Marine Products Corporation

Good morning, and thank you for joining us for Marine Products Corporation's third 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 presenting for today is Mr. 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 is being recorded. Jim will get us started by reading the forward-looking disclaimer. Sir, please go ahead.

Thank you and good morning. Before we get started today, I'd like to remind everyone that some of the statements that we'll 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, our 2020 10K, and other SEC filings that outline those risks. All of these are available on our website at MarineProductsCorp.com. Also in today's earnings release and conference call, we refer to EBITDA, which is a non-GAAP measure of operating performance. We use this non-GAAP measure because it allows us to compare performance consistently over various periods without regard to changes in our capital structure. Our press release issued today and our website contain a reconciliation of this non-GAAP financial measure to net income, which is the nearest GAAP financial measure. Please review this disclosure if you're interested in seeing how it is calculated. If you've not received our press release and would like one, 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'll turn the call over to our President and CEO, Rick Hubbell.

Jim, thanks. We issued our earnings press release for the third quarter of 2021 this morning. Ben Palmer, our CFO, will discuss the financial results in more detail in a moment. Now a few highlights on the quarter. Marine Products Corporation's third quarter 2021 results reflect both high demand for our products and continued supply chain challenges which prevented us from shipping as many boats as we had planned. As we experienced in 2020, retail and dealer demand continued beyond the traditional selling season for recreational boats. As a result of these challenges, we cut production during the third quarter. In spite of this cut, we increased unit sales to our dealers during the period by 5.3% compared to the third quarter of 2020. Average selling prices increased slightly during the quarter due to a favorable model mix, but this increase was less than it might have been because we honored prior model year pricing for the vast majority of our shipments during the quarter. The recently reported market share statistics for the 12 months ended June 30, 2021 indicate that Ravallo continues to hold the highest market share in the 16 to 36 foot outboard category. Chaparral also holds leading market share among its peers who manufacture both stern drive and outboard boats. We also announced this morning that our board of directors declared a regular quarterly dividend of 12 cents per share. With that overview, I'll turn it over to our CFO, Ben Palmer. Thank you, Rick.