Exhibit 99
Marine Products Corporation Announces Stock Split and Increased Dividend
-- Three-for-two stock split effective March 10, 2004
-- 50 percent increase in quarterly dividend to $0.06 per share
ATLANTA, Jan. 27 /PRNewswire-FirstCall/ -- Marine Products Corporation
(Amex: MPX) today announced that its Board of Directors has approved a three-
for-two split of the Company's outstanding common stock. The split will be
effected by issuing one additional share of common stock for every two shares
of common stock held. The additional shares of common stock will be
distributed on March 10, 2004 to holders of record at the close of business on
February 10, 2004. No fractional shares will be issued. Fractional share
amounts resulting from the split will be paid to shareholders in cash.
The Board of Directors has also declared a quarterly dividend increase of
50 percent to $0.06 per share payable March 10, 2004 to common shareholders of
record at the close of business February 10, 2004. The cash dividend that was
declared today will be paid on the pre-split shares.
Richard A. Hubbell, Marine Products' Chief Executive Officer stated,
"Given the sustained strength in the company's stock price, we are able to
make Marine Products' stock more widely available to potential investors. We
are pleased that shareholders can benefit from our results through a stock
split. We believe that increasing the cash dividend and splitting the stock
are not only a way to reward our current stockholders, but may also
potentially increase the liquidity and investment appeal of our common stock."
Marine Products is a leading manufacturer of fiberglass boats, including
Chaparral pleasure boats and Robalo sport fishing boats. Marine Products
Corporation's investor Web site can be found on the Internet
at www.marineproductscorp.com .
For information contact:
BEN M. PALMER JIM LANDERS
Chief Financial Officer Corporate Finance
404.321.7910 404.321.2162
irdept@marineproductscorp.com
SOURCE Marine Products Corporation
-0- 01/27/2004
/CONTACT: Ben M. Palmer, Chief Financial Officer, +1-404-321-7910, or
irdept@marineproductscorp.com, or Jim Landers, Corporate Finance,
+1-404-321-2162/
/Web site: http://www.marineproductscorp.com /
(MPX)
CO: Marine Products Corporation
ST: Georgia
IN: MAR
SU: DIV