170				—				—			170
							$	6,014			$	1,447			$	3,766		$	801
	Fair Value Hierarchy as of December 31, 2013:
	Investments (in thousands)					Total				Level 1				Level 2			Level 3
	Cash and Cash Equivalents			(1	)		$	38			$	38			$	—		$	—
	Fixed Income Securities			(2	)			1,490				—				1,490			—
	Domestic Equity Securities			(3	)			1,559				1,559				—			—
	International Equity Securities			(4	)			1,850				—				1,850			—
	Real Estate			(5	)			491				—				—			491
	Real Return			(6	)			459				—				459			—
	Alternative/Opportunistic/Special			(7	)			—				—				—			—
							$	5,887			$	1,597			$	3,799		$	491
	-1	Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
	-2	Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
	-3	Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
	-4	International equity securities are valued using a market approach based on the quoted market prices of similar instruments in their respective markets.
	-5	Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data.
	-6	Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets.
	-7	Alternative/Opportunistic/Special funds can invest across the capital structure in both liquid and illiquid securities that are valued using a market approach based on the quoted market prices of identical instruments, or if no market price is available, instruments will be held at their fair market value (which may be cost) as reasonably determined by the investment manager, independent dealers, or pricing services.
Schedule of reconciliation of level 3 assets	The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2014:
	Investments	Balance at			Net Realized and			Net Purchases,			Net Transfers			Balance at
		December 31,			Unrealized			Issuances and			In to (Out of)			December 31,
		2013			Gains/(Losses)			Settlements			Level 3			2014
	(in thousands)
	Real Estate	$	491		$	34		$	106		$	—		$	631
	Alternative/Opportunistic/Special		—			4			166			—			170
		$	491		$	38		$	272		$	—		$	801
	The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2013:
	Investments	Balance at				Net Realized and				Net Purchases,				Net Transfers			Balance at
		December 31,				Unrealized				Issuances and				In to (Out of)			December 31,
		2012				Gains/(Losses)				Settlements				Level 3			2013
	(in thousands)
	Real Estate		$	489			$	39			$	(37	)		$	—		$	491
			$	489			$	39			$	(37	)		$	—		$	491
Schedule of future benefits payable for the retirement income plan over the next ten years
	(in thousands)
	2015		$	265
	2016			276
	2017			256
	2018			244
	2019			253
	2020-2024		$	1,476
Schedule of stock option			Shares				Weighted Average			Weighted Average					Aggregate Intrinsic
							Exercise Price			Remaining					Value
										Contractual Life
	Outstanding at January 1, 2014			41,600			$	12.47		0.33 years
	Granted			—				—				N/A
	Exercised			—				—				N/A
	Forfeited			—				—				N/A
	Expired			(41,600	)			12.47				N/A
	Outstanding and exercisable at			—			$	—				—		$	N/A
	31-Dec-14
Schedule of summary of the changes in non-vested restricted shares			Shares				Weighted Average
							Grant-Date Fair
							Value
	Non-vested shares at January 1, 2014			1,268,200			$	6.01
	Granted			273,000				7.9
	Vested			(276,100	)			5.76
	Forfeited			(13,700	)			6.6
	Non-vested shares at December 31, 2014			1,251,400			$	6.47

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES - Amortized cost basis, fair value and net unrealized gains of available-for-sale securities (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$37,399	$36,375
Fair Value	37,484	36,588
Net Unrealized Gain	85	213
Municipal Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	31,990	35,925
Fair Value	32,080	36,132
Net Unrealized Gain	90	207
Corporate Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	5,409	450
Fair Value	5,404	456
Net Unrealized Gain	($5)	$6

SIGNIFICANT_ACCOUNTING_POLICIE4

SIGNIFICANT ACCOUNTING POLICIES - Analysis of warranty accruals (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$3,410	$2,522
Less: Payments made during the year	-1,551	-1,558
Add: Warranty provision for the current year	1,863	2,511
Changes to warranty provision for prior years	114	-65
Balance at end of year	$3,836	$3,410

SIGNIFICANT_ACCOUNTING_POLICIE5

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of weighted average shares outstanding (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Earnings Per Share, Basic and Diluted, By Common Class, Including Two Class Method [Line Items]
Net income available for stockholders:	$8,914	$7,528	$6,979
Less: Dividends paid
Undistributed earnings (loss)	2,812	1,823	-16,833
Basic shares outstanding:
Basic shares outstanding (in shares)	36,937	36,820	36,656
Diluted shares outstanding:
Basic shares outstanding (in shares)	36,937	36,820	36,656
Diluted shares outstanding (in shares)	37,228	37,144	36,804
Basic earnings per share:
Basic earnings per share (in dollars per share)	$0.24	$0.20	$0.19
Diluted earnings per share:
Diluted earnings per share (in dollars per share)	$0.24	$0.20	$0.19
Common Stock
Schedule Of Earnings Per Share, Basic and Diluted, By Common Class, Including Two Class Method [Line Items]
Net income available for stockholders:
Less: Dividends paid
Dividends paid	-5,911	-5,525	-23,135
Undistributed earnings (loss)	2,720	1,762	-16,329
Basic shares outstanding:
Basic shares outstanding (in shares)	35,691	35,556	35,530
Diluted shares outstanding:
Basic shares outstanding (in shares)	35,691	35,556	35,530
Dilutive effect of options (in shares)	291	324	148
Diluted shares outstanding (in shares)	35,982	35,880	35,678
Basic earnings per share:
Distributed earnings (in dollars per share)	$0.16	$0.15	$0.65
Undistributed earnings (loss) (in dollars per share)	$0.08	$0.05	($0.46)
Basic earnings per share (in dollars per share)	$0.24	$0.20	$0.19
Diluted earnings per share:
Distributed earnings (in dollars per share)	$0.16	$0.15	$0.65
Undistributed earnings (loss) (in dollars per share)	$0.08	$0.05	($0.46)
Diluted earnings per share (in dollars per share)	$0.24	$0.20	$0.19
Restricted shares of common stock
Less: Dividends paid
Dividends paid	-191	-180	-677
Undistributed earnings (loss)	$92	$61	($504)
Basic shares outstanding:
Basic shares outstanding (in shares)	1,246	1,264	1,126
Diluted shares outstanding:
Basic shares outstanding (in shares)	1,246	1,264	1,126
Diluted shares outstanding (in shares)	1,246	1,264	1,126
Basic earnings per share:
Distributed earnings (in dollars per share)	$0.15	$0.14	$0.60
Undistributed earnings (loss) (in dollars per share)	$0.08	$0.05	($0.45)
Basic earnings per share (in dollars per share)	$0.23	$0.19	$0.15

SIGNIFICANT_ACCOUNTING_POLICIE6

SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Segment
Concentration Risk [Line Items]
Number of reportable segment	1
Net sales from all dealers	$171,050	$168,293	$148,950
Net Sales | International Dealer
Concentration Risk [Line Items]
Net sales from all dealers	$26,000	$29,000	$30,000
Net Sales | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, customer	No single dealer accounted for more than 10 percent of net sales	No single dealer accounted for more than 10 percent of net sales	No single dealer accounted for more than 10 percent of net sales
Concentration risk, benchmark description	more than 10 percent	more than 10 percent	more than 10 percent

SIGNIFICANT_ACCOUNTING_POLICIE7

SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
SIGNIFICANT ACCOUNTING POLICIES
Number of common stock share authorized to issue	74,000,000	74,000,000
Common stock, par value (in dollar per share)	$0.10	$0.10
Number of votes each common shareholders entitled to provide	one vote
Number of preferred stock share authorized to issue	1,000,000	1,000,000
Preferred stock, par value (in dollar per share)	$0.10	$0.10

SIGNIFICANT_ACCOUNTING_POLICIE8

SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 2) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 27, 2015
Significant Accounting Policies [Line Items]
Prepaid expenses related to unamortized product brochure costs	$303,000	$264,000
Net realized gains on marketable securities	57,000	61,000	290,000
Reclassification of net realized gains from other comprehensive income	57,000	61,000	290,000
Gross unrealized gains on marketable securities	122,000	229,000
Gross unrealized losses on marketable securities	37,000	16,000
Selling, general and administrative expenses
Significant Accounting Policies [Line Items]
Advertising expenses	$2,291,000	$2,113,000	$2,000,000
Subsequent Event | Dividend declared
Significant Accounting Policies [Line Items]
Amount of dividend payable in cash per share				$0.04
Dividends payable, date declared				27-Jan-15
Dividends payable, date of record				10-Feb-15
Dividend payable, date to be paid				10-Mar-15

SIGNIFICANT_ACCOUNTING_POLICIE9

SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 3)	12 Months Ended
	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Period of current marketable securities	less than 12 months
Period of non-current marketable securities	greater than 12 months
Municipal debt obligations | A- or higher
Schedule of Available-for-sale Securities [Line Items]
Period of maturity debt obligations	less than one year to over 10 years
Corporate obligations | A- or higher
Schedule of Available-for-sale Securities [Line Items]
Period of maturity debt obligations	one to five years

Recovered_Sheet1

SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 4) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Concentration Risk [Line Items]
Goodwill	$3,308,000	$3,308,000
Materials and workmanship extension period	up to a lifetime
Research and development costs	$743,000	$1,069,000	$768,000
Accounts Receivable
Concentration Risk [Line Items]
Percentage of domestic shipments made pursuant to floorplan financing	59.00%

ACCOUNTS_RECEIVABLE_Summary_of

ACCOUNTS RECEIVABLE - Summary of accounts receivable (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts receivable
Trade receivables	$1,741	$1,668
Other	653	378
Total	2,394	2,046
Less: allowance for doubtful accounts	-25	-25
Net accounts receivable	$2,369	$2,021

INVENTORIES_Summary_of_invento

INVENTORIES - Summary of inventories (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
INVENTORIES
Raw materials	$16,996	$15,901
Work in process	6,602	7,435
Finished goods	5,221	5,523
Total inventories	$28,819	$28,859

PROPERTY_PLANT_AND_EQUIPMENT_P

PROPERTY, PLANT AND EQUIPMENT - Property, plant and equipment are presented at cost, net of accumulated depreciation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	34,070	$35,875
Less: accumulated depreciation	-24,180	-24,610
Net property, plant and equipment	9,890	11,265
Land
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	657	657
Buildings
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	17,237	17,113
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	40 years
Operating equipment and property
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	9,981	9,768
Operating equipment and property | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Operating equipment and property | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	1,978	1,915
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	4,217	$6,422
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Detail Textuals) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
PROPERTY, PLANT AND EQUIPMENT
Depreciation expense	$712,000	$726,000	$768,000

ACCRUED_EXPENSES_AND_OTHER_LIA2

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of accrued expenses and other liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and related expenses	$1,935	$1,393
Accrued sales incentives and discounts	2,671	3,025
Accrued warranty costs	3,836	3,410
Deferred revenue	706	836
Other	483	329
Total accrued expenses and other liabilities	$9,631	$8,993

INCOME_TAXES_Components_of_pro

INCOME TAXES - Components of provision for income taxes (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current provision:
Federal	$4,275	$2,325	$3,146
State	143	99	94
Deferred (benefit) provision:
Federal	-762	57	-493
State	-43	21	-5
Total income tax provision	$3,613	$2,502	$2,742

INCOME_TAXES_Reconciliation_be

INCOME TAXES - Reconciliation between the federal statutory rate and effective tax rate (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INCOME TAXES
Federal statutory rate	35.00%	34.00%	34.00%
State income taxes, net of federal benefit	0.70%	0.70%	0.50%
Research and experimentation credit	-2.10%	-4.90%
Tax-exempt interest	-1.10%	-1.40%	-2.30%
Tax-exempt gain on SERP assets	-0.50%	-1.20%	-0.60%
Manufacturing deduction	-3.30%	-2.70%	-3.00%
Change in valuation allowance		0.20%
Other	0.10%	0.20%	-0.40%
Effective tax rate	28.80%	24.90%	28.20%

INCOME_TAXES_Significant_compo

INCOME TAXES - Significant components of deferred tax assets and liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred tax assets:
Warranty costs	$1,362	$1,211
Sales incentives and discounts	512	542
Stock-based compensation	996	938
Pension	2,499	1,919
All others	444	268
State credits and NOL's	4,674	4,634
Valuation allowance	-4,401	-4,359
Total deferred tax assets	6,086	5,153
Deferred tax liabilities:
Depreciation and amortization expense	-392	-880
Net deferred tax assets	$5,694	$4,273

INCOME_TAXES_Detail_Textuals

INCOME TAXES (Detail Textuals) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INCOME TAXES
Total net income tax payments	$3,509,000	$2,600,000	$3,655,000
Unrecognized tax benefits	14,000	11,000
Operating Loss Carryforwards [Line Items]
Valuation allowance	4,401,000	4,359,000
State income taxes and credits
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards related to state income taxes	19,100,000
Valuation allowance	$4,400,000

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary of accumulated other comprehensive (loss) income (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	($853)	($1,572)
Change during period:
Before-tax amount	-213	-190
Tax provision	74	67
Reclassification adjustment, net of taxes
Amortization of net gain (loss)	-1,034	781
Net realized gain	57	61	290
Total activity in period	-1,116	719
Balance	-1,969	-853	-1,572
Pension Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	-990	-1,771
Change during period:
Before-tax amount
Tax provision
Reclassification adjustment, net of taxes
Amortization of net gain (loss)	-1,034	781
Net realized gain
Total activity in period	-1,034	781
Balance	-2,024	-990
Unrealized Gain on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	137	199
Change during period:
Before-tax amount	-213	-190
Tax provision	74	67
Reclassification adjustment, net of taxes
Amortization of net gain (loss)
Net realized gain	57	61
Total activity in period	-82	-62
Balance	$55	$137

FAIR_VALUE_MEASUREMENTS_Summar

FAIR VALUE MEASUREMENTS - Summary of valuation of financial instruments measured at fair value on recurring basis (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Available-for-sale securities
Fair Value	$37,484	$36,588
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1
Assets:
Trading securities
Available-for-sale securities
Total
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1 | Municipal Obligations
Available-for-sale securities
Fair Value
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1 | Corporate Obligations
Available-for-sale securities
Fair Value
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2
Assets:
Trading securities	6,575	6,388
Available-for-sale securities
Total	37,484	36,588
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2 | Municipal Obligations
Available-for-sale securities
Fair Value	32,080	36,132
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2 | Corporate Obligations
Available-for-sale securities
Fair Value	5,404	456
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3
Assets:
Trading securities
Available-for-sale securities
Total
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3 | Municipal Obligations
Available-for-sale securities
Fair Value
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3 | Corporate Obligations
Available-for-sale securities
Fair Value

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES - Minimum annual operating lease obligation (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
COMMITMENTS AND CONTINGENCIES
2015	$157
2016	161
2017	144
2018	134
2019
Thereafter
Total rental commitments	$596

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Detail Textuals) (USD $)	12 Months Ended
	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES
Contractually obligated to repurchase inventory	$1,100,000
Reduction of net sales	75,000
Repurchase limit in percentage of amount of average net receivables	16.00%
Contractual repurchase, amount	8,200,000
Maximum repurchase obligation	4,500,000
Aggregate repurchase obligation	$12,700,000

COMMITMENTS_AND_CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Detail Textuals 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Employee
COMMITMENTS AND CONTINGENCIES
Total rent expense charged to operations	$118,000	$140,000	$106,000
Long-term deferred tax liabilities	44,000	45,000
Number of employees	2
Monthly payment in percentage of profits	10.00%
Selling, general and administrative expenses related to employment agreements	$4,225,000	$3,421,000	$3,294,000

EMPLOYEE_BENEFIT_PLANS_Funded_

EMPLOYEE BENEFIT PLANS - Funded status of Retirement Income Plan (Details) (Retirement Income Plan, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR	$6,355	$4,873
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	4,873	5,695
Service cost
Interest cost	261	235	253
Actuarial loss (gain)	1,450	-828
Benefits paid	-229	-229
Projected benefit obligation at end of year	6,355	4,873	5,695
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	5,887	5,282
Actual return on plan assets	221	684
Employer contributions	135	150
Benefits paid	-229	-229
Fair value of plan assets at end of year	6,014	5,887	5,282
Funded status at end of year	-341	1,014
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
Noncurrent assets		1,014
Current liabilities
Noncurrent liabilities	-341
Amounts recognized in balance sheet, Total	-341	1,014
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
Net loss	3,139	1,537
Prior service cost (credit)
Net transition obligation (asset)
Amounts recognized in other comprehensive income before tax, Total	$3,139	$1,537

EMPLOYEE_BENEFIT_PLANS_Amounts

EMPLOYEE BENEFIT PLANS - Amounts recorded in consolidated balance sheet as pension liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
EMPLOYEE BENEFIT PLANS
SERP liability	($6,698)	($6,420)
Pension liabilities	($7,039)	($6,420)

EMPLOYEE_BENEFIT_PLANS_Compone

EMPLOYEE BENEFIT PLANS - Components of net periodic benefit cost (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Amortization of net loss	$77
Net periodic benefit, Total	77
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned during the period
Interest cost on projected benefit obligation	261	235	253
Expected return on plan assets	-411	-369	-328
Amortization of net loss	37	68	61
Net periodic benefit, Total	($113)	($66)	($14)

EMPLOYEE_BENEFIT_PLANS_Pretax_

EMPLOYEE BENEFIT PLANS - Pre-tax amounts recognized in other comprehensive income (Details) (Retirement Income Plan, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Net loss (gain)	$1,639	($1,143)	$224
Amortization of net loss	-37	-68	-61
Net transition obligation (asset)
Amount recognized in accumulated other comprehensive income	$1,602	($1,211)	$163

EMPLOYEE_BENEFIT_PLANS_Accumul

EMPLOYEE BENEFIT PLANS - Accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
EMPLOYEE BENEFIT PLANS
Amortization of net loss	$77
Prior service cost (credit)
Net transition obligation (asset)
Estimated net periodic cost	$77

EMPLOYEE_BENEFIT_PLANS_Project

EMPLOYEE BENEFIT PLANS - Projected benefit obligation and net benefit cost (Details) (Retirement Income Plan)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Retirement Income Plan
PROJECTED BENEFIT OBLIGATION:
Discount rate	4.25%	5.35%	4.34%
Rate of compensation increase
NET BENEFIT COST:
Discount rate	5.35%	4.34%	5.09%
Expected return on plan assets	7.00%	7.00%	7.00%
Rate of compensation increase

EMPLOYEE_BENEFIT_PLANS_Weighte

EMPLOYEE BENEFIT PLANS - Weighted average asset allocation by asset category along with target allocation (Details) (Retirement Income Plan)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	100.00%	100.00%
Target Allocation for 2015	100.00%
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	1.00%	0.60%
Target Allocation for 2015, Minimum	0.00%
Target Allocation for 2015, Maximum	5.00%
Debt Securities - Core Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	24.30%	25.30%
Target Allocation for 2015, Minimum	15.00%
Target Allocation for 2015, Maximum	50.00%
Domestic Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	37.00%	26.60%
Target Allocation for 2015, Minimum	0.00%
Target Allocation for 2015, Maximum	40.00%
International Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	22.80%	31.40%
Target Allocation for 2015, Minimum	0.00%
Target Allocation for 2015, Maximum	30.00%
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	10.50%	8.30%
Target Allocation for 2015, Minimum	0.00%
Target Allocation for 2015, Maximum	20.00%
Real Return
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	1.60%	7.80%
Target Allocation for 2015, Minimum	0.00%
Target Allocation for 2015, Maximum	20.00%
Alternative/Opportunistic/Special
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets	2.80%
Target Allocation for 2015, Minimum	0.00%
Target Allocation for 2015, Maximum	20.00%

EMPLOYEE_BENEFIT_PLANS_Plan_as

EMPLOYEE BENEFIT PLANS - Plan assets using fair value hierarchy (Details) (Retirement Income Plan, USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$6,014		$5,887		$5,282
Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6,014		5,887
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,447		1,597
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,766		3,799
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	801		491
Cash and Cash Equivalents | Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	61	[1]	38	[1]
Cash and Cash Equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	61	[1]	38	[1]
Cash and Cash Equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[1]		[1]
Cash and Cash Equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[1]		[1]
Fixed Income Securities | Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,459	[2]	1,490	[2]
Fixed Income Securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	589	[2]		[2]
Fixed Income Securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	870	[2]	1,490	[2]
Fixed Income Securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[2]		[2]
Domestic Equity Securities | Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,226	[3]	1,559	[3]
Domestic Equity Securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	797	[3]	1,559	[3]
Domestic Equity Securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,429	[3]		[3]
Domestic Equity Securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[3]		[3]
International Equity Securities | Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,372	[4]	1,850	[4]
International Equity Securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[4]		[4]
International Equity Securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,372	[4]	1,850	[4]
International Equity Securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[4]		[4]
Real Estate | Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	631	[5]	491	[5]
Real Estate | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[5]		[5]
Real Estate | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[5]		[5]
Real Estate | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	631	[5]	491	[5]
Real Return | Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	95	[6]	459	[6]
Real Return | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[6]		[6]
Real Return | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	95	[6]	459	[6]
Real Return | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[6]		[6]
Alternative/Opportunistic/Special | Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	170	[7]		[7]
Alternative/Opportunistic/Special | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[7]		[7]
Alternative/Opportunistic/Special | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		[7]		[7]
Alternative/Opportunistic/Special | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$170	[7]		[7]
[1]	Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
[2]	Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
[3]	Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
[4]	International equity securities are valued using a market approach based on the quoted market prices of similar instruments in their respective markets.
[5]	Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data.
[6]	Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets.
[7]	Alternative/Opportunistic/Special funds can invest across the capital structure in both liquid and illiquid securities that are valued using a market approach based on the quoted market prices of identical instruments, or if no market price is available, instruments will be held at their fair market value (which may be cost) as reasonably determined by the investment manager, independent dealers, or pricing services.

EMPLOYEE_BENEFIT_PLANS_Reconci

EMPLOYEE BENEFIT PLANS - Reconciliation of Level 3 assets held (Details) (Retirement Income Plan, Level 3, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	$491	$489
Net Realized and Unrealized Gains/(Losses)	38	39
Net Purchases, Issuances and Settlements	272	-37
Net Transfers In to (Out of) Level 3
Balance	801	491
Real Estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	491	489
Net Realized and Unrealized Gains/(Losses)	34	39
Net Purchases, Issuances and Settlements	106	-37
Net Transfers In to (Out of) Level 3
Balance	631	491
Alternative/Opportunistic/Special
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance
Net Realized and Unrealized Gains/(Losses)	4
Net Purchases, Issuances and Settlements	166
Net Transfers In to (Out of) Level 3
Balance	$170

EMPLOYEE_BENEFIT_PLANS_Estimat

EMPLOYEE BENEFIT PLANS - Estimates that future benefits payable for Retirement Income Plan (Details) (Retirement Income Plan, USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
2015	$265
2016	276
2017	256
2018	244
2019	253
2020-2024	$1,476

EMPLOYEE_BENEFIT_PLANS_Transac

EMPLOYEE BENEFIT PLANS - Transactions involving Marine Products stock options (Details) (Stock Options, USD $)	12 Months Ended
	Dec. 31, 2014
Stock Options
Shares
Outstanding at January 1, 2014	41,600
Granted
Exercised
Forfeited
Expired	-41,600
Outstanding and exercisable at December 31, 2014
Weighted Average Exercise Price
Outstanding at January 1, 2014	$12.47
Granted
Exercised
Forfeited
Expired	$12.47
Outstanding and exercisable at December 31, 2014
Weighted Average Remaining Contractual Life
Outstanding	0.33 years
Aggregate Intrinsic Value

EMPLOYEE_BENEFIT_PLANS_Summary

EMPLOYEE BENEFIT PLANS - Summary of changes in non-vested restricted shares (Details) (Restricted Stock, USD $)	12 Months Ended
	Dec. 31, 2014
Restricted Stock
Shares
Non-vested shares at January 1, 2014	1,268,200
Granted	273,000
Vested	-276,100
Forfeited	-13,700
Non-vested shares at December 31, 2014	1,251,400
Weighted Average Grant-Date Fair Value
Non-vested shares at January 1, 2014	$6.01
Granted	$7.90
Vested	$5.76
Forfeited	$6.60
Non-vested shares at December 31, 2014	$6.47

EMPLOYEE_BENEFIT_PLANS_Detail_

EMPLOYEE BENEFIT PLANS (Detail Textuals) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental Executive Retirement Plan (SERP)
Defined Benefit Plan Disclosure [Line Items]
Variable life insurance policies investment amount	$8,200,000	$8,200,000
Fair value of plan assets	6,575,000	6,388,000
Trading gains (losses) related to the SERP assets	187,000	361,000	181,000
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6,014,000	5,887,000	5,282,000
Benefit obligation above (below) fair value of the plan assets	-341,000	1,014,000
Employer contributions	135,000	150,000
Accumulated other comprehensive Income (loss), before tax	1,602,000	-1,211,000	163,000
Percentage of investment for long term growth	70.00%
Percentage for near term benefit payments	30.00%
Employer contribution in fiscal year 2015	$150,000

EMPLOYEE_BENEFIT_PLANS_Detail_1

EMPLOYEE BENEFIT PLANS (Detail Textuals 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Maximum percentage of annual contribution per employee	25.00%
Percentage of employer matching contribution	50.00%
Threshold limit percentage of employee compensation	6.00%
Maximum period of vesting in contribution of employees	3 years
Employer matching contribution	$194,000	$203,000	$164,000
Stock Incentive Plan
Defined Benefit Plan Disclosure [Line Items]
Number of common stock authorized to issue stock awards and options	3,000,000
Period of stock options and restricted stock issued	10 years
Number of shares available for grants	2,940,000
Pre-tax stock-based employee compensation expense	1,754,000	1,702,000	1,495,000
After tax stock-based employee compensation expense	$1,131,000	$1,098,000	$964,000

EMPLOYEE_BENEFIT_PLANS_Detail_2

EMPLOYEE BENEFIT PLANS (Detail Textuals 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits for compensation expense for restricted stock	$342,000	$136,000	$379,000
Proceeds received upon exercise of stock options			467,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum threshold limit percentage of incentive stock option grants to owners	10.00%
Percentage of fair market value of the common stock	110.00%
Stock based compensation award, vesting period	5 years
Expiry period of the stock	10 years
Expiry period of the stock of the majority owners	5 years
Fair value of stock options method used	Black-Scholes option pricing model
Total intrinsic value of share options exercised			941,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation award, vesting period	10 years
Stock based compensation award, vesting percentage	20.00%
Stock based compensation award, vesting period from date of grant	6 years
Weighted average grant date fair value (in dollars per share)	$7.90	$6.40	$5.59
Total fair value of shares vested	2,295,000	1,457,000	1,169,000
Tax benefits for compensation expense for restricted stock	342,000	136,000	379,000
Unrecognized compensation cost related to non-vested restricted shares	6,638,000
Period for recognition of compensation cost related to non-vested restricted shares	3.4 years
Proceeds received upon exercise of stock options			467,000
Fair value of shares tendered to exercise under employee stock options			$823,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Company's voting power held by a group	one vote
Investment in joint venture	$2,554,000
RPC | 255 RC, LLC
Related Party Transaction [Line Items]
Joint venture ownership interest percentage	50.00%
Operating lease agreement term	5 years
Investment in joint venture	2,554,000
RPC | Transition Support Services Agreement
Related Party Transaction [Line Items]
Aggregate service charges paid	663,000	670,000	544,000
Due to related parties	47,000	145,000
R Randall Rollins And Gary W Rollins
Related Party Transaction [Line Items]
Company's voting power held by a group	excess of fifty percent
Directors and executive officers
Related Party Transaction [Line Items]
Number of shares purchased under the stock buyback program	100,000
Value for shares purchased under the stock buyback program	$775,000

VALUATION_AND_QUALIFYING_ACCOU1

VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$25	$22	$27
Charged to Costs and Expenses
Net (Write-Offs)/ Recoveries		3	-5
Balance at End of Period	25	25	22
Deferred tax asset valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	4,359	4,155	3,783
Charged to Costs and Expenses	42	204	372
Net (Write-Offs)/ Recoveries
Balance at End of Period	$4,401	$4,359	$4,155