Marine Products Corporation

Good morning, and thank you for joining us for Marine Products Corporation's first quarter 2021 Financial Earnings Conference Call. Today's call will be hosted by Rick Hubbell, President and CEO, and Ben Palmer, Chief Financial Officer. Also to present is Jim Landers, Vice President of Corporate Services. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. I would like to advise everyone that this conference call is being recorded. Jim will get us started by reading the forward-looking disclaimer.

Thank you, Ashley, and good morning. Before we get started today, I'd like to remind everyone that some of the statements that we will make on this call may be forward-looking in nature and reflect a number of known and unknown risks. I'd like to refer you to our press release issue today, the 2020 10-K, and other SEC filings that outline those risks, all of which are available on our website at marineproductscorp.com. If you've not received our press release, please visit our website, again, at MarineProductsCorp.com for a copy. We will make a few comments about the quarter, and then we'll be available for your questions. Now, I will turn the call over to our President and CEO, Rick Hubbell. Jim, thanks.

We issued our earnings press release for the first quarter of 2021 this morning. Ben Palmer, our CFO, will discuss the financial results in more detail in a moment. Before we start, though, I'd like to thank our employees for their continued dedication as we continue to design and manufacture peer-leading products to satisfy extraordinary dealer and customer demand. We are very proud of what we have achieved over the past year, and we appreciate all that you are doing. Now a few highlights on the quarter. Marine Products Corporation's first quarter 2021 reflects the continued increased interest in recreational boating that we first observed at this time last year as consumers rediscovered boating as a safe, enjoyable recreation activity suitable for these extraordinary times. Unit sales during the first quarter were almost 18% higher than the first quarter of last year. We are entering the peak retail selling season with continued high-order backlogs. We are manufacturing new product at the highest production rate possible while still maintaining our quality standards. The recently reported market share statistics for the 12 months ended December 31, 2020, indicated that both our outboard and stern drive market shares increased compared to the previous reporting period. Reballo continues to hold the highest market share in the 16 to 36 outboard category, and the combination of Reballo and Chaparral's outboards holds 6.7% of that market. Our Chaparral stern drives hold 16.9% of the market in their size range, an increase from the previous reporting period. We announced this morning that our board of directors yesterday declared a quarterly cash dividend of 12 cents per share, representing a 20% increase compared to the prior quarter. With that overview, I'll now turn it over to our CFO, Ben Palmer.