ATLANTA, April 29, 2020 /PRNewswire/ -- Marine
Products Corporation (NYSE: MPX) announced today that its
Board of Directors reduced the quarterly cash dividend from
$0.12 per share to $0.08 per share. The dividend will be
payable June 10, 2020 to common
stockholders of record at the close of business on May 11, 2020. In light of the uncertainty in
the economy and our business by the impact of COVID-19, this
reduced dividend strengthens our capital structure and enhances our
ability to maintain a conservative balance sheet.
Marine Products Corporation (NYSE: MPX) is a leading
manufacturer of fiberglass boats under three brand names:
Chaparral, Robalo and Vortex. Chaparral's sterndrive models include
SSi and SSX, along with the Chaparral Surf Series. Chaparral's
outboard offerings include various models, such as OSX Luxury
Sportboats, the 257 SSX, and SunCoast Sportdecks. Robalo builds an
array of outboard sport fishing boats, which include center
consoles, dual consoles and Cayman Bay Boat models. Chaparral also
offers jet powered boats under the Vortex brand name. The Company
continues to diversify its product lines through product
innovation. With premium brands, a solid capital structure, and a
strong independent dealer network, Marine Products Corporation is
prepared to capitalize on opportunities to increase its market
share and to generate superior financial performance to build
long-term shareholder value. For more information on Marine
Products Corporation visit our website at
MarineProductsCorp.com.
For information contact:
BEN M. PALMER
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com
JIM LANDERS
Vice President, Corporate Finance
(404) 321-2162
jlanders@marineproductscorp.com
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SOURCE Marine Products Corporation