Marine Products Corporation Announces 20 Percent Increase in Regular Quarterly Cash Dividend

Marine Products Corporation (NYSE: MPX) announced a 20% increase in its quarterly cash dividend, raising it from $0.10 to $0.12 per share.

Rhea-AI Summary

Marine Products Corporation (NYSE: MPX) announced a 20% increase in its quarterly cash dividend, raising it from $0.10 to $0.12 per share. This dividend is payable on June 10, 2021, to shareholders of record by May 10, 2021. The company, known for its fiberglass boats under the Chaparral, Robalo, and Vortex brands, emphasizes its commitment to increasing market share and generating long-term shareholder value through product innovation and a solid capital structure.

Positive

• 20% increase in quarterly cash dividend from $0.10 to $0.12.
• Dividend payment reflects company confidence and improved financial performance.
• Strengthening market presence with diversified product lines.

Negative

• None.

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ATLANTA, April 28, 2021 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) announced today that its Board of Directors declared a 20 percent increase to the regular quarterly cash dividend from $0.10 per share to $0.12 per share payable June 10, 2021 to common stockholders of record at the close of business on May 10, 2021. 

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 Services
(404) 321-2162
jlanders@marineproductscorp.com

View original content:http://www.prnewswire.com/news-releases/marine-products-corporation-announces-20-percent-increase-in-regular-quarterly-cash-dividend-301278459.html

SOURCE Marine Products Corporation

FAQ

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What is the new dividend amount for Marine Products Corporation (MPX)?

The new quarterly cash dividend is $0.12 per share.

When is the dividend for MPX payable?

The dividend is payable on June 10, 2021.

What was the previous dividend amount for MPX before the increase?

The previous dividend amount was $0.10 per share.

Who are the shareholders eligible for the dividend?

Shareholders of record as of May 10, 2021, are eligible for the dividend.

How does the dividend increase affect MPX shareholders?

The 20% dividend increase provides additional income for shareholders, reflecting the company's confidence in its financial performance.